Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Profitability Ratios 

Microsoft Excel

Profitability Ratios (Summary)

United Airlines Holdings Inc., profitability ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Return on Sales
Operating profit margin 8.93% 7.84% 5.20% -4.15% -41.41%
Net profit margin 5.52% 4.87% 1.64% -7.97% -46.04%
Return on Investment
Return on equity (ROE) 24.84% 28.08% 10.69% -39.05% -118.61%
Return on assets (ROA) 4.25% 3.68% 1.09% -2.88% -11.87%

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).

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

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. United Airlines Holdings Inc. ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
ROA A profitability ratio calculated as net income divided by total assets. United Airlines Holdings Inc. ROA improved from 2022 to 2023 and from 2023 to 2024.

Operating Profit Margin

United Airlines Holdings Inc., operating profit margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Operating income (loss) 5,096 4,211 2,337 (1,022) (6,359)
Operating revenue 57,063 53,717 44,955 24,634 15,355
Profitability Ratio
Operating profit margin1 8.93% 7.84% 5.20% -4.15% -41.41%
Benchmarks
Operating Profit Margin, Competitors2
FedEx Corp. 6.34% 5.45% 6.68% 6.98% 3.49%
Uber Technologies Inc. 6.36% 2.98% -5.75% -21.97% -43.66%
Union Pacific Corp. 40.05% 37.65% 39.87% 42.83% 40.11%
United Parcel Service Inc. 9.30% 10.05% 13.05% 13.17% 9.08%
Operating Profit Margin, Sector
Transportation 10.40% 9.61% 10.07% 9.44% 3.36%
Operating Profit Margin, Industry
Industrials 9.94% 9.90% 9.06% 9.24% 3.13%

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
Operating profit margin = 100 × Operating income (loss) ÷ Operating revenue
= 100 × 5,096 ÷ 57,063 = 8.93%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. United Airlines Holdings Inc. operating profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Net Profit Margin

United Airlines Holdings Inc., net profit margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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%
Benchmarks
Net Profit Margin, Competitors2
FedEx Corp. 4.94% 4.41% 4.09% 6.23% 1.86%
Uber Technologies Inc. 22.41% 5.06% -28.68% -2.84% -60.76%
Union Pacific Corp. 27.82% 26.45% 28.13% 29.92% 27.38%
United Parcel Service Inc. 6.35% 7.37% 11.51% 13.25% 1.59%
Net Profit Margin, Sector
Transportation 9.82% 7.28% 4.73% 9.05% -2.93%
Net Profit Margin, Industry
Industrials 8.06% 8.32% 5.04% 5.85% 0.09%

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 Click competitor name to see calculations.

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

Return on Equity (ROE)

United Airlines Holdings Inc., ROE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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%
Benchmarks
ROE, Competitors2
FedEx Corp. 15.70% 15.23% 15.34% 21.64% 7.03%
Uber Technologies Inc. 45.72% 16.77% -124.54% -3.43% -55.18%
Union Pacific Corp. 39.95% 43.14% 57.54% 46.06% 31.54%
United Parcel Service Inc. 34.59% 38.76% 58.36% 90.44% 204.41%
ROE, Sector
Transportation 31.30% 27.38% 19.64% 30.78% -10.82%
ROE, Industry
Industrials 23.51% 27.70% 15.38% 15.38% 0.24%

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 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. United Airlines Holdings Inc. ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Return on Assets (ROA)

United Airlines Holdings Inc., ROA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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%
Benchmarks
ROA, Competitors2
FedEx Corp. 4.98% 4.56% 4.45% 6.32% 1.75%
Uber Technologies Inc. 19.23% 4.88% -28.47% -1.28% -20.35%
Union Pacific Corp. 9.96% 9.50% 10.69% 10.27% 8.57%
United Parcel Service Inc. 8.25% 9.47% 16.24% 18.57% 2.15%
ROA, Sector
Transportation 8.53% 6.44% 4.34% 6.88% -2.01%
ROA, Industry
Industrials 5.24% 5.61% 3.31% 3.40% 0.04%

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 Click competitor name to see calculations.

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