Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Short-term (Operating) Activity Ratios

Microsoft Excel

Short-term Activity Ratios (Summary)

United Airlines Holdings Inc., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Turnover Ratios
Inventory turnover 36.30 34.41 40.54 25.06 16.48
Receivables turnover 26.38 28.30 24.96 14.81 11.86
Payables turnover 13.61 14.01 13.24 9.62 9.63
Working capital turnover 681.14 6.98 7.40
Average No. Days
Average inventory processing period 10 11 9 15 22
Add: Average receivable collection period 14 13 15 25 31
Operating cycle 24 24 24 40 53
Less: Average payables payment period 27 26 28 38 38
Cash conversion cycle -3 -2 -4 2 15

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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. United Airlines Holdings Inc. inventory turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Receivables turnover An activity ratio equal to revenue divided by receivables. United Airlines Holdings Inc. receivables turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. United Airlines Holdings Inc. payables turnover ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Inventory Turnover

United Airlines Holdings Inc., inventory turnover 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 revenue 57,063 53,717 44,955 24,634 15,355
Aircraft fuel, spare parts and supplies, net 1,572 1,561 1,109 983 932
Short-term Activity Ratio
Inventory turnover1 36.30 34.41 40.54 25.06 16.48
Benchmarks
Inventory Turnover, Competitors2
FedEx Corp. 142.82 149.26 146.80 143.03 121.01
Union Pacific Corp. 31.53 32.46 33.57 35.11 30.62
United Parcel Service Inc. 110.25 97.28 112.87 135.69 136.50
Inventory Turnover, Sector
Transportation 75.83 73.23 83.93 81.51 70.20
Inventory Turnover, Industry
Industrials 4.06 4.23 4.28 4.03 3.71

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
Inventory turnover = Operating revenue ÷ Aircraft fuel, spare parts and supplies, net
= 57,063 ÷ 1,572 = 36.30

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. United Airlines Holdings Inc. inventory turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Receivables Turnover

United Airlines Holdings Inc., receivables turnover 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 revenue 57,063 53,717 44,955 24,634 15,355
Receivables, net 2,163 1,898 1,801 1,663 1,295
Short-term Activity Ratio
Receivables turnover1 26.38 28.30 24.96 14.81 11.86
Benchmarks
Receivables Turnover, Competitors2
FedEx Corp. 8.69 8.85 7.88 6.96 6.85
Uber Technologies Inc. 13.19 10.95 11.47 7.16 10.38
Union Pacific Corp. 12.80 11.63 13.15 12.66 12.98
United Parcel Service Inc. 8.38 8.11 7.97 7.76 7.87
Receivables Turnover, Sector
Transportation 10.73 10.29 9.56 8.05 8.08
Receivables Turnover, Industry
Industrials 9.05 8.61 8.17 7.76 7.57

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
Receivables turnover = Operating revenue ÷ Receivables, net
= 57,063 ÷ 2,163 = 26.38

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. United Airlines Holdings Inc. receivables turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Payables Turnover

United Airlines Holdings Inc., payables turnover 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 revenue 57,063 53,717 44,955 24,634 15,355
Accounts payable 4,193 3,835 3,395 2,562 1,595
Short-term Activity Ratio
Payables turnover1 13.61 14.01 13.24 9.62 9.63
Benchmarks
Payables Turnover, Competitors2
FedEx Corp. 27.50 23.43 23.20 21.86 21.17
Uber Technologies Inc. 31.06 28.43 27.00 10.87 21.93
Union Pacific Corp. 28.63 28.18 31.73 28.99 31.92
United Parcel Service Inc. 14.45 14.35 13.36 12.93 13.11
Payables Turnover, Sector
Transportation 18.63 17.96 17.23 15.26 15.94
Payables Turnover, Industry
Industrials 8.65 8.07 7.83 7.81 7.49

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
Payables turnover = Operating revenue ÷ Accounts payable
= 57,063 ÷ 4,193 = 13.61

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. United Airlines Holdings Inc. payables turnover ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Working Capital Turnover

United Airlines Holdings Inc., working capital turnover 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)
Current assets 18,883 18,487 20,058 21,834 14,800
Less: Current liabilities 23,314 22,203 19,992 18,304 12,725
Working capital (4,431) (3,716) 66 3,530 2,075
 
Operating revenue 57,063 53,717 44,955 24,634 15,355
Short-term Activity Ratio
Working capital turnover1 681.14 6.98 7.40
Benchmarks
Working Capital Turnover, Competitors2
FedEx Corp. 18.07 17.94 15.35 12.13 11.46
Uber Technologies Inc. 57.19 20.23 80.50 3.69
Union Pacific Corp. 476.41
United Parcel Service Inc. 31.74 52.36 24.61 13.21 26.45
Working Capital Turnover, Sector
Transportation 107.59 75.38 32.61 15.90 13.91
Working Capital Turnover, Industry
Industrials 10.82 13.27 10.34 6.90 4.52

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
Working capital turnover = Operating revenue ÷ Working capital
= 57,063 ÷ -4,431 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

United Airlines Holdings Inc., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data
Inventory turnover 36.30 34.41 40.54 25.06 16.48
Short-term Activity Ratio (no. days)
Average inventory processing period1 10 11 9 15 22
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
FedEx Corp. 3 2 2 3 3
Union Pacific Corp. 12 11 11 10 12
United Parcel Service Inc. 3 4 3 3 3
Average Inventory Processing Period, Sector
Transportation 5 5 4 4 5
Average Inventory Processing Period, Industry
Industrials 90 86 85 91 99

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 36.30 = 10

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

United Airlines Holdings Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data
Receivables turnover 26.38 28.30 24.96 14.81 11.86
Short-term Activity Ratio (no. days)
Average receivable collection period1 14 13 15 25 31
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
FedEx Corp. 42 41 46 52 53
Uber Technologies Inc. 28 33 32 51 35
Union Pacific Corp. 29 31 28 29 28
United Parcel Service Inc. 44 45 46 47 46
Average Receivable Collection Period, Sector
Transportation 34 35 38 45 45
Average Receivable Collection Period, Industry
Industrials 40 42 45 47 48

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 26.38 = 14

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

United Airlines Holdings Inc., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data
Average inventory processing period 10 11 9 15 22
Average receivable collection period 14 13 15 25 31
Short-term Activity Ratio
Operating cycle1 24 24 24 40 53
Benchmarks
Operating Cycle, Competitors2
FedEx Corp. 45 43 48 55 56
Union Pacific Corp. 41 42 39 39 40
United Parcel Service Inc. 47 49 49 50 49
Operating Cycle, Sector
Transportation 39 40 42 49 50
Operating Cycle, Industry
Industrials 130 128 130 138 147

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 cycle = Average inventory processing period + Average receivable collection period
= 10 + 14 = 24

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Average Payables Payment Period

United Airlines Holdings Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data
Payables turnover 13.61 14.01 13.24 9.62 9.63
Short-term Activity Ratio (no. days)
Average payables payment period1 27 26 28 38 38
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
FedEx Corp. 13 16 16 17 17
Uber Technologies Inc. 12 13 14 34 17
Union Pacific Corp. 13 13 12 13 11
United Parcel Service Inc. 25 25 27 28 28
Average Payables Payment Period, Sector
Transportation 20 20 21 24 23
Average Payables Payment Period, Industry
Industrials 42 45 47 47 49

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 13.61 = 27

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

United Airlines Holdings Inc., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data
Average inventory processing period 10 11 9 15 22
Average receivable collection period 14 13 15 25 31
Average payables payment period 27 26 28 38 38
Short-term Activity Ratio
Cash conversion cycle1 -3 -2 -4 2 15
Benchmarks
Cash Conversion Cycle, Competitors2
FedEx Corp. 32 27 32 38 39
Union Pacific Corp. 28 29 27 26 29
United Parcel Service Inc. 22 24 22 22 21
Cash Conversion Cycle, Sector
Transportation 19 20 21 25 27
Cash Conversion Cycle, Industry
Industrials 88 83 83 91 98

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 10 + 1427 = -3

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.