United Labels AG

ULC.DE

Leisure · Consumer Cyclical

Price

€1.00

+0.00 (+0.00%)

Market Cap

€7.0M

Exchange

Deutsche Börse

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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.

Winston Score History

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 6.9M (2021) → 6.9M (2025)

Score breakdown

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Quality

Gross Margin

29.7%

Modest — 29.7% gross margin

Operating Margin

5.7%

Thin — 5.7% operating margin

ROCE

1.9%

Weak — 1.9% 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

+2.7%

Nearly flat sales (+2.7% YoY)

EPS YoY

>+1,000%

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

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

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

13%

Weak — only 13% of profit becomes cash

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

Debt / Equity

1.60

Elevated debt (1.60)

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

P/E Ratio (TTM)

6.6x

Attractive valuation — P/E 6.6

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

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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