Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
UnitedHealth Group Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally upward trend throughout the periods observed, starting at 29.64 and reaching as high as 38.90 by mid-2024. This indicates increasing efficiency in utilizing fixed assets to generate revenue over time. Notable increases are seen from 2023 onward, particularly between June 2024 and September 2024, where the ratio rises from 35.98 to 38.90, suggesting improved asset utilization. The ratio stabilizes somewhat in the most recent periods, maintaining values around the high 30s.
- Total Asset Turnover
- The total asset turnover ratio shows relatively stable performance with minor fluctuations. It begins near 1.30 in early observable data and oscillates slightly between approximately 1.18 and 1.34 across the timeline. There is a slight dip to 1.18 in mid-2023, but the ratio recovers to values above 1.30 by early 2024, indicating a consistent ability to generate revenue from total assets without significant improvement or deterioration over time.
- Equity Turnover
- Equity turnover remains strong and relatively stable throughout the periods, generally ranging from about 3.90 to 4.33. There is a subtle upward trend over time, with higher turnover ratios recorded in the later periods, indicating an increasingly efficient use of shareholders' equity in generating revenue. Peaks are observed in mid-2024 reaching 4.33, demonstrating improved equity utilization. Slight decreases occur sporadically but are moderate, maintaining overall stability.
Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues, customers | ||||||||||||||||||||||||||||
| Property, equipment and capitalized software, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024
+ Revenues, customersQ2 2024)
÷ Property, equipment and capitalized software, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- The revenues of the company demonstrate a general upward trend from March 31, 2020, to March 31, 2025. Starting at approximately 64,056 million US dollars in the first quarter of 2020, revenues increased steadily with minor fluctuations, reaching a peak of 108,542 million US dollars by March 31, 2025. Notable growth periods include the increases observed between March 31, 2021, and March 31, 2023, as well as the continuous rise from December 31, 2023, through the first quarter of 2025.
- Property, Equipment, and Capitalized Software, Net
- The net values of property, equipment, and capitalized software show a rising trend in the earlier years, from 8,173 million US dollars at the end of Q1 2020 to a peak of approximately 11,450 million US dollars in December 31, 2023. Thereafter, the value decreases somewhat, reaching around 9,801 million US dollars at June 30, 2024, with a slight recovery towards 10,734 million US dollars by March 31, 2025. This pattern suggests significant investment in fixed assets and capitalized software during the initial period followed by some reduction or asset write-downs in mid-2024, and a modest rebound towards early 2025.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from September 30, 2020, shows a mostly increasing trend indicative of improved efficiency in using fixed assets to generate revenues. Starting at 29.64, the ratio gradually climbs, reaching above 38 by June and September 2024, before slightly stabilizing around 37 to 38 level through March 31, 2025. This upward trend reflects enhanced asset utilization and possibly more revenue generated per unit of fixed asset.
- Summary Insights
- The financial data display consistent revenue growth over the analyzed periods, coupled with an overall increase in property, equipment, and capitalized software until late 2023, followed by some decline and recovery. The rising net fixed asset turnover ratio suggests that asset efficiency has improved, which aligns with the revenue growth and indicates effective management of fixed assets. Temporally, the asset base expansion has supported revenue growth, and despite fluctuations in asset values during 2024, the company managed to maintain and improve its asset utilization.
Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues, customers | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Total asset turnover
= (Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024
+ Revenues, customersQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues (customers)
- Revenues exhibited a general upward trend over the observed periods. Starting from approximately 64,056 million USD in March 2020, there was a moderate decrease noted in the mid-quarter of 2020, followed by a steady increase reaching 72,930 million USD by December 2021. From 2022 onward, the revenues showed a stronger growth trajectory, climbing from around 79,782 million USD in March 2022 to over 108,542 million USD by March 2025. The increases were relatively consistent, with some minor fluctuations, indicating stable and increasing sales or service volume over time.
- Total Assets
- Total assets displayed a consistent upward movement throughout the given quarters. Starting at roughly 189,067 million USD in March 2020, assets increased steadily, surpassing 212,000 million USD by the end of 2021. The growth accelerated during the period between early 2022 and 2023, reaching over 283,000 million USD by March 2023. Subsequently, assets continued to grow more moderately but consistently, peaking at approximately 309,790 million USD by March 2025. This pattern suggests ongoing investments and resource accumulation by the company.
- Total Asset Turnover
- The total asset turnover ratio fluctuated within a narrow range during the periods where data is available. The ratio started around 1.3 in late 2020 and remained relatively stable between 1.27 and 1.34 through 2021 and 2022. A slight decrease was noted in mid-2023 (around 1.18), followed by a recovery and increase towards the end of 2024, stabilizing again near 1.3 by March 2025. This suggests that the company maintained a fairly efficient use of its assets in generating revenues, with minor variations possibly related to operational changes or market conditions.
- Summary
- Overall, the financial data indicate a company experiencing steady growth in revenues and total assets over the five-year period. The revenue growth outpaced the asset growth slightly, which is supported by the stable asset turnover ratios, indicating operational efficiency. The stable asset turnover implies the company has skillfully managed its asset base to sustain revenue generation without significant efficiency losses. Slight dips in the turnover ratio appear temporary and recover quickly, demonstrating resilience.
Equity Turnover
UnitedHealth Group Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Revenues, customers | ||||||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Equity turnover
= (Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024
+ Revenues, customersQ2 2024)
÷ Shareholders’ equity attributable to UnitedHealth Group
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues, customers
- The revenue figures exhibit an overall upward trend from March 31, 2020, through March 31, 2025. Starting at $64,056 million in the first quarter of 2020, revenues increased steadily with notable growth after the first quarter of 2021, surpassing $70,000 million and continuing to rise to approximately $108,542 million by March 31, 2025. There are minor fluctuations in some quarters, such as a slight decline in certain periods, but the general pattern is positive growth throughout the observed timeline.
- Shareholders’ equity attributable to UnitedHealth Group
- Shareholders’ equity follows a gradual and consistent upward trend from $56,977 million in March 31, 2020, to reach $95,038 million in March 31, 2025. The growth appears steady with small increments each quarter, reflecting a stable increase in the equity base of the company over the five-year span without signs of volatility.
- Equity turnover
- Equity turnover ratios are provided starting from the quarter ended September 30, 2020. The ratio hovers around a range of approximately 3.9 to 4.33, indicating stable efficiency in the usage of shareholders’ equity to generate revenues. There is a slight upward trend visible over time, with the ratio increasing from 3.9 to a peak of 4.33, then fluctuating mildly around 4.1 to 4.26 in the final quarters. This suggests the company has maintained, or modestly improved, its effectiveness at generating sales relative to its equity base.