United Airlines Holdings Inc (UAL) - Net Assets
Based on the latest financial reports, United Airlines Holdings Inc (UAL) has net assets worth $15.28 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($76.45 Billion) and total liabilities ($61.17 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore UAL total asset value for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $15.28 Billion |
| % of Total Assets | 19.99% |
| Annual Growth Rate | 5.86% |
| 5-Year Change | 203.86% |
| 10-Year Change | 76.48% |
| Growth Volatility | 118.22 |
United Airlines Holdings Inc - Net Assets Trend (1983–2025)
This chart illustrates how United Airlines Holdings Inc's net assets have evolved over time, based on quarterly financial data. For live valuation and market cap data, see United Airlines Holdings Inc market cap and net worth.
Annual Net Assets for United Airlines Holdings Inc (1983–2025)
The table below shows the annual net assets of United Airlines Holdings Inc from 1983 to 2025. Explore how efficiently does United Airlines Holdings Inc generate cash to assess how effectively this company generates cash.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $15.28 Billion | +20.56% |
| 2024-12-31 | $12.68 Billion | +35.94% |
| 2023-12-31 | $9.32 Billion | +35.21% |
| 2022-12-31 | $6.90 Billion | +37.12% |
| 2021-12-31 | $5.03 Billion | -15.62% |
| 2020-12-31 | $5.96 Billion | -48.31% |
| 2019-12-31 | $11.53 Billion | +14.83% |
| 2018-12-31 | $10.04 Billion | +14.98% |
| 2017-12-31 | $8.73 Billion | +0.87% |
| 2016-12-31 | $8.66 Billion | -3.42% |
| 2015-12-31 | $8.97 Billion | +274.21% |
| 2014-12-31 | $2.40 Billion | -19.71% |
| 2013-12-31 | $2.98 Billion | +520.37% |
| 2012-12-31 | $481.00 Million | -73.37% |
| 2011-12-31 | $1.81 Billion | +4.57% |
| 2010-12-31 | $1.73 Billion | +161.44% |
| 2009-12-31 | $-2.81 Billion | -20.90% |
| 2008-12-31 | $-2.33 Billion | -196.15% |
| 2007-12-31 | $2.42 Billion | +12.57% |
| 2006-12-31 | $2.15 Billion | +108.40% |
| 2005-12-31 | $-25.56 Billion | -232.81% |
| 2004-12-31 | $-7.68 Billion | -29.82% |
| 2003-12-31 | $-5.92 Billion | -138.26% |
| 2002-12-31 | $-2.48 Billion | -181.87% |
| 2001-12-31 | $3.03 Billion | -41.56% |
| 2000-12-31 | $5.19 Billion | +0.76% |
| 1999-12-31 | $5.15 Billion | +56.99% |
| 1998-12-31 | $3.28 Billion | +40.39% |
| 1997-12-31 | $2.34 Billion | +127.78% |
| 1996-12-31 | $1.03 Billion | +670.00% |
| 1995-12-31 | $-180.00 Million | +32.58% |
| 1994-12-31 | $-267.00 Million | -121.57% |
| 1993-12-31 | $1.24 Billion | +75.35% |
| 1992-12-31 | $706.00 Million | -55.79% |
| 1991-12-31 | $1.60 Billion | -4.43% |
| 1990-12-31 | $1.67 Billion | +6.77% |
| 1989-12-31 | $1.56 Billion | +27.65% |
| 1988-12-31 | $1.23 Billion | -58.04% |
| 1987-12-31 | $2.92 Billion | +27.43% |
| 1986-12-31 | $2.29 Billion | +47.08% |
| 1985-12-31 | $1.56 Billion | -5.11% |
| 1984-12-31 | $1.64 Billion | +17.61% |
| 1983-12-31 | $1.40 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to United Airlines Holdings Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1381.9% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $10.09 Billion | 66.04% |
| Other Components | $5.19 Billion | 33.96% |
| Total Equity | $15.28 Billion | 100.00% |
United Airlines Holdings Inc Competitors by Market Cap
The table below lists competitors of United Airlines Holdings Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Prudential plc
F:PRU2
|
$29.96 Billion |
|
Extra Space Storage Inc
NYSE:EXR
|
$29.99 Billion |
|
VICI Properties Inc
NYSE:VICI
|
$30.00 Billion |
|
BeiGene, Ltd.
NASDAQ:ONC
|
$30.02 Billion |
|
Iron Mountain Incorporated
NYSE:IRM
|
$29.90 Billion |
|
Shenzhen Mindray Bio-Medical Electronics Co Ltd Class A
SHE:300760
|
$29.88 Billion |
|
ResMed Inc
NYSE:RMD
|
$29.87 Billion |
|
PTT Public Company Limited
F:NVA3
|
$29.80 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in United Airlines Holdings Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 12,675,000,000 to 15,282,000,000, a change of 2,607,000,000 (20.6%).
- Net income of 3,353,000,000 contributed positively to equity growth.
- Share repurchases of 637,000,000 reduced equity.
- Other comprehensive income decreased equity by 188,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $3.35 Billion | +21.94% |
| Share Repurchases | $637.00 Million | -4.17% |
| Other Comprehensive Income | $-188.00 Million | -1.23% |
| Other Changes | $79.00 Million | +0.52% |
| Total Change | $- | 20.57% |
Book Value vs Market Value Analysis
This analysis compares United Airlines Holdings Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.98x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 8.54x to 1.98x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1983-12-31 | $10.83 | $92.52 | x |
| 1984-12-31 | $10.08 | $92.52 | x |
| 1985-12-31 | $11.22 | $92.52 | x |
| 1986-12-31 | $12.66 | $92.52 | x |
| 1987-12-31 | $13.10 | $92.52 | x |
| 1988-12-31 | $10.30 | $92.52 | x |
| 1989-12-31 | $17.98 | $92.52 | x |
| 1990-12-31 | $19.21 | $92.52 | x |
| 1991-12-31 | $17.17 | $92.52 | x |
| 1992-12-31 | $7.43 | $92.52 | x |
| 1993-12-31 | $12.66 | $92.52 | x |
| 1994-12-31 | $-3.00 | $92.52 | x |
| 1995-12-31 | $-2.27 | $92.52 | x |
| 1996-12-31 | $9.44 | $92.52 | x |
| 1997-12-31 | $22.18 | $92.52 | x |
| 1998-12-31 | $31.14 | $92.52 | x |
| 1999-12-31 | $47.03 | $92.52 | x |
| 2000-12-31 | $47.38 | $92.52 | x |
| 2001-12-31 | $27.69 | $92.52 | x |
| 2002-12-31 | $-44.21 | $92.52 | x |
| 2003-12-31 | $-57.64 | $92.52 | x |
| 2004-12-31 | $-67.67 | $92.52 | x |
| 2005-12-31 | $-219.97 | $92.52 | x |
| 2006-12-31 | $18.48 | $92.52 | x |
| 2007-12-31 | $15.73 | $92.52 | x |
| 2008-12-31 | $-19.44 | $92.52 | x |
| 2009-12-31 | $-18.65 | $92.52 | x |
| 2010-12-31 | $6.83 | $92.52 | x |
| 2011-12-31 | $4.72 | $92.52 | x |
| 2012-12-31 | $1.45 | $92.52 | x |
| 2013-12-31 | $7.65 | $92.52 | x |
| 2014-12-31 | $6.14 | $92.52 | x |
| 2015-12-31 | $23.78 | $92.52 | x |
| 2016-12-31 | $26.22 | $92.52 | x |
| 2017-12-31 | $28.77 | $92.52 | x |
| 2018-12-31 | $36.29 | $92.52 | x |
| 2019-12-31 | $44.37 | $92.52 | x |
| 2020-12-31 | $21.33 | $92.52 | x |
| 2021-12-31 | $15.62 | $92.52 | x |
| 2022-12-31 | $20.89 | $92.52 | x |
| 2023-12-31 | $28.09 | $92.52 | x |
| 2024-12-31 | $38.04 | $92.52 | x |
| 2025-12-31 | $46.73 | $92.52 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently United Airlines Holdings Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 21.94%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 5.68%
- • Asset Turnover: 0.77x
- • Equity Multiplier: 5.00x
- Recent ROE (21.94%) is below the historical average (28.69%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1983 | 10.16% | 2.36% | 1.17x | 3.68x | $2.30 Million |
| 1984 | 17.16% | 4.05% | 1.35x | 3.14x | $117.70 Million |
| 1985 | -3.14% | -0.93% | 0.67x | 5.05x | $-204.90 Million |
| 1986 | 0.48% | 0.15% | 1.11x | 2.80x | $-218.20 Million |
| 1987 | 11.46% | 4.03% | 0.99x | 2.87x | $42.80 Million |
| 1988 | 91.68% | 12.51% | 1.34x | 5.47x | $1.00 Billion |
| 1989 | 20.72% | 3.31% | 1.36x | 4.61x | $167.60 Million |
| 1990 | 5.63% | 0.85% | 1.38x | 4.78x | $-73.10 Million |
| 1991 | -20.79% | -2.85% | 1.18x | 6.18x | $-491.70 Million |
| 1992 | -135.55% | -7.42% | 1.05x | 17.36x | $-1.03 Billion |
| 1993 | -4.16% | -0.34% | 1.13x | 10.67x | $-170.30 Million |
| 1994 | 0.00% | 0.37% | 1.19x | 0.00x | $82.60 Million |
| 1995 | 0.00% | 2.34% | 1.28x | 0.00x | $372.90 Million |
| 1996 | 53.57% | 3.26% | 1.29x | 12.74x | $433.50 Million |
| 1997 | 40.61% | 5.46% | 1.10x | 6.76x | $715.30 Million |
| 1998 | 25.02% | 4.68% | 0.95x | 5.66x | $492.90 Million |
| 1999 | 23.98% | 6.85% | 0.86x | 4.07x | $719.90 Million |
| 2000 | 0.96% | 0.26% | 0.79x | 4.69x | $-469.00 Million |
| 2001 | -70.72% | -12.33% | 0.69x | 8.31x | $-2.45 Billion |
| 2002 | 0.00% | -22.48% | 0.60x | 0.00x | $-2.96 Billion |
| 2003 | 0.00% | -20.46% | 0.62x | 0.00x | $-2.22 Billion |
| 2004 | 0.00% | -10.50% | 0.79x | 0.00x | $-953.00 Million |
| 2005 | 0.00% | -121.85% | 0.90x | 0.00x | $-18.62 Billion |
| 2006 | 1064.99% | 118.28% | 0.76x | 11.81x | $22.66 Billion |
| 2007 | 16.67% | 2.00% | 0.83x | 10.02x | $161.20 Million |
| 2008 | 0.00% | -26.48% | 1.04x | 0.00x | $-5.10 Billion |
| 2009 | 0.00% | -3.99% | 0.87x | 0.00x | $-369.90 Million |
| 2010 | 14.65% | 1.09% | 0.59x | 22.93x | $80.30 Million |
| 2011 | 46.51% | 2.26% | 0.98x | 21.03x | $659.40 Million |
| 2012 | -150.31% | -1.95% | 0.99x | 78.23x | $-771.10 Million |
| 2013 | 19.14% | 1.49% | 1.04x | 12.34x | $272.60 Million |
| 2014 | 47.25% | 2.91% | 1.06x | 15.27x | $892.40 Million |
| 2015 | 81.86% | 19.39% | 0.93x | 4.56x | $6.44 Billion |
| 2016 | 26.13% | 6.19% | 0.91x | 4.64x | $1.40 Billion |
| 2017 | 24.54% | 5.67% | 0.89x | 4.85x | $1.27 Billion |
| 2018 | 21.13% | 5.14% | 0.84x | 4.88x | $1.12 Billion |
| 2019 | 26.09% | 6.96% | 0.82x | 4.56x | $1.86 Billion |
| 2020 | -118.61% | -46.04% | 0.26x | 9.99x | $-7.67 Billion |
| 2021 | -39.05% | -7.97% | 0.36x | 13.56x | $-2.47 Billion |
| 2022 | 10.69% | 1.64% | 0.67x | 9.77x | $47.40 Million |
| 2023 | 28.08% | 4.87% | 0.76x | 7.63x | $1.69 Billion |
| 2024 | 24.84% | 5.52% | 0.77x | 5.84x | $1.88 Billion |
| 2025 | 21.94% | 5.68% | 0.77x | 5.00x | $1.82 Billion |
Industry Comparison
This section compares United Airlines Holdings Inc's net assets metrics with peer companies in the Airlines industry.
Industry Context
- Industry: Airlines
- Average net assets among peers: $585,391,936
- Average return on equity (ROE) among peers: -258.86%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| United Airlines Holdings Inc (UAL) | $15.28 Billion | 10.16% | 4.00x | $29.95 Billion |
| American Airlines Group (AAL) | $46.00 Million | -2669.57% | 636.61x | $6.80 Billion |
| Grupo Aeroméxico, S.A.B. de C.V. (AERO) | $-1.65 Billion | 0.00% | 0.00x | $203.54 Million |
| Allegiant Travel Company (ALGT) | $1.33 Billion | 8.85% | 2.70x | $1.38 Billion |
| Alaska Air Group Inc (ALK) | $2.03 Billion | 25.04% | 1.88x | $4.42 Billion |
| Copa Holdings SA (CPA) | $1.90 Billion | 22.48% | 1.08x | $3.51 Billion |
| Delta Air Lines Inc (DAL) | $-1.40 Billion | 0.00% | 0.00x | $37.84 Billion |
| flyExclusive, Inc. (FLYX) | $47.42 Million | 12.75% | 9.42x | $44.56 Million |
| flyExclusive, Inc. (FLYX) | $-84.27 Million | 0.00% | 0.00x | $96.93 Million |
| Gol Linhas Aéreas Inteligentes S.A (GOLLQ) | $-1.16 Billion | 0.00% | 0.00x | $33.88 Million |
| JetBlue Airways Corp (JBLU) | $4.80 Billion | 11.86% | 1.48x | $1.77 Billion |
About United Airlines Holdings Inc
United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in the United States, Canada, Atlantic, the Pacific, and Latin America. It transports people and cargo through its mainline and regional fleets. The company also offers ground handling, flight academy, frequent flyer award non-travel redemptions, and maintenance services for third parties. In addition, … Read more