UnitedHealth Group Inc., current enterprise value calculation

Current share price (P)	$427.96
No. shares of common stock outstanding	914,712,333
US$ in millions
Common equity (market value)¹	391,460)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)	—)
Add: Nonredeemable noncontrolling interests (per books)	5,610)
Total equity	397,070)
Add: Short-term borrowings and current maturities of long-term debt (per books)	4,545)
Add: Long-term debt, less current maturities (per books)	72,359)
Total equity and debt	473,974)
Less: Cash and cash equivalents	25,312)
Less: Short-term investments	3,801)
Less: Assets under management	—)
Enterprise value (EV)	444,861)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 427.96 × 914,712,333

UnitedHealth Group Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$468.56	$498.28	$484.33	$478.23	$334.65
No. shares of common stock outstanding¹	914,712,333	921,934,109	932,846,602	940,899,146	945,319,404
US$ in millions
Common equity (market value)³	428,598)	459,381)	451,806)	449,966)	316,351)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Nonredeemable noncontrolling interests (book value)	5,610)	5,665)	3,678)	3,285)	2,837)
Total equity	434,208)	465,046)	455,484)	453,251)	319,188)
Add: Short-term borrowings and current maturities of long-term debt (book value)	4,545)	4,274)	3,110)	3,620)	4,819)
Add: Long-term debt, less current maturities (book value)	72,359)	58,263)	54,513)	42,383)	38,648)
Total equity and debt	511,112)	527,583)	513,107)	499,254)	362,655)
Less: Cash and cash equivalents	25,312)	25,427)	23,365)	21,375)	16,921)
Less: Short-term investments	3,801)	4,201)	4,546)	2,532)	2,860)
Less: Assets under management	—)	3,755)	4,087)	4,449)	4,076)
Enterprise value (EV)	481,999)	494,200)	481,109)	470,898)	338,798)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 468.56 × 914,712,333

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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 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

UnitedHealth Group Inc. (NYSE:UNH)

Enterprise Value (EV)