Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

Return on Assets (ROA)
since 2005

Microsoft Excel

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Calculation

United Airlines Holdings Inc., ROA, long-term trends, calculation

Microsoft Excel
ROA = 100 × Net income (loss)1 ÷ Total assets1
Dec 31, 2025 = 100 × ÷
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Dec 31, 2020 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The Return on Assets (ROA) exhibited substantial volatility over the observed period, ranging from significant losses to periods of strong profitability. Initial years demonstrated considerable fluctuation, followed by a period of relative stability before experiencing another downturn and subsequent recovery.

Initial Volatility (2005-2009)
From 2005 to 2009, the ROA experienced dramatic swings. A substantial negative value of -109.48% was recorded in 2005, followed by a significant positive shift to 90.17% in 2006. Subsequent years saw a decline, including a negative ROA of -27.48% in 2008 and -3.48% in 2009, indicating inconsistent profitability relative to asset base.
Period of Stabilization (2010-2015)
The period between 2010 and 2015 showed a trend towards stabilization, with ROA values generally improving. The ROA increased from 0.64% in 2010 to a peak of 17.96% in 2015. This suggests improved efficiency in utilizing assets to generate income during this timeframe. However, the ROA remained negative in 2012 at -1.92%.
Recent Performance (2016-2025)
From 2016 to 2019, the ROA remained relatively strong, fluctuating between 5.03% and 5.72%. A significant decline occurred in 2020, with an ROA of -11.87%, likely influenced by external factors. The ROA recovered to 1.09% in 2021 and continued to improve, reaching 4.39% in 2025. This recent upward trend suggests a strengthening ability to generate profits from its assets.
Correlation with Net Income
The ROA figures closely mirror the trends in net income. Years with substantial net losses, such as 2005, 2008, and 2020, correspond with significantly negative ROA values. Conversely, years with strong net income, like 2015 and 2019, are associated with higher ROA percentages. This confirms the direct relationship between profitability and the efficiency of asset utilization.
Asset Base Changes
Total assets increased substantially over the period, particularly between 2019 and 2021. While asset growth does not automatically translate to improved ROA, the recent positive trend in ROA despite asset expansion suggests effective management of the growing asset base. The large increase in total assets in 2020 did not result in a proportional increase in net income, contributing to the negative ROA for that year.

Comparison to Competitors

United Airlines Holdings Inc., ROA, long-term trends, comparison to competitors

Microsoft Excel
United Airlines Holdings Inc. FedEx Corp. Uber Technologies Inc. Union Pacific Corp. United Parcel Service Inc.
Dec 31, 2025
Dec 31, 2024
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Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Transportation)

United Airlines Holdings Inc., ROA, long-term trends, comparison to sector (transportation)

Microsoft Excel
United Airlines Holdings Inc. Transportation
Dec 31, 2025
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Dec 31, 2006
Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

United Airlines Holdings Inc., ROA, long-term trends, comparison to industry (industrials)

Microsoft Excel
United Airlines Holdings Inc. Industrials
Dec 31, 2025
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Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).