Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

United Airlines Holdings Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.77 0.76 0.67 0.36 0.26
Adjusted 0.77 0.76 0.67 0.37 0.27
Liquidity Ratio
Current Ratio
Reported 0.81 0.83 1.00 1.19 1.16
Adjusted 0.95 0.97 1.16 1.36 1.25
Solvency Ratios
Debt to Equity
Reported 2.26 3.40 4.68 7.03 4.75
Adjusted 1.55 2.15 2.77 3.85 2.87
Debt to Capital
Reported 0.69 0.77 0.82 0.88 0.83
Adjusted 0.61 0.68 0.73 0.79 0.74
Financial Leverage
Reported 5.84 7.63 9.77 13.56 9.99
Adjusted 3.41 4.17 4.99 6.34 5.03
Profitability Ratios
Net Profit Margin
Reported 5.52% 4.87% 1.64% -7.97% -46.04%
Adjusted 8.08% 6.65% 5.50% -8.19% -53.15%
Return on Equity (ROE)
Reported 24.84% 28.08% 10.69% -39.05% -118.61%
Adjusted 21.35% 21.13% 18.51% -19.18% -72.28%
Return on Assets (ROA)
Reported 4.25% 3.68% 1.09% -2.88% -11.87%
Adjusted 6.25% 5.07% 3.71% -3.03% -14.36%

Based on: 10-K (reporting date: 2024-12-31), 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Airlines Holdings Inc. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United Airlines Holdings Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Airlines Holdings Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Airlines Holdings Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United Airlines Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Operating revenue 57,063 53,717 44,955 24,634 15,355
Total assets 74,083 71,104 67,358 68,175 59,548
Activity Ratio
Total asset turnover1 0.77 0.76 0.67 0.36 0.26
Adjusted
Selected Financial Data (US$ in millions)
Adjusted operating revenue2 57,361 54,185 45,348 24,941 16,054
Adjusted total assets3 74,083 71,104 67,267 67,516 59,417
Activity Ratio
Adjusted total asset turnover4 0.77 0.76 0.67 0.37 0.27

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Operating revenue ÷ Total assets
= 57,063 ÷ 74,083 = 0.77

2 Adjusted operating revenue. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted operating revenue ÷ Adjusted total assets
= 57,361 ÷ 74,083 = 0.77

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 18,883 18,487 20,058 21,834 14,800
Current liabilities 23,314 22,203 19,992 18,304 12,725
Liquidity Ratio
Current ratio1 0.81 0.83 1.00 1.19 1.16
Adjusted
Selected Financial Data (US$ in millions)
Current assets 18,883 18,487 20,058 21,834 14,800
Adjusted current liabilities2 19,911 19,108 17,299 16,065 11,817
Liquidity Ratio
Adjusted current ratio3 0.95 0.97 1.16 1.36 1.25

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 18,883 ÷ 23,314 = 0.81

2 Adjusted current liabilities. See details »

3 2024 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 18,883 ÷ 19,911 = 0.95

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. United Airlines Holdings Inc. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 28,656 31,660 32,280 35,355 28,311
Stockholders’ equity 12,675 9,324 6,896 5,029 5,960
Solvency Ratio
Debt to equity1 2.26 3.40 4.68 7.03 4.75
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 33,633 36,739 37,300 41,063 33,909
Adjusted stockholders’ equity3 21,696 17,061 13,480 10,652 11,804
Solvency Ratio
Adjusted debt to equity4 1.55 2.15 2.77 3.85 2.87

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 28,656 ÷ 12,675 = 2.26

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 33,633 ÷ 21,696 = 1.55

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 28,656 31,660 32,280 35,355 28,311
Total capital 41,331 40,984 39,176 40,384 34,271
Solvency Ratio
Debt to capital1 0.69 0.77 0.82 0.88 0.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 33,633 36,739 37,300 41,063 33,909
Adjusted total capital3 55,329 53,800 50,780 51,715 45,713
Solvency Ratio
Adjusted debt to capital4 0.61 0.68 0.73 0.79 0.74

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 28,656 ÷ 41,331 = 0.69

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 33,633 ÷ 55,329 = 0.61

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. United Airlines Holdings Inc. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 74,083 71,104 67,358 68,175 59,548
Stockholders’ equity 12,675 9,324 6,896 5,029 5,960
Solvency Ratio
Financial leverage1 5.84 7.63 9.77 13.56 9.99
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 74,083 71,104 67,267 67,516 59,417
Adjusted stockholders’ equity3 21,696 17,061 13,480 10,652 11,804
Solvency Ratio
Adjusted financial leverage4 3.41 4.17 4.99 6.34 5.03

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 74,083 ÷ 12,675 = 5.84

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 74,083 ÷ 21,696 = 3.41

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 United Airlines Holdings Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 3,149 2,618 737 (1,964) (7,069)
Operating revenue 57,063 53,717 44,955 24,634 15,355
Profitability Ratio
Net profit margin1 5.52% 4.87% 1.64% -7.97% -46.04%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 4,632 3,605 2,495 (2,043) (8,532)
Adjusted operating revenue3 57,361 54,185 45,348 24,941 16,054
Profitability Ratio
Adjusted net profit margin4 8.08% 6.65% 5.50% -8.19% -53.15%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net profit margin = 100 × Net income (loss) ÷ Operating revenue
= 100 × 3,149 ÷ 57,063 = 5.52%

2 Adjusted net income (loss). See details »

3 Adjusted operating revenue. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted operating revenue
= 100 × 4,632 ÷ 57,361 = 8.08%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. United Airlines Holdings Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 3,149 2,618 737 (1,964) (7,069)
Stockholders’ equity 12,675 9,324 6,896 5,029 5,960
Profitability Ratio
ROE1 24.84% 28.08% 10.69% -39.05% -118.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 4,632 3,605 2,495 (2,043) (8,532)
Adjusted stockholders’ equity3 21,696 17,061 13,480 10,652 11,804
Profitability Ratio
Adjusted ROE4 21.35% 21.13% 18.51% -19.18% -72.28%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 3,149 ÷ 12,675 = 24.84%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 4,632 ÷ 21,696 = 21.35%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. United Airlines Holdings Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 3,149 2,618 737 (1,964) (7,069)
Total assets 74,083 71,104 67,358 68,175 59,548
Profitability Ratio
ROA1 4.25% 3.68% 1.09% -2.88% -11.87%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 4,632 3,605 2,495 (2,043) (8,532)
Adjusted total assets3 74,083 71,104 67,267 67,516 59,417
Profitability Ratio
Adjusted ROA4 6.25% 5.07% 3.71% -3.03% -14.36%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 3,149 ÷ 74,083 = 4.25%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 4,632 ÷ 74,083 = 6.25%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. United Airlines Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.