Not sure how underrated all of these are, but I've never seen much talk about them so I guess they apply:
The Hitcher (1986) - Rutger Hauer plays a hilariously creepy psychopath in this movie, it's absolutely fantastic. Still hoping for it to get a blu ray release.
The Way Back (2010) - It's a very well made, interesting film.
Breakdown (1997) - A great action thriller with Kurt Russell as his wife is kidnapped, a really fantastic movie. Sad it never seemed to get very popular.
The Flight of The Phoenix (1965) - Scores better than the original, really wish it got released on Blu Ray. ;_;
The Treasure of the Sierra Madre (1948) - Genuinely one of the best movies I've ever seen, but rarely ever seen it mentioned by anyone.
Thunderbolt and Lightfoot (1974) - Classic Clint Eastwood buddy movie with Jeff Bridges, as they set up to rob a bank.
The Beach (2000) - Seems to get a lot of hate, but I love it.
Transcendence (2014) - This film flopped and got some pretty bad ratings, and I don't really understand why. I think it's severely underrated.
Man of Tai Chi (2013) - It's a pretty fun martial arts action, Keanu Reeve's directoral debut too. I really enjoyed it.
Casino (1995) - This Scorsese gangster movie seems to be incredibly underrated and mostly forgotten by many it seems, which is a shame, I rank it as high as Goodfellas, maybe higher.
The King of Comedy (1982) - Another underrated Scorsese, The King of Comedy I have hardly ever seen mentioned, but it's a fantastic hollywood satire.
The Quick and the Dead (1995) - A fun and at times hilarious western from Sam Raimi, fantastic.
The Devil's Double (2011) - Extremely underrated, but an exciting and entertaing movie all-round.
Darkman (1990) - Liam Neeson stars as scientist-turned-superhero Darkman in Sam Raimi's first entry into superhero movies, really underrated.
We Were Soldiers (2002) - I've seen a lot of people complain and say they didn't like this the few times it was mentioned or that it's boring and I just can not understand how.
Jarhead (2005) - A rather slow and tense movie in which Jake Gyllenhaal stars as a soldier in the Gulf War.
Source Code (2011) - Interesting and entertaining action movie, kinda sci-fi. Really cool.
End of Watch (2012) - Okay, so I'm a pretty big Gyllenhall fan. I like this film a lot, but it's not quite perfect, I think if it was directed slightly better it could have been something really special. Still a very good movie.
I'm sure I can think of more but I can't be bothered too right now haha.