United Airlines Holdings

UAL

Airlines, Airports & Air Services · Industrials

Also trades as: 0LIU.L

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

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Winston Score History

The full picture

United Airlines Holdings is one of the largest airlines in the world. It flies passengers and cargo to hundreds of destinations across the United States and internationally, including routes to Europe, Asia, Latin America, and the Pacific. The company operates through its main subsidiary, United Airlines, and serves both everyday travelers and business customers.

United makes money primarily by selling airline tickets, with additional revenue from cargo shipping, loyalty program partnerships (like co-branded credit cards), and fees for things like checked bags and seat upgrades. It operates mainly out of major hub airports including Chicago O'Hare, Newark, Houston, and Denver. The airline industry is highly competitive and sensitive to fuel prices, economic downturns, and geopolitical disruptions — all of which can quickly squeeze profits. United's key growth opportunity lies in expanding international capacity and premium cabin demand, but rising fuel costs and potential recessions remain the biggest risks to its earnings.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-18.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$18.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

United Airlines Holdings is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

67.7%

Premium pricing power — 67.7% gross margin

Profit after running costs

Operating Margin

6.2%

Modest — 6.2% operating margin

Return on the money invested

ROCE

11.3%

Below par — 11.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+8.5%

Steady sales growth (+8.5% YoY)

Profit growth

EPS YoY

+6.0%

Modest earnings growth (+6.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

255%

Turns 255% of profit into real cash

Spare cash per sale

FCF Margin

4.0%

Thin free cash flow (4.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.58

Elevated debt (1.58)

Covers its interest

Interest Cover

3.83x

Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.6x

no trend

Attractive valuation — P/E 10.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.6 → 6.7)

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Dividends

Not applicable for this business.

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