United Airlines Holdings, Inc. — Earnings Quality Grade F
UAL · Industrials
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 15 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 3.5%, CFFO -10.7%. Cash follows revenue
Expense Quality
Inventory -1.0% vs COGS 3.7%. Normal
CapEx growth 4.6% vs revenue 3.5%. Normal
SG&A/Gross Profit = 12.4%, excellent (<30%)
Gross margin 28.8%, change -0.1pp. Stable
Cash Flow Quality
CFFO/NI = 2.51. Profits backed by cash
FCF $2.6B, FCF/NI = 0.76
Accruals ratio = -6.6%. Low accruals
Cash $12.2B covers only 39% of debt $31.0B
Balance Sheet Health
Goodwill+Intangibles $7.2B = 47% of equity
Debt/EBITDA = 3.7x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -2.66 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10