United Airlines Holdings Inc (UAL)

Financial leverage ratio

		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
Total assets	US$ in thousands	71,104,000	73,153,000	73,341,000	70,417,000	67,358,000	68,968,000	70,381,000	69,038,000	68,175,000	69,294,000	71,049,000	61,662,000	59,548,000	61,189,000	54,901,000	53,055,000	52,611,000	52,199,000	52,150,000	50,639,000
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
Financial leverage ratio		7.63	8.26	9.52	10.56	9.77	14.08	17.76	19.05	13.56	12.76	14.49	11.84	9.99	8.74	6.45	5.63	4.56	4.62	5.05	5.17

December 31, 2023 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $71,104,000K ÷ $9,324,000K
= 7.63

The financial leverage ratio of United Airlines Holdings Inc has shown fluctuations over the past eight quarters. From Q1 2022 to Q4 2023, the ratio has ranged from a low of 7.63 to a high of 19.05. The trend indicates an overall increase in financial leverage, with a significant spike in Q2 2022 where the ratio reached 17.76, and a subsequent decrease in the following quarters. The ratio peaked in Q1 2022 at 19.05, suggesting a higher level of debt compared to equity in the company's capital structure. A lower financial leverage ratio indicates a lesser reliance on debt financing, while a higher ratio signals greater risk due to higher debt levels. Monitoring changes in the financial leverage ratio can provide insights into the company's capital structure and risk profile.