Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

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

Microsoft Excel
ROE = 100 × Net income (loss)1 ÷ Stockholders’ equity (deficit)1
Dec 31, 2025 = 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 equity (ROE) exhibited significant volatility over the observed period. Initial years demonstrate substantial fluctuations, followed by a period of relative stability, and then a dramatic downturn coinciding with recent global events. A detailed examination reveals distinct phases in the company’s performance.

Early Period (2005-2009)
The period between 2005 and 2009 is characterized by instability. A substantial negative ROE is recorded in 2005, reflecting significant losses. A sharp positive ROE is observed in 2006, reaching 1,064.99%, likely due to a recovery from the prior year’s losses and a relatively small equity base. Subsequent years show a decline, including a negative ROE in 2008 and 2009, indicating continued financial challenges.
Recovery and Growth (2010-2019)
From 2010 through 2019, ROE generally improved and stabilized. The period begins with a positive ROE of 14.65% in 2010, and experiences fluctuations, peaking at 81.86% in 2015. The ROE remained consistently positive throughout this period, generally ranging between 21.30% and 26.09% in the later years, suggesting a period of sustained profitability and efficient equity utilization. The increase in stockholders’ equity during this time likely contributed to this stability.
Recent Volatility (2020-2025)
The period from 2020 onwards demonstrates a significant disruption in ROE. A substantial negative ROE of -118.61% is recorded in 2020, coinciding with the onset of global travel disruptions. This is followed by another negative ROE in 2021 (-39.05%). ROE recovers to positive territory in 2022 (10.69%) and continues to increase through 2025 (21.94%), but remains below the levels observed during the 2010-2019 period. This recent volatility suggests a strong sensitivity to external factors and challenges in maintaining consistent profitability.

The relationship between net income and stockholders’ equity is evident in the ROE fluctuations. Large swings in net income, particularly negative values, have a disproportionate impact on ROE, especially when equity levels are low. The substantial increase in stockholders’ equity from 2014 onwards appears to have provided a buffer against extreme ROE fluctuations, although the impact of the 2020 losses was still significant.

Overall, the ROE trend indicates a company that has experienced periods of significant financial distress, followed by a period of recovery and growth, and then a recent period of renewed volatility. The ability to consistently generate positive ROE appears to be heavily influenced by external factors and the company’s capacity to manage profitability during challenging economic conditions.

Comparison to Competitors

United Airlines Holdings Inc., ROE, 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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Dec 31, 2011
Dec 31, 2010
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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., ROE, long-term trends, comparison to sector (transportation)

Microsoft Excel
United Airlines Holdings Inc. Transportation
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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., ROE, long-term trends, comparison to industry (industrials)

Microsoft Excel
United Airlines Holdings Inc. Industrials
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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).