United Airlines Holdings, Inc.

UAL

Quality scores

Data as of Sep 5, 2026

6 / 9

Neutral

6/9 — middling fundamentals (neutral zone).

PassROA > 0 — ROA last year = 4.39 %
PassFCF > 0 — FCF last year = 2,557.00 mill.
FailFCF > net income (accrual quality) — FCF 2,557.00 vs. net income 3,353.00 (mill.)
PassRising ROA — ROA 4.39 % vs. prior year 4.25 %

PassLower long-term leverage — long-term debt/assets 0.22 vs. prior 0.29
FailRising current ratio (more liquidity) — Current ratio 0.65 vs. prior 0.81
PassNo dilution (shares do not grow) — Shares 323.47 mill. vs. prior 327.90 mill.

Z-Score (original)

1.35

Distress zone

Z''-Score (non-manufacturing)

3.56

Safe zone

Ratio	Value
X1 — Working capital / Total assets	-0.12
X2 — Retained earnings / Total assets	0.13
X3 — EBIT / Total assets	0.06
X4 — Market cap / Total liabilities	0.56
X4 — Book equity / Total liabilities	0.25
X5 — Sales / Total assets	0.77