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
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Dec 31, 2005 = 100 × ÷

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), 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

Net Income (Loss)
The net income figures demonstrate significant volatility over the analyzed period. The company experienced a substantial loss of $21,176 million at the end of 2005, followed by a strong recovery with a net income of $22,876 million in 2006. Subsequently, net income values fluctuated, with losses observed in 2008 (-$5,348 million) and again in 2020 (-$7,069 million), likely reflecting external challenges during those years. Positive net income was generally observed in the years between these losses, peaking at $7,340 million in 2015. In recent years from 2021 to 2024, net income has returned to positive territory, showing a consistent upward trend from $737 million to $3,149 million.
Total Assets
Total assets increased markedly over the timeframe. Starting at $19,342 million in 2005, assets remained relatively stable until 2009, after which a substantial growth trend is visible, reaching $59,548 million by 2021. A slight decline occurred in 2022, with assets decreasing to $67,358 million, but the upward trajectory resumed thereafter, culminating in $74,083 million by 2024. This expansion indicates considerable asset accumulation or capitalization, supporting potential growth or investment strategies.
Return on Assets (ROA)
The ROA metric mirrors the fluctuations seen in net income, signifying varying efficiency in asset utilization. An extremely negative ROA of -109.48% was recorded in 2005, coinciding with the reported net loss. The ratio improved sharply to 90.17% in 2006, then stabilized at lower positive levels for several years, but saw dips into negative values in 2008 (-27.48%) and 2020 (-11.87%), paralleling notable net income losses during these periods. From 2021 onwards, ROA gradually improved from negative to positive, reaching 4.25% in 2024, indicating a recovery in the company’s ability to generate profit from its asset base.

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.
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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), 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
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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), 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
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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), 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).