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.

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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Turnover Ratios
Inventory turnover 34.41 40.54 25.06 16.48 40.35
Receivables turnover 28.30 24.96 14.81 11.86 31.71
Payables turnover 14.01 13.24 9.62 9.63 16.00
Working capital turnover 681.14 6.98 7.40
Average No. Days
Average inventory processing period 11 9 15 22 9
Add: Average receivable collection period 13 15 25 31 12
Operating cycle 24 24 40 53 21
Less: Average payables payment period 26 28 38 38 23
Cash conversion cycle -2 -4 2 15 -2

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).

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. United Airlines Holdings Inc. receivables turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. United Airlines Holdings Inc. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.

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. United Airlines Holdings Inc. number of days of inventory outstanding improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. United Airlines Holdings Inc. number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023.
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. United Airlines Holdings Inc. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.
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. United Airlines Holdings Inc. cash conversion cycle improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Inventory Turnover

United Airlines Holdings Inc., inventory turnover calculation, comparison to benchmarks

Microsoft Excel
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
Aircraft fuel, spare parts and supplies, less obsolescence allowance 1,561 1,109 983 932 1,072
Short-term Activity Ratio
Inventory turnover1 34.41 40.54 25.06 16.48 40.35
Benchmarks
Inventory Turnover, Competitors2
FedEx Corp. 149.26 146.80 143.03 121.01 126.03
Union Pacific Corp. 32.46 33.57 35.11 30.62 28.91
United Parcel Service Inc. 97.28 112.87 135.69 136.50 145.00
Inventory Turnover, Sector
Transportation 99.78 105.15 110.34 97.56 95.15
Inventory Turnover, Industry
Industrials 3.89 3.99 3.87 3.61 3.94

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
Inventory turnover = Operating revenue ÷ Aircraft fuel, spare parts and supplies, less obsolescence allowance
= 53,717 ÷ 1,561 = 34.41

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Receivables Turnover

United Airlines Holdings Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel
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
Receivables, less allowance for credit losses 1,898 1,801 1,663 1,295 1,364
Short-term Activity Ratio
Receivables turnover1 28.30 24.96 14.81 11.86 31.71
Benchmarks
Receivables Turnover, Competitors2
FedEx Corp. 8.85 7.88 6.96 6.85 7.65
Uber Technologies Inc. 10.95 11.47 7.16 10.38 11.65
Union Pacific Corp. 11.63 13.15 12.66 12.98 13.61
United Parcel Service Inc. 8.11 7.97 7.76 7.87 7.76
Receivables Turnover, Sector
Transportation 9.02 8.61 7.66 7.88 8.36
Receivables Turnover, Industry
Industrials 8.14 7.80 7.60 7.49 7.67

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
Receivables turnover = Operating revenue ÷ Receivables, less allowance for credit losses
= 53,717 ÷ 1,898 = 28.30

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 2021 to 2022 and from 2022 to 2023.

Payables Turnover

United Airlines Holdings Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel
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
Accounts payable 3,835 3,395 2,562 1,595 2,703
Short-term Activity Ratio
Payables turnover1 14.01 13.24 9.62 9.63 16.00
Benchmarks
Payables Turnover, Competitors2
FedEx Corp. 23.43 23.20 21.86 21.17 23.00
Uber Technologies Inc. 28.43 27.00 10.87 21.93 26.50
Union Pacific Corp. 28.18 31.73 28.99 31.92 28.98
United Parcel Service Inc. 14.35 13.36 12.93 13.11 13.34
Payables Turnover, Sector
Transportation 19.24 18.26 16.37 16.89 17.98
Payables Turnover, Industry
Industrials 7.74 7.58 7.74 7.44 7.40

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
Payables turnover = Operating revenue ÷ Accounts payable
= 53,717 ÷ 3,835 = 14.01

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 2021 to 2022 and from 2022 to 2023.

Working Capital Turnover

United Airlines Holdings Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current assets 18,487 20,058 21,834 14,800 8,194
Less: Current liabilities 22,203 19,992 18,304 12,725 14,938
Working capital (3,716) 66 3,530 2,075 (6,744)
 
Operating revenue 53,717 44,955 24,634 15,355 43,259
Short-term Activity Ratio
Working capital turnover1 681.14 6.98 7.40
Benchmarks
Working Capital Turnover, Competitors2
FedEx Corp. 17.94 15.35 12.13 11.46 17.11
Uber Technologies Inc. 20.23 80.50 3.69 1.71
Union Pacific Corp. 476.41
United Parcel Service Inc. 52.36 24.61 13.21 26.45 43.84
Working Capital Turnover, Sector
Transportation 31.72 27.86 18.55 15.01 13.65
Working Capital Turnover, Industry
Industrials 11.44 9.67 6.90 4.47 10.00

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
Working capital turnover = Operating revenue ÷ Working capital
= 53,717 ÷ -3,716 =

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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Inventory turnover 34.41 40.54 25.06 16.48 40.35
Short-term Activity Ratio (no. days)
Average inventory processing period1 11 9 15 22 9
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
FedEx Corp. 2 2 3 3 3
Union Pacific Corp. 11 11 10 12 13
United Parcel Service Inc. 4 3 3 3 3
Average Inventory Processing Period, Sector
Transportation 4 3 3 4 4
Average Inventory Processing Period, Industry
Industrials 94 91 94 101 93

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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 34.41 = 11

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. United Airlines Holdings Inc. number of days of inventory outstanding improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Average Receivable Collection Period

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Receivables turnover 28.30 24.96 14.81 11.86 31.71
Short-term Activity Ratio (no. days)
Average receivable collection period1 13 15 25 31 12
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
FedEx Corp. 41 46 52 53 48
Uber Technologies Inc. 33 32 51 35 31
Union Pacific Corp. 31 28 29 28 27
United Parcel Service Inc. 45 46 47 46 47
Average Receivable Collection Period, Sector
Transportation 40 42 48 46 44
Average Receivable Collection Period, Industry
Industrials 45 47 48 49 48

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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 28.30 = 13

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. United Airlines Holdings Inc. number of days of receivables outstanding improved from 2021 to 2022 and from 2022 to 2023.

Operating Cycle

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

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 11 9 15 22 9
Average receivable collection period 13 15 25 31 12
Short-term Activity Ratio
Operating cycle1 24 24 40 53 21
Benchmarks
Operating Cycle, Competitors2
FedEx Corp. 43 48 55 56 51
Union Pacific Corp. 42 39 39 40 40
United Parcel Service Inc. 49 49 50 49 50
Operating Cycle, Sector
Transportation 44 45 51 50 48
Operating Cycle, Industry
Industrials 139 138 142 150 141

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
Operating cycle = Average inventory processing period + Average receivable collection period
= 11 + 13 = 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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Payables turnover 14.01 13.24 9.62 9.63 16.00
Short-term Activity Ratio (no. days)
Average payables payment period1 26 28 38 38 23
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
FedEx Corp. 16 16 17 17 16
Uber Technologies Inc. 13 14 34 17 14
Union Pacific Corp. 13 12 13 11 13
United Parcel Service Inc. 25 27 28 28 27
Average Payables Payment Period, Sector
Transportation 19 20 22 22 20
Average Payables Payment Period, Industry
Industrials 47 48 47 49 49

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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 14.01 = 26

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. United Airlines Holdings Inc. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.

Cash Conversion Cycle

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

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 11 9 15 22 9
Average receivable collection period 13 15 25 31 12
Average payables payment period 26 28 38 38 23
Short-term Activity Ratio
Cash conversion cycle1 -2 -4 2 15 -2
Benchmarks
Cash Conversion Cycle, Competitors2
FedEx Corp. 27 32 38 39 35
Union Pacific Corp. 29 27 26 29 27
United Parcel Service Inc. 24 22 22 21 23
Cash Conversion Cycle, Sector
Transportation 25 25 29 28 28
Cash Conversion Cycle, Industry
Industrials 92 90 95 101 92

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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 11 + 1326 = -2

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. United Airlines Holdings Inc. cash conversion cycle improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.