United Airlines Holdings Inc (UAL)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	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
Inventory turnover	25.40	28.53	27.62	25.85	26.00	24.73	28.29	30.34	30.94	29.02	25.72	24.50	24.33	22.83	21.77	19.90	21.87	24.40	28.11	28.71
Receivables turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Payables turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Working capital turnover	—	—	—	—	—	—	—	—	681.14	58.21	38.43	35.17	6.98	3.24	2.21	5.72	7.40	33.33	—	—

To analyze the activity ratios of United Airlines Holdings Inc based on the provided data:

1. Inventory Turnover Ratio:
- The inventory turnover ratio for United Airlines Holdings Inc has shown a generally decreasing trend from March 2020 to December 2024.
- The ratio was highest at 30.94 in December 2022 but decreased slightly to 25.40 by December 2024.
- This indicates that on average, the company's inventory was turned over approximately 25 times in 2024.

2. Receivables Turnover:
- The data for receivables turnover is missing for all periods, which prevents an analysis of how quickly the company is collecting payments from customers.

3. Payables Turnover:
- Similar to receivables turnover, the payables turnover data is unavailable for all periods, making it impossible to assess how efficiently the company is managing its payables.

4. Working Capital Turnover:
- The working capital turnover ratio for United Airlines Holdings Inc fluctuates significantly over the period provided.
- Notably, the ratio spiked to 681.14 in December 2022, indicating a significant increase in sales relative to working capital.
- However, data gaps exist for several periods, limiting a complete analysis of the company's efficiency in utilizing its working capital.

In conclusion, while the inventory turnover ratio exhibited a decreasing trend, the lack of data for receivables turnover, payables turnover, and intermittent data for working capital turnover, hinder a comprehensive evaluation of United Airlines Holdings Inc's overall activity efficiency during the period. It is important for the company to provide consistent and complete data for a more thorough analysis of its operational performance.

Average number of days

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	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
Days of inventory on hand (DOH)	days	14.37	12.79	13.22	14.12	14.04	14.76	12.90	12.03	11.80	12.58	14.19	14.90	15.00	15.99	16.76	18.34	16.69	14.96	12.98	12.71
Days of sales outstanding (DSO)	days	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Number of days of payables	days	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

United Airlines Holdings Inc's Days of Inventory on Hand (DOH) have shown a fluctuating trend over the past years, ranging from a low of 11.80 days on December 31, 2022, to a high of 18.34 days on March 31, 2021. The company seems to be managing its inventory levels well, with a gradual decrease in DOH observed towards the end of 2024, indicative of efficient inventory management.

However, there is no available data for the Days of Sales Outstanding (DSO) and Number of Days of Payables for United Airlines Holdings Inc, which limits the ability to assess the company's accounts receivable and accounts payable turnover efficiency.

In summary, United Airlines Holdings Inc's activity ratios, specifically Days of Inventory on Hand, suggest that the company has been effectively managing its inventory levels, but the lack of data on DSO and Payables Days hinders a comprehensive analysis of its overall working capital management.

Long-term

	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	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
Fixed asset turnover	—	—	—	—	—	1.24	0.87	0.86	0.82	0.77	0.69	0.57	0.67	0.54	0.42	0.22	0.43	0.48	0.67	0.89
Total asset turnover	0.77	0.77	0.76	0.76	0.76	0.72	0.69	0.69	0.67	0.59	0.51	0.42	0.36	0.29	0.21	0.17	0.26	0.37	0.58	0.79

The Fixed Asset Turnover ratio for United Airlines Holdings Inc has shown fluctuating trends over the years analyzed. The ratio started at 0.89 in March 2020, decreased to 0.22 in March 2021, and then gradually improved to reach 1.24 in September 2023. However, there was no available data for the ratio for the year 2024.

On the other hand, the Total Asset Turnover ratio exhibited a decreasing trend from March 2020 to March 2021, dropping from 0.79 to 0.17. Subsequently, the ratio increased consistently over the following years, with values reaching 0.76 in June 2024.

The Fixed Asset Turnover ratio indicates how efficiently United Airlines is utilizing its fixed assets to generate revenue, while the Total Asset Turnover ratio measures the overall efficiency in generating sales from all assets. The erratic fluctuations in both ratios suggest varying levels of asset management efficiency throughout the period under review. Further analysis and comparison with industry benchmarks would be necessary to gain a better understanding of United Airlines' long-term asset utilization performance.