United Airlines Holdings Inc
UAL Industrials Airlines
United Airlines Holdings Inc’s revenue for fiscal 2025 (year ended December 2025) was $59.1 billion, up 3.52% from fiscal 2024. In the quarter to June 2026, revenue grew 16.0%, EPS fell 17.2%, free cash flow fell 69.3% and total debt fell 2.27%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years.
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United Airlines Holdings Inc (UAL) Altman Z-score
United Airlines Holdings Inc's Altman Z-score for fiscal 2025 is 1.37, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.37 | 0.00 |
| FY2024 | 1.37 | 0.27 |
| FY2023 | 1.10 | 0.16 |
| FY2022 | 0.93 | 0.41 |
| FY2021 | 0.52 | 0.38 |
| FY2020 | 0.14 | (1.39) |
| FY2019 | 1.53 | 0.09 |
| FY2018 | 1.44 | (0.09) |
| FY2017 | 1.53 | (0.17) |
| FY2016 | 1.70 | (0.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.12) | — | −0.15 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.06 | — | 0.20 | |
| Market value of equity / total liabilities | 0.59 | — | 0.36 | |
| Sales / total assets | 0.77 | — | 0.77 | |
| Altman Z-score | Distress zone | 1.37 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.31 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RYAAY Ryanair Holdings PLC compare | 3.3× |
| CPA Copa Holdings, S.A. compare | 2.4× |
| LUV Southwest Airlines Co. compare | 2.2× |
| LTM LATAM Airlines Group S.A. compare | 1.8× |
| DAL Delta Air Lines, Inc. compare | 1.4× |
| UAL United Airlines Holdings Inc | 1.4× |
| ALK Alaska Air Group, Inc. compare | 1.1× |
| AAL American Airlines Group Inc. compare | 0.7× |
| ZNH China Southern Airlines Company Limited compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on UAL
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement