Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
United Airlines Holdings Inc., solvency ratios
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).
| 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| 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 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
| 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United Airlines Holdings Inc. financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
| 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 improved from 2020 to 2021 and from 2021 to 2022. |
| 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 improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity
United Airlines Holdings Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 2,911) | 3,002) | 1,911) | 1,407) | 1,230) | |
| Current maturities of finance leases | 104) | 76) | 182) | 46) | 149) | |
| Long-term debt, less current portion | 28,283) | 30,361) | 24,836) | 13,145) | 12,215) | |
| Long-term obligations under finance leases | 115) | 219) | 224) | 220) | 1,134) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| FedEx Corp. | 0.81 | 0.86 | 1.20 | 0.99 | 0.85 | |
| Uber Technologies Inc. | 1.32 | 0.66 | 0.64 | 0.43 | — | |
| Union Pacific Corp. | 2.74 | 2.10 | 1.58 | 1.39 | — | |
| United Parcel Service Inc. | 0.99 | 1.54 | 37.53 | 7.73 | — | |
| Debt to Equity, Sector | ||||||
| Transportation | 1.29 | 1.22 | 1.69 | 1.39 | — | |
| Debt to Equity, Industry | ||||||
| Industrials | 1.30 | 1.22 | 1.68 | 1.79 | — | |
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 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Equity (including Operating Lease Liability)
United Airlines Holdings Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 2,911) | 3,002) | 1,911) | 1,407) | 1,230) | |
| Current maturities of finance leases | 104) | 76) | 182) | 46) | 149) | |
| Long-term debt, less current portion | 28,283) | 30,361) | 24,836) | 13,145) | 12,215) | |
| Long-term obligations under finance leases | 115) | 219) | 224) | 220) | 1,134) | |
| Total debt | 31,413) | 33,658) | 27,153) | 14,818) | 14,728) | |
| Current maturities of operating leases | 561) | 556) | 612) | 686) | —) | |
| Long-term obligations under operating leases | 4,459) | 5,152) | 4,986) | 4,946) | —) | |
| Total debt (including operating lease liability) | 36,433) | 39,366) | 32,751) | 20,450) | 14,728) | |
| Stockholders’ equity | 6,896) | 5,029) | 5,960) | 11,531) | 9,995) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 5.28 | 7.83 | 5.50 | 1.77 | 1.47 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 1.49 | 1.51 | 1.97 | 0.99 | 0.85 | |
| Uber Technologies Inc. | 1.58 | 0.79 | 0.78 | 0.55 | — | |
| Union Pacific Corp. | 2.87 | 2.22 | 1.67 | 1.49 | — | |
| United Parcel Service Inc. | 1.19 | 1.79 | 42.24 | 8.62 | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Transportation | 1.67 | 1.56 | 2.11 | 1.51 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Industrials | 1.45 | 1.36 | 1.83 | 1.89 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 36,433 ÷ 6,896 = 5.28
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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Capital
United Airlines Holdings Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 2,911) | 3,002) | 1,911) | 1,407) | 1,230) | |
| Current maturities of finance leases | 104) | 76) | 182) | 46) | 149) | |
| Long-term debt, less current portion | 28,283) | 30,361) | 24,836) | 13,145) | 12,215) | |
| Long-term obligations under finance leases | 115) | 219) | 224) | 220) | 1,134) | |
| Total debt | 31,413) | 33,658) | 27,153) | 14,818) | 14,728) | |
| Stockholders’ equity | 6,896) | 5,029) | 5,960) | 11,531) | 9,995) | |
| 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 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| FedEx Corp. | 0.45 | 0.46 | 0.55 | 0.50 | 0.46 | |
| Uber Technologies Inc. | 0.57 | 0.40 | 0.39 | 0.30 | — | |
| Union Pacific Corp. | 0.73 | 0.68 | 0.61 | 0.58 | — | |
| United Parcel Service Inc. | 0.50 | 0.61 | 0.97 | 0.89 | — | |
| Debt to Capital, Sector | ||||||
| Transportation | 0.56 | 0.55 | 0.63 | 0.58 | — | |
| Debt to Capital, Industry | ||||||
| Industrials | 0.57 | 0.55 | 0.63 | 0.64 | — | |
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 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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Capital (including Operating Lease Liability)
United Airlines Holdings Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 2,911) | 3,002) | 1,911) | 1,407) | 1,230) | |
| Current maturities of finance leases | 104) | 76) | 182) | 46) | 149) | |
| Long-term debt, less current portion | 28,283) | 30,361) | 24,836) | 13,145) | 12,215) | |
| Long-term obligations under finance leases | 115) | 219) | 224) | 220) | 1,134) | |
| Total debt | 31,413) | 33,658) | 27,153) | 14,818) | 14,728) | |
| Current maturities of operating leases | 561) | 556) | 612) | 686) | —) | |
| Long-term obligations under operating leases | 4,459) | 5,152) | 4,986) | 4,946) | —) | |
| Total debt (including operating lease liability) | 36,433) | 39,366) | 32,751) | 20,450) | 14,728) | |
| Stockholders’ equity | 6,896) | 5,029) | 5,960) | 11,531) | 9,995) | |
| Total capital (including operating lease liability) | 43,329) | 44,395) | 38,711) | 31,981) | 24,723) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.84 | 0.89 | 0.85 | 0.64 | 0.60 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 0.60 | 0.60 | 0.66 | 0.50 | 0.46 | |
| Uber Technologies Inc. | 0.61 | 0.44 | 0.44 | 0.35 | — | |
| Union Pacific Corp. | 0.74 | 0.69 | 0.63 | 0.60 | — | |
| United Parcel Service Inc. | 0.54 | 0.64 | 0.98 | 0.90 | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Transportation | 0.63 | 0.61 | 0.68 | 0.60 | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Industrials | 0.59 | 0.58 | 0.65 | 0.65 | — | |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 36,433 ÷ 43,329 = 0.84
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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Debt to Assets
United Airlines Holdings Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 2,911) | 3,002) | 1,911) | 1,407) | 1,230) | |
| Current maturities of finance leases | 104) | 76) | 182) | 46) | 149) | |
| Long-term debt, less current portion | 28,283) | 30,361) | 24,836) | 13,145) | 12,215) | |
| Long-term obligations under finance leases | 115) | 219) | 224) | 220) | 1,134) | |
| Total debt | 31,413) | 33,658) | 27,153) | 14,818) | 14,728) | |
| Total assets | 67,358) | 68,175) | 59,548) | 52,611) | 44,792) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.47 | 0.49 | 0.46 | 0.28 | 0.33 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| FedEx Corp. | 0.24 | 0.25 | 0.30 | 0.32 | 0.32 | |
| Uber Technologies Inc. | 0.30 | 0.25 | 0.24 | 0.19 | — | |
| Union Pacific Corp. | 0.51 | 0.47 | 0.43 | 0.41 | — | |
| United Parcel Service Inc. | 0.28 | 0.32 | 0.40 | 0.44 | — | |
| Debt to Assets, Sector | ||||||
| Transportation | 0.33 | 0.32 | 0.35 | 0.36 | — | |
| Debt to Assets, Industry | ||||||
| Industrials | 0.29 | 0.29 | 0.32 | 0.32 | — | |
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 assets = Total debt ÷ Total assets
= 31,413 ÷ 67,358 = 0.47
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 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
Debt to Assets (including Operating Lease Liability)
United Airlines Holdings Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt | 2,911) | 3,002) | 1,911) | 1,407) | 1,230) | |
| Current maturities of finance leases | 104) | 76) | 182) | 46) | 149) | |
| Long-term debt, less current portion | 28,283) | 30,361) | 24,836) | 13,145) | 12,215) | |
| Long-term obligations under finance leases | 115) | 219) | 224) | 220) | 1,134) | |
| Total debt | 31,413) | 33,658) | 27,153) | 14,818) | 14,728) | |
| Current maturities of operating leases | 561) | 556) | 612) | 686) | —) | |
| Long-term obligations under operating leases | 4,459) | 5,152) | 4,986) | 4,946) | —) | |
| Total debt (including operating lease liability) | 36,433) | 39,366) | 32,751) | 20,450) | 14,728) | |
| Total assets | 67,358) | 68,175) | 59,548) | 52,611) | 44,792) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.54 | 0.58 | 0.55 | 0.39 | 0.33 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 0.43 | 0.44 | 0.49 | 0.32 | 0.32 | |
| Uber Technologies Inc. | 0.36 | 0.29 | 0.29 | 0.24 | — | |
| Union Pacific Corp. | 0.53 | 0.50 | 0.45 | 0.44 | — | |
| United Parcel Service Inc. | 0.33 | 0.37 | 0.44 | 0.49 | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Transportation | 0.42 | 0.41 | 0.44 | 0.39 | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Industrials | 0.33 | 0.32 | 0.35 | 0.34 | — | |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 36,433 ÷ 67,358 = 0.54
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 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Financial Leverage
United Airlines Holdings Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| 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 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| FedEx Corp. | 3.45 | 3.43 | 4.02 | 3.06 | 2.70 | |
| Uber Technologies Inc. | 4.37 | 2.68 | 2.71 | 2.24 | — | |
| Union Pacific Corp. | 5.38 | 4.49 | 3.68 | 3.40 | — | |
| United Parcel Service Inc. | 3.59 | 4.87 | 94.99 | 17.71 | — | |
| Financial Leverage, Sector | ||||||
| Transportation | 3.97 | 3.80 | 4.81 | 3.86 | — | |
| Financial Leverage, Industry | ||||||
| Industrials | 4.44 | 4.27 | 5.25 | 5.63 | — | |
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 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 2020 to 2021 but then decreased significantly from 2021 to 2022. |
Interest Coverage
United Airlines Holdings Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) | 737) | (1,964) | (7,069) | 3,009) | 2,129) | |
| Add: Income tax expense | 253) | (593) | (1,753) | 905) | 529) | |
| Add: Interest expense, net of interest capitalized | 1,673) | 1,577) | 992) | 646) | 659) | |
| Earnings before interest and tax (EBIT) | 2,663) | (980) | (7,830) | 4,560) | 3,317) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 1.59 | -0.62 | -7.89 | 7.06 | 5.03 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| FedEx Corp. | 8.11 | 9.42 | 3.48 | 2.11 | 8.80 | |
| Uber Technologies Inc. | -15.49 | -1.20 | -14.24 | -14.15 | — | |
| Union Pacific Corp. | 8.14 | 8.33 | 7.12 | 8.38 | — | |
| United Parcel Service Inc. | 22.06 | 24.91 | 3.63 | 9.66 | — | |
| Interest Coverage, Sector | ||||||
| Transportation | 7.03 | 10.81 | 2.18 | 2.96 | — | |
| Interest Coverage, Industry | ||||||
| Industrials | 5.71 | 6.21 | 2.23 | 4.59 | — | |
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
Interest coverage = EBIT ÷ Interest expense
= 2,663 ÷ 1,673 = 1.59
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 improved from 2020 to 2021 and from 2021 to 2022. |
Fixed Charge Coverage
United Airlines Holdings Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) | 737) | (1,964) | (7,069) | 3,009) | 2,129) | |
| Add: Income tax expense | 253) | (593) | (1,753) | 905) | 529) | |
| Add: Interest expense, net of interest capitalized | 1,673) | 1,577) | 992) | 646) | 659) | |
| Earnings before interest and tax (EBIT) | 2,663) | (980) | (7,830) | 4,560) | 3,317) | |
| Add: Operating lease cost | 941) | 958) | 933) | 1,038) | 1,805) | |
| Earnings before fixed charges and tax | 3,604) | (22) | (6,897) | 5,598) | 5,122) | |
| Interest expense, net of interest capitalized | 1,673) | 1,577) | 992) | 646) | 659) | |
| Operating lease cost | 941) | 958) | 933) | 1,038) | 1,805) | |
| Fixed charges | 2,614) | 2,535) | 1,925) | 1,684) | 2,464) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 1.38 | -0.01 | -3.58 | 3.32 | 2.08 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| FedEx Corp. | 2.29 | 2.83 | 1.50 | 1.19 | 2.25 | |
| Uber Technologies Inc. | -9.72 | -0.36 | -6.43 | -8.62 | — | |
| Union Pacific Corp. | 6.64 | 6.81 | 5.79 | 6.62 | — | |
| United Parcel Service Inc. | 11.30 | 12.66 | 2.31 | 5.36 | — | |
| Fixed Charge Coverage, Sector | ||||||
| Transportation | 3.53 | 5.20 | 1.49 | 1.80 | — | |
| Fixed Charge Coverage, Industry | ||||||
| Industrials | 3.68 | 4.04 | 1.71 | 3.07 | — | |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 3,604 ÷ 2,614 = 1.38
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 improved from 2020 to 2021 and from 2021 to 2022. |