Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Wheels Up Experience Inc.UP · other | |
|---|---|
| Grade |  Eweakest fifth of 336 graded peers; percentile 98.8, sampling error 2.6 points; lower is stronger |
| Rank | 332 of 336 |
| Profitability | Cpercentile 53.0 |
| Solvency | Epercentile 94.0 |
| Growth and financing | Epercentile 90.0 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $968.8M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | short runwaynot computable: distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 10, 2026213 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $3.892026-10-08; market equity $141.1M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 10, 2026; the document on sec.gov.
Wheels Up is a leading global provider of on-demand private aviation with a large, diverse aircraft fleet and a network of safety-vetted charter operators, all committed to safety and service. Our offering is delivered through a mix of our membership program and charter solutions that strategically utilize our controlled aircraft fleet and charter operators to deliver a greater range of travel alternatives. In addition, our first-of-its-kind partnership with Delta Air Lines, Inc. (“Delta”) provides our members and customers with a seamless offering across both private and premium commercial travel.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 53.0 | |||||||
| Gross profitability | 7.6% | [1-2,4] | 27.1% | 84.4 | 289 | 2025-12-31 | |
| Return on invested capital | not computable | 10.0% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (12.0%) | [1,5-7] | (5.9%) | 21.6 | 506 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.2 pts | |||||
| five annual gross margins are required; found 4 | |||||||
| Solvency, sleeve percentile 94.0 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (14.24) | [1,8-13] | 2.05 | 92.5 | 386 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 2.52x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 2.18x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.27x | [8-9] | 1.32x | 95.4 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 90.0 | |||||||
| Revenue growth, three-year compound | (22.5%) | [2,14-16] | 5.1% | 96.0 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 11.9% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (20.4%) | [1,7,17-18] | 4.1% | 95.7 | 438 | 2025-12-31 | |
| Net share issuance, one year | 3.7% | [19-20] | (0.4%) | 78.3 | 356 | 2026-03-09 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.667; sampling error 2.6 percentile points on 336 peers.
Among 336 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 327 | Reading International Inc. (RDI) Reading International Inc. (RDI) Eweakest fifth; percentile 97.5 Nasdaq · Services-Motion Picture Theaters last close $1.93 No active warnings; 7 of 14 inputs | 97.5 | E | |
| 328 | Reading International Inc. (RDIB) Reading International Inc. (RDIB) Eweakest fifth; percentile 97.5 Nasdaq · Services-Motion Picture Theaters last close $16.24 No active warnings; 7 of 14 inputs | 97.5 | E | |
| 329 | Boyd Gaming Corp. (BYD) Boyd Gaming Corp. (BYD) Eweakest fifth; percentile 97.9 NYSE · Hotels & Motels market equity $5.1B; last close $70.00 No active warnings; 7 of 14 inputs | 97.9 | E | |
| 330 | iSpecimen Inc. (ISPC) iSpecimen Inc. (ISPC) Eweakest fifth; percentile 98.2 Nasdaq · Services-Commercial Physical & Biological Research market equity $2.7M; last close $1.11 Warnings: dilution, late filer, fortress balance sheet; 8 of 14 inputs | 98.2 | E | dilution, late filer, fortress balance sheet |
| 331 | Future FinTech Group Inc. (FTFT) Future FinTech Group Inc. (FTFT) Eweakest fifth; percentile 98.5 Nasdaq · Services-Business Services, NEC market equity $108.5M; last close $3.33 Warnings: dilution, short runway, late filer; 8 of 14 inputs | 98.5 | E | dilution, short runway, late filer |
| 332 | Wheels Up Experience Inc. (UP) Wheels Up Experience Inc. (UP) Eweakest fifth; percentile 98.8 NYSE · Air Transportation, Nonscheduled market equity $141.1M; last close $3.89 Warnings: short runway; 7 of 14 inputs | 98.8 | E | short runway |
| 333 | RTB Digital, Inc. (RTB) RTB Digital, Inc. (RTB) Eweakest fifth; percentile 99.1 Nasdaq · Services-Management Consulting Services market equity $117.1M; last close $8.38 Warnings: dilution, short runway, late filer; 8 of 14 inputs | 99.1 | E | dilution, short runway, late filer |
| 334 | Virgin Galactic Holdings, Inc. (SPCE) Virgin Galactic Holdings, Inc. (SPCE) Eweakest fifth; percentile 99.4 NYSE · Transportation Services market equity $445.7M; last close $2.94 Warnings: dilution; 9 of 14 inputs | 99.4 | E | dilution |
| 335 | Ciso Global, Inc. (CISO) Ciso Global, Inc. (CISO) Eweakest fifth; percentile 99.7 Nasdaq · Services-Management Consulting Services market equity $8.8M; last close $0.20 Warnings: dilution, short runway, late filer; 9 of 14 inputs | 99.7 | E | dilution, short runway, late filer |
| 336 | Valor Energy Inc. (VAI) Valor Energy Inc. (VAI) Eweakest fifth; percentile 100.0 Nasdaq · Services-Auto Rental & Leasing (No Drivers) market equity $37.6M; last close $2.58 Warnings: dilution, late filer; 8 of 14 inputs | 100.0 | E | dilution, late filer |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 98.2 | 2204 |
| sector peers, equal sleeves (the grade) | E | 98.8 | 336 |
| same exchange, equal sleeves | E | 99.1 | 984 |
| sector peers, equal inputs | E | 98.5 | 336 |
Each letter is one fifth of the 336 graded peers, about 67 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (88.0%) | 2.0% | 2 | hotter than 2 of 100 peers |
| Distance from 52-week high | (90.0%) | (26.8%) | 3 | closer to its high than 3 of 100 peers |
| EBIT to enterprise value | (20.9%) | 4.4% | 6 | pricier than 94 of 100 peers |
| Free cash flow yield | (184.2%) | 4.1% | 0 | pricier than 100 of 100 peers |
| Book value to price | (3.97) | 0.34 | 0 | pricier than 100 of 100 peers |
| Sales to price | 5.22 | 0.70 | 93 | pricier than 7 of 100 peers |
| Composite equity issuance, five years | not computable | (8.8%) | a share count from five years earlier is required | |
| Relative strength against the sector, log excess return | (2.27) | (0.13) | 2 | ahead of 2 of 100 peers |
Inputs: market equity $141.1M; EBIT -$203.4M; free cash flow -$259.9M; book equity -$560.3M; sales $736.5M; debt $919.1M; cash $86.3M[21].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 5 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (25.4%) | ✗ fail[5,7] |
| Operating cash flow above zero | -$166.3M | ✗ fail[6] |
| Return on assets improved | 0.4 pts | ✓ pass[5,7,17,22] |
| Operating cash flow exceeds net income | $127.9M | ✓ pass[5-6] |
| Long-term leverage fell | (0.7 pts) | ✓ pass[1,7,17,23-24] |
| Current ratio improved | (8.7 pts) | ✗ fail[8-9,25-26] |
| No new shares issued | 3.7% | ✗ fail[19-20] |
| Gross margin improved | 2.6 pts | ✓ pass[2,4,14,27] |
| Asset turnover improved | 3.4 pts | ✓ pass[2,7,14,17] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $86.3M[3] |
| Operating cash flow, four quarters | -$246.8M[3,6,28-31] |
| Months of runway | 4.2 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 65 |
| 10-Q received Aug 5, 2026 | |
| Median daily dollar volume | $412,764 |
| 63 sessions | |
| Days since newest grade input | 213 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $968.8M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $736.5M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 3 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $86.3M | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 4 | cost of revenue | us-gaap:CostOfRevenue | $662.8M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 5 | net income | us-gaap:NetIncomeLoss | -$294.2M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 6 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$166.3M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 7 | assets | us-gaap:Assets | $1.2B | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 8 | current assets | us-gaap:AssetsCurrent | $249.4M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 9 | current liabilities | us-gaap:LiabilitiesCurrent | $907.6M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 10 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$2.4B | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 11 | operating income | us-gaap:OperatingIncomeLoss | -$203.4M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 12 | book equity | us-gaap:StockholdersEquity | -$392.1M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 13 | liabilities | us-gaap:Liabilities | $1.4B | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $792.1M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.3B | 2023-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.6B | 2022-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $1.3B | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 18 | assets | us-gaap:Assets | $1.9B | 2022-12-31 | 2024-03-07 | 10-K | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 724,465,549 | 2026-03-09 | 2026-03-10 | 10-K | filing · viewer · series |
| 20 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 698,792,071 | 2025-03-07 | 2025-03-11 | 10-K | filing · viewer · series |
| 21 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 36,275,841 | 2026-07-31 | 2026-08-05 | 10-Q | filing · viewer · series |
| 22 | net income | us-gaap:NetIncomeLoss | -$339.6M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 23 | long term debt | us-gaap:LongTermDebtNoncurrent | $316.4M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 24 | long term debt | us-gaap:LongTermDebtNoncurrent | $376.3M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 25 | current assets | us-gaap:AssetsCurrent | $332.1M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 26 | current liabilities | us-gaap:LiabilitiesCurrent | $917.3M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 27 | cost of revenue | us-gaap:CostOfRevenue | $733.1M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$191.3M | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$99.6M | 2026-03-31 | 2026-05-11 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$147.9M | 2025-09-30 | 2025-11-05 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$110.8M | 2025-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 98.8 is 18.8 points from the nearest band edge; sampling error is 2.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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