Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

United Airlines Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2024 24.84% = 4.25% × 5.84
Sep 30, 2024 24.17% = 3.81% × 6.35
Jun 30, 2024 27.89% = 4.01% × 6.96
Mar 31, 2024 29.26% = 3.74% × 7.83
Dec 31, 2023 28.08% = 3.68% × 7.63
Sep 30, 2023 32.32% = 3.91% × 8.26
Jun 30, 2023 34.60% = 3.64% × 9.52
Mar 31, 2023 28.79% = 2.73% × 10.56
Dec 31, 2022 10.69% = 1.09% × 9.77
Sep 30, 2022 -15.35% = -1.09% × 14.08
Jun 30, 2022 -30.80% = -1.73% × 17.76
Mar 31, 2022 -54.75% = -2.87% × 19.05
Dec 31, 2021 -39.05% = -2.88% × 13.56
Sep 30, 2021 -59.20% = -4.64% × 12.76
Jun 30, 2021 -112.74% = -7.78% × 14.49
Mar 31, 2021 -129.12% = -10.90% × 11.84
Dec 31, 2020 -118.61% = -11.87% × 9.99
Sep 30, 2020 — = — × 8.74
Jun 30, 2020 — = — × 6.45
Mar 31, 2020 — = — × 5.63

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

United Airlines Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2024 24.84% = 5.52% × 0.77 × 5.84
Sep 30, 2024 24.17% = 4.94% × 0.77 × 6.35
Jun 30, 2024 27.89% = 5.28% × 0.76 × 6.96
Mar 31, 2024 29.26% = 4.90% × 0.76 × 7.83
Dec 31, 2023 28.08% = 4.87% × 0.76 × 7.63
Sep 30, 2023 32.32% = 5.45% × 0.72 × 8.26
Jun 30, 2023 34.60% = 5.24% × 0.69 × 9.52
Mar 31, 2023 28.79% = 3.93% × 0.69 × 10.56
Dec 31, 2022 10.69% = 1.64% × 0.67 × 9.77
Sep 30, 2022 -15.35% = -1.85% × 0.59 × 14.08
Jun 30, 2022 -30.80% = -3.43% × 0.51 × 17.76
Mar 31, 2022 -54.75% = -6.85% × 0.42 × 19.05
Dec 31, 2021 -39.05% = -7.97% × 0.36 × 13.56
Sep 30, 2021 -59.20% = -16.19% × 0.29 × 12.76
Jun 30, 2021 -112.74% = -37.89% × 0.21 × 14.49
Mar 31, 2021 -129.12% = -63.43% × 0.17 × 11.84
Dec 31, 2020 -118.61% = -46.04% × 0.26 × 9.99
Sep 30, 2020 — = — × — × 8.74
Jun 30, 2020 — = — × — × 6.45
Mar 31, 2020 — = — × — × 5.63

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

United Airlines Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2024 24.84% = 0.76 × 0.75 × 9.76% × 0.77 × 5.84
Sep 30, 2024 24.17% = 0.76 × 0.71 × 9.19% × 0.77 × 6.35
Jun 30, 2024 27.89% = 0.77 × 0.70 × 9.82% × 0.76 × 6.96
Mar 31, 2024 29.26% = 0.77 × 0.67 × 9.48% × 0.76 × 7.83
Dec 31, 2023 28.08% = 0.77 × 0.66 × 9.61% × 0.76 × 7.63
Sep 30, 2023 32.32% = 0.76 × 0.68 × 10.55% × 0.72 × 8.26
Jun 30, 2023 34.60% = 0.78 × 0.66 × 10.20% × 0.69 × 9.52
Mar 31, 2023 28.79% = 0.77 × 0.59 × 8.62% × 0.69 × 10.56
Dec 31, 2022 10.69% = 0.74 × 0.37 × 5.92% × 0.67 × 9.77
Sep 30, 2022 -15.35% = — × -1.52 × 1.59% × 0.59 × 14.08
Jun 30, 2022 -30.80% = — × -15.35 × 0.28% × 0.51 × 17.76
Mar 31, 2022 -54.75% = — × — × -3.16% × 0.42 × 19.05
Dec 31, 2021 -39.05% = — × — × -3.98% × 0.36 × 13.56
Sep 30, 2021 -59.20% = — × — × -12.99% × 0.29 × 12.76
Jun 30, 2021 -112.74% = — × — × -38.49% × 0.21 × 14.49
Mar 31, 2021 -129.12% = — × — × -68.71% × 0.17 × 11.84
Dec 31, 2020 -118.61% = — × — × -50.99% × 0.26 × 9.99
Sep 30, 2020 — = — × — × — × — × 8.74
Jun 30, 2020 — = — × — × — × — × 6.45
Mar 31, 2020 — = — × — × — × — × 5.63

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).

The primary reason for the increase in return on equity ratio (ROE) over Q4 2024 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

United Airlines Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2024 4.25% = 5.52% × 0.77
Sep 30, 2024 3.81% = 4.94% × 0.77
Jun 30, 2024 4.01% = 5.28% × 0.76
Mar 31, 2024 3.74% = 4.90% × 0.76
Dec 31, 2023 3.68% = 4.87% × 0.76
Sep 30, 2023 3.91% = 5.45% × 0.72
Jun 30, 2023 3.64% = 5.24% × 0.69
Mar 31, 2023 2.73% = 3.93% × 0.69
Dec 31, 2022 1.09% = 1.64% × 0.67
Sep 30, 2022 -1.09% = -1.85% × 0.59
Jun 30, 2022 -1.73% = -3.43% × 0.51
Mar 31, 2022 -2.87% = -6.85% × 0.42
Dec 31, 2021 -2.88% = -7.97% × 0.36
Sep 30, 2021 -4.64% = -16.19% × 0.29
Jun 30, 2021 -7.78% = -37.89% × 0.21
Mar 31, 2021 -10.90% = -63.43% × 0.17
Dec 31, 2020 -11.87% = -46.04% × 0.26
Sep 30, 2020 — = — × —
Jun 30, 2020 — = — × —
Mar 31, 2020 — = — × —

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

United Airlines Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2024 4.25% = 0.76 × 0.75 × 9.76% × 0.77
Sep 30, 2024 3.81% = 0.76 × 0.71 × 9.19% × 0.77
Jun 30, 2024 4.01% = 0.77 × 0.70 × 9.82% × 0.76
Mar 31, 2024 3.74% = 0.77 × 0.67 × 9.48% × 0.76
Dec 31, 2023 3.68% = 0.77 × 0.66 × 9.61% × 0.76
Sep 30, 2023 3.91% = 0.76 × 0.68 × 10.55% × 0.72
Jun 30, 2023 3.64% = 0.78 × 0.66 × 10.20% × 0.69
Mar 31, 2023 2.73% = 0.77 × 0.59 × 8.62% × 0.69
Dec 31, 2022 1.09% = 0.74 × 0.37 × 5.92% × 0.67
Sep 30, 2022 -1.09% = — × -1.52 × 1.59% × 0.59
Jun 30, 2022 -1.73% = — × -15.35 × 0.28% × 0.51
Mar 31, 2022 -2.87% = — × — × -3.16% × 0.42
Dec 31, 2021 -2.88% = — × — × -3.98% × 0.36
Sep 30, 2021 -4.64% = — × — × -12.99% × 0.29
Jun 30, 2021 -7.78% = — × — × -38.49% × 0.21
Mar 31, 2021 -10.90% = — × — × -68.71% × 0.17
Dec 31, 2020 -11.87% = — × — × -50.99% × 0.26
Sep 30, 2020 — = — × — × — × —
Jun 30, 2020 — = — × — × — × —
Mar 31, 2020 — = — × — × — × —

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).

The primary reason for the increase in return on assets ratio (ROA) over Q4 2024 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

United Airlines Holdings Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2024 5.52% = 0.76 × 0.75 × 9.76%
Sep 30, 2024 4.94% = 0.76 × 0.71 × 9.19%
Jun 30, 2024 5.28% = 0.77 × 0.70 × 9.82%
Mar 31, 2024 4.90% = 0.77 × 0.67 × 9.48%
Dec 31, 2023 4.87% = 0.77 × 0.66 × 9.61%
Sep 30, 2023 5.45% = 0.76 × 0.68 × 10.55%
Jun 30, 2023 5.24% = 0.78 × 0.66 × 10.20%
Mar 31, 2023 3.93% = 0.77 × 0.59 × 8.62%
Dec 31, 2022 1.64% = 0.74 × 0.37 × 5.92%
Sep 30, 2022 -1.85% = — × -1.52 × 1.59%
Jun 30, 2022 -3.43% = — × -15.35 × 0.28%
Mar 31, 2022 -6.85% = — × — × -3.16%
Dec 31, 2021 -7.97% = — × — × -3.98%
Sep 30, 2021 -16.19% = — × — × -12.99%
Jun 30, 2021 -37.89% = — × — × -38.49%
Mar 31, 2021 -63.43% = — × — × -68.71%
Dec 31, 2020 -46.04% = — × — × -50.99%
Sep 30, 2020 — = — × — × —
Jun 30, 2020 — = — × — × —
Mar 31, 2020 — = — × — × —

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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).

The primary reason for the increase in net profit margin ratio over Q4 2024 is the increase in operating profitability measured by EBIT margin ratio.