United Airlines Holdings Inc (UAL)

Debt-to-assets ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	25,057,000	28,283,000	30,361,000	24,836,000	13,145,000
Total assets	US$ in thousands	71,104,000	67,358,000	68,175,000	59,548,000	52,611,000
Debt-to-assets ratio		0.35	0.42	0.45	0.42	0.25

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $25,057,000K ÷ $71,104,000K
= 0.35

The debt-to-assets ratio of United Airlines Holdings Inc has fluctuated over the past five years. In 2019, the ratio was at its lowest point of 0.28, indicating that the company had a lower level of debt relative to its total assets. Subsequently, the ratio increased in 2020 to 0.46 before continuing to rise to 0.49 in 2021, reflecting a higher proportion of debt compared to assets. However, in 2022, there was a slight decrease in the ratio to 0.47, followed by a more notable decrease to 0.41 in 2023.

Overall, the decreasing trend in the debt-to-assets ratio suggests that United Airlines Holdings Inc has been actively managing its debt levels in relation to its asset base. A lower ratio generally indicates a stronger financial position and lower financial risk, as it implies lower dependence on debt financing. However, further analysis of the company's financial health and performance would be necessary to fully assess the implications of these changes in the debt-to-assets ratio.