Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Solvency Ratios (Summary)
UnitedHealth Group Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The solvency profile exhibits a period of increasing leverage from early 2022 through early 2024, followed by a phase of relative stabilization and a subsequent slight deleveraging trend by mid-2026. While the structural debt ratios remain within a manageable range, there is a pronounced and consistent deterioration in interest coverage capacity over the observed timeframe.
- Debt Structure and Capitalization
- The debt-to-equity ratio increased from 0.65 in March 2022 to a peak of 0.87 in March 2023, before stabilizing and eventually declining to 0.74 by June 2026. Similarly, the debt-to-capital ratio rose from 0.39 to a peak of 0.46, remaining largely stagnant between 0.43 and 0.46 for the remainder of the period. Debt-to-assets remained the most stable of the leverage metrics, fluctuating narrowly between 0.20 and 0.26, suggesting a consistent approach to asset financing.
- Financial Leverage
- Financial leverage demonstrated moderate volatility, starting at 3.04 and reaching a maximum of 3.49 in March 2023. Following this peak, the ratio generally fluctuated between 3.08 and 3.29, ending at 3.15 in June 2026. This indicates that the overall multiplier effect of debt on equity remained relatively constant after the initial increase in 2023.
- Interest Coverage and Debt Servicing
- A significant downward trend is observed in the interest coverage ratio, which declined from 14.26 in March 2022 to 5.48 by June 2026. The most acute compression occurred between December 2023 (9.97) and December 2025 (4.67). This contraction indicates a reduction in the margin of safety for meeting interest obligations, despite the relative stability of the total debt ratios during the same period.
Debt Ratios
Coverage Ratios
Debt to Equity
UnitedHealth Group Inc., debt to equity calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | ||||||||||||||||||||||||
| Long-term debt, less current maturities | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to equity1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =
2 Click competitor name to see calculations.
The financial trajectory of the company's solvency profile exhibits a period of increased leverage followed by a phase of stabilization and subsequent deleveraging.
- Total Debt Trends
- Total debt experienced a significant upward trend from March 2022, when it stood at US$ 47,493 million, eventually peaking at US$ 81,271 million in March 2025. Following this peak, a gradual reduction is observed, with the balance decreasing to US$ 73,328 million by June 2026.
- Shareholders' Equity Growth
- Shareholders' equity attributable to the group demonstrated consistent growth throughout the analyzed period. Starting at US$ 72,766 million in March 2022, equity increased steadily to reach US$ 98,447 million by June 2026, providing a larger capital cushion to support liabilities.
- Debt to Equity Ratio Dynamics
- The debt to equity ratio fluctuated from a low of 0.65 in March 2022 to a peak of 0.87 in March 2023. Between March 2023 and March 2025, the ratio remained relatively elevated, generally oscillating between 0.80 and 0.86. However, the most recent data indicates a distinct downward trend in leverage, with the ratio declining from 0.86 in March 2025 to 0.74 by June 2026.
The divergence between debt and equity trends in the final quarters suggests a strategic move toward reducing financial risk. While total debt was reduced by approximately US$ 7,943 million between March 2025 and June 2026, equity continued to expand, resulting in a strengthened overall solvency position.
Debt to Capital
UnitedHealth Group Inc., debt to capital calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | ||||||||||||||||||||||||
| Long-term debt, less current maturities | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group | ||||||||||||||||||||||||
| Total capital | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to capital1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The financial position of UnitedHealth Group Inc. from March 2022 through June 2026 is characterized by a synchronized increase in both total debt and total capital, reflecting a period of expanded leverage that eventually stabilized. While the nominal value of debt grew significantly, the simultaneous expansion of the total capital base prevented excessive volatility in the solvency ratio.
- Total Debt Trajectory
- Total debt exhibited a strong upward trend for the majority of the analyzed period. Starting at 47,493 million USD in March 2022, debt levels climbed steadily to reach a peak of 81,271 million USD in March 2025. Following this peak, a gradual contraction is observed, with total debt declining to 73,328 million USD by June 2026.
- Total Capital Expansion
- Total capital showed consistent growth, increasing from 120,259 million USD in March 2022 to 171,775 million USD by June 2026. This sustained growth in the capital base provided the necessary foundation to absorb the increased debt levels incurred between 2022 and 2025.
- Debt to Capital Ratio Evolution
- The debt to capital ratio transitioned from a low of 0.39 in early 2022 to a peak of 0.46 in March 2023. For the subsequent two years, the ratio remained remarkably stable, oscillating narrowly between 0.44 and 0.46. Toward the end of the period, a slight downward trend emerged, with the ratio settling at 0.43 by June 2026, indicating a marginal improvement in the company's solvency posture relative to its peak leverage levels.
Debt to Assets
UnitedHealth Group Inc., debt to assets calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | ||||||||||||||||||||||||
| Long-term debt, less current maturities | ||||||||||||||||||||||||
| Total debt | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Debt to assets1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a period of expansion followed by a phase of stabilization and slight deleveraging between March 2022 and June 2026. While both total debt and total assets experienced significant growth, the debt-to-assets ratio remained within a narrow band, suggesting a controlled approach to leverage relative to the growth of the asset base.
- Debt to Assets Ratio Trends
- The ratio began at 0.21 in March 2022, fluctuating slightly before trending upward to a peak of 0.26 during the 2024 fiscal year. This stability at 0.26 persisted for five consecutive quarters from March 2024 through December 2024, indicating a period of equilibrium where debt growth precisely mirrored asset growth. A marginal improvement is observed in the final quarters of the analysis, with the ratio receding to 0.24 by June 2026.
- Total Debt Analysis
- A substantial increase in total debt is evident, rising from 47,493 million USD in March 2022 to a peak of 81,271 million USD in March 2025. A notable surge occurred between December 2022 and March 2023, where debt increased by approximately 12,965 million USD in a single quarter. Following the March 2025 peak, a downward trend emerged, with total debt reducing to 73,328 million USD by June 2026.
- Total Asset Growth
- Total assets demonstrated consistent upward momentum, increasing from 221,238 million USD in March 2022 to a peak of 312,644 million USD in March 2026. The growth in assets provided the necessary cushion to absorb the increase in debt, preventing a significant deterioration of the solvency ratio. The asset base remained robust, ending the period at 309,727 million USD.
- Solvency Synthesis
- The overall trend indicates that the organization utilized increased leverage to expand its asset base. The transition from a 0.21 ratio in early 2022 to a stabilized 0.26 in 2024 suggests a strategic shift in capital structure. The subsequent decline in the ratio toward 0.24 by mid-2026 reflects a period of debt reduction and improved solvency health without a corresponding loss in total asset value.
Financial Leverage
UnitedHealth Group Inc., financial leverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Financial leverage1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= ÷ =
2 Click competitor name to see calculations.
An analysis of the financial structure from March 2022 through June 2026 reveals a period of significant balance sheet expansion coupled with a stabilized approach to financial leverage. The organization successfully increased its asset base and equity holdings while maintaining a controlled ratio of debt and liabilities relative to shareholder investment.
- Total Asset Growth
- Total assets exhibited a strong upward trend, rising from 221,238 million US dollars in March 2022 to 309,727 million US dollars by June 2026. A notable surge occurred between December 2022 and March 2023, where assets increased by approximately 37,974 million US dollars in a single quarter. Following this spike, assets stabilized and continued a gradual climb, peaking at 315,269 million US dollars in September 2025.
- Shareholders' Equity Trends
- Equity attributable to the company demonstrated consistent growth, moving from 72,766 million US dollars in March 2022 to 98,447 million US dollars in June 2026. This steady increase indicates a strengthening of the internal capital base and an improved ability to absorb potential losses, supporting the overall solvency of the organization.
- Financial Leverage Dynamics
- The financial leverage ratio experienced a period of volatility before reaching a state of relative equilibrium. The ratio climbed from 3.04 in March 2022 to a peak of 3.49 in March 2023, coinciding with the rapid expansion of total assets. This suggests a temporary increase in the use of liabilities to fund growth. Subsequently, the leverage ratio corrected downward to 3.08 by December 2023. From January 2024 through June 2026, the ratio remained stable, fluctuating within a narrow band between 3.15 and 3.29, ultimately concluding the period at 3.15.
Interest Coverage
UnitedHealth Group Inc., interest coverage calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | ||||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | ||||||||||||||||||||||||
| Add: Income tax expense | ||||||||||||||||||||||||
| Add: Interest expense | ||||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | ||||||||||||||||||||||||
| Solvency Ratio | ||||||||||||||||||||||||
| Interest coverage1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Interest coverage
= (EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025)
÷ (Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The interest coverage ratio exhibits a persistent downward trajectory over the analyzed period, declining from a peak of 14.66 in September 2022 to 5.48 by June 2026. This trend indicates a reduction in the margin of safety regarding the capacity to meet interest obligations from operating profits.
- Interest Expense Trends
- A consistent increase in interest expenses is observed, rising from US$ 433 million in March 2022 to a peak of US$ 1,074 million in September 2024. This sustained growth in financing costs has acted as a primary downward pressure on the solvency ratio throughout the period.
- Operating Income Volatility
- Earnings before interest and tax (EBIT) generally fluctuated between US$ 6 billion and US$ 9 billion; however, significant anomalies occurred in March 2024 (US$ 845 million) and December 2025 (US$ 254 million). These sharp, temporary contractions in operating income resulted in immediate and substantial drops in the interest coverage ratio.
- Solvency Ratio Evolution
- The coverage ratio maintained a strong position above 10.0 through the first two years of the sequence but breached this threshold in December 2023. The ratio reached its lowest point of 4.67 in December 2025, coinciding with the period of lowest reported EBIT, before showing a modest recovery to 5.48 by June 2026.
Overall, the erosion of the interest coverage ratio is the result of a dual impact: the steady escalation of interest costs coupled with periodic volatility in operating earnings. Despite these pressures, the ratio remains above 1.0, indicating that operating profits continue to exceed interest obligations, although the buffer has narrowed significantly compared to the 2022 baseline.