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.
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
United Airlines Holdings Inc., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
The financial ratios indicate significant changes in asset and equity utilization over the analyzed periods.
- Net Fixed Asset Turnover
- The ratio increased consistently from 0.49 in 2020 to 1.33 in 2024, demonstrating improving efficiency in generating revenue from net fixed assets. The growth was especially notable between 2021 and 2022 when it nearly doubled from 0.77 to 1.31, suggesting enhanced asset utilization or revenue generation.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This ratio follows a similar increasing trend, rising from 0.43 in 2020 to 1.22 in 2024. The inclusion of right-of-use assets reflects operating leases, and the consistent improvement indicates better management and utilization of both owned and leased fixed assets. The stability between 2023 and 2024 suggests the ratio reached a mature level.
- Total Asset Turnover
- The total asset turnover ratio exhibits strong growth, climbing from 0.26 in 2020 to 0.77 in 2024. The nearly threefold increase points to markedly improved efficiency in using total assets to generate revenue. The consistent upward movement particularly between 2021 and 2022 highlights enhanced operational performance and asset management.
- Equity Turnover
- Equity turnover showed significant volatility. It more than doubled from 2.58 in 2020 to 4.9 in 2021, peaking at 6.52 in 2022. However, it declined thereafter to 5.76 in 2023 and further to 4.5 in 2024. This pattern suggests that while equity was initially leveraged more effectively for revenue generation, there was a subsequent reduction in turnover efficiency, potentially reflecting changes in equity base or revenue dynamics.
Overall, the data reveals a trend of improving asset utilization and operational efficiency from 2020 to 2024, with net fixed asset turnover and total asset turnover ratios showing notable improvements. Equity turnover, while initially increasing sharply, experienced a decline in later years, indicating varying effectiveness in the use of equity capital.
Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | ||||||
| Operating property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Transportation | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Industrials | ||||||
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 fixed asset turnover = Operating revenue ÷ Operating property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue shows a strong upward trend over the five-year period. It increased significantly from $15,355 million in 2020 to $57,063 million in 2024. This reflects substantial growth, especially noticeable between 2021 and 2022, where revenue nearly doubled from $24,634 million to $44,955 million. The growth continues at a steady pace through 2024, indicating enhanced business activity and possibly increased market demand or expanded operations.
- Operating Property and Equipment, Net
- The net value of operating property and equipment demonstrated a gradual increase from $31,466 million in 2020 to $42,908 million in 2024. While the growth is steady, the rate of increase is moderate relative to operating revenue, suggesting that asset investments have been consistent but not accelerating sharply. This may indicate efficient asset management or possibly a shift toward better utilization of existing assets rather than aggressive capital expansion.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a marked improvement from 0.49 in 2020 to a peak of 1.35 in 2023, with a slight decline to 1.33 in 2024. This ratio, which measures how effectively the company uses its fixed assets to generate revenue, reflects an increasing efficiency in asset utilization over the period. The significant jump between 2020 and 2022 corresponds with the rapid increase in revenue, suggesting better operational performance and asset productivity. The minor decrease in 2024 may indicate either a stabilization of asset utilization or a slight lag in revenue growth relative to asset base expansion.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Airlines Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | ||||||
| Operating property and equipment, net | ||||||
| Operating lease right-of-use assets | ||||||
| Operating property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Transportation | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Industrials | ||||||
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 fixed asset turnover (including operating lease, right-of-use asset) = Operating revenue ÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue exhibited a significant upward trend over the five-year period. Starting at approximately 15.36 billion US dollars in 2020, revenue increased sharply to 24.63 billion in 2021, nearly doubling to 44.96 billion in 2022, and continued growing to reach 53.72 billion and 57.06 billion in 2023 and 2024, respectively. This consistent increase demonstrates strong expansion in business activities or improved market conditions.
- Operating Property and Equipment, Net
- The net value of operating property and equipment showed a gradual increase from 36.00 billion US dollars in 2020 to 46.72 billion in 2024. This reflects steady investment in capital assets, including right-of-use assets. The growth rate in fixed assets is moderate compared to the surge in operating revenue, suggesting improvement in asset utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio, which measures the efficiency of revenue generation from fixed assets, improved markedly from 0.43 in 2020 to 1.17 in 2022. It slightly increased again to 1.23 in 2023 and remained almost stable at 1.22 in 2024. This indicates enhanced efficiency in using fixed assets to generate revenue, aligning with the faster growth in revenue relative to asset base expansion.
Total Asset Turnover
United Airlines Holdings Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Transportation | ||||||
| Total Asset Turnover, Industry | ||||||
| Industrials | ||||||
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
= ÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue shows a strong upward trend over the analyzed period. Starting at 15,355 million USD in 2020, it increased significantly to 24,634 million USD in 2021. This positive momentum continued with a substantial rise to 44,955 million USD in 2022, followed by further increases to 53,717 million USD in 2023 and 57,063 million USD in 2024. This consistent growth indicates robust revenue expansion year over year.
- Total Assets
- Total assets exhibited moderate growth throughout the period under review. The value rose from 59,548 million USD in 2020 to 68,175 million USD in 2021. However, there was a slight decline in 2022 to 67,358 million USD, which was followed by renewed growth to 71,104 million USD in 2023 and 74,083 million USD in 2024. Overall, asset levels show a general upward trajectory with a minor fluctuation in 2022.
- Total Asset Turnover
- The total asset turnover ratio experienced a notable improvement. Starting from a low ratio of 0.26 in 2020, it increased to 0.36 in 2021. The ratio then almost doubled in 2022 to 0.67, indicating better utilization of assets to generate revenue. This positive trend continued with the ratio rising to 0.76 in 2023 and slightly increasing again to 0.77 in 2024. The steady rise in asset turnover reflects improved efficiency in using assets to generate operating revenue.
Equity Turnover
United Airlines Holdings Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating revenue | ||||||
| Stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| FedEx Corp. | ||||||
| Uber Technologies Inc. | ||||||
| Union Pacific Corp. | ||||||
| United Parcel Service Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Transportation | ||||||
| Equity Turnover, Industry | ||||||
| Industrials | ||||||
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
Equity turnover = Operating revenue ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- Operating revenue demonstrated a consistent upward trend over the analyzed period. Starting at 15,355 million US dollars in 2020, it increased significantly to 24,634 million in 2021, reflecting a substantial recovery or expansion. This positive trajectory continued with revenues reaching 44,955 million in 2022, 53,717 million in 2023, and 57,063 million by the end of 2024. The data suggests steady growth in the company's top line, particularly strong in the early years, followed by a sustained but slightly decelerated increase in later periods.
- Stockholders’ Equity
- Stockholders’ equity experienced fluctuations but showed an overall positive trend across the observed years. Beginning at 5,960 million US dollars in 2020, equity declined to 5,029 million in 2021, indicating a possible period of losses, dividend payments, or capital restructuring. However, subsequent years saw recovery and growth, with equity rising to 6,896 million in 2022 and further increasing to 9,324 million in 2023. The upward trend continued into 2024, reaching 12,675 million, suggesting strengthening financial position and accumulated retained earnings or equity injections over time.
- Equity Turnover Ratio
- The equity turnover ratio, which measures the efficiency of generating revenues from equity, showed notable variation. It improved significantly from 2.58 in 2020 to a peak of 6.52 in 2022, reflecting enhanced utilization of equity to drive revenue growth during this period. Subsequently, the ratio declined to 5.76 in 2023 and further to 4.5 in 2024. This downward movement indicates that while revenues continued to rise, the growth in stockholders’ equity outpaced revenue expansion, resulting in decreased turnover efficiency. This pattern may suggest increased capital base or reduced operational leverage relative to equity in the latter years.