Wheels Up Experience (UP) AI Stock Analysis

• Market Cap: $400.63M
• Dividend Yield: N/A
• Average Volume (3M): 2.37M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.94
• Revenue Growth: -9.14%
• EPS Growth: -0.48%
• Country: US
• Employees: 1,807
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.04
• Shares Outstanding: 724,465,600
• 10 Day Avg. Volume: 2,178,709
• 30 Day Avg. Volume: 2,369,453
• PEG Ratio: 0.11
• Price to Book (P/B): -1.18
• Price to Sales (P/S): 0.63
• P/FCF Ratio: -1.78
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 25.72
• Enterprise Value/Ebitda: -3.06
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $0.51 ▼(-48.69% Downside)
• Action: Upgraded Date: 02/20/26
• Date: Action: Upgraded 02/20/26

The score is primarily weighed down by weak financial performance (ongoing losses, negative equity, and cash burn). Technicals reinforce the risk with a clear downtrend and negative MACD. Corporate events are mixed—liquidity actions help, but NYSE noncompliance and possible reverse split add meaningful concern—while valuation is hard to justify due to negative earnings.

Positive Factors

Improved near-term liquidity

The $105M sale-leaseback materially improves liquidity and financing flexibility by delivering roughly $40M net cash and freeing ~$65M of equipment debt capacity. This asset-light move reduces capital intensity, extends runway and supports operational continuity during a multi-year transformation.

Strategic Delta partnership

A public strategic relationship with Delta provides durable commercial benefits: distribution access, credibility with high‑value travelers, and integration opportunities. Over months this can lower customer acquisition costs, support membership growth and strengthen competitive positioning in private aviation.

Fleet modernization & connectivity

Modernizing the fleet and adding global HDX Wi‑Fi improves product differentiation and customer experience, supporting retention and premium pricing. As a structural upgrade, better aircraft and connectivity enhance service competitiveness and align the platform with long‑term member expectations.

Negative Factors

Persistent net losses

Sustained large accounting losses (including a ~-40% net margin in 2025) indicate the core model has not yet generated profitable unit economics. Over months this undermines reinvestment capacity, requires ongoing external funding or structural margin gains, and makes durable profitability uncertain.

Negative stockholders' equity

Negative equity signals a weakened capital base and raises lender, counterparty and investor concerns. This structural balance‑sheet impairment limits borrowing flexibility, increases dilution risk if capital is raised, and constrains strategic options across a multi‑month horizon.

Consistent cash burn

Ongoing negative operating and free cash flow since 2022 indicates the business consumes cash to operate. Absent sustained cash‑flow improvement, the company will remain dependent on financing or asset sales, which pressures liquidity and limits ability to invest in growth initiatives over the medium term.

Wheels Up Experience Business Overview & Revenue Model

Company Description

Wheels Up Experience Inc. provides private aviation services primarily in the United States. The company offers a suite of products and services, which include multi-tiered membership programs, on-demand flights across various private aircraft cabin categories, aircraft management, retail and wholesale charter, whole aircraft acquisitions and sales, corporate flight solutions, special missions, signature events and experiences, and commercial travel. It operates a fleet of approximately 1,500 aircraft. The company was founded in 2013 and is headquartered in New York, New York.

How the Company Makes Money

Wheels Up generates revenue primarily by selling private aviation services and related offerings. Key revenue streams include: (1) Flight revenue from on-demand charter and member flights, where customers pay based on aircraft type, route, flight time, and associated operational charges. (2) Membership revenue, where customers pay fees for access to program benefits such as booking privileges, service levels, and (depending on the program) pricing or availability features; these membership programs are designed to drive repeat flying and customer retention. (3) Ancillary and service revenues tied to trips, which may include fees connected to arranging flights and other trip-related services offered through the company’s platform. Significant factors that have influenced Wheels Up’s business model include its strategic relationship with Delta Air Lines, which has been publicly disclosed as a key commercial partner/investor relationship and has been used to support customer acquisition and offering integration; specific financial terms and the exact contribution to earnings are not available here and are therefore null.

Wheels Up Experience Financial Statement Overview

Summary

Weak fundamentals: persistent net losses through 2020–2025 (including ~-40% net margin in 2025), negative EBITDA margins, and revenue declines from 2022–2025. Balance-sheet risk is elevated with negative stockholders’ equity in 2024–2025, and cash flow remains pressured with negative operating cash flow and consistently negative free cash flow since 2022, despite some 2025 gross-margin improvement and lower debt vs. 2024.

Income Statement

Profitability remains weak with persistent net losses from 2020–2025, including a ~-40% net margin in 2025 and deeply negative EBITDA margins across recent years. Revenue has also trended down materially from 2022 to 2025 (with negative growth in 2023–2025), though gross margin improved in 2025 (~10%) versus 2023–2024 when gross profitability was very thin/negative. Overall, the trajectory shows continued operating pressure despite some cost/margin improvement.

Balance Sheet

The balance sheet has deteriorated meaningfully, highlighted by negative stockholders’ equity in 2024 and 2025, which signals a weakened capital base and increases financial risk. Total debt declined sharply in 2025 versus 2024, but the negative equity position limits flexibility and makes leverage difficult to assess on a traditional basis. Total assets have also fallen since 2022, consistent with a company in a defensive/reset phase rather than expansion.

Cash Flow

Cash generation is a key concern: operating cash flow turned negative from 2022 onward and was materially negative in 2025, while free cash flow has been consistently negative since 2022. A notable positive is that free cash flow has been less negative than net income in recent years (free cash flow exceeding the accounting loss), but the business is still consuming cash, which can pressure liquidity and funding needs if sustained.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	736.50M	792.10M	1.25B	1.58B	1.19B
Gross Profit	16.55M	59.03M	-37.72M	-26.50M	22.43M
EBITDA	-139.07M	-216.51M	-386.22M	-481.93M	-133.46M
Net Income	-294.22M	-339.63M	-487.39M	-555.16M	-190.02M
Balance Sheet
Total Assets	968.81M	1.16B	1.32B	1.97B	1.98B
Cash, Cash Equivalents and Short-Term Investments	133.93M	216.43M	263.91M	585.88M	784.57M
Total Debt	157.00M	472.82M	336.90M	365.94M	115.08M
Total Liabilities	1.36B	1.35B	1.22B	1.67B	1.24B
Stockholders Equity	-392.10M	-196.23M	99.87M	299.92M	730.15M
Cash Flow
Free Cash Flow	-259.92M	-218.13M	-701.95M	-382.05M	66.41M
Operating Cash Flow	-166.29M	-77.89M	-665.28M	-230.69M	126.49M
Investing Cash Flow	180.37M	-46.68M	40.87M	-175.24M	-38.67M
Financing Cash Flow	-98.51M	78.66M	300.95M	244.79M	374.03M

Wheels Up Experience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UP, the sentiment is Negative. The current price of 0.99 is above the 20-day moving average (MA) of 0.58, above the 50-day MA of 0.68, and below the 200-day MA of 1.27, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 43.23 is Neutral, neither overbought nor oversold. The STOCH value of 37.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UP.

Wheels Up Experience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SKYW	74 Outperform	$3.72B	11.02	16.35%	―	19.27%	78.26%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SOAR	52 Neutral	$2.38M	-0.12	-100.25%	―	-63.27%	―
FLYX	47 Neutral	$250.03M	-6.36	6.23%	―	―	―
ULCC	45 Neutral	$764.60M	-7.87	-27.87%	―	1.77%	-1964.48%
SRFM	44 Neutral	$111.64M	-0.37	110.96%	―	-8.51%	82.15%
UP	43 Neutral	$400.63M	-1.57	84.41%	―	-9.14%	-0.48%

Wheels Up Experience Corporate Events

Wheels Up Signs Jet Sale-Leaseback, Advances Fleet Modernization

On December 22, 2025, Wheels Up Experience Inc. entered into a roughly $105 million sale-leaseback agreement covering three Bombardier Challenger 300s and seven Embraer Phenom 300s, allowing it to continue operating the jets under long-term leases while unlocking an estimated $40 million of net cash and freeing up about $65 million in revolving equipment debt capacity. The transaction, expected to close by year-end 2025, supports the company’s fleet modernization and asset-light shift as it accelerates investment in Challenger and Phenom 300 series aircraft, underpins its recently launched Signature membership, and is designed to maintain uninterrupted service for customers during the peak holiday season and beyond. Separately, the company placed its first Phenom 300 equipped with Gogo Galileo HDX satellite Wi-Fi into service in December 2025, marking the start of a broader 2026 rollout of high-speed, globally available in-flight connectivity across its modernized fleet to enhance the premium customer experience.

The most recent analyst rating on (UP) stock is a Hold with a $0.64 price target. To see the full list of analyst forecasts on Wheels Up Experience stock, see the UP Stock Forecast page.

Wheels Up Addresses NYSE Listing Noncompliance With Reverse Split

On December 17, 2025, Wheels Up received notice from the New York Stock Exchange that its average share price had fallen below the $1.00 minimum over a 30‑day trading period, putting the company out of compliance with NYSE listing rules and triggering a six‑month cure period. The company, which remains in compliance with all other NYSE standards and continues to trade under the “UP” ticker with a “.BC” below‑compliance designation, has told the exchange it plans to use a previously authorized reverse stock split, at a ratio between 1‑for‑5 and 1‑for‑20 subject to board approval, if needed to restore compliance before the cure deadline, while continuing to pursue its multi‑year business transformation, fleet transition, and cost‑reduction program aimed at achieving a more resilient, profitable business model.

The most recent analyst rating on (UP) stock is a Hold with a $0.64 price target. To see the full list of analyst forecasts on Wheels Up Experience stock, see the UP Stock Forecast page.