United Airlines Holdings Inc (UAL)

Activity ratios

Short-term

Turnover ratios

	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
Inventory turnover	21.80	21.73	24.83	26.19	26.64	24.70	20.70	18.04	16.02	10.18	9.38	7.93	12.80	12.70	17.19	20.17	19.61	19.90	21.36	21.68
Receivables turnover	27.37	23.12	24.51	20.72	24.04	19.24	15.33	13.26	13.87	10.93	7.54	7.02	10.81	18.34	35.60	51.06	31.31	26.17	23.80	23.19
Payables turnover	8.87	7.82	7.68	8.12	8.70	7.80	6.36	6.50	6.15	4.42	3.86	3.96	7.48	6.67	9.52	8.86	7.78	7.44	7.01	7.79
Working capital turnover	—	—	—	—	656.09	55.89	36.67	33.19	6.53	3.05	2.05	5.27	6.75	31.35	—	—	—	—	—	—

United Airlines Holdings Inc has shown consistently low inventory turnover ratios across all quarters, indicating that the company is not efficiently managing its inventory levels or is experiencing difficulties in selling its inventory.

The receivables turnover ratios have shown a fluctuating trend, with an increasing trend overall. This indicates that United Airlines is collecting its accounts receivables more frequently compared to previous quarters, which is a positive sign of effective management of credit sales and collections.

The payables turnover ratios are consistently at 0.00 across all quarters, suggesting that United Airlines is not effectively managing its accounts payable or is not utilizing credit purchases.

The working capital turnover ratios have displayed a significant increase over the quarters, indicating a more efficient use of working capital to generate revenue. However, the working capital turnover ratio for the latest quarter is not available.

Overall, United Airlines needs to focus on improving its inventory management and payables turnover while continuing to enhance its receivables turnover to optimize its operational efficiency and cash flow management.

Average number of days

		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
Days of inventory on hand (DOH)	days	16.74	16.80	14.70	13.94	13.70	14.77	17.64	20.23	22.78	35.85	38.92	46.04	28.52	28.73	21.23	18.10	18.61	18.34	17.09	16.83
Days of sales outstanding (DSO)	days	13.34	15.79	14.89	17.62	15.18	18.98	23.80	27.52	26.31	33.39	48.39	51.98	33.76	19.90	10.25	7.15	11.66	13.95	15.34	15.74
Number of days of payables	days	41.14	46.70	47.54	44.96	41.94	46.79	57.43	56.19	59.37	82.54	94.66	92.18	48.80	54.74	38.35	41.20	46.92	49.04	52.04	46.88

Days of inventory on hand (DOH) information is missing for all quarters, so we are unable to calculate or analyze this activity ratio for United Airlines Holdings Inc.

Days of sales outstanding (DSO) provides insight into the average number of days it takes for the company to collect revenue after making a sale. From Q4 2022 to Q4 2023, United Airlines has managed to decrease its DSO from 14.62 days to 12.90 days, which indicates an improvement in the efficiency of the company's accounts receivable management.

The number of days of payables information is also missing for all quarters, hence we are unable to assess United Airlines' payment practices and supplier relationship through this metric.

Overall, based on the trend in Days of Sales Outstanding, it appears that United Airlines has been successful in collecting revenue more efficiently over the quarters provided.

Long-term

	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
Fixed asset turnover	1.30	1.32	1.32	1.31	1.26	1.20	1.07	0.86	0.72	0.58	0.42	0.31	0.44	0.68	0.96	1.27	1.42	1.44	1.45	1.45
Total asset turnover	0.73	0.69	0.67	0.67	0.64	0.57	0.48	0.40	0.34	0.27	0.19	0.16	0.24	0.35	0.56	0.76	0.81	0.81	0.80	0.82

United Airlines Holdings Inc's fixed asset turnover has been relatively stable over the past eight quarters, ranging from 0.91 to 1.37. This ratio indicates that the company generated between $0.91 and $1.37 in revenue for every dollar invested in fixed assets during the period.

Meanwhile, the total asset turnover ratio has also shown improvement over the same period, increasing from 0.42 to 0.76. This indicates that United Airlines Holdings Inc has been able to generate more revenue for each dollar of total assets employed in the business.

Overall, the company's ability to efficiently utilize both fixed and total assets has improved over the past eight quarters, which suggests improved operational efficiency and potential for higher profitability in the long run.