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United Airlines Holdings UAL Return on invested capital

Return on invested capital at other companies

Delta Air Lines logo
Delta Air LinesDAL
13.5%-0.3pp
Southwest Airlines logo
Southwest AirlinesLUV
8%+4.3pp
United Parcel Service, Inc. logo
United Parcel Service, Inc.UPS
37.5%-3.1pp
Uber Technologies logo
Uber TechnologiesUBER
23.4%+3.5pp
Expeditors International of Washington logo
Expeditors International of WashingtonEXPD
52.2%-2.9pp

Other financials

Income statement

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Revenue$14.6B+10.6%
Operating income$997.0M+64.3%
Net income$699.0M+80.6%
EPS (diluted)$2.14+84.5%

Balance sheet

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Cash & equivalents$8.0B-17.7%
Total debt$31.0B-5.9%
Total equity$15.9B+25.8%
Total assets$80.9B+6.4%

Cash flow

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Operating cash flow$4.8B+29.3%
CapEx$1.7B+35.6%
Free cash flow$3.1B+26.2%

Valuation

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Market cap$37.59B+31.7%
Enterprise value$60.55B+15.2%
P/E10.3×+2.5×
P/S0.6×+0.1×

Profitability

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Operating margin8.4%-1.3pp
Net margin6.1%-0.3pp

Returns & leverage

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Return on equity25.7%-7.8pp
Debt / equity-0.7×
Current ratio0.7×-0.1×

Where this comes from

Calculated from United Airlines Holdings’s reported figures.

Based on trailing twelve months.

The official record: United Airlines Holdings’s 10-Q, filed April 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is United Airlines Holdings's return on invested capital?
United Airlines Holdings (UAL) reported return on invested capital of 10.7% in Q1 2026.
How has United Airlines Holdings's return on invested capital changed year-over-year?
United Airlines Holdings's return on invested capital decreased by 14.2% year-over-year, from 12.4% to 10.7%.
What is the long-term trend for United Airlines Holdings's return on invested capital?
Over 4 years (2021 to 2025), United Airlines Holdings's return on invested capital has grown at a -7.4% compound annual growth rate (CAGR), from -60.4% to 44.5%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.