Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

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Analysis of Solvency Ratios

Microsoft Excel

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Solvency Ratios (Summary)

United Airlines Holdings Inc., solvency ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Debt Ratios
Debt to equity
Debt to equity (including operating lease liability)
Debt to capital
Debt to capital (including operating lease liability)
Debt to assets
Debt to assets (including operating lease liability)
Financial leverage
Coverage Ratios
Interest coverage
Fixed charge coverage

Based on: 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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. United Airlines Holdings Inc. debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. United Airlines Holdings Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. United Airlines Holdings Inc. debt to capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. United Airlines Holdings Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. United Airlines Holdings Inc. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. United Airlines Holdings Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. United Airlines Holdings Inc. financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. United Airlines Holdings Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. United Airlines Holdings Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Debt to Equity

United Airlines Holdings Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Current maturities of finance leases
Long-term debt, less current portion
Long-term obligations under finance leases
Total debt
 
Stockholders’ equity
Solvency Ratio
Debt to equity1
Benchmarks
Debt to Equity, Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Debt to Equity, Sector
Transportation
Debt to Equity, Industry
Industrials

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. United Airlines Holdings Inc. debt to equity ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Equity (including Operating Lease Liability)

United Airlines Holdings Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Current maturities of finance leases
Long-term debt, less current portion
Long-term obligations under finance leases
Total debt
Current maturities of operating leases
Long-term obligations under operating leases
Total debt (including operating lease liability)
 
Stockholders’ equity
Solvency Ratio
Debt to equity (including operating lease liability)1
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Debt to Equity (including Operating Lease Liability), Sector
Transportation
Debt to Equity (including Operating Lease Liability), Industry
Industrials

Based on: 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).

1 2021 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. United Airlines Holdings Inc. debt to equity ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Capital

United Airlines Holdings Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Current maturities of finance leases
Long-term debt, less current portion
Long-term obligations under finance leases
Total debt
Stockholders’ equity
Total capital
Solvency Ratio
Debt to capital1
Benchmarks
Debt to Capital, Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Debt to Capital, Sector
Transportation
Debt to Capital, Industry
Industrials

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. United Airlines Holdings Inc. debt to capital ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Capital (including Operating Lease Liability)

United Airlines Holdings Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Current maturities of finance leases
Long-term debt, less current portion
Long-term obligations under finance leases
Total debt
Current maturities of operating leases
Long-term obligations under operating leases
Total debt (including operating lease liability)
Stockholders’ equity
Total capital (including operating lease liability)
Solvency Ratio
Debt to capital (including operating lease liability)1
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Debt to Capital (including Operating Lease Liability), Sector
Transportation
Debt to Capital (including Operating Lease Liability), Industry
Industrials

Based on: 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).

1 2021 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. United Airlines Holdings Inc. debt to capital ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Assets

United Airlines Holdings Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Current maturities of finance leases
Long-term debt, less current portion
Long-term obligations under finance leases
Total debt
 
Total assets
Solvency Ratio
Debt to assets1
Benchmarks
Debt to Assets, Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Debt to Assets, Sector
Transportation
Debt to Assets, Industry
Industrials

Based on: 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).

1 2021 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. United Airlines Holdings Inc. debt to assets ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Debt to Assets (including Operating Lease Liability)

United Airlines Holdings Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt
Current maturities of finance leases
Long-term debt, less current portion
Long-term obligations under finance leases
Total debt
Current maturities of operating leases
Long-term obligations under operating leases
Total debt (including operating lease liability)
 
Total assets
Solvency Ratio
Debt to assets (including operating lease liability)1
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Debt to Assets (including Operating Lease Liability), Sector
Transportation
Debt to Assets (including Operating Lease Liability), Industry
Industrials

Based on: 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).

1 2021 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. United Airlines Holdings Inc. debt to assets ratio (including operating lease liability) deteriorated from 2019 to 2020 and from 2020 to 2021.

Financial Leverage

United Airlines Holdings Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Total assets
Stockholders’ equity
Solvency Ratio
Financial leverage1
Benchmarks
Financial Leverage, Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Financial Leverage, Sector
Transportation
Financial Leverage, Industry
Industrials

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. United Airlines Holdings Inc. financial leverage ratio increased from 2019 to 2020 and from 2020 to 2021.

Interest Coverage

United Airlines Holdings Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss)
Add: Income tax expense
Add: Interest expense, net of interest capitalized
Earnings before interest and tax (EBIT)
Solvency Ratio
Interest coverage1
Benchmarks
Interest Coverage, Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Interest Coverage, Sector
Transportation
Interest Coverage, Industry
Industrials

Based on: 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).

1 2021 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. United Airlines Holdings Inc. interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Fixed Charge Coverage

United Airlines Holdings Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss)
Add: Income tax expense
Add: Interest expense, net of interest capitalized
Earnings before interest and tax (EBIT)
Add: Operating lease cost
Earnings before fixed charges and tax
 
Interest expense, net of interest capitalized
Operating lease cost
Fixed charges
Solvency Ratio
Fixed charge coverage1
Benchmarks
Fixed Charge Coverage, Competitors2
American Airlines Group Inc.
CSX Corp.
Delta Air Lines Inc.
FedEx Corp.
Union Pacific Corp.
United Parcel Service Inc.
Fixed Charge Coverage, Sector
Transportation
Fixed Charge Coverage, Industry
Industrials

Based on: 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).

1 2021 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. United Airlines Holdings Inc. fixed charge coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.