Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

UnitedHealth Group Inc., solvency ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Debt Ratios
Debt to equity 0.83 0.70 0.74 0.64 0.66
Debt to equity (including operating lease liability) 0.88 0.76 0.80 0.70 0.73
Debt to capital 0.45 0.41 0.43 0.39 0.40
Debt to capital (including operating lease liability) 0.47 0.43 0.45 0.41 0.42
Debt to assets 0.26 0.23 0.23 0.22 0.22
Debt to assets (including operating lease liability) 0.27 0.25 0.25 0.24 0.24
Financial leverage 3.22 3.08 3.16 2.96 3.01
Coverage Ratios
Interest coverage 6.14 9.97 13.59 14.44 13.47
Fixed charge coverage 4.78 7.27 8.77 8.80 8.51

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. UnitedHealth Group Inc. debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. UnitedHealth Group Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. UnitedHealth Group Inc. debt to capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. UnitedHealth Group Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. UnitedHealth Group Inc. debt to assets ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. UnitedHealth Group Inc. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. UnitedHealth Group Inc. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. UnitedHealth Group Inc. interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. UnitedHealth Group Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Debt to Equity

UnitedHealth Group Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 4,545 4,274 3,110 3,620 4,819
Long-term debt, less current maturities 72,359 58,263 54,513 42,383 38,648
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
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 0.30 0.38 0.46 0.50 0.57
Cigna Group 0.78 0.67 0.69 0.71 0.65
CVS Health Corp. 0.88 0.81 0.74 0.75 0.93
Elevance Health Inc. 0.76 0.64 0.66 0.64 0.60
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.50 0.47 0.46 0.51 0.49
Debt to Equity, Sector
Health Care Equipment & Services 0.67 0.62 0.62 0.62 0.66
Debt to Equity, Industry
Health Care 0.87 0.81 0.72 0.79 0.90

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. UnitedHealth Group Inc. debt to equity ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Equity (including Operating Lease Liability)

UnitedHealth Group Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 4,545 4,274 3,110 3,620 4,819
Long-term debt, less current maturities 72,359 58,263 54,513 42,383 38,648
Total debt 76,904 62,537 57,623 46,003 43,467
Current operating lease liabilities (included in Other current liabilities) 1,014 1,038 997 870 865
Noncurrent operating lease liabilities (included in Other liabilities) 3,875 3,860 3,833 3,403 3,582
Total debt (including operating lease liability) 81,793 67,435 62,453 50,276 47,914
 
Shareholders’ equity attributable to UnitedHealth Group 92,658 88,756 77,772 71,760 65,491
Solvency Ratio
Debt to equity (including operating lease liability)1 0.88 0.76 0.80 0.70 0.73
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.32 0.41 0.49 0.54 0.61
Cigna Group 0.78 0.68 0.70 0.73 0.67
CVS Health Corp. 1.10 1.04 1.00 1.01 1.23
Elevance Health Inc. 0.78 0.66 0.69 0.67 0.63
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.52 0.49 0.48 0.53 0.51
Debt to Equity (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.74 0.69 0.70 0.70 0.75
Debt to Equity (including Operating Lease Liability), Industry
Health Care 0.92 0.86 0.78 0.84 0.96

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity attributable to UnitedHealth Group
= 81,793 ÷ 92,658 = 0.88

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. UnitedHealth Group Inc. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Capital

UnitedHealth Group Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 4,545 4,274 3,110 3,620 4,819
Long-term debt, less current maturities 72,359 58,263 54,513 42,383 38,648
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
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
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 0.23 0.28 0.31 0.34 0.36
Cigna Group 0.44 0.40 0.41 0.42 0.40
CVS Health Corp. 0.47 0.45 0.42 0.43 0.48
Elevance Health Inc. 0.43 0.39 0.40 0.39 0.38
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.33 0.32 0.31 0.34 0.33
Debt to Capital, Sector
Health Care Equipment & Services 0.40 0.38 0.38 0.38 0.40
Debt to Capital, Industry
Health Care 0.46 0.45 0.42 0.44 0.47

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 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. UnitedHealth Group Inc. debt to capital ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Capital (including Operating Lease Liability)

UnitedHealth Group Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 4,545 4,274 3,110 3,620 4,819
Long-term debt, less current maturities 72,359 58,263 54,513 42,383 38,648
Total debt 76,904 62,537 57,623 46,003 43,467
Current operating lease liabilities (included in Other current liabilities) 1,014 1,038 997 870 865
Noncurrent operating lease liabilities (included in Other liabilities) 3,875 3,860 3,833 3,403 3,582
Total debt (including operating lease liability) 81,793 67,435 62,453 50,276 47,914
Shareholders’ equity attributable to UnitedHealth Group 92,658 88,756 77,772 71,760 65,491
Total capital (including operating lease liability) 174,451 156,191 140,225 122,036 113,405
Solvency Ratio
Debt to capital (including operating lease liability)1 0.47 0.43 0.45 0.41 0.42
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.24 0.29 0.33 0.35 0.38
Cigna Group 0.44 0.40 0.41 0.42 0.40
CVS Health Corp. 0.52 0.51 0.50 0.50 0.55
Elevance Health Inc. 0.44 0.40 0.41 0.40 0.39
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.34 0.33 0.32 0.35 0.34
Debt to Capital (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.43 0.41 0.41 0.41 0.43
Debt to Capital (including Operating Lease Liability), Industry
Health Care 0.48 0.46 0.44 0.46 0.49

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 81,793 ÷ 174,451 = 0.47

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. UnitedHealth Group Inc. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Assets

UnitedHealth Group Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 4,545 4,274 3,110 3,620 4,819
Long-term debt, less current maturities 72,359 58,263 54,513 42,383 38,648
Total debt 76,904 62,537 57,623 46,003 43,467
 
Total assets 298,278 273,720 245,705 212,206 197,289
Solvency Ratio
Debt to assets1 0.26 0.23 0.23 0.22 0.22
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 0.17 0.20 0.23 0.24 0.26
Cigna Group 0.21 0.20 0.22 0.22 0.21
CVS Health Corp. 0.26 0.25 0.23 0.24 0.28
Elevance Health Inc. 0.27 0.23 0.23 0.24 0.23
Intuitive Surgical Inc. 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 0.28 0.27 0.27 0.28 0.27
Debt to Assets, Sector
Health Care Equipment & Services 0.24 0.23 0.23 0.23 0.24
Debt to Assets, Industry
Health Care 0.30 0.29 0.27 0.28 0.31

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 assets = Total debt ÷ Total assets
= 76,904 ÷ 298,278 = 0.26

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. UnitedHealth Group Inc. debt to assets ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Debt to Assets (including Operating Lease Liability)

UnitedHealth Group Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 4,545 4,274 3,110 3,620 4,819
Long-term debt, less current maturities 72,359 58,263 54,513 42,383 38,648
Total debt 76,904 62,537 57,623 46,003 43,467
Current operating lease liabilities (included in Other current liabilities) 1,014 1,038 997 870 865
Noncurrent operating lease liabilities (included in Other liabilities) 3,875 3,860 3,833 3,403 3,582
Total debt (including operating lease liability) 81,793 67,435 62,453 50,276 47,914
 
Total assets 298,278 273,720 245,705 212,206 197,289
Solvency Ratio
Debt to assets (including operating lease liability)1 0.27 0.25 0.25 0.24 0.24
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Abbott Laboratories 0.19 0.22 0.24 0.26 0.27
Cigna Group 0.21 0.21 0.22 0.22 0.22
CVS Health Corp. 0.33 0.32 0.31 0.33 0.37
Elevance Health Inc. 0.27 0.24 0.24 0.25 0.24
Intuitive Surgical Inc. 0.01 0.01 0.01 0.01 0.01
Medtronic PLC 0.29 0.28 0.27 0.29 0.28
Debt to Assets (including Operating Lease Liability), Sector
Health Care Equipment & Services 0.27 0.25 0.26 0.26 0.28
Debt to Assets (including Operating Lease Liability), Industry
Health Care 0.32 0.31 0.29 0.30 0.33

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 81,793 ÷ 298,278 = 0.27

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. UnitedHealth Group Inc. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Financial Leverage

UnitedHealth Group Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 1.71 1.90 2.03 2.10 2.21
Cigna Group 3.80 3.30 3.21 3.29 3.09
CVS Health Corp. 3.35 3.27 3.21 3.10 3.32
Elevance Health Inc. 2.83 2.77 2.83 2.70 2.61
Intuitive Surgical Inc. 1.14 1.16 1.17 1.14 1.15
Medtronic PLC 1.79 1.77 1.73 1.81 1.79
Financial Leverage, Sector
Health Care Equipment & Services 2.78 2.72 2.72 2.67 2.71
Financial Leverage, Industry
Health Care 2.86 2.79 2.67 2.77 2.94

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 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. UnitedHealth Group Inc. financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Interest Coverage

UnitedHealth Group Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 14,405 22,381 20,120 17,285 15,403
Add: Net income attributable to noncontrolling interest 837 763 519 447 366
Add: Income tax expense 4,829 5,968 5,704 4,578 4,973
Add: Interest expense 3,906 3,246 2,092 1,660 1,663
Earnings before interest and tax (EBIT) 23,977 32,358 28,435 23,970 22,405
Solvency Ratio
Interest coverage1 6.14 9.97 13.59 14.44 13.47
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 13.55 11.46 15.89 16.41 10.10
Cigna Group 4.51 4.94 7.43 6.22 8.76
CVS Health Corp. 3.08 5.20 3.46 5.16 4.36
Elevance Health Inc. 7.67 8.49 10.13 10.93 8.96
Intuitive Surgical Inc.
Medtronic PLC 7.73 9.43 10.98 5.21 4.71
Interest Coverage, Sector
Health Care Equipment & Services 5.98 8.03 9.31 8.96 7.89
Interest Coverage, Industry
Health Care 5.70 7.09 12.71 12.24 7.71

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
Interest coverage = EBIT ÷ Interest expense
= 23,977 ÷ 3,906 = 6.14

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. UnitedHealth Group Inc. interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Fixed Charge Coverage

UnitedHealth Group Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 14,405 22,381 20,120 17,285 15,403
Add: Net income attributable to noncontrolling interest 837 763 519 447 366
Add: Income tax expense 4,829 5,968 5,704 4,578 4,973
Add: Interest expense 3,906 3,246 2,092 1,660 1,663
Earnings before interest and tax (EBIT) 23,977 32,358 28,435 23,970 22,405
Add: Operating lease costs 1,400 1,400 1,300 1,200 1,100
Earnings before fixed charges and tax 25,377 33,758 29,735 25,170 23,505
 
Interest expense 3,906 3,246 2,092 1,660 1,663
Operating lease costs 1,400 1,400 1,300 1,200 1,100
Fixed charges 5,306 4,646 3,392 2,860 2,763
Solvency Ratio
Fixed charge coverage1 4.78 7.27 8.77 8.80 8.51
Benchmarks
Fixed Charge Coverage, Competitors2
Abbott Laboratories 8.58 7.71 10.10 10.21 6.68
Cigna Group 4.51 4.64 6.87 5.61 7.84
CVS Health Corp. 2.14 3.15 2.16 3.03 2.75
Elevance Health Inc. 6.93 7.51 8.82 8.48 6.10
Intuitive Surgical Inc. 79.87 74.09 63.52 93.66 58.48
Medtronic PLC 5.88 6.90 7.79 4.31 3.98
Fixed Charge Coverage, Sector
Health Care Equipment & Services 4.49 5.67 6.11 5.87 5.31
Fixed Charge Coverage, Industry
Health Care 4.66 5.52 9.02 8.67 5.70

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 25,377 ÷ 5,306 = 4.78

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. UnitedHealth Group Inc. fixed charge coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.