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 Parcel Service Inc., solvency ratios
Based on: 10-K (reporting date: 2023-12-31), 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).
| 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 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 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 Parcel Service Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| 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 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 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 Parcel Service Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| 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 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 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 Parcel Service Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United Parcel Service Inc. financial leverage ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
| 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 deteriorated from 2021 to 2022 and from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | United Parcel Service Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |
Debt to Equity
United Parcel Service Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt, commercial paper and finance leases | 3,348) | 2,341) | 2,131) | 2,623) | 3,420) | |
| Long-term debt and finance leases, excluding current maturities | 18,916) | 17,321) | 19,784) | 22,031) | 21,818) | |
| Total debt | 22,264) | 19,662) | 21,915) | 24,654) | 25,238) | |
| Equity for controlling interests | 17,306) | 19,786) | 14,253) | 657) | 3,267) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 1.29 | 0.99 | 1.54 | 37.53 | 7.73 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| FedEx Corp. | 0.79 | 0.81 | 0.86 | 1.20 | 0.99 | |
| Uber Technologies Inc. | 0.89 | 1.32 | 0.66 | 0.64 | 0.43 | |
| Union Pacific Corp. | 2.20 | 2.74 | 2.10 | 1.58 | 1.39 | |
| United Airlines Holdings Inc. | 3.15 | 4.56 | 6.69 | 4.56 | 1.29 | |
| Debt to Equity, Sector | ||||||
| Transportation | 1.46 | 1.61 | 1.61 | 2.00 | 1.37 | |
| Debt to Equity, Industry | ||||||
| Industrials | 1.51 | 1.42 | 1.37 | 1.82 | 1.82 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to equity = Total debt ÷ Equity for controlling interests
= 22,264 ÷ 17,306 = 1.29
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 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Equity (including Operating Lease Liability)
United Parcel Service Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt, commercial paper and finance leases | 3,348) | 2,341) | 2,131) | 2,623) | 3,420) | |
| Long-term debt and finance leases, excluding current maturities | 18,916) | 17,321) | 19,784) | 22,031) | 21,818) | |
| Total debt | 22,264) | 19,662) | 21,915) | 24,654) | 25,238) | |
| Current maturities of operating leases | 709) | 621) | 580) | 560) | 538) | |
| Non-current operating leases | 3,756) | 3,238) | 3,033) | 2,540) | 2,391) | |
| Total debt (including operating lease liability) | 26,729) | 23,521) | 25,528) | 27,754) | 28,167) | |
| Equity for controlling interests | 17,306) | 19,786) | 14,253) | 657) | 3,267) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 1.54 | 1.19 | 1.79 | 42.24 | 8.62 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 1.47 | 1.49 | 1.51 | 1.97 | 0.99 | |
| Uber Technologies Inc. | 1.04 | 1.58 | 0.79 | 0.78 | 0.55 | |
| Union Pacific Corp. | 2.31 | 2.87 | 2.22 | 1.67 | 1.49 | |
| United Airlines Holdings Inc. | 3.69 | 5.28 | 7.83 | 5.50 | 1.77 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Transportation | 1.85 | 2.02 | 2.00 | 2.49 | 1.56 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Industrials | 1.70 | 1.59 | 1.53 | 2.00 | 1.94 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Equity for controlling interests
= 26,729 ÷ 17,306 = 1.54
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 Parcel Service Inc. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Capital
United Parcel Service Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt, commercial paper and finance leases | 3,348) | 2,341) | 2,131) | 2,623) | 3,420) | |
| Long-term debt and finance leases, excluding current maturities | 18,916) | 17,321) | 19,784) | 22,031) | 21,818) | |
| Total debt | 22,264) | 19,662) | 21,915) | 24,654) | 25,238) | |
| Equity for controlling interests | 17,306) | 19,786) | 14,253) | 657) | 3,267) | |
| Total capital | 39,570) | 39,448) | 36,168) | 25,311) | 28,505) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.56 | 0.50 | 0.61 | 0.97 | 0.89 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| FedEx Corp. | 0.44 | 0.45 | 0.46 | 0.55 | 0.50 | |
| Uber Technologies Inc. | 0.47 | 0.57 | 0.40 | 0.39 | 0.30 | |
| Union Pacific Corp. | 0.69 | 0.73 | 0.68 | 0.61 | 0.58 | |
| United Airlines Holdings Inc. | 0.76 | 0.82 | 0.87 | 0.82 | 0.56 | |
| Debt to Capital, Sector | ||||||
| Transportation | 0.59 | 0.62 | 0.62 | 0.67 | 0.58 | |
| Debt to Capital, Industry | ||||||
| Industrials | 0.60 | 0.59 | 0.58 | 0.65 | 0.65 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 22,264 ÷ 39,570 = 0.56
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 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Capital (including Operating Lease Liability)
United Parcel Service Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt, commercial paper and finance leases | 3,348) | 2,341) | 2,131) | 2,623) | 3,420) | |
| Long-term debt and finance leases, excluding current maturities | 18,916) | 17,321) | 19,784) | 22,031) | 21,818) | |
| Total debt | 22,264) | 19,662) | 21,915) | 24,654) | 25,238) | |
| Current maturities of operating leases | 709) | 621) | 580) | 560) | 538) | |
| Non-current operating leases | 3,756) | 3,238) | 3,033) | 2,540) | 2,391) | |
| Total debt (including operating lease liability) | 26,729) | 23,521) | 25,528) | 27,754) | 28,167) | |
| Equity for controlling interests | 17,306) | 19,786) | 14,253) | 657) | 3,267) | |
| Total capital (including operating lease liability) | 44,035) | 43,307) | 39,781) | 28,411) | 31,434) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.61 | 0.54 | 0.64 | 0.98 | 0.90 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 0.60 | 0.60 | 0.60 | 0.66 | 0.50 | |
| Uber Technologies Inc. | 0.51 | 0.61 | 0.44 | 0.44 | 0.35 | |
| Union Pacific Corp. | 0.70 | 0.74 | 0.69 | 0.63 | 0.60 | |
| United Airlines Holdings Inc. | 0.79 | 0.84 | 0.89 | 0.85 | 0.64 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Transportation | 0.65 | 0.67 | 0.67 | 0.71 | 0.61 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Industrials | 0.63 | 0.61 | 0.60 | 0.67 | 0.66 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 26,729 ÷ 44,035 = 0.61
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 Parcel Service Inc. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Assets
United Parcel Service Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt, commercial paper and finance leases | 3,348) | 2,341) | 2,131) | 2,623) | 3,420) | |
| Long-term debt and finance leases, excluding current maturities | 18,916) | 17,321) | 19,784) | 22,031) | 21,818) | |
| Total debt | 22,264) | 19,662) | 21,915) | 24,654) | 25,238) | |
| Total assets | 70,857) | 71,124) | 69,405) | 62,408) | 57,857) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.31 | 0.28 | 0.32 | 0.40 | 0.44 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| FedEx Corp. | 0.24 | 0.24 | 0.25 | 0.30 | 0.32 | |
| Uber Technologies Inc. | 0.26 | 0.30 | 0.25 | 0.24 | 0.19 | |
| Union Pacific Corp. | 0.49 | 0.51 | 0.47 | 0.43 | 0.41 | |
| United Airlines Holdings Inc. | 0.41 | 0.47 | 0.49 | 0.46 | 0.28 | |
| Debt to Assets, Sector | ||||||
| Transportation | 0.34 | 0.36 | 0.36 | 0.37 | 0.34 | |
| Debt to Assets, Industry | ||||||
| Industrials | 0.31 | 0.30 | 0.30 | 0.33 | 0.32 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 22,264 ÷ 70,857 = 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 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Debt to Assets (including Operating Lease Liability)
United Parcel Service Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current maturities of long-term debt, commercial paper and finance leases | 3,348) | 2,341) | 2,131) | 2,623) | 3,420) | |
| Long-term debt and finance leases, excluding current maturities | 18,916) | 17,321) | 19,784) | 22,031) | 21,818) | |
| Total debt | 22,264) | 19,662) | 21,915) | 24,654) | 25,238) | |
| Current maturities of operating leases | 709) | 621) | 580) | 560) | 538) | |
| Non-current operating leases | 3,756) | 3,238) | 3,033) | 2,540) | 2,391) | |
| Total debt (including operating lease liability) | 26,729) | 23,521) | 25,528) | 27,754) | 28,167) | |
| Total assets | 70,857) | 71,124) | 69,405) | 62,408) | 57,857) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.38 | 0.33 | 0.37 | 0.44 | 0.49 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| FedEx Corp. | 0.44 | 0.43 | 0.44 | 0.49 | 0.32 | |
| Uber Technologies Inc. | 0.30 | 0.36 | 0.29 | 0.29 | 0.24 | |
| Union Pacific Corp. | 0.51 | 0.53 | 0.50 | 0.45 | 0.44 | |
| United Airlines Holdings Inc. | 0.48 | 0.54 | 0.58 | 0.55 | 0.39 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Transportation | 0.43 | 0.45 | 0.45 | 0.46 | 0.39 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Industrials | 0.34 | 0.34 | 0.34 | 0.36 | 0.34 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 26,729 ÷ 70,857 = 0.38
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 Parcel Service Inc. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Financial Leverage
United Parcel Service Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 70,857) | 71,124) | 69,405) | 62,408) | 57,857) | |
| Equity for controlling interests | 17,306) | 19,786) | 14,253) | 657) | 3,267) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 4.09 | 3.59 | 4.87 | 94.99 | 17.71 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| FedEx Corp. | 3.34 | 3.45 | 3.43 | 4.02 | 3.06 | |
| Uber Technologies Inc. | 3.44 | 4.37 | 2.68 | 2.71 | 2.24 | |
| Union Pacific Corp. | 4.54 | 5.38 | 4.49 | 3.68 | 3.40 | |
| United Airlines Holdings Inc. | 7.63 | 9.77 | 13.56 | 9.99 | 4.56 | |
| Financial Leverage, Sector | ||||||
| Transportation | 4.25 | 4.53 | 4.48 | 5.38 | 3.98 | |
| Financial Leverage, Industry | ||||||
| Industrials | 4.94 | 4.65 | 4.52 | 5.49 | 5.68 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Financial leverage = Total assets ÷ Equity for controlling interests
= 70,857 ÷ 17,306 = 4.09
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 2021 to 2022 but then slightly increased from 2022 to 2023. |
Interest Coverage
United Parcel Service Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 6,708) | 11,548) | 12,890) | 1,343) | 4,440) | |
| Add: Income tax expense | 1,865) | 3,277) | 3,705) | 501) | 1,212) | |
| Add: Interest expense | 785) | 704) | 694) | 701) | 653) | |
| Earnings before interest and tax (EBIT) | 9,358) | 15,529) | 17,289) | 2,545) | 6,305) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 11.92 | 22.06 | 24.91 | 3.63 | 9.66 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| FedEx Corp. | 8.73 | 8.11 | 9.42 | 3.48 | 2.11 | |
| Uber Technologies Inc. | 4.74 | -15.49 | -1.20 | -14.24 | -14.15 | |
| Union Pacific Corp. | 7.14 | 8.14 | 8.33 | 7.12 | 8.38 | |
| United Airlines Holdings Inc. | 2.91 | 1.59 | -0.62 | -7.89 | 7.06 | |
| Interest Coverage, Sector | ||||||
| Transportation | 6.34 | 5.17 | 6.98 | -0.34 | 3.72 | |
| Interest Coverage, Industry | ||||||
| Industrials | 6.64 | 4.98 | 5.14 | 1.25 | 4.52 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 9,358 ÷ 785 = 11.92
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 deteriorated from 2021 to 2022 and from 2022 to 2023. |
Fixed Charge Coverage
United Parcel Service Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 6,708) | 11,548) | 12,890) | 1,343) | 4,440) | |
| Add: Income tax expense | 1,865) | 3,277) | 3,705) | 501) | 1,212) | |
| Add: Interest expense | 785) | 704) | 694) | 701) | 653) | |
| Earnings before interest and tax (EBIT) | 9,358) | 15,529) | 17,289) | 2,545) | 6,305) | |
| Add: Operating lease costs | 860) | 736) | 729) | 711) | 643) | |
| Earnings before fixed charges and tax | 10,218) | 16,265) | 18,018) | 3,256) | 6,948) | |
| Interest expense | 785) | 704) | 694) | 701) | 653) | |
| Operating lease costs | 860) | 736) | 729) | 711) | 643) | |
| Fixed charges | 1,645) | 1,440) | 1,423) | 1,412) | 1,296) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 6.21 | 11.30 | 12.66 | 2.31 | 5.36 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| FedEx Corp. | 2.34 | 2.29 | 2.83 | 1.50 | 1.19 | |
| Uber Technologies Inc. | 3.48 | -9.72 | -0.36 | -6.43 | -8.62 | |
| Union Pacific Corp. | 5.82 | 6.64 | 6.81 | 5.79 | 6.62 | |
| United Airlines Holdings Inc. | 2.25 | 1.38 | -0.01 | -3.58 | 3.32 | |
| Fixed Charge Coverage, Sector | ||||||
| Transportation | 3.54 | 2.98 | 3.86 | 0.41 | 2.09 | |
| Fixed Charge Coverage, Industry | ||||||
| Industrials | 4.32 | 3.30 | 3.44 | 1.12 | 2.99 | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 10,218 ÷ 1,645 = 6.21
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 Parcel Service Inc. fixed charge coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023. |