Financial Ratios United Airlines Holdings, Inc.

Equities

UAL

US9100471096

Airlines

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5af768ef3e7e3ed4e8525.1NgZVhJXZHIIItHD4DipYuQXm_9gq1lEZKEsC2UDlbo.4YcgMHQcFyFyZ6D2hnPlKK061Y8pzGF9Ke4fSglZ-t6M710hSiRUCjFIsg

Published financial data: UNITED AIRLINES HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	22.55B	42.2B	50.54B	53.57B	55.22B
Other Revenues, Total	2.09B	2.75B	3.18B	3.49B	3.85B
Total Revenues	24.63B	44.96B	53.72B	57.06B	59.07B
Cost of Goods Sold, Total	21.37B	31.77B	35.72B	37.53B	39.01B
Gross Profit	3.26B	13.19B	18B	19.53B	20.06B
Selling General & Admin Expenses, Total	776M	1.7B	2.2B	2.47B	2.36B
Depreciation & Amortization - (IS)	2.48B	2.46B	2.67B	2.93B	2.94B
Other Operating Expenses	4.33B	6.46B	7.84B	8.82B	9.67B
Other Operating Expenses, Total	7.6B	10.62B	12.71B	14.21B	14.97B
Operating Income	-4.33B	2.57B	5.29B	5.32B	5.1B
Interest Expense, Total	-1.58B	-1.67B	-1.77B	-1.4B	-1.17B
Interest And Investment Income	36M	298M	827M	726M	611M
Net Interest Expenses	-1.54B	-1.38B	-947M	-676M	-556M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	62M	-75M	-24M	-34M	42M
EBT, Excl. Unusual Items	-5.81B	1.12B	4.32B	4.61B	4.58B
Restructuring Charges	-469M	-	-	-	-
Gain (Loss) On Sale Of Investments	-34M	20M	27M	-199M	4M
Asset Writedown	-97M	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	3.85B	-147M	-960M	-240M	-279M
EBT, Incl. Unusual Items	-2.56B	990M	3.39B	4.17B	4.31B
Income Tax Expense	-593M	253M	769M	1.02B	953M
Earnings From Continuing Operations	-1.96B	737M	2.62B	3.15B	3.35B
Net Income to Company	-1.96B	737M	2.62B	3.15B	3.35B
Net Income - (IS)	-1.96B	737M	2.62B	3.15B	3.35B
Net Income to Common Incl Extra Items	-1.96B	737M	2.62B	3.15B	3.35B
Net Income to Common Excl. Extra Items	-1.96B	737M	2.62B	3.15B	3.35B
Per Share Items
Net EPS - Basic	-6.1	2.26	7.99	9.58	10.32
Basic EPS - Continuing Operations	-6.1	2.26	7.99	9.58	10.32
Basic Weighted Average Shares Outstanding	322M	326M	328M	329M	325M
Net EPS - Diluted	-6.1	2.23	7.89	9.45	10.2
Diluted EPS - Continuing Operations	-6.1	2.23	7.89	9.45	10.2
Diluted Weighted Average Shares Outstanding	322M	330M	332M	333M	328M
Normalized Basic EPS	-11.28	2.14	8.24	8.76	8.81
Normalized Diluted EPS	-11.28	2.11	8.13	8.64	8.72
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	-2.03B	4.86B	7.79B	8.09B	7.76B
EBITA	-4.28B	2.61B	5.33B	5.35B	5.12B
EBIT	-4.33B	2.57B	5.29B	5.32B	5.1B
EBITDAR	1.2B	8.37B	11.71B	12.5B	12.62B
Total Revenues (As Reported)	24.63B	44.96B	53.72B	57.06B	59.07B
Effective Tax Rate - (Ratio)	23.19	25.56	22.7	24.45	22.13
Current Domestic Taxes	-	-	-	-	16M
Current Foreign Taxes	-	-	-	-	12M
Total Current Taxes	-10M	5M	13M	84M	28M
Deferred Domestic Taxes	-	-	-	-	924M
Total Deferred Taxes	-583M	248M	756M	935M	924M
Normalized Net Income	-3.63B	698M	2.7B	2.88B	2.86B
Interest Capitalized	80M	105M	182M	227M	206M
Interest on Long-Term Debt	96M	118M	202M	243M	221M
Non-Cash Pension Expense	68M	7M	-22M	-27M	-36M
Supplemental Operating Expense Items
Advertising Expense	99M	165M	221M	235M	250M
Selling and Marketing Expenses	776M	1.7B	2.2B	2.47B	2.36B
Net Rental Expense, Total	3.22B	3.51B	3.91B	4.41B	4.86B
Imputed Operating Lease Interest Expense	1.14B	1.27B	1.65B	1.63B	1.65B
Imputed Operating Lease Depreciation	2.08B	2.24B	2.26B	2.78B	3.21B
Maintenance & Repair Expenses, Total	1.32B	2.15B	2.74B	3.06B	3.29B
Stock-Based Comp., COGS (Total)	238M	89M	80M	142M	148M
Total Stock-Based Compensation	238M	89M	80M	142M	148M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	18.28B	7.17B	6.06B	8.77B	5.94B
Short Term Investments	123M	9.25B	8.33B	5.71B	6.3B
Total Cash And Short Term Investments	18.41B	16.41B	14.39B	14.48B	12.24B
Accounts Receivable, Total	1.66B	1.8B	1.9B	2.16B	2.39B
Total Receivables	1.66B	1.8B	1.9B	2.16B	2.39B
Inventory	983M	1.11B	1.56B	1.57B	1.56B
Prepaid Expenses	745M	689M	609M	662M	671M
Restricted Cash	37M	45M	31M	11M	-
Other Current Assets, Total	-	-	-	-	-1M
Total Current Assets	21.83B	20.06B	18.49B	18.88B	16.86B
Gross Property Plant And Equipment	52.99B	56B	62.89B	68.42B	75.04B
Accumulated Depreciation	-18.49B	-20.48B	-22.71B	-25.12B	-27.47B
Net Property Plant And Equipment	34.5B	35.52B	40.18B	43.3B	47.57B
Long-term Investments	1.34B	1.37B	1.39B	1.27B	1.19B
Goodwill	4.53B	4.53B	4.53B	4.53B	4.53B
Other Intangibles, Total	2.8B	2.76B	2.72B	2.68B	2.66B
Loans Receivable Long-Term	76M	-	-	-	-
Deferred Tax Assets Long-Term	659M	91M	-	-	-
Other Long-Term Assets, Total	2.43B	3.03B	3.8B	3.43B	3.64B
Total Assets	68.18B	67.36B	71.1B	74.08B	76.45B
Liabilities
Accounts Payable, Total	2.56B	3.4B	3.84B	4.19B	4.57B
Accrued Expenses, Total	2.12B	1.97B	2.94B	3.29B	3.9B
Current Portion of Long-Term Debt	3B	2.93B	4.08B	3.23B	4.33B
Current Portion of Leases	1.47B	665M	748M	690M	727M
Unearned Revenue Current, Total	8.59B	10.25B	9.8B	10.96B	11.85B
Other Current Liabilities	560M	779M	806M	948M	757M
Total Current Liabilities	18.3B	19.99B	22.2B	23.31B	26.13B
Long-Term Debt	30.36B	29.13B	27.32B	25.14B	20.18B
Long-Term Leases	6.23B	4.57B	4.59B	4.58B	5.8B
Unearned Revenue Non Current	4.04B	3.98B	4.05B	4.04B	4.06B
Pension & Other Post Retirement Benefits	2.92B	1.42B	1.6B	1.23B	1.06B
Deferred Tax Liability Non Current	-	-	594M	1.58B	2.46B
Other Non Current Liabilities	1.28B	1.37B	1.41B	1.53B	1.48B
Total Liabilities	63.15B	60.46B	61.78B	61.41B	61.17B
Common Stock, Total	4M	4M	4M	4M	4M
Additional Paid In Capital	9.16B	8.99B	8.99B	8.98B	8.91B
Retained Earnings	625M	1.26B	3.83B	6.88B	10.09B
Treasury Stock	-3.81B	-3.53B	-3.44B	-3.38B	-3.77B
Comprehensive Income and Other	-942M	175M	-62M	188M	48M
Total Common Equity	5.03B	6.9B	9.32B	12.68B	15.28B
Total Equity	5.03B	6.9B	9.32B	12.68B	15.28B
Total Liabilities And Equity	68.18B	67.36B	71.1B	74.08B	76.45B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	325M	327M	328M	327M	323M
ECS Total Common Shares Outstanding	324M	327M	328M	328M	323M
Book Value / Share	15.53	21.09	28.43	38.66	47.24
Tangible Book Value	-2.3B	-393M	2.07B	5.46B	8.1B
Tangible Book Value Per Share	-7.11	-1.2	6.32	16.67	25.04
Total Debt	41.06B	37.3B	36.74B	33.63B	31.04B
Net Debt	22.66B	20.89B	22.35B	19.16B	18.8B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.85B	714M	951M	714M	577M
Debt Equivalent Oper. Leases	25.78B	28.09B	31.31B	35.3B	38.91B
Equity Method Investments, Total	1.34B	1.37B	1.39B	1.27B	1.19B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Others	1.53B	1.72B	2.25B	2.31B	2.39B
Machinery, Total	39.58B	42.78B	48.45B	52.7B	56.88B
Full Time Employees	84.1K	92.8K	103K	107K	113K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	28M	11M	18M	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-1.96B	737M	2.62B	3.15B	3.35B
Depreciation & Amortization - CF	2.25B	2.25B	2.47B	2.74B	2.63B
Amortization of Goodwill and Intangible Assets - (CF)	49M	41M	37M	32M	28M
Depreciation & Amortization, Total	2.3B	2.29B	2.5B	2.77B	2.66B
Amortization of Deferred Charges, Total - (CF)	182M	322M	307M	321M	237M
(Gain) Loss on Sale of Investments - (CF)	34M	-20M	-27M	199M	-4M
Asset Writedown & Restructuring Costs	97M	-	-	-	-
Other Operating Activities, Total	-255M	482M	846M	1.1B	995M
Change In Accounts Receivable	-448M	-158M	-100M	280M	-297M
Change In Accounts Payable	985M	796M	572M	178M	674M
Change in Unearned Revenues	1.83B	1.59B	-383M	1.16B	906M
Change in Other Net Operating Assets	-695M	24M	575M	288M	-93M
Cash from Operations	2.07B	6.07B	6.91B	9.44B	8.43B
Capital Expenditure	-2.11B	-4.82B	-7.17B	-5.62B	-5.87B
Sale of Property, Plant, and Equipment	107M	207M	39M	109M	98M
Investment in Marketable and Equity Securities, Total	329M	-9.15B	1.05B	2.85B	-479M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-1M	-69M	-23M	3M	-95M
Cash from Investing	-1.67B	-13.83B	-6.11B	-2.65B	-6.35B
Long-Term Debt Issued, Total	11.1B	736M	2.39B	6.14B	578M
Total Debt Issued	11.1B	736M	2.39B	6.14B	578M
Long-Term Debt Repaid, Total	-5.2B	-4.01B	-4.25B	-10.14B	-4.77B
Total Debt Repaid	-5.2B	-4.01B	-4.25B	-10.14B	-4.77B
Issuance of Common Stock	532M	-	-	-	-
Repurchase of Common Stock	-	-	-	-162M	-637M
Other Financing Activities, Total	-27M	-74M	-32M	-21M	-115M
Cash from Financing	6.4B	-3.35B	-1.89B	-4.18B	-4.94B
Miscellaneous Cash Flow Adjustments	-	-	-	-	-1M
Net Change in Cash	6.79B	-11.11B	-1.09B	2.61B	-2.86B
Supplemental Items
Cash Interest Paid	1.42B	1.57B	1.85B	1.49B	1.33B
Cash Income Tax Paid (Refund)	-	8M	7M	88M	62M
Levered Free Cash Flow	447M	782M	-1.55B	1.77B	1.1B
Unlevered Free Cash Flow	1.43B	1.67B	-581M	2.48B	1.75B
Change In Net Working Capital	-3.52B	-2.34B	-532M	-1.7B	-1.47B
Net Debt Issued / Repaid	5.89B	-3.28B	-1.86B	-4B	-4.19B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-4.24	2.37	4.78	4.58	4.23
Return on Total Capital	-6.3	3.55	7.33	7.2	6.88
Return On Equity %	-35.74	12.36	32.28	28.63	23.99
Return on Common Equity	-35.74	12.36	32.28	28.63	23.99
Margin Analysis
Gross Profit Margin %	13.25	29.33	33.51	34.22	33.96
SG&A Margin	3.15	3.78	4.09	4.32	3.99
EBITDA Margin %	-8.23	10.8	14.51	14.18	13.13
EBITA Margin %	-17.38	5.8	9.92	9.37	8.67
EBIT Margin %	-17.58	5.71	9.85	9.32	8.63
Income From Continuing Operations Margin %	-7.97	1.64	4.87	5.52	5.68
Net Income Margin %	-7.97	1.64	4.87	5.52	5.68
Net Avail. For Common Margin %	-7.97	1.64	4.87	5.52	5.68
Normalized Net Income Margin	-14.74	1.55	5.03	5.05	4.85
Levered Free Cash Flow Margin	1.82	1.74	-2.89	3.11	1.86
Unlevered Free Cash Flow Margin	5.82	3.72	-1.08	4.35	2.96
Asset Turnover
Asset Turnover	0.39	0.66	0.78	0.79	0.78
Fixed Assets Turnover	0.71	1.28	1.42	1.37	1.3
Receivables Turnover (Average Receivables)	15.24	24.37	27.33	26.38	24.25
Inventory Turnover (Average Inventory)	22.32	30.37	26.75	23.96	24.94
Short Term Liquidity
Current Ratio	1.19	1	0.83	0.81	0.65
Quick Ratio	1.1	0.91	0.73	0.71	0.56
Operating Cash Flow to Current Liabilities	0.11	0.3	0.31	0.41	0.32
Days Sales Outstanding (Average Receivables)	23.94	14.98	13.36	13.87	15.05
Days Outstanding Inventory (Average Inventory)	16.35	12.02	13.64	15.28	14.63
Average Days Payable Outstanding	35.42	34.09	36.48	39.13	41
Cash Conversion Cycle (Average Days)	4.88	-7.09	-9.48	-9.98	-11.31
Long Term Solvency
Total Debt/Equity	816.52	540.89	394.03	265.35	203.09
Total Debt / Total Capital	89.09	84.4	79.76	72.63	67.01
LT Debt/Equity	727.68	488.7	342.3	234.42	170
Long-Term Debt / Total Capital	79.4	76.25	69.29	64.16	56.09
Total Liabilities / Total Assets	92.62	89.76	86.89	82.89	80.01
EBIT / Interest Expense	-2.75	1.53	2.98	3.79	4.37
EBITDA / Interest Expense	0.76	5	6.6	8.92	10.81
(EBITDA - Capex) / Interest Expense	-0.58	2.12	2.56	4.91	5.78
Total Debt / EBITDA	34.33	4.46	3.14	2.69	2.46
Net Debt / EBITDA	18.94	2.5	1.91	1.53	1.49
Total Debt / (EBITDA - Capex)	-45.07	10.51	8.1	4.88	4.6
Net Debt / (EBITDA - Capex)	-24.87	5.89	4.93	2.78	2.79
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	60.43	82.49	19.49	6.23	3.52
Gross Profit, 1 Yr. Growth %	-232.13	361.05	36.52	8.49	2.73
EBITDA, 1 Yr. Growth %	-69.23	-299.71	60.47	3.8	-2.02
EBITA, 1 Yr. Growth %	-51.62	-155.66	104.29	0.39	-4.23
EBIT, 1 Yr. Growth %	-51.37	-154.21	106.12	0.49	-4.18
Earnings From Cont. Operations, 1 Yr. Growth %	-72.22	-137.53	255.22	20.28	6.48
Net Income, 1 Yr. Growth %	-72.22	-137.53	255.22	20.28	6.48
Normalized Net Income, 1 Yr. Growth %	-41.09	-117.98	286.75	6.64	-0.56
Diluted EPS Before Extra, 1 Yr. Growth %	-75.88	-136.55	253.81	19.77	7.94
Accounts Receivable, 1 Yr. Growth %	28.42	8.3	5.39	13.96	10.54
Inventory, 1 Yr. Growth %	5.47	12.82	40.76	0.7	-1.02
Net Property, Plant and Equip., 1 Yr. Growth %	-0.96	2.94	13.13	7.76	9.88
Total Assets, 1 Yr. Growth %	14.49	-1.2	5.56	4.19	3.19
Tangible Book Value, 1 Yr. Growth %	63.77	-82.92	-627.23	163.75	48.22
Common Equity, 1 Yr. Growth %	-15.62	37.12	35.21	35.94	20.57
Cash From Operations, 1 Yr. Growth %	-150.01	193.47	13.93	36.67	-10.74
Capital Expenditures, 1 Yr. Growth %	22	128.71	48.81	-21.7	4.61
Levered Free Cash Flow, 1 Yr. Growth %	-105.6	114.18	-298.38	-214.31	-31.22
Unlevered Free Cash Flow, 1 Yr. Growth %	-119.47	41.69	-134.77	-527.3	-24.12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-24.54	71.11	47.67	12.66	4.86
Gross Profit, 2 Yr. CAGR %	-53	131	134.8	21.7	5.57
EBITDA, 2 Yr. CAGR %	-45.08	-14.14	96.09	29.06	0.41
EBITA, 2 Yr. CAGR %	-3.82	-45.71	11.56	43.21	-1.94
EBIT, 2 Yr. CAGR %	-2.64	-46.31	10.54	43.92	-1.87
Earnings From Cont. Operations, 2 Yr. CAGR %	-19.21	-67.71	15.46	106.71	13.17
Net Income, 2 Yr. CAGR %	-19.21	-67.71	15.46	106.71	13.17
Normalized Net Income, 2 Yr. CAGR %	20.4	-66.34	-13.76	103.09	2.98
Diluted EPS Before Extra, 2 Yr. CAGR %	-27.41	-70.31	13.72	105.86	13.7
Accounts Receivable, 2 Yr. CAGR %	10.42	17.93	6.83	9.59	12.24
Inventory, 2 Yr. CAGR %	-4.24	9.08	26.02	19.06	-0.16
Net Property, Plant and Equip., 2 Yr. CAGR %	1.38	0.97	7.91	10.41	8.81
Total Assets, 2 Yr. CAGR %	13.83	6.36	2.13	4.87	3.69
Tangible Book Value, 2 Yr. CAGR %	-24.15	-47.11	-5.11	272.91	97.72
Common Equity, 2 Yr. CAGR %	-33.96	7.57	36.16	35.57	28.02
Cash From Operations, 2 Yr. CAGR %	-45.3	21.15	82.85	24.78	10.45
Capital Expenditures, 2 Yr. CAGR %	-31.79	67.04	84.48	7.94	-9.49
Levered Free Cash Flow, 2 Yr. CAGR %	-39.88	-68.51	58.4	50.59	-18.46
Unlevered Free Cash Flow, 2 Yr. CAGR %	-6.56	-52.35	-36.31	21.89	60.12
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-15.82	1.29	51.81	32.31	9.53
Gross Profit, 3 Yr. CAGR %	-37.22	-3.74	93.85	81.52	15.01
EBITDA, 3 Yr. CAGR %	-29.21	-10.26	5.76	58.62	16.88
EBITA, 3 Yr. CAGR %	4.63	-17.4	-15.56	7.71	25.24
EBIT, 3 Yr. CAGR %	5.67	-17.48	-15.93	7.08	25.67
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.55	-37.43	-28.19	17.04	65.7
Net Income, 3 Yr. CAGR %	-2.55	-37.43	-28.19	17.04	65.7
Normalized Net Income, 3 Yr. CAGR %	22.76	-34.68	-24.05	-7.44	60.07
Diluted EPS Before Extra, 3 Yr. CAGR %	-7.34	-42.25	-32.19	15.7	66
Accounts Receivable, 3 Yr. CAGR %	5.26	9.71	13.59	9.16	9.91
Inventory, 3 Yr. CAGR %	-0.07	1.14	18.76	16.94	11.95
Net Property, Plant and Equip., 3 Yr. CAGR %	3.1	1.9	4.87	7.86	10.23
Total Assets, 3 Yr. CAGR %	11.62	8.59	6.09	2.81	4.31
Tangible Book Value, 3 Yr. CAGR %	-0.84	-53.85	13.82	33.42	174.18
Common Equity, 3 Yr. CAGR %	-20.59	-15.75	16.09	36.09	30.38
Cash From Operations, 3 Yr. CAGR %	-30.53	-4.24	18.69	65.94	11.6
Capital Expenditures, 3 Yr. CAGR %	-19.7	2.1	60.73	38.64	6.82
Levered Free Cash Flow, 3 Yr. CAGR %	-23.52	-14.19	-41.85	42.08	12.02
Unlevered Free Cash Flow, 3 Yr. CAGR %	1.31	0.61	-57.1	20.12	1.57
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-7.59	3.54	5.4	5.7	30.93
Gross Profit, 5 Yr. CAGR %	-25.02	0.64	6.41	5.73	52.02
EBITDA, 5 Yr. CAGR %	-21.86	-3.04	6.41	3.78	3.32
EBITA, 5 Yr. CAGR %	-3.74	-7.1	7.35	2.94	-10.36
EBIT, 5 Yr. CAGR %	-3.18	-7	7.59	3.08	-10.56
Earnings From Cont. Operations, 5 Yr. CAGR %	-2.54	-19.22	4.29	0.91	-13.86
Net Income, 5 Yr. CAGR %	-2.54	-19.22	4.29	0.91	-13.86
Normalized Net Income, 5 Yr. CAGR %	5.16	-18.98	6.59	2.83	-14.21
Diluted EPS Before Extra, 5 Yr. CAGR %	-2.03	-20.59	0.57	-3.98	-16.61
Accounts Receivable, 5 Yr. CAGR %	7.18	6.09	5.89	9.66	13.05
Inventory, 5 Yr. CAGR %	2.4	3.72	9.65	7.96	10.79
Net Property, Plant and Equip., 5 Yr. CAGR %	9.16	7.39	5	5.22	6.43
Total Assets, 5 Yr. CAGR %	11.18	9.73	7.72	7.08	5.12
Tangible Book Value, 5 Yr. CAGR %	35.49	-10.17	-2.57	6.45	41.96
Common Equity, 5 Yr. CAGR %	-10.3	-4.62	-1.47	1.91	20.72
Cash From Operations, 5 Yr. CAGR %	-17.9	11.79	2.31	6.45	15.32
Capital Expenditures, 5 Yr. CAGR %	-8.15	4.48	11.99	4.4	27.74
Levered Free Cash Flow, 5 Yr. CAGR %	-22.94	11.94	9.18	7.46	-32.57
Unlevered Free Cash Flow, 5 Yr. CAGR %	-6.65	75.72	-15.86	8.64	-24.96