Analysis of Operating Leases
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
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UnitedHealth Group Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Adjustments to Financial Statements for Operating Leases
UnitedHealth Group Inc., adjustments to financial statements
US$ in millions
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).
1, 2 Equal to total present value of future operating lease payments.
UnitedHealth Group Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios for Operating Leases (Summary)
UnitedHealth Group Inc., adjusted financial ratios
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).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | UnitedHealth Group Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
| Adjusted debt to equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | UnitedHealth Group Inc. adjusted debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | UnitedHealth Group Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024. |
UnitedHealth Group Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
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 Total asset turnover = Revenues, customers ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Revenues, customers ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | UnitedHealth Group Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Adjusted Debt to Equity
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 Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | UnitedHealth Group Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024. |
Adjusted Return on Assets (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).
2024 Calculations
1 ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | UnitedHealth Group Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024. |