Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

This company has been moved to the archive! The financial data has not been updated since April 20, 2023.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

United Airlines Holdings Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Goodwill 4,527 4,527 4,527 4,523 4,523
Route authorities 1,020 1,020 1,020 1,150 1,240
Airport slots 574 574 560 546 546
Tradenames and logos 593 593 593 593 593
Alliances 404 404 404 404 404
Indefinite-lived intangible assets 2,591 2,591 2,577 2,693 2,783
Frequent flyer database 1,177 1,177 1,177 1,177 1,177
Hubs 145 145 145 145 145
Contracts 7 120 120 120 120
Other 314 314 314 314 314
Finite-lived intangible assets, gross carrying amount 1,643 1,756 1,756 1,756 1,756
Accumulated amortization (1,472) (1,544) (1,495) (1,440) (1,380)
Finite-lived intangible assets, less accumulated amortization 171 212 261 316 376
Intangibles, less accumulated amortization 2,762 2,803 2,838 3,009 3,159
Goodwill and other intangible assets 7,289 7,330 7,365 7,532 7,682

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangibles, less accumulated amortization Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. United Airlines Holdings Inc. intangibles, less accumulated amortization decreased from 2020 to 2021 and from 2021 to 2022.
Goodwill and other intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. United Airlines Holdings Inc. goodwill and other intangible assets decreased from 2020 to 2021 and from 2021 to 2022.

Adjustments to Financial Statements: Removal of Goodwill

United Airlines Holdings Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported) 67,358 68,175 59,548 52,611 44,792
Less: Goodwill 4,527 4,527 4,527 4,523 4,523
Total assets (adjusted) 62,831 63,648 55,021 48,088 40,269
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 6,896 5,029 5,960 11,531 9,995
Less: Goodwill 4,527 4,527 4,527 4,523 4,523
Stockholders’ equity (adjusted) 2,369 502 1,433 7,008 5,472

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).


United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Goodwill (Summary)

United Airlines Holdings Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Total Asset Turnover
Reported total asset turnover 0.67 0.36 0.26 0.82 0.92
Adjusted total asset turnover 0.72 0.39 0.28 0.90 1.03
Financial Leverage
Reported financial leverage 9.77 13.56 9.99 4.56 4.48
Adjusted financial leverage 26.52 126.79 38.40 6.86 7.36
Return on Equity (ROE)
Reported ROE 10.69% -39.05% -118.61% 26.09% 21.30%
Adjusted ROE 31.11% -391.24% -493.30% 42.94% 38.91%
Return on Assets (ROA)
Reported ROA 1.09% -2.88% -11.87% 5.72% 4.75%
Adjusted ROA 1.17% -3.09% -12.85% 6.26% 5.29%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
United Airlines Holdings Inc. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. United Airlines Holdings Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. United Airlines Holdings Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Operating revenue 44,955 24,634 15,355 43,259 41,303
Total assets 67,358 68,175 59,548 52,611 44,792
Activity Ratio
Total asset turnover1 0.67 0.36 0.26 0.82 0.92
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Operating revenue 44,955 24,634 15,355 43,259 41,303
Adjusted total assets 62,831 63,648 55,021 48,088 40,269
Activity Ratio
Adjusted total asset turnover2 0.72 0.39 0.28 0.90 1.03

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Total asset turnover = Operating revenue ÷ Total assets
= 44,955 ÷ 67,358 = 0.67

2 Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 44,955 ÷ 62,831 = 0.72

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets 67,358 68,175 59,548 52,611 44,792
Stockholders’ equity 6,896 5,029 5,960 11,531 9,995
Solvency Ratio
Financial leverage1 9.77 13.56 9.99 4.56 4.48
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 62,831 63,648 55,021 48,088 40,269
Adjusted stockholders’ equity 2,369 502 1,433 7,008 5,472
Solvency Ratio
Adjusted financial leverage2 26.52 126.79 38.40 6.86 7.36

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 67,358 ÷ 6,896 = 9.77

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 62,831 ÷ 2,369 = 26.52

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
United Airlines Holdings Inc. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 737 (1,964) (7,069) 3,009 2,129
Stockholders’ equity 6,896 5,029 5,960 11,531 9,995
Profitability Ratio
ROE1 10.69% -39.05% -118.61% 26.09% 21.30%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) 737 (1,964) (7,069) 3,009 2,129
Adjusted stockholders’ equity 2,369 502 1,433 7,008 5,472
Profitability Ratio
Adjusted ROE2 31.11% -391.24% -493.30% 42.94% 38.91%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 737 ÷ 6,896 = 10.69%

2 Adjusted ROE = 100 × Net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 737 ÷ 2,369 = 31.11%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. United Airlines Holdings Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) 737 (1,964) (7,069) 3,009 2,129
Total assets 67,358 68,175 59,548 52,611 44,792
Profitability Ratio
ROA1 1.09% -2.88% -11.87% 5.72% 4.75%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) 737 (1,964) (7,069) 3,009 2,129
Adjusted total assets 62,831 63,648 55,021 48,088 40,269
Profitability Ratio
Adjusted ROA2 1.17% -3.09% -12.85% 6.26% 5.29%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

1 ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 737 ÷ 67,358 = 1.09%

2 Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 737 ÷ 62,831 = 1.17%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. United Airlines Holdings Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.