Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
United Airlines Holdings Inc., long-term (investment) activity 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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | United Airlines Holdings Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | United Airlines Holdings Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | United Airlines Holdings Inc. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | United Airlines Holdings Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover 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) | ||||||
| Operating revenue | 53,717) | 44,955) | 24,634) | 15,355) | 43,259) | |
| Operating property and equipment, net | 39,815) | 34,448) | 32,074) | 31,466) | 30,170) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 1.35 | 1.31 | 0.77 | 0.49 | 1.43 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 2.22 | 2.45 | 2.35 | 2.06 | 2.29 | |
| Uber Technologies Inc. | 17.98 | 15.31 | 9.42 | 6.14 | 8.17 | |
| Union Pacific Corp. | 0.42 | 0.44 | 0.40 | 0.36 | 0.40 | |
| United Parcel Service Inc. | 2.46 | 2.89 | 2.91 | 2.62 | 2.43 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | 1.77 | 1.91 | 1.75 | 1.51 | 1.54 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | 3.16 | 3.22 | 3.04 | 2.41 | 2.76 | |
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
Net fixed asset turnover = Operating revenue ÷ Operating property and equipment, net
= 53,717 ÷ 39,815 = 1.35
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | United Airlines Holdings Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Airlines Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) 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) | ||||||
| Operating revenue | 53,717) | 44,955) | 24,634) | 15,355) | 43,259) | |
| Operating property and equipment, net | 39,815) | 34,448) | 32,074) | 31,466) | 30,170) | |
| Operating lease right-of-use assets | 3,914) | 3,889) | 4,645) | 4,537) | 4,758) | |
| Operating property and equipment, net (including operating lease, right-of-use asset) | 43,729) | 38,337) | 36,719) | 36,003) | 34,928) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.23 | 1.17 | 0.67 | 0.43 | 1.24 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | 1.55 | 1.71 | 1.64 | 1.46 | 2.29 | |
| Uber Technologies Inc. | 11.25 | 9.03 | 5.39 | 3.61 | 4.25 | |
| Union Pacific Corp. | 0.41 | 0.43 | 0.38 | 0.35 | 0.39 | |
| United Parcel Service Inc. | 2.20 | 2.61 | 2.63 | 2.40 | 2.22 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | 1.50 | 1.62 | 1.49 | 1.30 | 1.46 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | 2.72 | 2.77 | 2.62 | 2.13 | 2.57 | |
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
Net fixed asset turnover (including operating lease, right-of-use asset) = Operating revenue ÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= 53,717 ÷ 43,729 = 1.23
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | United Airlines Holdings Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023. |
Total Asset Turnover
United Airlines Holdings Inc., total asset turnover 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) | ||||||
| Operating revenue | 53,717) | 44,955) | 24,634) | 15,355) | 43,259) | |
| Total assets | 71,104) | 67,358) | 68,175) | 59,548) | 52,611) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.76 | 0.67 | 0.36 | 0.26 | 0.82 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | 1.03 | 1.09 | 1.01 | 0.94 | 1.28 | |
| Uber Technologies Inc. | 0.96 | 0.99 | 0.45 | 0.33 | 0.45 | |
| Union Pacific Corp. | 0.36 | 0.38 | 0.34 | 0.31 | 0.35 | |
| United Parcel Service Inc. | 1.28 | 1.41 | 1.40 | 1.36 | 1.28 | |
| Total Asset Turnover, Sector | ||||||
| Transportation | 0.92 | 0.98 | 0.87 | 0.80 | 0.87 | |
| Total Asset Turnover, Industry | ||||||
| Industrials | 0.67 | 0.66 | 0.60 | 0.51 | 0.61 | |
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
Total asset turnover = Operating revenue ÷ Total assets
= 53,717 ÷ 71,104 = 0.76
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | United Airlines Holdings Inc. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Equity Turnover
United Airlines Holdings Inc., equity turnover 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) | ||||||
| Operating revenue | 53,717) | 44,955) | 24,634) | 15,355) | 43,259) | |
| Stockholders’ equity | 9,324) | 6,896) | 5,029) | 5,960) | 11,531) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 5.76 | 6.52 | 4.90 | 2.58 | 3.75 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | 3.46 | 3.75 | 3.47 | 3.78 | 3.92 | |
| Uber Technologies Inc. | 3.31 | 4.34 | 1.21 | 0.91 | 1.00 | |
| Union Pacific Corp. | 1.63 | 2.05 | 1.54 | 1.15 | 1.20 | |
| United Parcel Service Inc. | 5.26 | 5.07 | 6.83 | 128.81 | 22.68 | |
| Equity Turnover, Sector | ||||||
| Transportation | 3.49 | 3.90 | 3.29 | 3.83 | 3.37 | |
| Equity Turnover, Industry | ||||||
| Industrials | 3.22 | 2.94 | 2.58 | 2.75 | 3.53 | |
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
Equity turnover = Operating revenue ÷ Stockholders’ equity
= 53,717 ÷ 9,324 = 5.76
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | United Airlines Holdings Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |