LTM vs UAL
Latam Airlines Group S.a. and United Airlines Holdings, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | LTM | UAL |
|---|---|---|
| Revenue | $14.3B | $59.1B |
| Net income | $1.5B | $3.4B |
| Gross margin | 29.2% | · |
| Net margin | 10.3% | 5.7% |
| Return on equity | 141.1% | 24.0% |
| Diluted EPS | $0.00 | $10.20 |
| Dividend / share | · | · |
| Payout ratio | 41.5% | · |
| Free cash flow | $2.0B | $2.6B |
| Equity | $1.3B | $15.3B |
| Net debt / equity | 4.41× | 1.00× |
| Current ratio | 0.60× | 0.65× |
| Revenue CAGR 5y | 29.5% | 30.9% |
| Profit CAGR 5y | · | · |
UAL bills 4.1× the revenue of LTM, and LTM keeps more of each dollar of revenue as profit (10.3% against 5.7%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | LTM | UAL |
|---|---|---|
| FY2025 | $14.3B | $59.1B |
| FY2024 | $12.8B | $57.1B |
| FY2023 | $11.6B | $53.7B |
| FY2022 | $9.4B | $45.0B |
| FY2021 | $4.9B | $24.6B |
| FY2020 | $3.9B | $15.4B |
| FY2019 | $10.1B | $43.3B |
| FY2018 | $9.9B | $41.3B |
| FY2017 | $9.6B | $37.8B |
| FY2016 | $9.0B | $36.6B |
Bottom line
| Fiscal year | LTM | UAL |
|---|---|---|
| FY2025 | $1.5B | $3.4B |
| FY2024 | $977.0M | $3.1B |
| FY2023 | $581.8M | $2.6B |
| FY2022 | $1.3B | $737.0M |
| FY2021 | $-4.6B | $-2.0B |
| FY2020 | $-4.5B | $-7.1B |
| FY2019 | $190.4M | $3.0B |
| FY2018 | $309.8M | $2.1B |
| FY2017 | $108.9M | $2.1B |
| FY2016 | $69.2M | $2.2B |
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$44,804,944,000 | UAL |
| FY2024 | −$44,229,957,000 | UAL |
| FY2023 | −$42,076,459,000 | UAL |
| FY2022 | −$35,592,479,000 | UAL |
| FY2021 | −$19,749,985,000 | UAL |
| FY2020 | −$11,431,333,000 | UAL |
| FY2019 | −$33,188,937,000 | UAL |
| FY2018 | −$31,407,544,000 | UAL |
| FY2017 | −$28,170,093,000 | UAL |
| FY2016 | −$27,569,660,000 | UAL |
| FY2015 | −$28,123,955,000 | UAL |
UAL has reported the higher revenue in every one of these 11 fiscal years. The gap has widened since the earliest year compared.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
11 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +4.6 pp | LTM |
| FY2024 | +2.1 pp | LTM |
| FY2023 | +0.1 pp | LTM |
| FY2022 | +12.6 pp | LTM |
| FY2021 | −87.3 pp | UAL |
| FY2020 | −70.1 pp | UAL |
| FY2019 | −5.0 pp | UAL |
| FY2018 | −1.7 pp | UAL |
| FY2017 | −4.1 pp | UAL |
| FY2016 | −4.9 pp | UAL |
| FY2015 | −21.2 pp | UAL |
The higher net margin has changed hands between LTM and UAL over this period.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LTM's net margin has been more volatile than UAL's over the 11 comparable fiscal years — 43.1 percentage points of standard deviation against 15.9.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between LTM and UAL over these 11 fiscal years — LTM led in 4 and UAL in 7.
11 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LTM's return on equity has been more volatile than UAL's over the 8 comparable fiscal years — 90.2 percentage points of standard deviation against 34.1.
8 of 15 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between LTM and UAL over these 8 fiscal years — LTM led in 3 and UAL in 5.
8 of 15 comparable fiscal years — a year missing data on either side is not counted.