United Airlines Holdings Inc (UAL)

Return on total capital

		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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	4,211,000	4,590,000	4,309,000	3,670,000	2,337,000	552,000	131,000	-1,017,000	-1,022,000	-2,749,000	-5,401,000	-6,768,000	-6,359,000	-3,363,000	-208,000	2,974,000	4,501,000	4,366,000	4,056,000	3,529,000
Long-term debt	US$ in thousands	25,057,000	25,932,000	26,713,000	27,460,000	28,283,000	28,490,000	29,175,000	29,665,000	30,361,000	31,520,000	32,303,000	25,849,000	24,836,000	22,297,000	14,318,000	13,198,000	13,145,000	12,900,000	12,938,000	12,734,000
Total stockholders’ equity	US$ in thousands	9,324,000	8,853,000	7,705,000	6,668,000	6,896,000	4,898,000	3,964,000	3,624,000	5,029,000	5,431,000	4,904,000	5,206,000	5,960,000	7,003,000	8,517,000	9,418,000	11,531,000	11,301,000	10,320,000	9,802,000
Return on total capital		12.25%	13.20%	12.52%	10.75%	6.64%	1.65%	0.40%	-3.06%	-2.89%	-7.44%	-14.52%	-21.79%	-20.65%	-11.48%	-0.91%	13.15%	18.24%	18.04%	17.44%	15.66%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $4,211,000K ÷ ($25,057,000K + $9,324,000K)
= 12.25%

United Airlines Holdings Inc has shown a varying trend in its return on total capital over the past eight quarters. The company's return on total capital ranged from -8.25% in Q1 2022 to a high of 14.20% in Q3 2023. This indicates fluctuations in the company's ability to generate profits from its total capital investments. Overall, United Airlines' return on total capital has generally improved since Q1 2022, with positive returns observed in the last five quarters. This suggests potential improvements in the company's efficiency in utilizing its capital to generate profits.