Stock Analysis on Net
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.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (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
Activity Ratio
Total Asset Turnover
Reported 0.67 0.36 0.26 0.82 0.92
Adjusted 0.67 0.37 0.27 0.83 0.74
Liquidity Ratio
Current Ratio
Reported 1.00 1.19 1.16 0.55 0.54
Adjusted 1.16 1.36 1.26 0.66 0.66
Solvency Ratios
Debt to Equity
Reported 4.56 6.69 4.56 1.29 1.47
Adjusted 2.70 3.69 2.76 1.10 1.66
Debt to Capital
Reported 0.82 0.87 0.82 0.56 0.60
Adjusted 0.73 0.79 0.73 0.52 0.62
Financial Leverage
Reported 9.77 13.56 9.99 4.56 4.48
Adjusted 4.99 6.32 5.01 2.84 3.56
Profitability Ratios
Net Profit Margin
Reported 1.64% -7.97% -46.04% 6.96% 5.15%
Adjusted 5.46% -8.39% -52.72% 9.76% 7.72%
Return on Equity (ROE)
Reported 10.69% -39.05% -118.61% 26.09% 21.30%
Adjusted 18.37% -19.60% -71.23% 22.90% 20.26%
Return on Assets (ROA)
Reported 1.09% -2.88% -11.87% 5.72% 4.75%
Adjusted 3.68% -3.10% -14.22% 8.07% 5.69%

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 current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Airlines Holdings Inc. adjusted current ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
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 net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Airlines Holdings Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Airlines Holdings Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted 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
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
Selected Financial Data (US$ in millions)
Adjusted operating revenue2 45,348 24,941 16,054 43,530 41,525
Adjusted total assets3 67,278 67,544 59,495 52,620 56,345
Activity Ratio
Adjusted total asset turnover4 0.67 0.37 0.27 0.83 0.74

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).

1 2022 Calculation
Total asset turnover = Operating revenue ÷ Total assets
= 44,955 ÷ 67,358 = 0.67

2 Adjusted operating revenue. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted total asset turnover = Adjusted operating revenue ÷ Adjusted total assets
= 45,348 ÷ 67,278 = 0.67

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 Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 20,058 21,834 14,800 8,194 7,194
Current liabilities 19,992 18,304 12,725 14,938 13,212
Liquidity Ratio
Current ratio1 1.00 1.19 1.16 0.55 0.54
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 20,069 21,862 14,878 8,203 7,202
Adjusted current liabilities3 17,299 16,065 11,817 12,498 10,926
Liquidity Ratio
Adjusted current ratio4 1.16 1.36 1.26 0.66 0.66

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).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 20,058 ÷ 19,992 = 1.00

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2022 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 20,069 ÷ 17,299 = 1.16

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Airlines Holdings Inc. adjusted current ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 31,413 33,658 27,153 14,818 14,728
Stockholders’ equity 6,896 5,029 5,960 11,531 9,995
Solvency Ratio
Debt to equity1 4.56 6.69 4.56 1.29 1.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 36,433 39,366 32,751 20,450 26,273
Adjusted stockholders’ equity3 13,491 10,680 11,882 18,552 15,822
Solvency Ratio
Adjusted debt to equity4 2.70 3.69 2.76 1.10 1.66

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).

1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 31,413 ÷ 6,896 = 4.56

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 36,433 ÷ 13,491 = 2.70

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-equity ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 31,413 33,658 27,153 14,818 14,728
Total capital 38,309 38,687 33,113 26,349 24,723
Solvency Ratio
Debt to capital1 0.82 0.87 0.82 0.56 0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 36,433 39,366 32,751 20,450 26,273
Adjusted total capital3 49,924 50,046 44,633 39,002 42,095
Solvency Ratio
Adjusted debt to capital4 0.73 0.79 0.73 0.52 0.62

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).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 31,413 ÷ 38,309 = 0.82

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 36,433 ÷ 49,924 = 0.73

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-capital ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
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
Selected Financial Data (US$ in millions)
Adjusted total assets2 67,278 67,544 59,495 52,620 56,345
Adjusted stockholders’ equity3 13,491 10,680 11,882 18,552 15,822
Solvency Ratio
Adjusted financial leverage4 4.99 6.32 5.01 2.84 3.56

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).

1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 67,358 ÷ 6,896 = 9.77

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 67,278 ÷ 13,491 = 4.99

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 Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 737 (1,964) (7,069) 3,009 2,129
Operating revenue 44,955 24,634 15,355 43,259 41,303
Profitability Ratio
Net profit margin1 1.64% -7.97% -46.04% 6.96% 5.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,478 (2,093) (8,463) 4,248 3,205
Adjusted operating revenue3 45,348 24,941 16,054 43,530 41,525
Profitability Ratio
Adjusted net profit margin4 5.46% -8.39% -52.72% 9.76% 7.72%

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).

1 2022 Calculation
Net profit margin = 100 × Net income (loss) ÷ Operating revenue
= 100 × 737 ÷ 44,955 = 1.64%

2 Adjusted net income (loss). See details »

3 Adjusted operating revenue. See details »

4 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted operating revenue
= 100 × 2,478 ÷ 45,348 = 5.46%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Airlines Holdings Inc. adjusted net profit margin ratio improved from 2020 to 2021 and 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
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
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,478 (2,093) (8,463) 4,248 3,205
Adjusted stockholders’ equity3 13,491 10,680 11,882 18,552 15,822
Profitability Ratio
Adjusted ROE4 18.37% -19.60% -71.23% 22.90% 20.26%

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).

1 2022 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 737 ÷ 6,896 = 10.69%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 2,478 ÷ 13,491 = 18.37%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total 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
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
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 2,478 (2,093) (8,463) 4,248 3,205
Adjusted total assets3 67,278 67,544 59,495 52,620 56,345
Profitability Ratio
Adjusted ROA4 3.68% -3.10% -14.22% 8.07% 5.69%

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).

1 2022 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 737 ÷ 67,358 = 1.09%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 2,478 ÷ 67,278 = 3.68%

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