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UAL · Nasdaq · United States · Air Transportation, Scheduled
In shortUnited Airlines Holdings, Inc. is profitable, generates cash and carries moderate debt, with revenue growing (+3.5% last year).
Financial health
Mixed
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 8.0% | 43/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 5.7% | 43/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 24.0% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 10.0% | 67/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.65× | 0/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 1.39× | 34/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 1.18× | 81/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 3.43× | 18/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 0.31 | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 4.3% | 37/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.76× | 58/100 |
| Years with positive free cash flow (last 5) | 3 of 5 | 50/100 |
Weight in the score: 20%
| Profitable years (last 5) | 4 of 5 | 80/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 35.2% | 0/100 |
| Operating margin volatility | 5.4% | 60/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 9.5% | 70/100 |
|---|---|---|
| EPS growth, 3-year average | 66.0% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 24,634 | 44,955 | 53,717 | 57,063 | 59,070 |
| Operating income | (1,022) | 2,337 | 4,211 | 5,096 | 4,713 |
| Interest expense | – | 1,778 | 1,956 | 1,629 | 1,373 |
| Pre-tax income | (2,557) | 990 | 3,387 | 4,168 | 4,306 |
| Income tax | (593) | 253 | 769 | 1,019 | 953 |
| Net income | (1,964) | 737 | 2,618 | 3,149 | 3,353 |
| Diluted EPS | −$6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
| Diluted shares (millions) | 322 | 330 | 332 | 333 | 329 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.
The last 8 quarters of United Airlines Holdings, Inc. are included in the Investor plan. Try free for 7 days →
0.31 Distress zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
7/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Sep 30, 2026 · Data updated Oct 21, 2026