Forensic Analysis · General / Diversified · as of Jun 28, 2026
Wheels Up Experience Inc. (UP)
A forensic read on Wheels Up Experience Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-14.2
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-755.1%
ROE
$302M
Market cap
Wheels Up Experience Inc. earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -14.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-365%Return on invested capital.Return on invested capital is -365% and slipping from -261% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+924.6%/yrShare-count dilution.Diluted share count changed +2774% over the last 3 years to FY2025 (+924.6%/yr). The count is GROWING — existing holders are being diluted. That's ~924.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~2774%.
$306MGoodwill impairments.Took $306M of goodwill writedowns across 2 year(s) (FY2022 ($180M), FY2023 ($126M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-39.9%
Free Cash Flow$-259.9M
Latest Revenue$736.5M
Revenue Growth YoY-7.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Wheels Up Experience Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about UP's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown