Wheels Up Experience (UP) AI Stock Analysis

• Market Cap: $507.22M
• Dividend Yield: N/A
• Average Volume (3M): 6.72M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.89
• 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: 721,707,900
• 10 Day Avg. Volume: 2,082,457
• 30 Day Avg. Volume: 6,724,566
• 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: 0.92
• Enterprise Value/Revenue: 0.63
• Enterprise Value/Gross Profit: 6.32
• Enterprise Value/Ebitda: -2.44
• 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: $0.59 ▼(-40.10% 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

Strategic Delta Partnership

The disclosed strategic relationship with Delta provides durable distribution and partnership advantages: access to a larger customer base, integrated offerings and co-marketing opportunities. These structural benefits can sustain member acquisition and revenue mix improvements over the medium term.

Sale‑Leaseback & Fleet Modernization

The sale‑leaseback converts owned aircraft to long‑term leases, freeing liquidity and revolving equipment capacity. This supports an asset‑light shift and funds fleet modernization and connectivity rollouts, improving capital efficiency and service quality over the 2–6 month horizon and beyond.

Government Contract Wins

A competitively procured USTRANSCOM contract and multi‑option total create a non‑cyclical revenue stream and utilization uplift. Government contracting provides durable, booked work and diversification beyond leisure demand, aiding revenue predictability and asset utilization over the medium term.

Negative Factors

Persistent Losses

Sustained net losses and material negative margins constrain reinvestment and the path to profitability. Even with some gross margin improvement in 2025, ongoing operating losses reduce retained capital, require external funding, and limit the company’s ability to execute multi‑year transformation without further cash support.

Negative Shareholders' Equity

Negative equity reflects accumulated losses and a weakened balance sheet that reduces financial resilience. It can restrict access to debt markets, complicate covenant assessments, and increase the cost of capital, making balance‑sheet repairs and sustainable growth more difficult over the medium term.

Cash Flow Burn

Persistent negative operating and free cash flow indicate ongoing cash consumption that pressures liquidity. Continued cash burn necessitates financing, asset sales, or dilution to fund operations and the fleet transition, raising execution risk and creating structural funding dependency over the coming months.

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 through its membership model, which includes different tiers that provide varying levels of access to its fleet of private jets. Members pay an initiation fee and annual dues, which grants them access to on-demand flight services at discounted rates. In addition to membership fees, the company earns revenue from flight bookings, where non-members can also charter flights at standard rates. Key partnerships with aircraft operators and other travel service providers enhance its offerings and contribute to revenue, along with upselling services such as catering and ground transportation. The company's growth is further supported by strategic alliances in the aviation sector, allowing it to expand its market reach and service capabilities.

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	-191.12M	-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 0.67, above the 50-day MA of 0.72, and below the 200-day MA of 1.35, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 41.25 is Neutral, neither overbought nor oversold. The STOCH value of 27.35 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	$4.26B	9.85	16.62%	―	19.27%	78.26%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ULCC	52 Neutral	$1.20B	-8.43	-27.87%	―	1.77%	-1964.48%
FLYX	48 Neutral	$205.41M	-2.00	―	―	―	―
SRFM	46 Neutral	$128.94M	-0.69	―	―	-8.51%	82.15%
SOAR	45 Neutral	$2.53M	0.32	―	―	-63.27%	―
UP	43 Neutral	$507.22M	-1.22	―	―	-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.