United Airlines Holdings

UAL

Airlines, Airports & Air Services · Industrials

Price

$115.41

-3.40 (-2.86%)

Market Cap

$37.46B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+1.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 321.9M (2021) → 327.0M (2025)

United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, training, and maintenance services for third parties. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. U

Winston Score History

Politician Trades

12 trades / 12mo

6 Congressional buys and 6 sells on UAL in the last 12 months.

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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

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+81.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$7.9B 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 11%. 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

Gross Margin

63.3%

Premium pricing power — 63.3% gross margin

Operating Margin

6.8%

Modest — 6.8% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.7%

Slow sales growth (4.7% YoY)

EPS YoY

+1.2%

Flat earnings

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

260%

Turns 260% of profit into real cash

FCF Margin

5.3%

Thin free cash flow (5.3%)

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

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Stability

Debt / Equity

1.57

Elevated debt (1.57)

Interest Cover

4.31x

Adequate interest coverage (4.3x)

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

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Valuation

P/E Ratio (TTM)

10.2x

Attractive valuation — P/E 10.2

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

P/E vs Forward

+3.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.2 → 7.0)

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Dividends

Not applicable for this business.

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