United Labels AG

ULC.DE

Leisure · Consumer Cyclical

Exchange

Deutsche Börse

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

United Labels AG is a German company that licenses and sells merchandise featuring popular cartoon and entertainment characters. Its products include clothing, accessories, and gifts aimed at children and young adults, sold through retailers across Europe. The company works with well-known character brands — such as those from comics and animated shows — to put recognizable images on everyday consumer products.

The company makes money in two ways: by licensing character rights to other manufacturers and by selling branded merchandise directly to retail customers. United Labels operates mainly in German-speaking countries and broader European markets, and its competitive position depends heavily on maintaining licensing agreements with popular entertainment brands. Because the company relies on third-party intellectual property, its biggest risk is losing key licensing deals or failing to secure rights to characters that stay popular with consumers — trends in entertainment can shift quickly, making the character licensing business unpredictable.

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

-4.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-15.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

35.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

€28,968 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

United Labels AG has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

29.7%

Modest — 29.7% gross margin

Profit after running costs

Operating Margin

5.7%

Thin — 5.7% operating margin

Return on the money invested

ROCE

13.4%

Good — 13.4% 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

+2.7%

Nearly flat sales (+2.7% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

13%

Weak — only 13% of profit becomes cash

Spare cash per sale

FCF Margin

-1.2%

Burning cash (-1.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.60

Elevated debt (1.60)

Covers its interest

Interest Cover

3.33x

Tight — interest eats into profit (3.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

6.6x

no trend

Attractive valuation — P/E 6.6

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-1.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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