United Airlines Holdings Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of United Airlines Holdings Inc (UAL) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: United Airlines Holdings Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 65,551M vs 117,596M combined for its competitors (35.8% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+9.1% annualized vs trailing 12 months), vs accelerating (+10.7%) for its tracked peer group.
- Growth: United Airlines Holdings Inc generated 17.4% revenue growth year over year in Q3 2026, vs 20.5% for its competitors combined.
- Profitability: Its 5.8% net margin compares with 2.7% for the peer group.
- Scale: United Airlines Holdings Inc ranks #2 of 17 companies by market capitalization in the Airline industry, holding 19.7% of industry market cap.
- Peer revenue share: United Airlines Holdings Inc accounted for 35.5% of combined revenue among its tracked peer group, down from 36.1% a year earlier.
- Peer differentiation: Revenue per employee of $0.58M compares with $0.48M for the peer group (1.2x).
- Structure: United Airlines Holdings Inc reports the following subsidiaries: UNITED AIRLINES, INC..
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
UAL Sales vs. its Competitors, Q3 2026
United Airlines Holdings Inc reported revenue growth of 17.41 % year on year in Q3 2026, below its competitors' combined revenue growth of 20.54 %.
With a net margin of 5.76 %, United Airlines Holdings Inc achieved higher profitability than its competitors (2.73 %).
United Airlines Holdings Inc generated 35.46 % of the combined sales of its peer group, down from 36.06 % a year earlier.
API endpoints for this dataset
United Airlines Holdings Inc vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in United Airlines Holdings Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across United Airlines Holdings Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| United Airlines Holdings Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (4) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across United Airlines Holdings Inc's competitor groups requires a Commercial License.
For context: the Airline industry grew revenue 8.6% year over year, combined, vs 17.4% for United Airlines Holdings Inc. United Airlines Holdings Inc's share of combined industry revenue moved from 11.12% to 12.02%, a gain of 0.90 percentage points.
United Airlines Holdings Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| United Airlines Holdings Inc | Yes | Yes | Yes | No |
| Competitors combined (9) | ||||
| High-Confidence Competitors (8) | ||||
| Similar-Size Competitors (6) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
UAL Stock Performance relative to its Competitors
UAL Stock Performance relative to High-Confidence Competitors
UAL Stock Performance relative to Similar-Size Competitors
UAL Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Delta Air Lines Inc | 282.9% | Outperformed |
| 2 | Southwest Airlines Co | 282.9% | Outperformed |
| 3 | Allegiant Travel Co | 282.9% | Outperformed |
| 4 | Latam Airlines Group S a | 282.9% | Outperformed |
| 5 | American Airlines Group Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for United Airlines Holdings Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
United Airlines Holdings Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of United Airlines Holdings Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 United Airlines Holdings Inc |
36,911.08 | 65,551.00 |
 Latam Airlines Group S a |
28,092,030.66 | 14,265.06 |
 Delta Air Lines Inc |
57,464.80 | 71,800.00 |
 Southwest Airlines Co |
21,958.30 | 31,545.00 |
 American Airlines Group Inc |
8,714.37 | 55,994.00 |
 Alaska Air Group Inc |
4,327.29 | 14,763.00 |
| SUBTOTAL | 28,228,108.30 | 275,976.29 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on United Airlines Holdings Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
United Airlines Holdings Inc's Competitors Named by the Company
Competitive relationships identified from United Airlines Holdings Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Frontier Group Holdings Inc | Company report | 85% |
| Alaska Air Group Inc | Company report | 85% |
| Sun Country Airlines Holdings Inc | Company report | 85% |
| Southwest Airlines Co | Company report | 85% |
| Hawaiian Holdings inc | Company report | 85% |
| Latam Airlines Group S a | Company report | 85% |
| Delta Air Lines Inc | Company report | 85% |
| Travelzoo | Company report | 85% |
| Spirit Aviation Holdings Inc | Company report | 85% |
| Jetblue Airways Corp | Company report | 85% |
| Alta Mesa Resources Inc | Company report | 85% |
| American Airlines Group Inc | Company report | 85% |
| Skywest Inc | Company report | 85% |
| Allegiant Travel Co | Company report | 85% |
Company report basis, confidence, active dates and source counts for United Airlines Holdings Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
United Airlines Holdings Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Delta Air Lines Inc | Airline 87.11 % |
| Skywest Inc | Sky West Airlines 86.02 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
United Airlines Holdings Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| United Airlines Holdings Inc | 36,911 | 579,072 | 31,599 |
| Latam Airlines Group S a | 28,092,031 | 346,871 | 35,588 |
| Delta Air Lines Inc | 57,465 | 697,087 | 31,932 |
| Southwest Airlines Co | 21,958 | 433,370 | 14,466 |
| American Airlines Group Inc | 8,714 | 402,545 | 1,452 |
| Alaska Air Group Inc | 4,327 | 410,642 | -4,868 |
| PEERS TOTAL | 28,191,197 | 481,063 | 9,241 |
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United Airlines Holdings Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Jetblue Airways Corp | Domestic & Canada 57.79 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
United Airlines Holdings Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 15 companies in United Airlines Holdings Inc's industry classification, broader than the peer set above. Market cap in millions of $.United Airlines Holdings Inc ranks #2 of 15 companies by market capitalization in its industry, holding 19.67 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,793, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Delta Air Lines Inc | 57,378 | 30.64 % |
| 2 | United Airlines Holdings Inc | 36,821 | 19.67 % |
| 3 | Latam Airlines Group S a | 28,793 | 15.38 % |
| 4 | Southwest Airlines Co | 21,914 | 11.70 % |
| 5 | Ryanair Holdings Plc | 1,234 | 5.2% |
| 6 | American Airlines Group Inc | 1,234 | 5.2% |
| 7 | Copa Holdings S a | 1,234 | 5.2% |
| 8 | Alaska Air Group Inc | 1,234 | 5.2% |
| 9 | Skywest Inc | 1,234 | 5.2% |
| 10 | Allegiant Travel Co | 1,234 | 5.2% |
Market cap and industry share for the rest of United Airlines Holdings Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
United Airlines Holdings Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Delta Air Lines Inc | 57,378 | 47.80 % |
| 2 | United Airlines Holdings Inc | 36,821 | 16.31 % |
| 3 | Latam Airlines Group S a | 28,793 | 7.95 % |
| 4 | Southwest Airlines Co | 1,234 | 12.3% |
| 5 | Ryanair Holdings Plc | 1,234 | 12.3% |
| 6 | American Airlines Group Inc | 1,234 | 12.3% |
| 7 | Copa Holdings S a | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of United Airlines Holdings Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
United Airlines Holdings Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Airline industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (24 companies). See the full Airline industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 69.17 % | 39.18 % (avg) | +30.0 pp |
| Operating Margin | 7.51 % | industry median | +7.5 pp |
| EBITDA Margin | 11.62 % | 2.37 % (avg) | +9.2 pp |
| Capital Intensity (Capex / Revenue) | 10.75 % | 7.15 % (avg) | +3.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
United Airlines Holdings Inc's Valuation vs Competitive Position
Valuation multiples vs the Airline industry average (24 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Airline industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 10.8x | 20.7x | -9.9x |
| EV / EBITDA | 7.4x | 9.2x | -1.8x |
| P/B | 2.4x | 3.1x | -0.8x |
| Return on Equity | 21.81 % | industry aggregate | 7.98 % |
| Return on Invested Capital | 7.67 % | 2.63 % (avg) | 5.04 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
United Airlines Holdings Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 9.45 % | 4.74 % | -64.50 % | 60.43 % | 82.49 % | 19.49 % | 6.23 % | 3.52 % |
| Operating Margin | 7.97 % | 9.94 % | -41.41 % | -4.15 % | 5.20 % | 7.84 % | 8.93 % | 7.98 % |
| Return on Invested Capital | 8.11 % | 9.13 % | -12.81 % | -1.83 % | 5.06 % | 9.70 % | 11.08 % | 9.32 % |
| P/E | 11.3x | 7.6x | - | - | 20.6x | 5.0x | 9.0x | 9.9x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
United Airlines Holdings Inc's Strategic Group Map
United Airlines Holdings Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
United Airlines Holdings Inc's trailing-12-month revenue growth of 12.3% and operating margin of 7.5% compares with an average of 8.5% growth and 6.4% margin across its 8 closest peers by combined growth, margin and ROIC -- United Airlines Holdings Inc sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
United Airlines Holdings Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
United Airlines Holdings Inc falls in the Dog quadrant: relative market share of 0.64x vs its largest competitor, in an industry growing revenue 7.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
United Airlines Holdings Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,793 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 10.75 % vs industry average 7.15 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on United Airlines Holdings Inc's dedicated Suppliers and Customers pages, not here.
United Airlines Holdings Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
United Airlines Holdings Inc falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
United Airlines Holdings Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 7.5 points above the industry median.
- Return on equity 8.0 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+9.1% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
- Trades at a lower P/E than the industry average (10.8x vs 20.7x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
United Airlines Holdings Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| United Airlines Holdings Inc | 0.28 | 0.72 | 1.56 |
| Latam Airlines Group S a | 0.29 | 0.60 | - |
| Delta Air Lines Inc | 0.14 | 0.41 | 0.70 |
| Southwest Airlines Co | 0.28 | 0.49 | 0.76 |
| American Airlines Group Inc | 0.06 | 0.53 | - |
| Alaska Air Group Inc | 0.08 | 0.50 | 1.44 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
United Airlines Holdings Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| United Airlines Holdings Inc | Q3 2026 | +17.4 % | +8.4 % |
| Latam Airlines Group S a | Q4 2025 | +11.2 % | +49.7 % |
| Delta Air Lines Inc | Q3 2026 | +21.1 % | -46.6 % |
| Southwest Airlines Co | Q3 2026 | +21.2 % | +400.0 % |
| American Airlines Group Inc | Q1 2026 | +10.8 % | - |
| Alaska Air Group Inc | Q2 2026 | +9.7 % | - |
| PEERS TOTAL | +17.9 % | -39.1 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
United Airlines Holdings Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| United Airlines Holdings Inc | Q3 2026 | +50.2 % | +46.1 % |
| Latam Airlines Group S a | Q4 2025 | +5.6 % | +34.0 % |
| Delta Air Lines Inc | Q3 2026 | +58.4 % | +21.9 % |
| Southwest Airlines Co | Q3 2026 | +406.4 % | +36.9 % |
| American Airlines Group Inc | Q1 2026 | +11.2 % | -1.6 % |
| Alaska Air Group Inc | Q2 2026 | +60.7 % | -63.2 % |
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United Airlines Holdings Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| United Airlines Holdings Inc | 4.37% | 7.49% | 21.81% |
| Latam Airlines Group S a | 8.30% | 14.15% | 109.45% |
| Delta Air Lines Inc | 3.89% | 7.46% | 15.38% |
| Southwest Airlines Co | 3.54% | 5.60% | 14.39% |
| American Airlines Group Inc | 0.32% | 0.57% | - |
| Alaska Air Group Inc | - | - | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
United Airlines Holdings Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| United Airlines Holdings Inc | 10.32 | 0.56 |
| Latam Airlines Group S a | 19,068.00 | 1,969.29 |
| Delta Air Lines Inc | 17.41 | 0.80 |
| Southwest Airlines Co | 21.68 | 0.70 |
| American Airlines Group Inc | 42.75 | 0.16 |
| Alaska Air Group Inc | - | 0.29 |
| PEERS AVERAGE | 3,704.90 | 102.28 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.