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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

United Airlines Holdings Inc., decomposition of ROE

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2022 10.69% = 1.09% × 9.77
Dec 31, 2021 -39.05% = -2.88% × 13.56
Dec 31, 2020 -118.61% = -11.87% × 9.99
Dec 31, 2019 26.09% = 5.72% × 4.56
Dec 31, 2018 21.30% = 4.75% × 4.48

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).

Three-Component Disaggregation of ROE

United Airlines Holdings Inc., decomposition of ROE

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 10.69% = 1.64% × 0.67 × 9.77
Dec 31, 2021 -39.05% = -7.97% × 0.36 × 13.56
Dec 31, 2020 -118.61% = -46.04% × 0.26 × 9.99
Dec 31, 2019 26.09% = 6.96% × 0.82 × 4.56
Dec 31, 2018 21.30% = 5.15% × 0.92 × 4.48

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).

Five-Component Disaggregation of ROE

United Airlines Holdings Inc., decomposition of ROE

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2022 10.69% = 0.74 × 0.37 × 5.92% × 0.67 × 9.77
Dec 31, 2021 -39.05% = — × — × -3.98% × 0.36 × 13.56
Dec 31, 2020 -118.61% = — × — × -50.99% × 0.26 × 9.99
Dec 31, 2019 26.09% = 0.77 × 0.86 × 10.54% × 0.82 × 4.56
Dec 31, 2018 21.30% = 0.80 × 0.80 × 8.03% × 0.92 × 4.48

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).

Two-Component Disaggregation of ROA

United Airlines Holdings Inc., decomposition of ROA

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2022 1.09% = 1.64% × 0.67
Dec 31, 2021 -2.88% = -7.97% × 0.36
Dec 31, 2020 -11.87% = -46.04% × 0.26
Dec 31, 2019 5.72% = 6.96% × 0.82
Dec 31, 2018 4.75% = 5.15% × 0.92

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).

Four-Component Disaggregation of ROA

United Airlines Holdings Inc., decomposition of ROA

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2022 1.09% = 0.74 × 0.37 × 5.92% × 0.67
Dec 31, 2021 -2.88% = — × — × -3.98% × 0.36
Dec 31, 2020 -11.87% = — × — × -50.99% × 0.26
Dec 31, 2019 5.72% = 0.77 × 0.86 × 10.54% × 0.82
Dec 31, 2018 4.75% = 0.80 × 0.80 × 8.03% × 0.92

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).

Disaggregation of Net Profit Margin

United Airlines Holdings Inc., decomposition of net profit margin ratio

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2022 1.64% = 0.74 × 0.37 × 5.92%
Dec 31, 2021 -7.97% = — × — × -3.98%
Dec 31, 2020 -46.04% = — × — × -50.99%
Dec 31, 2019 6.96% = 0.77 × 0.86 × 10.54%
Dec 31, 2018 5.15% = 0.80 × 0.80 × 8.03%

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).