Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

This company has been moved to the archive! The financial data has not been updated since April 17, 2024.

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
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 -64.70% = -7.40% × 8.74
Jun 30, 2020 -19.56% = -3.03% × 6.45
Mar 31, 2020 10.76% = 1.91% × 5.63
Dec 31, 2019 26.09% = 5.72% × 4.56
Sep 30, 2019 — = — × 4.62
Jun 30, 2019 — = — × 5.05
Mar 31, 2019 — = — × 5.17

Based on: 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), 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).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in financial leverage ratio.

Three-Component Disaggregation of ROE

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

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
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 -64.70% = -19.85% × 0.37 × 8.74
Jun 30, 2020 -19.56% = -5.25% × 0.58 × 6.45
Mar 31, 2020 10.76% = 2.43% × 0.79 × 5.63
Dec 31, 2019 26.09% = 6.96% × 0.82 × 4.56
Sep 30, 2019 — = — × — × 4.62
Jun 30, 2019 — = — × — × 5.05
Mar 31, 2019 — = — × — × 5.17

Based on: 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), 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).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in financial leverage 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
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 -64.70% = — × — × -21.05% × 0.37 × 8.74
Jun 30, 2020 -19.56% = — × — × -4.05% × 0.58 × 6.45
Mar 31, 2020 10.76% = 0.71 × 0.69 × 4.95% × 0.79 × 5.63
Dec 31, 2019 26.09% = 0.77 × 0.86 × 10.54% × 0.82 × 4.56
Sep 30, 2019 — = — × — × — × — × 4.62
Jun 30, 2019 — = — × — × — × — × 5.05
Mar 31, 2019 — = — × — × — × — × 5.17

Based on: 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), 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).

The primary reason for the increase in return on equity ratio (ROE) over Q1 2024 is the increase in financial leverage ratio.

Two-Component Disaggregation of ROA

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

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
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 -7.40% = -19.85% × 0.37
Jun 30, 2020 -3.03% = -5.25% × 0.58
Mar 31, 2020 1.91% = 2.43% × 0.79
Dec 31, 2019 5.72% = 6.96% × 0.82
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 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), 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).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in asset turnover 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
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 -7.40% = — × — × -21.05% × 0.37
Jun 30, 2020 -3.03% = — × — × -4.05% × 0.58
Mar 31, 2020 1.91% = 0.71 × 0.69 × 4.95% × 0.79
Dec 31, 2019 5.72% = 0.77 × 0.86 × 10.54% × 0.82
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 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), 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).

The primary reason for the increase in return on assets ratio (ROA) over Q1 2024 is the increase in effect of interest expense measured by interest burden 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
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 -19.85% = — × — × -21.05%
Jun 30, 2020 -5.25% = — × — × -4.05%
Mar 31, 2020 2.43% = 0.71 × 0.69 × 4.95%
Dec 31, 2019 6.96% = 0.77 × 0.86 × 10.54%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 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), 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).

The primary reason for the increase in net profit margin ratio over Q1 2024 is the increase in effect of interest expense measured by interest burden ratio.