Wheels Up Experience Inc. UP

IndustrialsPassenger Transportation ServicesUnited States of America

Last close 3.19 USD on Nov 1, 2026, −75.7% year to date

Quant rating

Quant rating D Rank 479 of 486 in Industrials

Growth D 418 of 486
Valuation D 483 of 486
Quality D 398 of 486
Revisions D 447 of 486
Momentum D 451 of 486

Historical valuation

Valuation history unavailable.

Key data

Market cap: 116M
Enterprise value: 632M
52-week range: 2.87 – 29.30
3-year range: 2.87 – 114.80
Dividend yield: –
Beta (5 years): 2.21
Shares outstanding: 36.3M
Next earnings: –

About the company

Wheels Up Experience Inc. is a provider of on-demand private aviation in the United States. The Company offers a complete global aviation solution with a large and diverse fleet and a global network of safety-vetted charter operators. Its offering is delivered through a mix of its member programs and charter solutions that utilize its owned and leased aircraft fleet and an asset-light charter model to deliver a range of global travel alternatives. In addition, its partnership with Delta Air Lines, Inc. (Delta) provides its members and customers with an offering across both private and premium commercial travel. In addition to its Wheels Up Membership and Wheels Up Charter offerings, it provides wholesale charter services to customers, such as charter flight brokers and third-party operators. It offers group charter flights, cargo flights, maintenance, repair and operations services (MRO), fixed-base operator (FBO) services, safety and security services, and special missions.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	736	792	1,253	1,580	1,194	–
Revenue growth	−7.0%	−36.8%	−20.7%	32.3%	–	–
EPS (basic, normalized)	–	–	−56.00	−308.00	−132.00	–
EPS growth	–	–	–	–	–	–
Gross margin	10.0%	7.5%	1.7%	2.5%	6.4%	5.6%
Net margin	−39.9%	−42.9%	−38.9%	−35.1%	−15.9%	−34.6%
ROE	–	–	−279.1%	−113.1%	−39.5%	−143.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	86.3
Current ratio	0.28x
Long-term debt (mil)	581
Net debt (mil)	516
Total equity (mil)	−560
Net debt / equity	−0.92x
Net debt / EBITDA	−11.87x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	736	−7.0%	0.9x	−43.5	–	−14.5x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
UP Wheels Up Experience Inc.	116M	−11.87x	−39.9%	−0.21x	–	–	–	–
DAL Delta Air Lines, Inc.	52.7B	1.10x	7.9%	2.34x	15.0x	11.3x	7.8x	6.4x
UAL United Airlines Holdings, Inc.	33.9B	1.44x	5.7%	1.91x	14.9x	8.9x	7.0x	5.2x
RYAAY Ryanair Holdings PLC	26.5B	−0.67x	14.0%	2.64x	13.6x	11.8x	6.0x	5.6x
ICAGY International Consolidated Airlines Group, S.A.	23.4B	–	–	–	7.9x	6.1x	–	–
LUV Southwest Airlines Co	20.8B	1.08x	1.6%	2.83x	15.4x	10.1x	6.7x	5.4x
Mean		−1.78x	−2.2%	1.90x	13.4x	9.7x	6.9x	5.7x
Median		1.08x	5.7%	2.34x	14.9x	10.1x	6.9x	5.5x

Technical analysis

1M−10.9%
3M−42.1%
1Y−89.2%
3Y−88.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Wheels Up Experience Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	736	792	1,253	1,580	1,194	0
Cost of revenue	663	733	1,233	1,540	1,118	–
Gross profit	73.7	59.0	20.8	39.4	76.6	0
Selling, general & administrative expenses	234	222	235	295	193	–
Research & development	38.8	40.7	61.9	57.2	33.6	–
Depreciation/amortization	61.2	56.5	58.5	65.9	54.2	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−58.3	14.4	117	181	1.1	–
Other operating expenses	0	0	0	0	0	1.6
Operating income	−202	−275	−451	−560	−206	−1.6
Net interest income (expense)	−87.5	−63.2	−35.1	5.7	8.5	0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.4	−0.7	0.1	−1.0	0	0
Net income before taxes	−291	−338	−486	−555	−197	−1.6
Provision for taxes	3.5	1.2	1.4	0.2	0.1	–
Minority interest	0	0	0	0.4	7.2	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−294	−340	−487	−555	−190	−1.6
Extraordinary items	–	–	–	–	–	–
Net income	−294	−340	−487	−555	−190	−1.6
EBIT, normalized	−202	−214	−285	−360	−205	−1.6
EBITDA, normalized	−139	−156	−224	−293	−148	–
Basic EPS, normalized	–	–	−56.00	−308.00	−132.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Wheels Up Experience Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	134	216	264	586	785	0.7
Receivables	25.7	33.5	49.8	118	87.5	–
Total inventory	11.6	12.2	22.3	53.8	9.4	–
Prepaid expenses	27.1	23.5	55.7	39.7	51.6	0.6
Other current assets	51.0	46.4	42.4	22.3	0	0
Total current assets	249	332	434	820	933	1.3
Property, plant & equipment	332	405	407	501	426	–
Goodwill	210	217	218	348	437	–
Intangibles	75.1	96.9	118	142	147	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	0	–
Other long-term assets	103	107	139	112	37.2	240
Total assets	969	1,158	1,316	1,923	1,981	241
Liabilities
Accounts payable	20.4	30.0	33.0	43.2	43.7	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	121	103	125	179	139	1.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	19.0	31.7	24.0	27.0	0	–
Other current liabilities	747	752	725	1,095	953	0
Total current liabilities	908	917	908	1,344	1,135	1.5
Long-term debt	316	376	235	226	0	0
Minority interest	0	5.9	2.5	0	6.1	–
Other liabilities	137	60.6	73.6	101	110	8.4
Total liabilities	1,361	1,360	1,219	1,671	1,251	9.9
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0	0	226
Additional paid-in capital	2,020	1,922	1,879	1,546	1,451	6.6
Retained earnings (accumulated deficit)	−2,397	−2,103	−1,763	−1,276	−721	−1.6
Treasury stock	−9.8	−8.2	−7.7	−7.7	–	–
Other equity	−5.6	−12.7	−10.7	−10.1	0	0
Total equity	−392	−202	97.4	252	730	231
Total liabilities & shareholders' equity	969	1,158	1,316	1,923	1,981	241

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Wheels Up Experience Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−294	−340	−487	−556	−197	−1.6
Depreciation, depletion & amortization	61.2	56.5	58.5	65.9	54.2	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	85.9	126	154	264	38.0	0
Changes in working capital	−19.1	79.2	−390	−5.1	232	0.5
Cash from operations	−166	−77.9	−665	−231	126	−1.1
Investing activities
Capital expenditures	−117	−140	−40.9	−151	−60.1	–
Other investing cash flows	297	93.6	81.8	−23.9	21.4	−240
Cash from investing	180	−46.7	40.9	−175	−38.7	−240
Financing activities
Financing cash flow items	−0.2	−1.6	−21.7	−6.7	586	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−98.4	80.3	323	252	−212	242
Cash from financing	−98.5	78.7	301	245	374	242
Foreign exchange effects	2.5	−0.5	−3.9	−5.4	–	–
Net change in cash	−82.0	−46.4	−327	−167	462	0.7
Free cash flow	−283	−218	−706	−382	66.4	−1.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

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Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.