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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 1.32 1.34 1.31 1.34 1.30
Adjusted 1.31 1.33 1.30 1.33 1.28
Liquidity Ratio
Current Ratio
Reported 0.83 0.79 0.77 0.79 0.74
Adjusted 0.89 0.85 0.83 0.84 0.80
Solvency Ratios
Debt to Equity
Reported 0.83 0.70 0.74 0.64 0.66
Adjusted 0.72 0.62 0.66 0.60 0.61
Debt to Capital
Reported 0.45 0.41 0.43 0.39 0.40
Adjusted 0.42 0.38 0.40 0.37 0.38
Financial Leverage
Reported 3.22 3.08 3.16 2.96 3.01
Adjusted 2.66 2.55 2.62 2.54 2.53
Profitability Ratios
Net Profit Margin
Reported 3.65% 6.09% 6.25% 6.06% 6.03%
Adjusted 4.89% 6.88% 5.52% 5.59% 6.41%
Return on Equity (ROE)
Reported 15.55% 25.22% 25.87% 24.09% 23.52%
Adjusted 17.03% 23.36% 18.86% 18.91% 20.82%
Return on Assets (ROA)
Reported 4.83% 8.18% 8.19% 8.15% 7.81%
Adjusted 6.39% 9.15% 7.19% 7.44% 8.23%

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 current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. UnitedHealth Group Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.
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 improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
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 improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
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 decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 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 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 adjusted total 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 adjusted total assets. UnitedHealth Group Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenues, customers 395,076 367,533 322,132 285,273 255,639
Total assets 298,278 273,720 245,705 212,206 197,289
Activity Ratio
Total asset turnover1 1.32 1.34 1.31 1.34 1.30
Adjusted
Selected Financial Data (US$ in millions)
Adjusted revenues, customers2 395,038 367,813 322,636 285,002 255,859
Adjusted total assets3 302,127 276,804 248,015 214,153 199,326
Activity Ratio
Adjusted total asset turnover4 1.31 1.33 1.30 1.33 1.28

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 2024 Calculation
Total asset turnover = Revenues, customers ÷ Total assets
= 395,076 ÷ 298,278 = 1.32

2 Adjusted revenues, customers. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted revenues, customers ÷ Adjusted total assets
= 395,038 ÷ 302,127 = 1.31

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 Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 85,779 78,437 69,069 61,758 53,718
Current liabilities 103,769 99,054 89,237 78,292 72,420
Liquidity Ratio
Current ratio1 0.83 0.79 0.77 0.79 0.74
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 89,628 81,521 71,379 63,705 55,755
Adjusted current liabilities3 100,452 95,699 86,162 75,721 69,578
Liquidity Ratio
Adjusted current ratio4 0.89 0.85 0.83 0.84 0.80

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 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 85,779 ÷ 103,769 = 0.83

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 89,628 ÷ 100,452 = 0.89

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 76,904 62,537 57,623 46,003 43,467
Shareholders’ equity attributable to UnitedHealth Group 92,658 88,756 77,772 71,760 65,491
Solvency Ratio
Debt to equity1 0.83 0.70 0.74 0.64 0.66
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 81,793 67,435 62,453 50,276 47,914
Adjusted total equity3 113,377 108,379 94,501 84,262 78,785
Solvency Ratio
Adjusted debt to equity4 0.72 0.62 0.66 0.60 0.61

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 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= 76,904 ÷ 92,658 = 0.83

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 81,793 ÷ 113,377 = 0.72

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 improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 76,904 62,537 57,623 46,003 43,467
Total capital 169,562 151,293 135,395 117,763 108,958
Solvency Ratio
Debt to capital1 0.45 0.41 0.43 0.39 0.40
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 81,793 67,435 62,453 50,276 47,914
Adjusted total capital3 195,170 175,814 156,954 134,538 126,699
Solvency Ratio
Adjusted debt to capital4 0.42 0.38 0.40 0.37 0.38

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 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 76,904 ÷ 169,562 = 0.45

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 81,793 ÷ 195,170 = 0.42

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 improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 298,278 273,720 245,705 212,206 197,289
Shareholders’ equity attributable to UnitedHealth Group 92,658 88,756 77,772 71,760 65,491
Solvency Ratio
Financial leverage1 3.22 3.08 3.16 2.96 3.01
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 302,127 276,804 248,015 214,153 199,326
Adjusted total equity3 113,377 108,379 94,501 84,262 78,785
Solvency Ratio
Adjusted financial leverage4 2.66 2.55 2.62 2.54 2.53

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 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 298,278 ÷ 92,658 = 3.22

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 302,127 ÷ 113,377 = 2.66

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 decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 14,405 22,381 20,120 17,285 15,403
Revenues, customers 395,076 367,533 322,132 285,273 255,639
Profitability Ratio
Net profit margin1 3.65% 6.09% 6.25% 6.06% 6.03%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 19,313 25,319 17,824 15,931 16,404
Adjusted revenues, customers3 395,038 367,813 322,636 285,002 255,859
Profitability Ratio
Adjusted net profit margin4 4.89% 6.88% 5.52% 5.59% 6.41%

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 2024 Calculation
Net profit margin = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues, customers
= 100 × 14,405 ÷ 395,076 = 3.65%

2 Adjusted net earnings. See details »

3 Adjusted revenues, customers. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings ÷ Adjusted revenues, customers
= 100 × 19,313 ÷ 395,038 = 4.89%

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 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
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 14,405 22,381 20,120 17,285 15,403
Shareholders’ equity attributable to UnitedHealth Group 92,658 88,756 77,772 71,760 65,491
Profitability Ratio
ROE1 15.55% 25.22% 25.87% 24.09% 23.52%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 19,313 25,319 17,824 15,931 16,404
Adjusted total equity3 113,377 108,379 94,501 84,262 78,785
Profitability Ratio
Adjusted ROE4 17.03% 23.36% 18.86% 18.91% 20.82%

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 2024 Calculation
ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × 14,405 ÷ 92,658 = 15.55%

2 Adjusted net earnings. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted total equity
= 100 × 19,313 ÷ 113,377 = 17.03%

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 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
Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 14,405 22,381 20,120 17,285 15,403
Total assets 298,278 273,720 245,705 212,206 197,289
Profitability Ratio
ROA1 4.83% 8.18% 8.19% 8.15% 7.81%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings2 19,313 25,319 17,824 15,931 16,404
Adjusted total assets3 302,127 276,804 248,015 214,153 199,326
Profitability Ratio
Adjusted ROA4 6.39% 9.15% 7.19% 7.44% 8.23%

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 2024 Calculation
ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × 14,405 ÷ 298,278 = 4.83%

2 Adjusted net earnings. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 19,313 ÷ 302,127 = 6.39%

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 improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.