Common-Size Balance Sheet: Assets
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United Airlines Holdings Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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United Airlines Holdings Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents as a percentage of total assets showed an initial increase from 18.92% in 2020 to a peak of 26.82% in 2021. This was followed by a sharp decline to 10.64% in 2022, further decreasing to 8.52% in 2023 before a slight recovery to 11.84% in 2024. This trend indicates a reduction in readily available liquid assets after 2021, with some replenishment in the most recent year.
- Short-Term Investments
- Short-term investments experienced considerable volatility. Initially low at 0.7% in 2020, the figure decreased further to 0.18% in 2021. However, there was a significant increase to 13.73% in 2022 and a slight decrease thereafter to 11.72% in 2023, then down to 7.7% in 2024. This pattern suggests strategic shifts in short-term investment holdings, with a notable buildup starting in 2022 followed by a gradual reduction.
- Receivables, Net
- Receivables as a percentage of total assets showed a steady but moderate increase across the years, rising from 2.17% in 2020 to 2.92% in 2024. This reflects a consistent growth in accounts receivable relative to total assets.
- Aircraft Fuel, Spare Parts and Supplies, Net
- This asset category demonstrated relative stability with minor fluctuations, increasing from 1.57% in 2020 to a peak of 2.2% in 2023, then slightly decreasing to 2.12% in 2024. The increase may indicate higher inventory levels or operational requirements over time.
- Prepaid Expenses and Other
- The percentage of prepaid expenses and other current assets showed a downward trend, moving from 1.49% in 2020 to a low of 0.9% in 2023, followed by a negligible increase to 0.91% in 2024. This suggests a decline in prepaid or other short-term assets relative to the total asset base.
- Current Assets
- Current assets as a proportion of total assets increased from 24.85% in 2020 to a peak of 32.03% in 2021, followed by a gradual decline to 29.78% in 2022, then further down to 26% in 2023 and 25.49% in 2024. This trend indicates an initially strengthened current asset position that shifted towards a reduced share in subsequent years.
- Operating Property and Equipment, Net
- This significant asset category declined from 52.84% in 2020 to 47.05% in 2021, but then increased year-over-year to reach 57.92% in 2024. The decrease in 2021 may be due to disposals or impairments, with subsequent increases indicating capitalization or acquisition of property and equipment in later years.
- Operating Lease Right-of-Use Assets
- The right-of-use assets showed a consistent decline from 7.62% in 2020 to 5.15% in 2024, indicating a reduced reliance on leased assets, possibly reflecting changes in leasing strategy or asset reclassification.
- Goodwill
- Goodwill displayed a gradual decrease from 7.6% in 2020 to 6.11% in 2024, suggesting potential impairment or divestiture of goodwill-containing businesses over the period.
- Intangible Assets, Net
- Intangible assets also declined steadily from 4.77% in 2020 to 3.62% in 2024, implying amortization or disposal of intangible asset holdings.
- Deferred Income Taxes
- Deferred income taxes increased from 0.22% in 2020 to 0.97% in 2021, then sharply decreased to 0.14% in 2022, and data is unavailable for subsequent years. This fluctuation suggests significant changes in tax timing differences or valuation allowance adjustments during this period.
- Investments in Affiliates and Other, Net
- Investments in affiliates and other assets increased slightly from 2.1% in 2020 to 2.4% in 2021, then decreased gradually to 1.71% in 2024. This decline may reflect disposals or valuation changes in these investments.
- Noncurrent Assets
- The share of noncurrent assets decreased from 75.15% in 2020 to 67.97% in 2021, subsequently increasing steadily year-over-year to reach 74.51% in 2024. This indicates an initial reduction in long-term asset base that was largely reversed in the following years, aligning with trends observed in property and equipment.