Wheels Up Experience Inc (UP)
NYSE:UP
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Wheels Up Experience
(NYSE:UP)
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Rating:47Neutral
Price Target:
$8.50
▲(758.59% Upside)
Action:Reiterated
Date:06/02/26
The score is held down primarily by weak financial performance (continued losses, negative equity, and cash burn). Technicals show improving short-term momentum, and recent financing/Delta support help liquidity, but negative earnings and lack of dividend support keep valuation and overall risk profile unfavorable.
Positive Factors
Strategic investor support & partnership
Extended Delta lock-up and a Delta-led $100M term loan materially reduce near-term refinancing risk and align a major distribution partner with Wheels Up’s turnaround. This sustained strategic backing supports joint customer access, liquidity and execution over the coming quarters.
Negative Factors
Negative shareholder equity
A negative equity position reflects cumulative losses and reduces the firm’s capital cushion, limiting financial flexibility. This structural weakness elevates insolvency risk, constrains covenant room and makes the company more dependent on external financing versus internal capital generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic investor support & partnership
Extended Delta lock-up and a Delta-led $100M term loan materially reduce near-term refinancing risk and align a major distribution partner with Wheels Up’s turnaround. This sustained strategic backing supports joint customer access, liquidity and execution over the coming quarters.
Read all positive factors
Wheels Up Experience (UP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$319.54M
Dividend YieldN/A
Average Volume (3M)240.49K
Price to Earnings (P/E)―
Beta (1Y)1.82
Revenue Growth-5.78%
EPS Growth20.02%
CountryUS
Employees1,807
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-7.89
Shares Outstanding36,229,137
10 Day Avg. Volume245,067
30 Day Avg. Volume240,491
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)-1.18
Price to Sales (P/S)0.63
P/FCF Ratio-1.78
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue0.55
Enterprise Value/Gross Profit25.73
Enterprise Value/Ebitda-3.17
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 cab...
How the Company Makes Money
Wheels Up generates revenue primarily from selling private aviation services and related programs. Key revenue streams include: (1) Private flight services revenue from arranging and selling flights to customers, including on-demand charter and pr...
Wheels Up Experience Earnings Call Summary
Earnings Call Date:Nov 07, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The earnings call reflects a positive outlook with stabilized revenue and significant operational improvements, including a successful fleet modernization strategy. While there are challenges such as a decline in membership revenue and on-time performance issues, the company has made significant strides in reducing losses and improving customer satisfaction.Positive Updates
Stable Revenue and Operational Improvements
Revenue was $194 million in Q3, roughly flat sequentially, highlighting stability. Adjusted contribution margin was 14.8%, nearly double the second quarter, the highest since going public in 2021.
Negative Updates
Decline in Membership Revenue and Members
Decline in membership revenue and members due to streamlined product portfolio and exit of certain business segments.
Read all updates
Q3-2024 Updates
Positive
Negative
Stable Revenue and Operational Improvements
Revenue was $194 million in Q3, roughly flat sequentially, highlighting stability. Adjusted contribution margin was 14.8%, nearly double the second quarter, the highest since going public in 2021.
Read all positive updates
Company Guidance
In the third quarter earnings call for Wheels Up, CEO George Mattson highlighted several key metrics indicating the company's financial and operational progress. The adjusted contribution margin reached nearly 15%, almost doubling from the previous quarter and marking the highest since going public, reflecting improved operational performance and higher fleet utilization. The adjusted EBITDA loss was reduced by nearly 50% sequentially to $20 million, advancing towards the goal of achieving positive adjusted EBITDA in 2025. Block sales saw a significant increase, up 85% year-over-year to $147 million, driven by strong traction in corporate sales, particularly joint Delta accounts. Moreover, the company's fleet modernization strategy, including the acquisition of Embraer's Phenom 300 and 300E aircraft, is expected to enhance operational efficiency and profitability. With the support of a new $332 million credit facility from Bank of America, Wheels Up anticipates improvements in cash flow and liquidity, positioning the company for resumed growth in 2025.Wheels Up Experience Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 727.89M | 736.50M | 792.10M | 1.25B | 1.58B | 1.19B |
| Gross Profit | 15.68M | 16.55M | 59.03M | -37.72M | -26.50M | 22.43M |
| EBITDA | -127.47M | -139.07M | -216.51M | -386.22M | -481.93M | -133.46M |
| Net Income | -277.86M | -294.22M | -339.63M | -487.39M | -555.16M | -190.02M |
Balance Sheet | ||||||
| Total Assets | 916.24M | 968.81M | 1.16B | 1.32B | 1.97B | 1.98B |
| Cash, Cash Equivalents and Short-Term Investments | 54.13M | 133.93M | 216.43M | 263.91M | 585.88M | 784.57M |
| Total Debt | 138.11M | 157.00M | 472.82M | 336.90M | 365.94M | 115.08M |
| Total Liabilities | 1.38B | 1.36B | 1.35B | 1.22B | 1.67B | 1.24B |
| Stockholders Equity | -465.69M | -392.10M | -196.23M | 99.87M | 299.92M | 730.15M |
Cash Flow | ||||||
| Free Cash Flow | -362.71M | -259.92M | -218.13M | -701.95M | -382.05M | 66.41M |
| Operating Cash Flow | -216.30M | -166.29M | -77.89M | -665.28M | -230.69M | 126.49M |
| Investing Cash Flow | 126.15M | 180.37M | -46.68M | 40.87M | -175.24M | -38.67M |
| Financing Cash Flow | -27.43M | -98.51M | 78.66M | 300.95M | 244.79M | 374.03M |
Wheels Up Experience Technical Analysis
Neutral
0.99
Price Trends
7.95
Positive
10.74
Negative
20.22
Negative
Market Momentum
0.43
Negative
64.37
Neutral
86.21
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UP, the sentiment is Neutral. The current price of 0.99 is below the 20-day moving average (MA) of 6.80, below the 50-day MA of 7.95, and below the 200-day MA of 20.22, indicating a neutral trend. The MACD of 0.43 indicates Negative momentum. The RSI at 64.37 is Neutral, neither overbought nor oversold. The STOCH value of 86.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for UP.
Wheels Up Experience Risk Analysis
Wheels Up Experience disclosed 38 risk factors in its most recent earnings report. Wheels Up Experience reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Wheels Up Experience Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $3.40B | 7.98 | 16.00% | ― | 12.26% | 18.57% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $242.97M | -3.68 | 6.87% | ― | 14.51% | 28.04% | |
50 Neutral | $1.39B | -3.78 | -88.57% | ― | -0.47% | -632.83% | |
50 Neutral | $124.49M | -0.23 | 140.66% | ― | -3.24% | 35.57% | |
47 Neutral | $319.54M | -1.15 | 70.34% | ― | -5.78% | 20.02% | |
42 Neutral | $5.25M | 0.36 | -100.25% | ― | -34.30% | ― |
* Industrials Sector Average
UP
Wheels Up Experience
9.85
-16.55
-62.69%
SKYW
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81.90
-21.43
-20.74%
ULCC
Frontier Group Holdings
5.93
1.92
47.88%
FLYX
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2.63
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SOAR
Volato Group
0.25
-2.12
-89.58%
SRFM
Surf Air Mobility, Inc.
1.16
-1.00
-46.30%
Wheels Up Experience Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Wheels Up Secures New $100 Million Term Loan Financing
Positive
Jun 1, 2026
On May 29, 2026, Wheels Up Experience Inc. closed a new unsecured term loan credit agreement under which existing lenders Delta Air Lines, Cox Investment Holdings and CK Wheels funded an initial $100 million 2026 term loan maturing as early as May...
Business Operations and StrategyPrivate Placements and Financing
Wheels Up Gains Extended Delta Support and New Financing
Positive
May 26, 2026
On May 26, 2026, Wheels Up said lead strategic investor Delta Air Lines agreed to extend the lock-up on all Delta-held Wheels Up common shares issued under their Investment and Investor Rights Agreement by one year, through May 22, 2027. The move ...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and ComplianceStock Split
Wheels Up Secures New Financing Amid Ongoing Turnaround
Positive
May 11, 2026
Wheels Up Experience Inc. reported first-quarter 2026 results on May 11, 2026, with GAAP revenue down 5% year over year to $168.9 million, a gross loss of $2 million and a net loss of $83 million, even as total gross bookings rose 10% to $267.2 mi...
Business Operations and StrategyProduct-Related Announcements
Wheels Up Accelerates Fleet Modernization to Standardized Jet Platform
Positive
Apr 29, 2026
On April 29, 2026, Wheels Up announced it had completed a major milestone in its fleet modernization program by retiring its legacy jet fleets from revenue service about 18 months ahead of schedule. The company has shifted its on-fleet jet operati...
Business Operations and StrategyRegulatory Filings and ComplianceStock Split
Wheels Up Enacts Major Reverse Stock Split and Recapitalization
Neutral
Apr 27, 2026
Wheels Up Experience Inc. has implemented a significant recapitalization step, enacting a 1-for-20 reverse stock split of its Class A common stock approved by its board on April 13, 2026, following prior stockholder authorization at the 2025 annua...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Wheels Up adds Delta CFO Snell to board
Positive
Apr 24, 2026
Wheels Up Experience announced on April 24, 2026 that Delta Air Lines Executive Vice President and Chief Financial Officer Erik Snell has been appointed to its board as Delta’s designee, replacing Delta Chief Operating Officer Dan Janki, who...
Delistings and Listing ChangesRegulatory Filings and ComplianceStock Split
Wheels Up Announces 1-for-20 Reverse Stock Split
Neutral
Apr 14, 2026
On April 13, 2026, Wheels Up’s board approved a 1-for-20 reverse stock split of its Class A common stock, effective after the close of trading on April 24, 2026, cutting the outstanding share count from roughly 725 million to about 36 millio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.