Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
United Airlines Holdings Inc., long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | United Airlines Holdings Inc. net fixed asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | United Airlines Holdings Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2020 to 2021 and from 2021 to 2022. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | United Airlines Holdings Inc. total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | United Airlines Holdings Inc. equity turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover 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) | ||||||
| Operating revenue | 44,955) | 24,634) | 15,355) | 43,259) | 41,303) | |
| Operating property and equipment, net | 34,448) | 32,074) | 31,466) | 30,170) | 28,329) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 1.31 | 0.77 | 0.49 | 1.43 | 1.46 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 2.45 | 2.35 | 2.06 | 2.29 | 2.32 | |
| Uber Technologies Inc. | 15.31 | 9.42 | 6.14 | 8.17 | — | |
| Union Pacific Corp. | 0.44 | 0.40 | 0.36 | 0.40 | — | |
| United Parcel Service Inc. | 2.89 | 2.91 | 2.62 | 2.43 | — | |
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | 1.91 | 1.75 | 1.51 | 1.54 | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | 3.27 | 3.10 | 2.46 | 2.82 | — | |
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 fixed asset turnover = Operating revenue ÷ Operating property and equipment, net
= 44,955 ÷ 34,448 = 1.31
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | United Airlines Holdings Inc. net fixed asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Airlines Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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) | ||||||
| Operating revenue | 44,955) | 24,634) | 15,355) | 43,259) | 41,303) | |
| Operating property and equipment, net | 34,448) | 32,074) | 31,466) | 30,170) | 28,329) | |
| Operating lease right-of-use assets | 3,889) | 4,645) | 4,537) | 4,758) | —) | |
| Operating property and equipment, net (including operating lease, right-of-use asset) | 38,337) | 36,719) | 36,003) | 34,928) | 28,329) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.17 | 0.67 | 0.43 | 1.24 | 1.46 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | 1.71 | 1.64 | 1.46 | 2.29 | 2.32 | |
| Uber Technologies Inc. | 9.03 | 5.39 | 3.61 | 4.25 | — | |
| Union Pacific Corp. | 0.43 | 0.38 | 0.35 | 0.39 | — | |
| United Parcel Service Inc. | 2.61 | 2.63 | 2.40 | 2.22 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | 1.62 | 1.49 | 1.30 | 1.46 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | 2.82 | 2.67 | 2.17 | 2.62 | — | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Operating revenue ÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= 44,955 ÷ 38,337 = 1.17
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | United Airlines Holdings Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2020 to 2021 and from 2021 to 2022. |
Total Asset Turnover
United Airlines Holdings Inc., total asset turnover 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) | ||||||
| Operating revenue | 44,955) | 24,634) | 15,355) | 43,259) | 41,303) | |
| Total assets | 67,358) | 68,175) | 59,548) | 52,611) | 44,792) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.67 | 0.36 | 0.26 | 0.82 | 0.92 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 1.09 | 1.01 | 0.94 | 1.28 | 1.25 | |
| Uber Technologies Inc. | 0.99 | 0.45 | 0.33 | 0.45 | — | |
| Union Pacific Corp. | 0.38 | 0.34 | 0.31 | 0.35 | — | |
| United Parcel Service Inc. | 1.41 | 1.40 | 1.36 | 1.28 | — | |
| Total Asset Turnover, Sector | ||||||
| Transportation | 0.98 | 0.87 | 0.80 | 0.87 | — | |
| Total Asset Turnover, Industry | ||||||
| Industrials | 0.66 | 0.61 | 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
Total asset turnover = Operating revenue ÷ Total assets
= 44,955 ÷ 67,358 = 0.67
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | United Airlines Holdings Inc. total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Equity Turnover
United Airlines Holdings Inc., equity turnover 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) | ||||||
| Operating revenue | 44,955) | 24,634) | 15,355) | 43,259) | 41,303) | |
| Stockholders’ equity | 6,896) | 5,029) | 5,960) | 11,531) | 9,995) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 6.52 | 4.90 | 2.58 | 3.75 | 4.13 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | 3.75 | 3.47 | 3.78 | 3.92 | 3.37 | |
| Uber Technologies Inc. | 4.34 | 1.21 | 0.91 | 1.00 | — | |
| Union Pacific Corp. | 2.05 | 1.54 | 1.15 | 1.20 | — | |
| United Parcel Service Inc. | 5.07 | 6.83 | 128.81 | 22.68 | — | |
| Equity Turnover, Sector | ||||||
| Transportation | 3.90 | 3.29 | 3.83 | 3.37 | — | |
| Equity Turnover, Industry | ||||||
| Industrials | 2.95 | 2.59 | 2.74 | 3.51 | — | |
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
Equity turnover = Operating revenue ÷ Stockholders’ equity
= 44,955 ÷ 6,896 = 6.52
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | United Airlines Holdings Inc. equity turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |