Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel LibreOffice Calc

Solvency Ratios (Summary)

United Parcel Service Inc., solvency ratios (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Debt Ratios
Debt to equity 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 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22
Debt to equity (including operating lease liability) 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 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22
Debt to capital 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 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97
Debt to capital (including operating lease liability) 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 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97
Debt to assets 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 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45
Debt to assets (including operating lease liability) 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 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45
Financial leverage 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 16.56 15.07 19.43 33.08 45.40 27.41 31.93 71.74
Coverage Ratios
Interest coverage 20.95 24.91 12.99 12.33 10.56 3.63 9.58 9.32 9.39 9.66 11.07 10.63 10.34 10.95 12.71 13.77 15.11 16.78

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. United Parcel Service Inc. debt to equity ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
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 Parcel Service Inc. debt to equity ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. United Parcel Service Inc. debt to capital ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
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 Parcel Service Inc. debt to capital ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. United Parcel Service Inc. debt to assets ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
Debt to assets (including operating lease liability) ratio A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. United Parcel Service Inc. debt to assets ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. United Parcel Service Inc. financial leverage ratio decreased from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. United Parcel Service Inc. interest coverage ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

Debt to Equity

United Parcel Service Inc., debt to equity calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt, commercial paper and finance leases 2,141  2,131  1,268  1,564  1,811  2,623  2,382  3,749  4,405  3,420  2,161  2,952  2,789  2,805  3,200  2,591  2,683  4,011  4,555  3,817  4,302 
Long-term debt and finance leases, excluding current maturities 19,740  19,784  20,838  21,027  21,916  22,031  23,336  23,199  24,196  21,818  21,740  20,427  20,377  19,931  20,101  20,120  20,409  20,278  14,355  14,257  12,938 
Total debt 21,881  21,915  22,106  22,591  23,727  24,654  25,718  26,948  28,601  25,238  23,901  23,379  23,166  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
 
Equity for controlling interests 15,416  14,253  12,041  10,805  7,147  657  5,592  4,363  3,299  3,267  5,558  4,405  3,467  3,021  3,098  2,328  1,344  1,000  1,509  1,244  535 
Solvency Ratio
Debt to equity1 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 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22
Benchmarks
Debt to Equity, Competitors2
American Airlines Group Inc. 157.71 6.38 6.25 6.69 7.10
CSX Corp. 1.24 1.21 1.25 1.22 1.24 1.28 1.30 1.36 1.41 1.37 1.41 1.28 1.27 1.17 1.00 0.98 0.96 0.80 1.08 1.02 0.97
Delta Air Lines Inc. 8.54 6.93 10.67 22.68 60.26 19.01 10.39 2.84 1.19 0.73 0.67 0.72 0.83 0.71 0.68 0.77 0.69 0.64 0.63 0.67 0.71
FedEx Corp. 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 0.93 0.97 0.94 0.97
Union Pacific Corp. 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 1.10 1.09 1.15 0.72 0.68 0.88 0.80 0.76
United Airlines Holdings Inc. 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 1.63 1.55 1.49 1.52

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Equity for controlling interests
= 21,881 ÷ 15,416 = 1.42

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 Parcel Service Inc. debt to equity ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Equity (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt, commercial paper and finance leases 2,141  2,131  1,268  1,564  1,811  2,623  2,382  3,749  4,405  3,420  2,161  2,952  2,789  2,805  3,200  2,591  2,683  4,011  4,555  3,817  4,302 
Long-term debt and finance leases, excluding current maturities 19,740  19,784  20,838  21,027  21,916  22,031  23,336  23,199  24,196  21,818  21,740  20,427  20,377  19,931  20,101  20,120  20,409  20,278  14,355  14,257  12,938 
Total debt 21,881  21,915  22,106  22,591  23,727  24,654  25,718  26,948  28,601  25,238  23,901  23,379  23,166  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
Current maturities of operating leases 579  580  552  556  548  560  560  534  526  538  500  487  492  —  —  —  —  —  —  —  — 
Non-current operating leases 2,970  3,033  2,938  3,038  2,524  2,540  2,473  2,463  2,493  2,391  2,063  2,026  2,093  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 25,430  25,528  25,596  26,185  26,799  27,754  28,751  29,945  31,620  28,167  26,464  25,892  25,751  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
 
Equity for controlling interests 15,416  14,253  12,041  10,805  7,147  657  5,592  4,363  3,299  3,267  5,558  4,405  3,467  3,021  3,098  2,328  1,344  1,000  1,509  1,244  535 
Solvency Ratio
Debt to equity (including operating lease liability)1 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 7.53 7.52 9.76 17.18 24.29 12.53 14.53 32.22
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 215.25 6.38 6.25 6.69 7.10
CSX Corp. 1.28 1.25 1.28 1.25 1.28 1.31 1.33 1.40 1.45 1.41 1.45 1.33 1.31 1.17 1.00 0.98 0.96 0.80 1.08 1.02 0.97
Delta Air Lines Inc. 11.20 8.92 13.12 27.57 73.16 23.17 12.34 3.54 1.61 1.12 1.09 1.17 1.36 1.21 0.68 0.77 0.69 0.64 0.63 0.67 0.71
FedEx Corp. 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 0.93 0.97 0.94 0.97
Union Pacific Corp. 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 1.10 1.09 1.15 0.72 0.68 0.88 0.80 0.76
United Airlines Holdings Inc. 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 1.63 1.55 1.49 1.52

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Equity for controlling interests
= 25,430 ÷ 15,416 = 1.65

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 Parcel Service Inc. debt to equity ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Capital

United Parcel Service Inc., debt to capital calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt, commercial paper and finance leases 2,141  2,131  1,268  1,564  1,811  2,623  2,382  3,749  4,405  3,420  2,161  2,952  2,789  2,805  3,200  2,591  2,683  4,011  4,555  3,817  4,302 
Long-term debt and finance leases, excluding current maturities 19,740  19,784  20,838  21,027  21,916  22,031  23,336  23,199  24,196  21,818  21,740  20,427  20,377  19,931  20,101  20,120  20,409  20,278  14,355  14,257  12,938 
Total debt 21,881  21,915  22,106  22,591  23,727  24,654  25,718  26,948  28,601  25,238  23,901  23,379  23,166  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
Equity for controlling interests 15,416  14,253  12,041  10,805  7,147  657  5,592  4,363  3,299  3,267  5,558  4,405  3,467  3,021  3,098  2,328  1,344  1,000  1,509  1,244  535 
Total capital 37,297  36,168  34,147  33,396  30,874  25,311  31,310  31,311  31,900  28,505  29,459  27,784  26,633  25,757  26,399  25,039  24,436  25,289  20,419  19,318  17,775 
Solvency Ratio
Debt to capital1 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 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97
Benchmarks
Debt to Capital, Competitors2
American Airlines Group Inc. 1.31 1.24 1.24 1.24 1.25 1.27 1.20 1.11 1.12 1.00 0.99 1.00 1.03 1.01 1.02 1.04 1.04 0.86 0.86 0.87 0.88
CSX Corp. 0.55 0.55 0.55 0.55 0.55 0.56 0.56 0.58 0.58 0.58 0.59 0.56 0.56 0.54 0.50 0.50 0.49 0.45 0.52 0.51 0.49
Delta Air Lines Inc. 0.90 0.87 0.91 0.96 0.98 0.95 0.91 0.74 0.54 0.42 0.40 0.42 0.45 0.42 0.40 0.44 0.41 0.39 0.39 0.40 0.42
FedEx Corp. 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 0.48 0.49 0.48 0.49
Union Pacific Corp. 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 0.52 0.52 0.53 0.42 0.41 0.47 0.45 0.43
United Airlines Holdings Inc. 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 0.62 0.61 0.60 0.60

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 21,881 ÷ 37,297 = 0.59

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 Parcel Service Inc. debt to capital ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Capital (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt, commercial paper and finance leases 2,141  2,131  1,268  1,564  1,811  2,623  2,382  3,749  4,405  3,420  2,161  2,952  2,789  2,805  3,200  2,591  2,683  4,011  4,555  3,817  4,302 
Long-term debt and finance leases, excluding current maturities 19,740  19,784  20,838  21,027  21,916  22,031  23,336  23,199  24,196  21,818  21,740  20,427  20,377  19,931  20,101  20,120  20,409  20,278  14,355  14,257  12,938 
Total debt 21,881  21,915  22,106  22,591  23,727  24,654  25,718  26,948  28,601  25,238  23,901  23,379  23,166  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
Current maturities of operating leases 579  580  552  556  548  560  560  534  526  538  500  487  492  —  —  —  —  —  —  —  — 
Non-current operating leases 2,970  3,033  2,938  3,038  2,524  2,540  2,473  2,463  2,493  2,391  2,063  2,026  2,093  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 25,430  25,528  25,596  26,185  26,799  27,754  28,751  29,945  31,620  28,167  26,464  25,892  25,751  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
Equity for controlling interests 15,416  14,253  12,041  10,805  7,147  657  5,592  4,363  3,299  3,267  5,558  4,405  3,467  3,021  3,098  2,328  1,344  1,000  1,509  1,244  535 
Total capital (including operating lease liability) 40,846  39,781  37,637  36,990  33,946  28,411  34,343  34,308  34,919  31,434  32,022  30,297  29,218  25,757  26,399  25,039  24,436  25,289  20,419  19,318  17,775 
Solvency Ratio
Debt to capital (including operating lease liability)1 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 0.88 0.88 0.91 0.94 0.96 0.93 0.94 0.97
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 1.24 1.19 1.19 1.19 1.20 1.20 1.15 1.09 1.08 1.00 1.00 1.00 1.02 1.00 1.02 1.04 1.04 0.86 0.86 0.87 0.88
CSX Corp. 0.56 0.56 0.56 0.56 0.56 0.57 0.57 0.58 0.59 0.59 0.59 0.57 0.57 0.54 0.50 0.50 0.49 0.45 0.52 0.51 0.49
Delta Air Lines Inc. 0.92 0.90 0.93 0.97 0.99 0.96 0.93 0.78 0.62 0.53 0.52 0.54 0.58 0.55 0.40 0.44 0.41 0.39 0.39 0.40 0.42
FedEx Corp. 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 0.48 0.49 0.48 0.49
Union Pacific Corp. 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 0.52 0.52 0.53 0.42 0.41 0.47 0.45 0.43
United Airlines Holdings Inc. 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 0.62 0.61 0.60 0.60

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 25,430 ÷ 40,846 = 0.62

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 Parcel Service Inc. debt to capital ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Assets

United Parcel Service Inc., debt to assets calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt, commercial paper and finance leases 2,141  2,131  1,268  1,564  1,811  2,623  2,382  3,749  4,405  3,420  2,161  2,952  2,789  2,805  3,200  2,591  2,683  4,011  4,555  3,817  4,302 
Long-term debt and finance leases, excluding current maturities 19,740  19,784  20,838  21,027  21,916  22,031  23,336  23,199  24,196  21,818  21,740  20,427  20,377  19,931  20,101  20,120  20,409  20,278  14,355  14,257  12,938 
Total debt 21,881  21,915  22,106  22,591  23,727  24,654  25,718  26,948  28,601  25,238  23,901  23,379  23,166  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
 
Total assets 70,113  69,405  65,739  64,869  63,312  62,408  62,406  62,057  60,895  57,857  53,282  52,787  52,061  50,016  46,689  45,223  44,464  45,403  41,356  39,724  38,380 
Solvency Ratio
Debt to assets1 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 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45
Benchmarks
Debt to Assets, Competitors2
American Airlines Group Inc. 0.56 0.57 0.56 0.55 0.58 0.53 0.52 0.48 0.43 0.41 0.41 0.41 0.40 0.40 0.47 0.46 0.46 0.49 0.47 0.47 0.47
CSX Corp. 0.40 0.40 0.41 0.41 0.41 0.42 0.42 0.42 0.43 0.42 0.43 0.42 0.41 0.40 0.37 0.37 0.37 0.33 0.33 0.33 0.32
Delta Air Lines Inc. 0.35 0.37 0.38 0.39 0.40 0.40 0.44 0.34 0.25 0.17 0.16 0.16 0.17 0.16 0.17 0.18 0.16 0.17 0.17 0.17 0.18
FedEx Corp. 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 0.31 0.32 0.29 0.30
Union Pacific Corp. 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 0.38 0.38 0.39 0.30 0.29 0.29 0.28 0.27
United Airlines Holdings Inc. 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 0.34 0.33 0.31 0.31

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 21,881 ÷ 70,113 = 0.31

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 Parcel Service Inc. debt to assets ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Debt to Assets (including Operating Lease Liability)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Current maturities of long-term debt, commercial paper and finance leases 2,141  2,131  1,268  1,564  1,811  2,623  2,382  3,749  4,405  3,420  2,161  2,952  2,789  2,805  3,200  2,591  2,683  4,011  4,555  3,817  4,302 
Long-term debt and finance leases, excluding current maturities 19,740  19,784  20,838  21,027  21,916  22,031  23,336  23,199  24,196  21,818  21,740  20,427  20,377  19,931  20,101  20,120  20,409  20,278  14,355  14,257  12,938 
Total debt 21,881  21,915  22,106  22,591  23,727  24,654  25,718  26,948  28,601  25,238  23,901  23,379  23,166  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
Current maturities of operating leases 579  580  552  556  548  560  560  534  526  538  500  487  492  —  —  —  —  —  —  —  — 
Non-current operating leases 2,970  3,033  2,938  3,038  2,524  2,540  2,473  2,463  2,493  2,391  2,063  2,026  2,093  —  —  —  —  —  —  —  — 
Total debt (including operating lease liability) 25,430  25,528  25,596  26,185  26,799  27,754  28,751  29,945  31,620  28,167  26,464  25,892  25,751  22,736  23,301  22,711  23,092  24,289  18,910  18,074  17,240 
 
Total assets 70,113  69,405  65,739  64,869  63,312  62,408  62,406  62,057  60,895  57,857  53,282  52,787  52,061  50,016  46,689  45,223  44,464  45,403  41,356  39,724  38,380 
Solvency Ratio
Debt to assets (including operating lease liability)1 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 0.45 0.50 0.50 0.52 0.53 0.46 0.45 0.45
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
American Airlines Group Inc. 0.68 0.69 0.68 0.67 0.70 0.66 0.66 0.62 0.58 0.56 0.56 0.56 0.55 0.56 0.47 0.46 0.46 0.49 0.47 0.47 0.47
CSX Corp. 0.42 0.42 0.42 0.42 0.42 0.43 0.43 0.44 0.44 0.44 0.44 0.43 0.43 0.40 0.37 0.37 0.37 0.33 0.33 0.33 0.32
Delta Air Lines Inc. 0.45 0.48 0.47 0.47 0.48 0.49 0.52 0.43 0.33 0.27 0.26 0.26 0.28 0.27 0.17 0.18 0.16 0.17 0.17 0.17 0.18
FedEx Corp. 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 0.31 0.32 0.29 0.30
Union Pacific Corp. 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 0.38 0.38 0.39 0.30 0.29 0.29 0.28 0.27
United Airlines Holdings Inc. 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 0.34 0.33 0.31 0.31

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 25,430 ÷ 70,113 = 0.36

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 Parcel Service Inc. debt to assets ratio (including operating lease liability) improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Financial Leverage

United Parcel Service Inc., financial leverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Total assets 70,113  69,405  65,739  64,869  63,312  62,408  62,406  62,057  60,895  57,857  53,282  52,787  52,061  50,016  46,689  45,223  44,464  45,403  41,356  39,724  38,380 
Equity for controlling interests 15,416  14,253  12,041  10,805  7,147  657  5,592  4,363  3,299  3,267  5,558  4,405  3,467  3,021  3,098  2,328  1,344  1,000  1,509  1,244  535 
Solvency Ratio
Financial leverage1 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 16.56 15.07 19.43 33.08 45.40 27.41 31.93 71.74
Benchmarks
Financial Leverage, Competitors2
American Airlines Group Inc. 382.34 13.09 13.27 14.36 15.22
CSX Corp. 3.07 3.00 3.05 2.98 3.02 3.04 3.10 3.20 3.27 3.23 3.27 3.09 3.07 2.92 2.69 2.64 2.60 2.43 3.27 3.09 3.06
Delta Air Lines Inc. 24.66 18.64 27.93 58.79 151.62 46.93 23.56 8.32 4.80 4.20 4.20 4.48 4.79 4.40 4.01 4.34 4.31 3.83 3.71 3.84 3.98
FedEx Corp. 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 3.02 3.08 3.19 3.22
Union Pacific Corp. 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 2.90 2.87 2.95 2.37 2.33 3.00 2.88 2.83
United Airlines Holdings Inc. 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 4.81 4.75 4.78 4.91

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Equity for controlling interests
= 70,113 ÷ 15,416 = 4.55

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 Parcel Service Inc. financial leverage ratio decreased from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

Interest Coverage

United Parcel Service Inc., interest coverage calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Selected Financial Data (US$ in millions)
Net income 2,662  3,093  2,329  2,676  4,792  (3,347) 1,957  1,768  965  (106) 1,750  1,685  1,111  453  1,508  1,485  1,345  1,104  1,264  1,384  1,158 
Add: Income tax expense 730  869  664  760  1,412  (941) 568  589  285  (92) 456  519  329  90  381  441  316  284  680  735  539 
Add: Interest expense 174  173  177  167  177  175  176  183  167  166  159  159  169  148  155  149  153  129  111  111  102 
Earnings before interest and tax (EBIT) 3,566  4,135  3,170  3,603  6,381  (4,113) 2,701  2,540  1,417  (32) 2,365  2,363  1,609  691  2,044  2,075  1,814  1,517  2,055  2,230  1,799 
Solvency Ratio
Interest coverage1 20.95 24.91 12.99 12.33 10.56 3.63 9.58 9.32 9.39 9.66 11.07 10.63 10.34 10.95 12.71 13.77 15.11 16.78
Benchmarks
Interest Coverage, Competitors2
American Airlines Group Inc. -0.62 -0.42 -1.44 -3.75 -6.56 -8.33 -6.23 -3.17 0.19 3.06 2.89 2.87 2.78 2.78 2.82 3.29 3.79 3.93
CSX Corp. 8.17 7.86 7.48 6.98 5.73 5.81 5.79 6.01 6.72 6.86 7.17 7.41 7.67 7.74 7.89 7.56 7.22 6.75
Delta Air Lines Inc. 1.60 1.31 0.77 -5.42 -12.62 -15.78 -19.54 -9.28 16.64 21.59 21.83 20.75 18.76 17.56 15.27 14.55 15.01 15.40
Union Pacific Corp. 8.53 8.33 8.05 7.66 6.91 7.12 7.20 7.58 8.28 8.38 8.79 9.04 9.40 9.90 10.56 11.20 11.44 11.61
United Airlines Holdings Inc. -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 5.22 5.26 6.16 6.36

Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

1 Q1 2022 Calculation
Interest coverage = (EBITQ1 2022 + EBITQ4 2021 + EBITQ3 2021 + EBITQ2 2021) ÷ (Interest expenseQ1 2022 + Interest expenseQ4 2021 + Interest expenseQ3 2021 + Interest expenseQ2 2021)
= (3,566 + 4,135 + 3,170 + 3,603) ÷ (174 + 173 + 177 + 167) = 20.95

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 Parcel Service Inc. interest coverage ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.