Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

UnitedHealth Group Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 1.34 1.31 1.34 1.30 1.38
Adjusted 1.33 1.30 1.33 1.28 1.37
Liquidity Ratio
Current Ratio
Reported 0.79 0.77 0.79 0.74 0.69
Adjusted 0.85 0.83 0.84 0.80 0.74
Solvency Ratios
Debt to Equity
Reported 0.70 0.74 0.64 0.66 0.71
Adjusted 0.62 0.66 0.60 0.61 0.65
Debt to Capital
Reported 0.41 0.43 0.39 0.40 0.41
Adjusted 0.38 0.40 0.37 0.38 0.39
Financial Leverage
Reported 3.08 3.16 2.96 3.01 3.02
Adjusted 2.55 2.62 2.54 2.53 2.53
Profitability Ratios
Net Profit Margin
Reported 6.09% 6.25% 6.06% 6.03% 5.76%
Adjusted 6.88% 5.52% 5.59% 6.41% 6.42%
Return on Equity (ROE)
Reported 25.22% 25.87% 24.09% 23.52% 24.02%
Adjusted 23.36% 18.86% 18.91% 20.82% 22.33%
Return on Assets (ROA)
Reported 8.18% 8.19% 8.15% 7.81% 7.96%
Adjusted 9.15% 7.19% 7.44% 8.23% 8.81%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. UnitedHealth Group Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. UnitedHealth Group Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. UnitedHealth Group Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 UnitedHealth Group Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. UnitedHealth Group Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. UnitedHealth Group Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. UnitedHealth Group Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues, customers 367,533 322,132 285,273 255,639 240,269
Total assets 273,720 245,705 212,206 197,289 173,889
Activity Ratio
Total asset turnover1 1.34 1.31 1.34 1.30 1.38
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues, customers2 367,813 322,636 285,002 255,859 240,495
Adjusted total assets3 276,804 248,015 214,153 199,326 175,267
Activity Ratio
Adjusted total asset turnover4 1.33 1.30 1.33 1.28 1.37

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenues, customers ÷ Total assets
= 367,533 ÷ 273,720 = 1.34

2 Adjusted revenues, customers. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted revenues, customers ÷ Adjusted total assets
= 367,813 ÷ 276,804 = 1.33

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 78,437 69,069 61,758 53,718 42,634
Current liabilities 99,054 89,237 78,292 72,420 61,782
Liquidity Ratio
Current ratio1 0.79 0.77 0.79 0.74 0.69
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 81,521 71,379 63,705 55,755 44,012
Adjusted current liabilities3 95,699 86,162 75,721 69,578 59,160
Liquidity Ratio
Adjusted current ratio4 0.85 0.83 0.84 0.80 0.74

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 78,437 ÷ 99,054 = 0.79

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 81,521 ÷ 95,699 = 0.85

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. UnitedHealth Group Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 62,537 57,623 46,003 43,467 40,678
Shareholders’ equity attributable to UnitedHealth Group 88,756 77,772 71,760 65,491 57,616
Solvency Ratio
Debt to equity1 0.70 0.74 0.64 0.66 0.71
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 67,435 62,453 50,276 47,914 44,637
Adjusted total equity3 108,379 94,501 84,262 78,785 69,155
Solvency Ratio
Adjusted debt to equity4 0.62 0.66 0.60 0.61 0.65

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= 62,537 ÷ 88,756 = 0.70

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 67,435 ÷ 108,379 = 0.62

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. UnitedHealth Group Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 62,537 57,623 46,003 43,467 40,678
Total capital 151,293 135,395 117,763 108,958 98,294
Solvency Ratio
Debt to capital1 0.41 0.43 0.39 0.40 0.41
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 67,435 62,453 50,276 47,914 44,637
Adjusted total capital3 175,814 156,954 134,538 126,699 113,792
Solvency Ratio
Adjusted debt to capital4 0.38 0.40 0.37 0.38 0.39

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 62,537 ÷ 151,293 = 0.41

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 67,435 ÷ 175,814 = 0.38

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. UnitedHealth Group Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 273,720 245,705 212,206 197,289 173,889
Shareholders’ equity attributable to UnitedHealth Group 88,756 77,772 71,760 65,491 57,616
Solvency Ratio
Financial leverage1 3.08 3.16 2.96 3.01 3.02
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 276,804 248,015 214,153 199,326 175,267
Adjusted total equity3 108,379 94,501 84,262 78,785 69,155
Solvency Ratio
Adjusted financial leverage4 2.55 2.62 2.54 2.53 2.53

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 273,720 ÷ 88,756 = 3.08

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 276,804 ÷ 108,379 = 2.55

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 UnitedHealth Group Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Revenues, customers 367,533 322,132 285,273 255,639 240,269
Profitability Ratio
Net profit margin1 6.09% 6.25% 6.06% 6.03% 5.76%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 25,319 17,824 15,931 16,404 15,441
Adjusted revenues, customers3 367,813 322,636 285,002 255,859 240,495
Profitability Ratio
Adjusted net profit margin4 6.88% 5.52% 5.59% 6.41% 6.42%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues, customers
= 100 × 22,381 ÷ 367,533 = 6.09%

2 Adjusted net earnings. See details »

3 Adjusted revenues, customers. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Adjusted revenues, customers
= 100 × 25,319 ÷ 367,813 = 6.88%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. UnitedHealth Group Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Shareholders’ equity attributable to UnitedHealth Group 88,756 77,772 71,760 65,491 57,616
Profitability Ratio
ROE1 25.22% 25.87% 24.09% 23.52% 24.02%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 25,319 17,824 15,931 16,404 15,441
Adjusted total equity3 108,379 94,501 84,262 78,785 69,155
Profitability Ratio
Adjusted ROE4 23.36% 18.86% 18.91% 20.82% 22.33%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × 22,381 ÷ 88,756 = 25.22%

2 Adjusted net earnings. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total equity
= 100 × 25,319 ÷ 108,379 = 23.36%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. UnitedHealth Group Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Total assets 273,720 245,705 212,206 197,289 173,889
Profitability Ratio
ROA1 8.18% 8.19% 8.15% 7.81% 7.96%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 25,319 17,824 15,931 16,404 15,441
Adjusted total assets3 276,804 248,015 214,153 199,326 175,267
Profitability Ratio
Adjusted ROA4 9.15% 7.19% 7.44% 8.23% 8.81%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × 22,381 ÷ 273,720 = 8.18%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 25,319 ÷ 276,804 = 9.15%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. UnitedHealth Group Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.