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.

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

United Airlines Holdings Inc., solvency ratios (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Debt Ratios
Debt to equity 4.63 4.56 6.46 8.19 9.09 6.69 6.29 7.05 5.39 4.56 3.90 2.25 1.88 1.29 1.28 1.41 1.46 1.47 1.52 1.68 1.80
Debt to equity (including operating lease liability) 5.40 5.28 7.55 9.59 10.66 7.83 7.34 8.17 6.47 5.50 4.69 2.92 2.49 1.77 1.78 1.96 2.05 1.47 1.52 1.68 1.80
Debt to capital 0.82 0.82 0.87 0.89 0.90 0.87 0.86 0.88 0.84 0.82 0.80 0.69 0.65 0.56 0.56 0.58 0.59 0.60 0.60 0.63 0.64
Debt to capital (including operating lease liability) 0.84 0.84 0.88 0.91 0.91 0.89 0.88 0.89 0.87 0.85 0.82 0.75 0.71 0.64 0.64 0.66 0.67 0.60 0.60 0.63 0.64
Debt to assets 0.44 0.47 0.46 0.46 0.48 0.49 0.49 0.49 0.45 0.46 0.45 0.35 0.33 0.28 0.28 0.28 0.28 0.33 0.32 0.32 0.34
Debt to assets (including operating lease liability) 0.51 0.54 0.54 0.54 0.56 0.58 0.58 0.56 0.55 0.55 0.54 0.45 0.44 0.39 0.39 0.39 0.40 0.33 0.32 0.32 0.34
Financial leverage 10.56 9.77 14.08 17.76 19.05 13.56 12.76 14.49 11.84 9.99 8.74 6.45 5.63 4.56 4.62 5.05 5.17 4.48 4.74 5.17 5.28
Coverage Ratios
Interest coverage 2.44 1.59 0.40 0.06 -0.56 -0.62 -1.71 -4.00 -6.18 -7.89 -6.02 -2.01 3.27 7.06 6.37 5.95 5.25 5.03

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

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 improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.
Debt to equity (including operating lease liability) ratio 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) improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.
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 improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.
Debt to capital (including operating lease liability) ratio 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) improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.
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 Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.
Debt to assets (including operating lease liability) ratio 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 Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. United Airlines Holdings Inc. financial leverage ratio decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Debt to Equity

United Airlines Holdings Inc., debt to equity calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 3,206 2,911 2,955 3,012 2,994 3,002 2,269 1,881 1,783 1,911 4,584 4,454 4,055 1,407 1,243 1,255 1,201 1,230 910 887 1,655
Current maturities of finance leases 75 104 72 78 64 76 116 144 179 182 136 93 59 46 92 117 133 149 136 117 124
Long-term debt, less current portion 27,460 28,283 28,490 29,175 29,665 30,361 31,520 32,303 25,849 24,836 22,297 14,318 13,198 13,145 12,900 12,938 12,734 12,215 12,218 12,460 12,166
Long-term obligations under finance leases 105 115 112 205 210 219 250 250 240 224 278 316 369 220 186 202 236 1,134 1,116 1,039 1,019
Total debt 30,846 31,413 31,629 32,470 32,933 33,658 34,155 34,578 28,051 27,153 27,295 19,181 17,681 14,818 14,421 14,512 14,304 14,728 14,380 14,503 14,964
 
Stockholders’ equity 6,668 6,896 4,898 3,964 3,624 5,029 5,431 4,904 5,206 5,960 7,003 8,517 9,418 11,531 11,301 10,320 9,802 9,995 9,469 8,639 8,336
Solvency Ratio
Debt to equity1 4.63 4.56 6.46 8.19 9.09 6.69 6.29 7.05 5.39 4.56 3.90 2.25 1.88 1.29 1.28 1.41 1.46 1.47 1.52 1.68 1.80
Benchmarks
Debt to Equity, Competitors2
FedEx Corp. 0.80 0.81 0.84 0.82 0.85 0.86 1.07 1.11 1.20 1.20 1.03 1.01 1.03 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91
Uber Technologies Inc. 1.23 1.26 1.48 1.39 1.04 0.64 0.67 0.55 0.57 0.62 0.75 0.70 0.50 0.40 0.38 0.28
Union Pacific Corp. 2.71 2.74 2.85 2.52 2.71 2.10 2.11 2.01 1.64 1.58 1.63 1.73 1.74 1.39 1.43 1.39 1.42
United Parcel Service Inc. 1.11 0.99 1.20 1.26 1.42 1.54 1.84 2.09 3.32 37.53 4.60 6.18 8.67 7.73 4.30 5.31 6.68

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 30,846 ÷ 6,668 = 4.63

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 improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.

Debt to Equity (including Operating Lease Liability)

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

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 3,206 2,911 2,955 3,012 2,994 3,002 2,269 1,881 1,783 1,911 4,584 4,454 4,055 1,407 1,243 1,255 1,201 1,230 910 887 1,655
Current maturities of finance leases 75 104 72 78 64 76 116 144 179 182 136 93 59 46 92 117 133 149 136 117 124
Long-term debt, less current portion 27,460 28,283 28,490 29,175 29,665 30,361 31,520 32,303 25,849 24,836 22,297 14,318 13,198 13,145 12,900 12,938 12,734 12,215 12,218 12,460 12,166
Long-term obligations under finance leases 105 115 112 205 210 219 250 250 240 224 278 316 369 220 186 202 236 1,134 1,116 1,039 1,019
Total debt 30,846 31,413 31,629 32,470 32,933 33,658 34,155 34,578 28,051 27,153 27,295 19,181 17,681 14,818 14,421 14,512 14,304 14,728 14,380 14,503 14,964
Current maturities of operating leases 610 561 546 543 538 556 569 583 623 612 623 598 688 686 778 637 639
Long-term obligations under operating leases 4,569 4,459 4,803 4,997 5,143 5,152 5,163 4,920 4,985 4,986 4,943 5,113 5,060 4,946 4,941 5,034 5,145
Total debt (including operating lease liability) 36,025 36,433 36,978 38,010 38,614 39,366 39,887 40,081 33,659 32,751 32,861 24,892 23,429 20,450 20,140 20,183 20,088 14,728 14,380 14,503 14,964
 
Stockholders’ equity 6,668 6,896 4,898 3,964 3,624 5,029 5,431 4,904 5,206 5,960 7,003 8,517 9,418 11,531 11,301 10,320 9,802 9,995 9,469 8,639 8,336
Solvency Ratio
Debt to equity (including operating lease liability)1 5.40 5.28 7.55 9.59 10.66 7.83 7.34 8.17 6.47 5.50 4.69 2.92 2.49 1.77 1.78 1.96 2.05 1.47 1.52 1.68 1.80
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
FedEx Corp. 1.50 1.49 1.52 1.48 1.49 1.51 1.75 1.83 1.95 1.97 1.78 1.78 1.81 0.99 0.93 0.90 0.88 0.85 0.93 0.91 0.91
Uber Technologies Inc. 1.48 1.52 1.77 1.68 1.25 0.77 0.78 0.67 0.70 0.76 0.94 0.88 0.65 0.52 0.49 0.38
Union Pacific Corp. 2.81 2.85 2.96 2.62 2.82 2.20 2.20 2.10 1.71 1.65 1.71 1.81 1.83 1.47 1.51 1.48 1.51
United Parcel Service Inc. 1.32 1.19 1.41 1.48 1.65 1.79 2.13 2.42 3.75 42.24 5.14 6.86 9.58 8.62 4.76 5.88 7.43

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 36,025 ÷ 6,668 = 5.40

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity (including operating lease liability) ratio 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) improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.

Debt to Capital

United Airlines Holdings Inc., debt to capital calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 3,206 2,911 2,955 3,012 2,994 3,002 2,269 1,881 1,783 1,911 4,584 4,454 4,055 1,407 1,243 1,255 1,201 1,230 910 887 1,655
Current maturities of finance leases 75 104 72 78 64 76 116 144 179 182 136 93 59 46 92 117 133 149 136 117 124
Long-term debt, less current portion 27,460 28,283 28,490 29,175 29,665 30,361 31,520 32,303 25,849 24,836 22,297 14,318 13,198 13,145 12,900 12,938 12,734 12,215 12,218 12,460 12,166
Long-term obligations under finance leases 105 115 112 205 210 219 250 250 240 224 278 316 369 220 186 202 236 1,134 1,116 1,039 1,019
Total debt 30,846 31,413 31,629 32,470 32,933 33,658 34,155 34,578 28,051 27,153 27,295 19,181 17,681 14,818 14,421 14,512 14,304 14,728 14,380 14,503 14,964
Stockholders’ equity 6,668 6,896 4,898 3,964 3,624 5,029 5,431 4,904 5,206 5,960 7,003 8,517 9,418 11,531 11,301 10,320 9,802 9,995 9,469 8,639 8,336
Total capital 37,514 38,309 36,527 36,434 36,557 38,687 39,586 39,482 33,257 33,113 34,298 27,698 27,099 26,349 25,722 24,832 24,106 24,723 23,849 23,142 23,300
Solvency Ratio
Debt to capital1 0.82 0.82 0.87 0.89 0.90 0.87 0.86 0.88 0.84 0.82 0.80 0.69 0.65 0.56 0.56 0.58 0.59 0.60 0.60 0.63 0.64
Benchmarks
Debt to Capital, Competitors2
FedEx Corp. 0.44 0.45 0.46 0.45 0.46 0.46 0.52 0.53 0.54 0.55 0.51 0.50 0.51 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48
Uber Technologies Inc. 0.55 0.56 0.60 0.58 0.51 0.39 0.40 0.35 0.36 0.38 0.43 0.41 0.33 0.29 0.27 0.22
Union Pacific Corp. 0.73 0.73 0.74 0.72 0.73 0.68 0.68 0.67 0.62 0.61 0.62 0.63 0.64 0.58 0.59 0.58 0.59
United Parcel Service Inc. 0.53 0.50 0.55 0.56 0.59 0.61 0.65 0.68 0.77 0.97 0.82 0.86 0.90 0.89 0.81 0.84 0.87

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 30,846 ÷ 37,514 = 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 improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.

Debt to Capital (including Operating Lease Liability)

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

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 3,206 2,911 2,955 3,012 2,994 3,002 2,269 1,881 1,783 1,911 4,584 4,454 4,055 1,407 1,243 1,255 1,201 1,230 910 887 1,655
Current maturities of finance leases 75 104 72 78 64 76 116 144 179 182 136 93 59 46 92 117 133 149 136 117 124
Long-term debt, less current portion 27,460 28,283 28,490 29,175 29,665 30,361 31,520 32,303 25,849 24,836 22,297 14,318 13,198 13,145 12,900 12,938 12,734 12,215 12,218 12,460 12,166
Long-term obligations under finance leases 105 115 112 205 210 219 250 250 240 224 278 316 369 220 186 202 236 1,134 1,116 1,039 1,019
Total debt 30,846 31,413 31,629 32,470 32,933 33,658 34,155 34,578 28,051 27,153 27,295 19,181 17,681 14,818 14,421 14,512 14,304 14,728 14,380 14,503 14,964
Current maturities of operating leases 610 561 546 543 538 556 569 583 623 612 623 598 688 686 778 637 639
Long-term obligations under operating leases 4,569 4,459 4,803 4,997 5,143 5,152 5,163 4,920 4,985 4,986 4,943 5,113 5,060 4,946 4,941 5,034 5,145
Total debt (including operating lease liability) 36,025 36,433 36,978 38,010 38,614 39,366 39,887 40,081 33,659 32,751 32,861 24,892 23,429 20,450 20,140 20,183 20,088 14,728 14,380 14,503 14,964
Stockholders’ equity 6,668 6,896 4,898 3,964 3,624 5,029 5,431 4,904 5,206 5,960 7,003 8,517 9,418 11,531 11,301 10,320 9,802 9,995 9,469 8,639 8,336
Total capital (including operating lease liability) 42,693 43,329 41,876 41,974 42,238 44,395 45,318 44,985 38,865 38,711 39,864 33,409 32,847 31,981 31,441 30,503 29,890 24,723 23,849 23,142 23,300
Solvency Ratio
Debt to capital (including operating lease liability)1 0.84 0.84 0.88 0.91 0.91 0.89 0.88 0.89 0.87 0.85 0.82 0.75 0.71 0.64 0.64 0.66 0.67 0.60 0.60 0.63 0.64
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
FedEx Corp. 0.60 0.60 0.60 0.60 0.60 0.60 0.64 0.65 0.66 0.66 0.64 0.64 0.64 0.50 0.48 0.47 0.47 0.46 0.48 0.48 0.48
Uber Technologies Inc. 0.60 0.60 0.64 0.63 0.56 0.43 0.44 0.40 0.41 0.43 0.48 0.47 0.40 0.34 0.33 0.27
Union Pacific Corp. 0.74 0.74 0.75 0.72 0.74 0.69 0.69 0.68 0.63 0.62 0.63 0.64 0.65 0.60 0.60 0.60 0.60
United Parcel Service Inc. 0.57 0.54 0.58 0.60 0.62 0.64 0.68 0.71 0.79 0.98 0.84 0.87 0.91 0.90 0.83 0.85 0.88

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 36,025 ÷ 42,693 = 0.84

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital (including operating lease liability) ratio 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) improved from Q3 2022 to Q4 2022 but then slightly deteriorated from Q4 2022 to Q1 2023.

Debt to Assets

United Airlines Holdings Inc., debt to assets calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 3,206 2,911 2,955 3,012 2,994 3,002 2,269 1,881 1,783 1,911 4,584 4,454 4,055 1,407 1,243 1,255 1,201 1,230 910 887 1,655
Current maturities of finance leases 75 104 72 78 64 76 116 144 179 182 136 93 59 46 92 117 133 149 136 117 124
Long-term debt, less current portion 27,460 28,283 28,490 29,175 29,665 30,361 31,520 32,303 25,849 24,836 22,297 14,318 13,198 13,145 12,900 12,938 12,734 12,215 12,218 12,460 12,166
Long-term obligations under finance leases 105 115 112 205 210 219 250 250 240 224 278 316 369 220 186 202 236 1,134 1,116 1,039 1,019
Total debt 30,846 31,413 31,629 32,470 32,933 33,658 34,155 34,578 28,051 27,153 27,295 19,181 17,681 14,818 14,421 14,512 14,304 14,728 14,380 14,503 14,964
 
Total assets 70,417 67,358 68,968 70,381 69,038 68,175 69,294 71,049 61,662 59,548 61,189 54,901 53,055 52,611 52,199 52,150 50,639 44,792 44,837 44,691 44,018
Solvency Ratio
Debt to assets1 0.44 0.47 0.46 0.46 0.48 0.49 0.49 0.49 0.45 0.46 0.45 0.35 0.33 0.28 0.28 0.28 0.28 0.33 0.32 0.32 0.34
Benchmarks
Debt to Assets, Competitors2
FedEx Corp. 0.23 0.24 0.24 0.24 0.25 0.25 0.28 0.29 0.30 0.30 0.28 0.27 0.27 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31
Uber Technologies Inc. 0.29 0.29 0.30 0.30 0.28 0.24 0.25 0.22 0.23 0.23 0.23 0.24 0.19 0.18 0.18 0.15 0.28
Union Pacific Corp. 0.51 0.51 0.51 0.50 0.50 0.47 0.47 0.46 0.43 0.43 0.44 0.45 0.45 0.41 0.42 0.41 0.41
United Parcel Service Inc. 0.31 0.28 0.29 0.29 0.31 0.32 0.34 0.35 0.37 0.40 0.41 0.43 0.47 0.44 0.45 0.44 0.44

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 30,846 ÷ 70,417 = 0.44

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 Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

Debt to Assets (including Operating Lease Liability)

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

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Current maturities of long-term debt 3,206 2,911 2,955 3,012 2,994 3,002 2,269 1,881 1,783 1,911 4,584 4,454 4,055 1,407 1,243 1,255 1,201 1,230 910 887 1,655
Current maturities of finance leases 75 104 72 78 64 76 116 144 179 182 136 93 59 46 92 117 133 149 136 117 124
Long-term debt, less current portion 27,460 28,283 28,490 29,175 29,665 30,361 31,520 32,303 25,849 24,836 22,297 14,318 13,198 13,145 12,900 12,938 12,734 12,215 12,218 12,460 12,166
Long-term obligations under finance leases 105 115 112 205 210 219 250 250 240 224 278 316 369 220 186 202 236 1,134 1,116 1,039 1,019
Total debt 30,846 31,413 31,629 32,470 32,933 33,658 34,155 34,578 28,051 27,153 27,295 19,181 17,681 14,818 14,421 14,512 14,304 14,728 14,380 14,503 14,964
Current maturities of operating leases 610 561 546 543 538 556 569 583 623 612 623 598 688 686 778 637 639
Long-term obligations under operating leases 4,569 4,459 4,803 4,997 5,143 5,152 5,163 4,920 4,985 4,986 4,943 5,113 5,060 4,946 4,941 5,034 5,145
Total debt (including operating lease liability) 36,025 36,433 36,978 38,010 38,614 39,366 39,887 40,081 33,659 32,751 32,861 24,892 23,429 20,450 20,140 20,183 20,088 14,728 14,380 14,503 14,964
 
Total assets 70,417 67,358 68,968 70,381 69,038 68,175 69,294 71,049 61,662 59,548 61,189 54,901 53,055 52,611 52,199 52,150 50,639 44,792 44,837 44,691 44,018
Solvency Ratio
Debt to assets (including operating lease liability)1 0.51 0.54 0.54 0.54 0.56 0.58 0.58 0.56 0.55 0.55 0.54 0.45 0.44 0.39 0.39 0.39 0.40 0.33 0.32 0.32 0.34
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
FedEx Corp. 0.44 0.43 0.44 0.44 0.44 0.44 0.47 0.47 0.49 0.49 0.48 0.47 0.48 0.32 0.34 0.32 0.33 0.32 0.34 0.31 0.31
Uber Technologies Inc. 0.34 0.35 0.36 0.36 0.34 0.29 0.30 0.26 0.27 0.28 0.29 0.30 0.25 0.23 0.23 0.19 0.34
Union Pacific Corp. 0.53 0.53 0.53 0.52 0.52 0.49 0.49 0.48 0.45 0.45 0.46 0.47 0.47 0.43 0.44 0.44 0.44
United Parcel Service Inc. 0.37 0.33 0.34 0.34 0.36 0.37 0.39 0.40 0.42 0.44 0.46 0.48 0.52 0.49 0.50 0.49 0.49

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 36,025 ÷ 70,417 = 0.51

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets (including operating lease liability) ratio 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 Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

Financial Leverage

United Airlines Holdings Inc., financial leverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Total assets 70,417 67,358 68,968 70,381 69,038 68,175 69,294 71,049 61,662 59,548 61,189 54,901 53,055 52,611 52,199 52,150 50,639 44,792 44,837 44,691 44,018
Stockholders’ equity 6,668 6,896 4,898 3,964 3,624 5,029 5,431 4,904 5,206 5,960 7,003 8,517 9,418 11,531 11,301 10,320 9,802 9,995 9,469 8,639 8,336
Solvency Ratio
Financial leverage1 10.56 9.77 14.08 17.76 19.05 13.56 12.76 14.49 11.84 9.99 8.74 6.45 5.63 4.56 4.62 5.05 5.17 4.48 4.74 5.17 5.28
Benchmarks
Financial Leverage, Competitors2
FedEx Corp. 3.41 3.45 3.43 3.38 3.37 3.43 3.77 3.86 3.99 4.02 3.72 3.75 3.77 3.06 2.74 2.76 2.71 2.70 2.74 2.95 2.97
Uber Technologies Inc. 4.32 4.37 4.98 4.66 3.68 2.68 2.65 2.56 2.55 2.71 3.23 2.96 2.65 2.24 2.14 1.95
Union Pacific Corp. 5.30 5.38 5.56 5.07 5.38 4.49 4.48 4.34 3.80 3.68 3.70 3.86 3.89 3.40 3.44 3.40 3.46
United Parcel Service Inc. 3.60 3.59 4.10 4.30 4.55 4.87 5.46 6.00 8.86 94.99 11.16 14.22 18.46 17.71 9.59 11.98 15.02

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 70,417 ÷ 6,668 = 10.56

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 decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

Interest Coverage

United Airlines Holdings Inc., interest coverage calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in millions)
Net income (loss) (194) 843 942 329 (1,377) (646) 473 (434) (1,357) (1,897) (1,841) (1,627) (1,704) 641 1,024 1,052 292 462 836 684 147
Add: Income tax expense (62) 287 211 130 (375) (199) 130 (130) (394) (476) (491) (376) (410) 203 325 302 75 94 225 173 37
Add: Interest expense, net of interest capitalized 448 447 428 398 400 406 431 404 336 334 329 179 150 141 169 170 166 170 169 163 157
Earnings before interest and tax (EBIT) 192 1,577 1,581 857 (1,352) (439) 1,034 (160) (1,415) (2,039) (2,003) (1,824) (1,964) 985 1,518 1,524 533 726 1,230 1,020 341
Solvency Ratio
Interest coverage1 2.44 1.59 0.40 0.06 -0.56 -0.62 -1.71 -4.00 -6.18 -7.89 -6.02 -2.01 3.27 7.06 6.37 5.95 5.25 5.03
Benchmarks
Interest Coverage, Competitors2
Uber Technologies Inc. -4.42 -15.49 -15.64 -19.05 -13.64 -1.20 -4.91 -1.89 -7.20 -14.24 -15.12 -16.13 -22.17 -14.15
Union Pacific Corp. 8.00 8.14 8.40 8.34 8.53 8.33 8.05 7.66 6.91 7.12 7.20 7.58 8.28 8.38
United Parcel Service Inc. 20.44 22.06 21.60 21.21 20.95 24.91 12.99 12.33 10.56 3.63 9.58 9.32 9.39 9.66

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q1 2023 Calculation
Interest coverage = (EBITQ1 2023 + EBITQ4 2022 + EBITQ3 2022 + EBITQ2 2022) ÷ (Interest expenseQ1 2023 + Interest expenseQ4 2022 + Interest expenseQ3 2022 + Interest expenseQ2 2022)
= (192 + 1,577 + 1,581 + 857) ÷ (448 + 447 + 428 + 398) = 2.44

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 Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.