UnitedHealth Group Inc., current enterprise value calculation

Current share price (P)	$600.50
No. shares of common stock outstanding	920,284,334
US$ in millions
Common equity (market value)¹	552,631)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)	—)
Add: Nonredeemable noncontrolling interests (per books)	5,665)
Total equity	558,296)
Add: Short-term borrowings and current maturities of long-term debt (per books)	4,274)
Add: Long-term debt, less current maturities (per books)	58,263)
Total equity and debt	620,833)
Less: Cash and cash equivalents	25,427)
Less: Short-term investments	4,201)
Less: Assets under management	3,755)
Enterprise value (EV)	587,450)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 600.50 × 920,284,334

UnitedHealth Group Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$498.28	$484.33	$478.23	$334.65	$298.78
No. shares of common stock outstanding¹	921,934,109	932,846,602	940,899,146	945,319,404	948,573,372
US$ in millions
Common equity (market value)³	459,381)	451,806)	449,966)	316,351)	283,415)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Nonredeemable noncontrolling interests (book value)	5,665)	3,678)	3,285)	2,837)	2,820)
Total equity	465,046)	455,484)	453,251)	319,188)	286,235)
Add: Short-term borrowings and current maturities of long-term debt (book value)	4,274)	3,110)	3,620)	4,819)	3,870)
Add: Long-term debt, less current maturities (book value)	58,263)	54,513)	42,383)	38,648)	36,808)
Total equity and debt	527,583)	513,107)	499,254)	362,655)	326,913)
Less: Cash and cash equivalents	25,427)	23,365)	21,375)	16,921)	10,985)
Less: Short-term investments	4,201)	4,546)	2,532)	2,860)	3,260)
Less: Assets under management	3,755)	4,087)	4,449)	4,076)	3,076)
Enterprise value (EV)	494,200)	481,109)	470,898)	338,798)	309,592)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 498.28 × 921,934,109

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	UnitedHealth Group Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

UnitedHealth Group Inc. (NYSE:UNH)

Enterprise Value (EV)