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
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

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

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Turnover Ratios
Inventory turnover 32.73 34.41 34.69 39.44 40.82 40.54 36.51 30.89 27.13 25.06 20.79 16.00 11.54 16.48 23.76 33.22 38.92 40.35
Receivables turnover 24.27 28.30 23.94 25.39 21.47 24.96 20.03 16.07 14.05 14.81 11.62 8.14 7.63 11.86 19.50 37.02 52.59 31.71
Payables turnover 12.62 14.01 12.48 12.20 12.65 13.24 11.53 9.49 9.77 9.62 9.03 6.58 5.77 9.63 12.47 18.39 17.10 16.00
Working capital turnover 681.14 58.21 38.43 35.17 6.98 3.24 2.21 5.72 7.40 33.33
Average No. Days
Average inventory processing period 11 11 11 9 9 9 10 12 13 15 18 23 32 22 15 11 9 9
Add: Average receivable collection period 15 13 15 14 17 15 18 23 26 25 31 45 48 31 19 10 7 12
Operating cycle 26 24 26 23 26 24 28 35 39 40 49 68 80 53 34 21 16 21
Less: Average payables payment period 29 26 29 30 29 28 32 38 37 38 40 55 63 38 29 20 21 23
Cash conversion cycle -3 -2 -3 -7 -3 -4 -4 -3 2 2 9 13 17 15 5 1 -5 -2

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
Receivables turnover An activity ratio equal to revenue divided by receivables. United Airlines Holdings Inc. receivables turnover ratio improved from Q3 2023 to Q4 2023 but then slightly deteriorated from Q4 2023 to Q1 2024 not reaching Q3 2023 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. United Airlines Holdings Inc. payables turnover ratio increased from Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024 not reaching Q3 2023 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 (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Operating revenue 12,539 13,626 14,484 14,178 11,429 12,400 12,877 12,112 7,566 8,192 7,750 5,471 3,221 3,412 2,489 1,475 7,979 10,888 11,380 11,402 9,589
Aircraft fuel, spare parts and supplies, less obsolescence allowance 1,675 1,561 1,513 1,290 1,196 1,109 1,116 1,153 1,068 983 955 912 918 932 961 955 1,070 1,072 1,065 996 972
Short-term Activity Ratio
Inventory turnover1 32.73 34.41 34.69 39.44 40.82 40.54 36.51 30.89 27.13 25.06 20.79 16.00 11.54 16.48 23.76 33.22 38.92 40.35
Benchmarks
Inventory Turnover, Competitors2
FedEx Corp. 140.40 149.26 146.78 143.65 146.45 146.80 150.05 150.76 150.16 143.03 135.08 127.31 120.56 121.01 122.65 120.12 121.41 126.03
Union Pacific Corp. 31.29 32.46 31.35 33.38 34.44 33.57 30.77 29.66 31.22 35.11 31.95 29.89 29.29 30.62 30.21 30.24 31.15 28.91

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Inventory turnover = (Operating revenueQ1 2024 + Operating revenueQ4 2023 + Operating revenueQ3 2023 + Operating revenueQ2 2023) ÷ Aircraft fuel, spare parts and supplies, less obsolescence allowance
= (12,539 + 13,626 + 14,484 + 14,178) ÷ 1,675 = 32.73

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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Receivables Turnover

United Airlines Holdings Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Operating revenue 12,539 13,626 14,484 14,178 11,429 12,400 12,877 12,112 7,566 8,192 7,750 5,471 3,221 3,412 2,489 1,475 7,979 10,888 11,380 11,402 9,589
Receivables, less allowance for credit losses 2,259 1,898 2,193 2,004 2,274 1,801 2,034 2,217 2,062 1,663 1,709 1,793 1,389 1,295 1,171 857 792 1,364 1,617 1,762 1,789
Short-term Activity Ratio
Receivables turnover1 24.27 28.30 23.94 25.39 21.47 24.96 20.03 16.07 14.05 14.81 11.62 8.14 7.63 11.86 19.50 37.02 52.59 31.71
Benchmarks
Receivables Turnover, Competitors2
FedEx Corp. 8.68 8.85 8.64 8.08 8.57 7.88 7.86 7.34 7.79 6.96 6.86 6.55 6.80 6.85 7.47 7.13 7.48 7.65
Uber Technologies Inc. 10.41 10.95 11.98 13.59 13.16 11.47 11.77 10.39 8.65 7.16 11.13 10.67 10.04 10.38 15.58 21.59 20.93 11.65
Union Pacific Corp. 11.14 11.63 12.48 13.56 12.82 13.15 11.90 11.42 11.57 12.66 12.63 12.34 11.99 12.98 12.53 14.55 12.91 13.61
United Parcel Service Inc. 9.39 8.11 9.84 10.03 9.60 7.97 9.21 8.78 8.82 7.76 9.01 9.12 8.84 7.87 8.93 8.38 9.23 7.76

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Receivables turnover = (Operating revenueQ1 2024 + Operating revenueQ4 2023 + Operating revenueQ3 2023 + Operating revenueQ2 2023) ÷ Receivables, less allowance for credit losses
= (12,539 + 13,626 + 14,484 + 14,178) ÷ 2,259 = 24.27

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 Q3 2023 to Q4 2023 but then slightly deteriorated from Q4 2023 to Q1 2024 not reaching Q3 2023 level.

Payables Turnover

United Airlines Holdings Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Operating revenue 12,539 13,626 14,484 14,178 11,429 12,400 12,877 12,112 7,566 8,192 7,750 5,471 3,221 3,412 2,489 1,475 7,979 10,888 11,380 11,402 9,589
Accounts payable 4,344 3,835 4,206 4,172 3,858 3,395 3,534 3,755 2,966 2,562 2,199 2,218 1,838 1,595 1,831 1,725 2,436 2,703 2,848 3,033 2,707
Short-term Activity Ratio
Payables turnover1 12.62 14.01 12.48 12.20 12.65 13.24 11.53 9.49 9.77 9.62 9.03 6.58 5.77 9.63 12.47 18.39 17.10 16.00
Benchmarks
Payables Turnover, Competitors2
FedEx Corp. 23.35 23.43 23.23 23.59 22.74 23.20 21.90 21.37 22.67 21.86 19.74 20.02 21.41 21.17 21.82 21.07 21.92 23.00
Uber Technologies Inc. 28.05 28.43 27.17 30.63 29.34 27.00 22.55 18.17 13.53 10.87 24.80 15.26 23.16 21.93 23.50 24.51 32.64 26.50
United Parcel Service Inc. 16.63 14.35 15.59 15.81 15.69 13.36 15.02 13.96 14.04 12.93 14.65 14.09 14.20 13.11 14.32 14.68 15.69 13.34

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Payables turnover = (Operating revenueQ1 2024 + Operating revenueQ4 2023 + Operating revenueQ3 2023 + Operating revenueQ2 2023) ÷ Accounts payable
= (12,539 + 13,626 + 14,484 + 14,178) ÷ 4,344 = 12.62

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 Q3 2023 to Q4 2023 but then slightly decreased from Q4 2023 to Q1 2024 not reaching Q3 2023 level.

Working Capital Turnover

United Airlines Holdings Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in millions)
Current assets 18,696 18,487 21,912 23,306 21,586 20,058 22,689 24,371 22,612 21,834 23,057 24,673 16,019 14,800 16,476 10,041 7,905 8,194 8,533 8,910 7,608
Less: Current liabilities 24,764 22,203 24,756 25,575 23,635 19,992 21,989 23,444 21,788 18,304 16,935 18,064 14,167 12,725 15,791 16,395 16,087 14,938 15,691 16,078 15,335
Working capital (6,068) (3,716) (2,844) (2,269) (2,049) 66 700 927 824 3,530 6,122 6,609 1,852 2,075 685 (6,354) (8,182) (6,744) (7,158) (7,168) (7,727)
 
Operating revenue 12,539 13,626 14,484 14,178 11,429 12,400 12,877 12,112 7,566 8,192 7,750 5,471 3,221 3,412 2,489 1,475 7,979 10,888 11,380 11,402 9,589
Short-term Activity Ratio
Working capital turnover1 681.14 58.21 38.43 35.17 6.98 3.24 2.21 5.72 7.40 33.33
Benchmarks
Working Capital Turnover, Competitors2
FedEx Corp. 17.45 17.94 21.22 22.52 16.22 15.35 16.74 13.05 13.06 12.13 9.67 8.17 9.27 11.46 31.44 26.10 22.61 17.11
Uber Technologies Inc. 18.54 20.23 28.22 17.25 65.98 80.50 83.47 1,646.62 9.53 129.39 10.72 3.69 4.83 3.46 3.19 1.71
Union Pacific Corp. 476.41 67.83
United Parcel Service Inc. 60.59 52.36 27.10 20.23 18.10 24.61 14.61 12.16 11.27 13.21 12.81 14.87 19.13 26.45 17.95 19.57 21.16 43.84

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Working capital turnover = (Operating revenueQ1 2024 + Operating revenueQ4 2023 + Operating revenueQ3 2023 + Operating revenueQ2 2023) ÷ Working capital
= (12,539 + 13,626 + 14,484 + 14,178) ÷ -6,068 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

United Airlines Holdings Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Inventory turnover 32.73 34.41 34.69 39.44 40.82 40.54 36.51 30.89 27.13 25.06 20.79 16.00 11.54 16.48 23.76 33.22 38.92 40.35
Short-term Activity Ratio (no. days)
Average inventory processing period1 11 11 11 9 9 9 10 12 13 15 18 23 32 22 15 11 9 9
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
FedEx Corp. 3 2 2 3 2 2 2 2 2 3 3 3 3 3 3 3 3 3
Union Pacific Corp. 12 11 12 11 11 11 12 12 12 10 11 12 12 12 12 12 12 13

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 32.73 = 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.

Average Receivable Collection Period

United Airlines Holdings Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Receivables turnover 24.27 28.30 23.94 25.39 21.47 24.96 20.03 16.07 14.05 14.81 11.62 8.14 7.63 11.86 19.50 37.02 52.59 31.71
Short-term Activity Ratio (no. days)
Average receivable collection period1 15 13 15 14 17 15 18 23 26 25 31 45 48 31 19 10 7 12
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
FedEx Corp. 42 41 42 45 43 46 46 50 47 52 53 56 54 53 49 51 49 48
Uber Technologies Inc. 35 33 30 27 28 32 31 35 42 51 33 34 36 35 23 17 17 31
Union Pacific Corp. 33 31 29 27 28 28 31 32 32 29 29 30 30 28 29 25 28 27
United Parcel Service Inc. 39 45 37 36 38 46 40 42 41 47 40 40 41 46 41 44 40 47

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 24.27 = 15

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 (quarterly data)

No. days

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Average inventory processing period 11 11 11 9 9 9 10 12 13 15 18 23 32 22 15 11 9 9
Average receivable collection period 15 13 15 14 17 15 18 23 26 25 31 45 48 31 19 10 7 12
Short-term Activity Ratio
Operating cycle1 26 24 26 23 26 24 28 35 39 40 49 68 80 53 34 21 16 21
Benchmarks
Operating Cycle, Competitors2
FedEx Corp. 45 43 44 48 45 48 48 52 49 55 56 59 57 56 52 54 52 51
Union Pacific Corp. 45 42 41 38 39 39 43 44 44 39 40 42 42 40 41 37 40 40

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 11 + 15 = 26

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 (quarterly data)

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Payables turnover 12.62 14.01 12.48 12.20 12.65 13.24 11.53 9.49 9.77 9.62 9.03 6.58 5.77 9.63 12.47 18.39 17.10 16.00
Short-term Activity Ratio (no. days)
Average payables payment period1 29 26 29 30 29 28 32 38 37 38 40 55 63 38 29 20 21 23
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
FedEx Corp. 16 16 16 15 16 16 17 17 16 17 18 18 17 17 17 17 17 16
Uber Technologies Inc. 13 13 13 12 12 14 16 20 27 34 15 24 16 17 16 15 11 14
United Parcel Service Inc. 22 25 23 23 23 27 24 26 26 28 25 26 26 28 25 25 23 27

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 12.62 = 29

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 (quarterly data)

No. days

Microsoft Excel
Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Average inventory processing period 11 11 11 9 9 9 10 12 13 15 18 23 32 22 15 11 9 9
Average receivable collection period 15 13 15 14 17 15 18 23 26 25 31 45 48 31 19 10 7 12
Average payables payment period 29 26 29 30 29 28 32 38 37 38 40 55 63 38 29 20 21 23
Short-term Activity Ratio
Cash conversion cycle1 -3 -2 -3 -7 -3 -4 -4 -3 2 2 9 13 17 15 5 1 -5 -2
Benchmarks
Cash Conversion Cycle, Competitors2
FedEx Corp. 29 27 28 33 29 32 31 35 33 38 38 41 40 39 35 37 35 35

Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q1 2024 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 11 + 1529 = -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.