Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Analysis of Reportable Segments

Microsoft Excel

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Segment Profit Margin

UnitedHealth Group Inc., profit margin by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx

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).

Segment profitability ratio Reportable segment The company
Segment profit margin UnitedHealthcare UnitedHealthcare segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Optum Health Optum Health segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Optum Insight Optum Insight segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Optum Rx Optum Rx segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: UnitedHealthcare

UnitedHealth Group Inc.; UnitedHealthcare; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Revenues, including investment and other income
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin UnitedHealthcare UnitedHealthcare segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: Optum Health

UnitedHealth Group Inc.; Optum Health; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Revenues, including investment and other income
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Optum Health Optum Health segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Segment Profit Margin: Optum Insight

UnitedHealth Group Inc.; Optum Insight; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Revenues, including investment and other income
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Optum Insight Optum Insight segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: Optum Rx

UnitedHealth Group Inc.; Optum Rx; segment profit margin calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Revenues, including investment and other income
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Earnings before income taxes ÷ Revenues, including investment and other income
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Optum Rx Optum Rx segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Return on Assets (Segment ROA)

UnitedHealth Group Inc., ROA by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx

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).

Segment profitability ratio Reportable segment The company
Segment ROA UnitedHealthcare UnitedHealthcare segment ROA improved from 2021 to 2022 and from 2022 to 2023.
Optum Health Optum Health segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Optum Insight Optum Insight segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Optum Rx Optum Rx segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment ROA: UnitedHealthcare

UnitedHealth Group Inc.; UnitedHealthcare; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA UnitedHealthcare UnitedHealthcare segment ROA improved from 2021 to 2022 and from 2022 to 2023.

Segment ROA: Optum Health

UnitedHealth Group Inc.; Optum Health; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Optum Health Optum Health segment ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Segment ROA: Optum Insight

UnitedHealth Group Inc.; Optum Insight; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Optum Insight Optum Insight segment ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Segment ROA: Optum Rx

UnitedHealth Group Inc.; Optum Rx; segment ROA calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Earnings before income taxes
Assets
Segment Profitability Ratio
Segment ROA1

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
Segment ROA = 100 × Earnings before income taxes ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Optum Rx Optum Rx segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment Asset Turnover

UnitedHealth Group Inc., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx

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).

Segment activity ratio Reportable segment The company
Segment asset turnover UnitedHealthcare UnitedHealthcare segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Optum Health Optum Health segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Optum Insight Optum Insight segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Optum Rx Optum Rx segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment Asset Turnover: UnitedHealthcare

UnitedHealth Group Inc.; UnitedHealthcare; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues, including investment and other income
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover UnitedHealthcare UnitedHealthcare segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Optum Health

UnitedHealth Group Inc.; Optum Health; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues, including investment and other income
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Optum Health Optum Health segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Optum Insight

UnitedHealth Group Inc.; Optum Insight; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues, including investment and other income
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Optum Insight Optum Insight segment asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Segment Asset Turnover: Optum Rx

UnitedHealth Group Inc.; Optum Rx; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues, including investment and other income
Assets
Segment Activity Ratio
Segment asset turnover1

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
Segment asset turnover = Revenues, including investment and other income ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Optum Rx Optum Rx segment asset turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment Capital Expenditures to Depreciation

UnitedHealth Group Inc., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx

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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation UnitedHealthcare UnitedHealthcare segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.
Optum Health Optum Health segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.
Optum Insight Optum Insight segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Optum Rx Optum Rx segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Segment Capital Expenditures to Depreciation: UnitedHealthcare

UnitedHealth Group Inc.; UnitedHealthcare; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Purchases of property, equipment and capitalized software
Depreciation and amortization
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation UnitedHealthcare UnitedHealthcare segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Optum Health

UnitedHealth Group Inc.; Optum Health; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Purchases of property, equipment and capitalized software
Depreciation and amortization
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Optum Health Optum Health segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Optum Insight

UnitedHealth Group Inc.; Optum Insight; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Purchases of property, equipment and capitalized software
Depreciation and amortization
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Optum Insight Optum Insight segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Optum Rx

UnitedHealth Group Inc.; Optum Rx; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Purchases of property, equipment and capitalized software
Depreciation and amortization
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Purchases of property, equipment and capitalized software ÷ Depreciation and amortization
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Optum Rx Optum Rx segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Revenues, including investment and other income

UnitedHealth Group Inc., revenues, including investment and other income by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx
Optum Eliminations
Optum
Corporate and Eliminations
Consolidated

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).


Earnings before income taxes

UnitedHealth Group Inc., earnings before income taxes by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx
Optum
Corporate and Eliminations
Consolidated

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).


Assets

UnitedHealth Group Inc., assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx
Optum
Corporate and Eliminations
Consolidated

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).


Purchases of property, equipment and capitalized software

UnitedHealth Group Inc., purchases of property, equipment and capitalized software by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx
Optum
Consolidated

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).


Depreciation and amortization

UnitedHealth Group Inc., depreciation and amortization by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
UnitedHealthcare
Optum Health
Optum Insight
Optum Rx
Optum
Consolidated

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).