Wheels Up Experience Inc. (UP) Stock

Wheels Up Experience Inc. (UP) is a Industrials stock trading at $5.04 (as of 2026-08-24), with a market capitalization of $182.78M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Wheels Up Experience Inc. provides private aviation services focused on the United States, including membership programs, on-demand flights, aircraft management, and charter services. It also supports whole aircraft acquisitions and sales, corporate flight solutions, special missions, signature events, and commercial travel.

Understand Wheels Up Experience Inc.: how it makes money

Wheels Up Experience Inc. provides private aviation services in the United States, including membership programs, on-demand flights, aircraft management, and charter related services, and it makes money by earning revenue from live flight activity and from aircraft management and other aviation services.

The core profit driver is how efficiently member demand turns into live flight legs, because utilization and flight execution determine how much flight revenue is generated from the company’s membership and prepaid block demand, with aircraft management and other services acting as additional revenue streams.

Revenue by segment (latest quarter)
Total	$0.2B

Business quality (Weak): The business has clear operating levers tied to utilization, membership activity, and flight execution, but the latest quarter shows materially negative operating profitability, so investors should focus on whether utilization and retention trends can translate into improved operating results.

Bull case

Demand and service delivery are measurable: The company reports operating indicators tied to usage and execution, including Live Flight Utilization, Live Flight Legs, and on-time performance.
Multiple revenue sources: Revenue includes Aircraft Management Revenue and Other Revenue in addition to live flight activity, which can diversify income within private aviation services.
Retention exists in membership programs: Core and Business Member Retention Rate is reported at 80%, and Core and Business Member Retention Rate for Prepaid Block Purchasers is reported at 90%, indicating continued participation for core and prepaid cohorts.

Bear case

Profitability is currently negative: Operating margin for the latest period is -34.0%, which means operating losses need improvement before investors can underwrite sustained profitability.
Utilization may limit scaling economics: Live Flight Utilization is reported at 37.6%, so if utilization stays low, the company may struggle to convert demand into enough live flight revenue to offset operating costs.
Unit-level execution can still face disruption risk: While on-time and completion metrics are reported, the business can be impacted by flight delays and operational disruptions, which can affect service outcomes and customer experience.

Valuation — source: SEC EDGAR (first-party)
Price	$5.04
Market Cap	$182.78M
Price / Sales	0.26
FCF Yield	-455.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$736.50M
Net Margin	-39.9%
Revenue Growth (YoY)	-7.0%
EPS Growth (YoY)	-14.3%
FCF Growth (YoY)	29.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	-2.60 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Industrials)	26.0
Industry P/E (Transportation)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	DELTA AIR LINES, INC. ($136.16M)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Transportation
CEO	George Nathaniel Mattson
Employees	1,807
Country	US
IPO Date	2020-11-18

Related Companies (Transportation; 8 comparable transport companies)

Data as of 2026-08-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.