Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Analysis of Investments

Microsoft Excel

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Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

UnitedHealth Group Inc., adjustment to net earnings attributable to UnitedHealth Group common shareholders

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net earnings attributable to UnitedHealth Group common shareholders (as reported)
Add: Unrealized gains (losses) on investment securities during the period, net of tax
Less: Reclassification adjustment for net realized (gains) losses included in net earnings, net of tax
Net earnings attributable to UnitedHealth Group common shareholders (adjusted)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).


Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

UnitedHealth Group Inc., adjusted profitability ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. UnitedHealth Group Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. UnitedHealth Group Inc. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. UnitedHealth Group Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

UnitedHealth Group Inc., Profitability Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Revenues, customers
Profitability Ratio
Net profit margin1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
Revenues, customers
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Net profit margin = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues, customers
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues, customers
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. UnitedHealth Group Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Shareholders’ equity attributable to UnitedHealth Group
Profitability Ratio
ROE1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
Shareholders’ equity attributable to UnitedHealth Group
Profitability Ratio
Adjusted ROE2

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. UnitedHealth Group Inc. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Total assets
Profitability Ratio
ROA1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
Total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. UnitedHealth Group Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.