Wheels Up Experience

UP on NYSE. Market value $124m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

We could not check its warning signs this time.
Expensive right now: it scores 0 of 100 on price, and our list needs 60.

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield

-185.6%low

For every $100 of what the whole company costs, it produced $-185.63 of spare cash last year. A savings account pays about $4.

Price to profit

n/a

The filings do not give us enough to work this out.

Return on capital

-99.0%five-year median

Each dollar kept in the business earns -99 cents a year. Above 10 is good.

Quality score: 5 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

0.1

-0.3

-0.7

-0.2

-0.3

20212022202320242025

Revenue
Revenue	$1.2bn	$1.6bn	$1.3bn	$792m	$736m
Operating margin
Operating margin	-17.0%	-35.4%	-35.4%	-32.7%	-27.6%
Debt to equity
Debt to equity	0.00	0.90	2.41	n/a	n/a
Shares outstanding
Shares outstanding	n/a	0.24bn	0.25bn	0.70bn	0.70bn

Health checks

Free cash flow positive1 of 5 years
Accounting looks honest (Beneish)Not enough data
Financial strength (Piotroski)4 of 9
Profit backed by cash (accruals)No
DebtUnknown
Revenue growth, five yearsShrinking, 11.4% a year

Dates

Next results (estimated): n/a
Last annual report (10-K): 10 March 2026
Next quarterly (estimated, 10-Q): 4 November 2026

Who owns it

None of the long-term investors we follow own it. 60 funds in all.

Jun '25

Dec '25

Jun '26

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

Delta Air Lines, Inc.
36.3%
Since 29 May 2026
What they said
Item 4 is hereby amended and supplemented by deleting the last paragraph of Item 4 of Amendment No. 6 and replacing it with the following: "2026 Term Loan Credit Agreement and Amendment No. 4 to the Credit Agreement As disclosed by the Issuer in a Current Report on Form 8-K…
Read the filing
WHITEBOX ADVISORS LLC
Passive investor
at least 2.8%−1.1 pts
(filed with 1 related holder)
Since 30 June 2026
Kore Advisors LP
Passive investor
Sold down below 5%
Since 30 June 2026

Holder	Stake	Since
Delta Air Lines, Inc.	36.3%	29 May 2026	What they said Item 4 is hereby amended and supplemented by deleting the last paragraph of Item 4 of Amendment No. 6 and replacing it with the following: "2026 Term Loan Credit Agreement and Amendment No. 4 to the Credit Agreement As disclosed by the Issuer in a Current Report on Form 8-K… Read the filing
WHITEBOX ADVISORS LLC Passive investor	at least 2.8%−1.1 pts (filed with 1 related holder)	30 June 2026
Kore Advisors LP Passive investor	Sold down below 5%	30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $146,206 of shares on the open market. 2 sold $219,494.

Wells Meaghan Danielle
Chief Growth Officer
Sold
Date
8 September 2026
Shares
923
Price
$4.39
Value
$4,052
Wells Meaghan Danielle
Chief Growth Officer
Sold
Date
10 August 2026
Shares
4,358
Price
$5.41
Value
$23,577
Briffa Mark
Chief Sales Officer
Sold
Date
11 June 2026
Shares
1,017
Price
$7.50
Value
$7,628
Mattson George N
Chief Executive Officer, Director
Bought
Date
18 May 2026
Shares
1,475
Price
$5.56
Value
$8,201
Mattson George N
Chief Executive Officer, Director
Bought
Date
15 May 2026
Shares
10,029
Price
$5.13
Value
$51,449
Mattson George N
Chief Executive Officer, Director
Bought
Date
14 May 2026
Shares
1,304
Price
$5.48
Value
$7,146
Briffa Mark
Chief Sales Officer
Sold
Date
13 May 2026
Shares
3,804
Price
$4.99
Value
$18,982
Mattson George N
Chief Executive Officer, Director
Bought
Date
13 May 2026
Shares
14,983
Price
$5.30
Value
$79,410
Briffa Mark
Chief Sales Officer
Sold
Date
7 November 2025
Shares
86,813
Price
$1.23
Value
$106,780
Wells Meaghan Danielle
Chief Growth Officer
Sold
Date
7 November 2025
Shares
47,931
Price
$1.22
Value
$58,476

Date	Who	Did	Shares	Price	Value
8 September 2026	Wells Meaghan Danielle Chief Growth Officer	Sold	923	$4.39	$4,052
10 August 2026	Wells Meaghan Danielle Chief Growth Officer	Sold	4,358	$5.41	$23,577
11 June 2026	Briffa Mark Chief Sales Officer	Sold	1,017	$7.50	$7,628
18 May 2026	Mattson George N Chief Executive Officer, Director	Bought	1,475	$5.56	$8,201
15 May 2026	Mattson George N Chief Executive Officer, Director	Bought	10,029	$5.13	$51,449
14 May 2026	Mattson George N Chief Executive Officer, Director	Bought	1,304	$5.48	$7,146
13 May 2026	Briffa Mark Chief Sales Officer	Sold	3,804	$4.99	$18,982
13 May 2026	Mattson George N Chief Executive Officer, Director	Bought	14,983	$5.30	$79,410
7 November 2025	Briffa Mark Chief Sales Officer	Sold	86,813	$1.23	$106,780
7 November 2025	Wells Meaghan Danielle Chief Growth Officer	Sold	47,931	$1.22	$58,476

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Sales have shrunk: 11.4% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.