Forensic Analysis · Air Transportation · as of Nov 8, 2026

United Airlines Holdings, Inc. (UAL)

A forensic read on United Airlines Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.3

Distress distance

Clean

Earnings quality

Forensic signals

24.0%

ROE

3.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

United Airlines Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.3, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

7.9%

FY2025

Return on invested capital. Return on invested capital is 7.9% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.4-point range. After-tax operating profit was $3.3B in FY2023 and $3.7B in FY2025, with operating income at 7.8% of revenue in FY2023, 8.9% in FY2024 and 8.0% in FY2025. The capital base behind it went from $46.9B in FY2023 to $46.7B in FY2025 (0%), while the revenue it carried went from $53.7B to $59.1B. Across FY2024–FY2025, $11.5B went into capital expenditure against $5.8B of depreciation excluding $60M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. $6.0B of the $46.7B base at FY2025 is short-term investments (12.8%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.

Key fundamentals

Latest Revenue$59.07B

Revenue Growth YoY+3.5%

Revenue CAGR (2yr)+4.9%

Net Margin5.7%

Free Cash Flow$2.56B

Return on Equity24.0%

Debt / Equity1.39x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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