UnitedHealth Group (UNH) Financials

$395.21 -9.60 (-2.37%)

Closing price 05/6/2025 03:59 PM Eastern

Extended Trading

$395.54 +0.33 (+0.08%)

As of 05/6/2025 08:00 PM Eastern

Annual Income Statements for UnitedHealth Group

This table shows UnitedHealth Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5,813	7,017	10,558	11,986	13,839	15,403	17,285	20,120	22,381	14,405
Consolidated Net Income / (Loss)	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Net Income / (Loss) Continuing Operations	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Total Pre-Tax Income	10,231	11,863	14,023	15,944	17,981	20,742	22,310	26,343	29,112	20,071
Total Operating Income	11,021	12,930	15,209	17,344	19,685	22,405	23,970	28,435	32,358	32,287
Total Gross Profit	140,909	160,424	177,052	199,255	214,038	226,396	256,563	79,617	90,958	89,399
Total Revenue	157,107	184,840	201,164	226,253	242,155	257,141	287,597	324,162	371,622	400,278
Operating Revenue	157,107	184,840	201,164	226,253	242,155	257,141	287,597	324,162	371,622	400,278
Total Cost of Revenue	16,206	24,416	24,112	26,998	28,117	30,745	31,034	244,545	280,664	310,879
Operating Cost of Revenue	16,206	24,416	24,112	26,998	28,117	30,745	31,034	244,545	280,664	310,879
Total Operating Expenses	129,880	147,494	161,838	181,905	194,353	203,991	232,593	51,182	58,600	57,112
Selling, General & Admin Expense	24,312	28,401	29,557	34,074	35,193	41,704	42,579	47,782	54,628	53,013
Depreciation Expense	1,693	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099
Total Other Income / (Expense), net	-790	-1,067	-1,186	-1,400	-1,704	-1,663	-1,660	-2,092	-3,246	-12,216
Interest Expense	790	1,067	1,186	1,400	1,704	1,663	1,660	2,092	3,246	3,906
Other Income / (Expense), net	-	-	-	-	-	-	-	0.00	0.00	-8,310
Income Tax Expense	4,363	4,790	3,200	3,562	3,742	4,973	4,578	5,704	5,968	4,829
Net Income / (Loss) Attributable to Noncontrolling Interest	55	56	265	396	400	366	447	519	763	837
Basic Earnings per Share	$6.10	$7.37	$10.95	$12.45	$14.55	$16.23	$18.33	$21.47	$24.12	$15.64
Weighted Average Basic Shares Outstanding	953M	952M	964M	963M	951M	949M	943M	937M	928M	921M
Diluted Earnings per Share	$6.01	$7.25	$10.72	$12.19	$14.33	$16.03	$18.08	$21.18	$23.86	$15.51
Weighted Average Diluted Shares Outstanding	967M	968M	985M	983M	966M	961M	956M	950M	938M	929M
Weighted Average Basic & Diluted Shares Outstanding	953M	952.10M	964.20M	962.70M	948.57M	1.89B	940.90M	932.85M	921.93M	914.71M
Cash Dividends to Common per Share	$1.88	$2.38	$2.88	$3.45	$4.14	$4.83	$5.60	$6.40	$7.29	$8.18

This table shows UnitedHealth Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5,070	5,262	4,761	5,611	5,474	5,841	5,455	-1,409	4,216	6,055	5,543
Consolidated Net Income / (Loss)	5,199	5,384	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784
Net Income / (Loss) Continuing Operations	5,199	5,384	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784
Total Pre-Tax Income	6,665	6,946	6,215	7,332	7,229	7,692	6,859	1.00	5,665	7,614	6,791
Total Operating Income	7,132	7,462	6,891	8,086	8,057	8,526	7,689	7,931	7,875	8,708	7,773
Total Gross Profit	71,736	72,588	-136,369	22,681	22,887	23,388	22,002	23,005	87,515	23,029	-44,150
Total Revenue	80,332	80,894	82,787	91,931	92,903	92,361	94,427	99,796	98,855	100,820	100,807
Operating Revenue	80,332	80,894	82,787	91,931	92,903	92,361	94,427	99,796	98,855	100,820	100,807
Total Cost of Revenue	8,596	8,306	219,156	69,250	70,016	68,973	72,425	76,791	11,340	77,791	144,957
Operating Cost of Revenue	8,596	8,306	219,156	69,250	70,016	68,973	72,425	76,791	11,340	77,791	144,957
Total Operating Expenses	64,604	65,126	-143,260	14,595	14,830	14,862	14,313	15,074	79,640	14,321	-51,923
Selling, General & Admin Expense	11,709	11,663	13,009	13,625	13,809	13,855	13,339	14,077	13,162	13,280	12,494
Depreciation Expense	802	828	982	970	1,021	1,007	974	997	1,020	1,041	1,041
Total Other Income / (Expense), net	-467	-516	-676	-754	-828	-834	-830	-7,930	-2,210	-1,094	-982
Interest Expense	467	516	676	754	828	834	830	844	985	1,074	1,003
Other Income / (Expense), net	-	-	-	0.00	-	0.00	-	-7,086	-1,225	-20	21
Income Tax Expense	1,466	1,562	1,307	1,558	1,572	1,654	1,184	1,222	1,244	1,356	1,007
Net Income / (Loss) Attributable to Noncontrolling Interest	129	122	147	163	183	197	220	188	205	203	241
Basic Earnings per Share	$5.41	$5.63	$5.09	$6.01	$5.89	$6.31	$5.91	($1.53)	$4.58	$6.56	$6.03
Weighted Average Basic Shares Outstanding	937M	935M	937M	933M	930M	926M	928M	922M	921M	923M	921M
Diluted Earnings per Share	$5.34	$5.55	$5.02	$5.95	$5.82	$6.24	$5.85	($1.53)	$4.54	$6.51	$5.99
Weighted Average Diluted Shares Outstanding	950M	948M	950M	943M	940M	936M	938M	922M	928M	930M	929M
Weighted Average Basic & Diluted Shares Outstanding	935.38M	934.35M	932.85M	931.03M	926.31M	924.93M	921.93M	920.39M	923.42M	920.28M	914.71M

This table details how cash moves in and out of UnitedHealth Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	3,428	-493	1,551	-1,115	119	5,936	4,454	1,990	2,062	165
Net Cash From Operating Activities	9,740	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204
Net Cash From Continuing Operating Activities	9,740	9,795	13,596	15,713	18,463	22,174	22,343	26,206	29,068	24,204
Net Income / (Loss) Continuing Operations	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Consolidated Net Income / (Loss)	5,868	7,073	10,823	12,382	14,239	15,769	17,732	20,639	23,144	15,242
Depreciation Expense	1,693	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099
Non-Cash Adjustments To Reconcile Net Income	171	403	814	567	591	627	-144	594	554	5,967
Changes in Operating Assets and Liabilities, net	2,008	264	-286	336	913	2,887	1,652	1,573	1,398	-1,104
Net Cash From Investing Activities	-18,395	-9,355	-8,599	-12,385	-12,699	-12,532	-10,372	-28,476	-15,574	-20,527
Net Cash From Continuing Investing Activities	-18,395	-9,355	-8,599	-12,385	-12,699	-12,532	-10,372	-28,476	-15,574	-20,527
Purchase of Property, Plant & Equipment	-1,556	-1,705	-2,023	-2,063	-2,071	-2,051	-2,454	-2,802	-3,386	-3,499
Acquisitions	-16,164	-1,760	-2,131	-5,997	-8,343	-7,139	-4,821	-21,458	-10,136	-13,408
Purchase of Investments	-9,939	-17,547	-14,588	-14,010	-18,131	-16,577	-17,139	-18,825	-18,314	-27,308
Divestitures	-	-	-	-	-	221	15	3,414	685	2,041
Sale and/or Maturity of Investments	9,408	11,620	10,269	9,911	15,627	13,741	15,296	11,988	16,537	27,833
Other Investing Activities, net	-144	37	-126	-226	219	-727	-1,269	-793	-960	-6,186
Net Cash From Financing Activities	12,239	-1,011	-3,441	-4,365	-5,625	-3,590	-7,455	4,226	-11,529	-3,512
Net Cash From Continuing Financing Activities	12,239	-1,011	-3,441	-4,365	-5,625	-3,590	-7,455	4,226	-11,529	-3,512
Repayment of Debt	-1,593	-3,559	-8,319	-4,187	-2,069	-2,737	-3,445	-4,959	-3,275	-4,796
Repurchase of Common Equity	-1,200	-1,280	-1,500	-4,500	-6,118	-4,250	-6,338	-7,176	-8,730	-9,280
Payment of Dividends	-1,786	-2,261	-2,773	-3,320	-3,932	-4,584	-5,280	-5,991	-6,761	-7,533
Issuance of Debt	15,648	3,968	5,291	6,935	5,444	4,864	5,631	15,551	6,405	17,811
Issuance of Common Equity	402	429	688	838	1,037	1,440	1,355	1,253	1,353	1,846
Other Financing Activities, net	768	1,692	3,172	-131	13	1,677	622	5,548	-521	-1,560
Cash Interest Paid	639	1,055	1,133	1,410	1,627	1,704	1,653	1,945	3,035	3,594
Cash Income Taxes Paid	4,401	4,726	4,004	3,257	3,542	4,935	3,966	5,222	6,078	4,620

This table details how cash moves in and out of UnitedHealth Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	-870	14,233	-15,480	18,548	-100	-2,898	-13,488	2,987	-2,128	6,114	-6,808
Net Cash From Operating Activities	6,871	18,549	-4,533	16,327	11,032	6,902	-5,193	1,144	6,746	13,945	2,369
Net Cash From Continuing Operating Activities	6,871	18,549	-4,533	16,327	11,032	6,902	-5,193	1,144	6,746	13,945	2,369
Net Income / (Loss) Continuing Operations	5,199	5,384	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784
Consolidated Net Income / (Loss)	5,199	5,384	4,908	5,774	5,657	6,038	5,675	-1,221	4,421	6,258	5,784
Depreciation Expense	802	828	982	970	1,021	1,007	974	997	1,020	1,041	1,041
Non-Cash Adjustments To Reconcile Net Income	403	-44	-81	431	82	279	-238	7,637	1,727	-812	-2,585
Changes in Operating Assets and Liabilities, net	467	12,381	-10,342	9,152	4,272	-422	-11,604	-6,269	-422	7,458	-1,871
Net Cash From Investing Activities	-8,587	-847	-15,369	-11,020	-728	-2,639	-1,187	-6,340	-7,417	-5,651	-1,119
Net Cash From Continuing Investing Activities	-8,587	-847	-15,369	-11,020	-728	-2,639	-1,187	-6,340	-7,417	-5,651	-1,119
Purchase of Property, Plant & Equipment	-657	-724	-866	-760	-829	-838	-959	-743	-853	-991	-912
Acquisitions	-5,919	-4.00	-14,304	-7,826	-335	-228	-1,747	-3,006	-25	-8,643	-1,734
Purchase of Investments	-3,921	-5,280	-4,642	-4,894	-4,331	-3,773	-5,316	-4,798	-5,332	-9,821	-7,357
Sale and/or Maturity of Investments	2,187	4,579	1,872	2,575	5,076	2,497	6,389	5,290	4,619	11,894	6,030
Other Investing Activities, net	-277	582	-843	-115	-309	-297	-239	-3,083	-5,826	1,910	813
Net Cash From Financing Activities	946	-3,416	4,392	13,190	-10,459	-7,104	-7,156	8,231	-1,196	-2,205	-8,342
Net Cash From Continuing Financing Activities	946	-3,416	4,392	13,190	-10,459	-7,104	-7,156	8,231	-1,196	-2,205	-8,342
Repayment of Debt	6.00	-1,104	-1,209	-2,379	-1,123	1,182	-955	-1,313	-1,190	-1,401	-892
Repurchase of Common Equity	-2,500	-1,000	-1,176	-2,000	-3,000	-1,500	-2,230	-3,072	-	-956	-5,252
Payment of Dividends	-1,545	-1,542	-1,541	-1,537	-1,747	-1,739	-1,738	-1,729	-1,935	-1,937	-1,932
Issuance of Common Equity	205	328	169	344	284	411	314	486	258	867	235
Other Financing Activities, net	666	1,242	-1,480	5,012	-943	-2,032	-2,558	1,745	-755	-2,049	-501

This table presents UnitedHealth Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	111,254	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278
Total Current Assets	31,639	33,879	37,084	38,692	42,634	53,718	61,758	69,069	78,437	85,779
Cash & Equivalents	10,923	10,430	11,981	10,866	10,985	16,921	21,375	23,365	25,427	25,312
Short-Term Investments	1,988	2,845	3,509	3,458	3,260	2,860	2,532	4,546	4,201	3,801
Accounts Receivable	13,324	15,651	15,830	18,250	21,462	25,404	28,082	30,450	38,970	48,454
Prepaid Expenses	2,406	1,848	2,663	3,086	3,851	4,457	5,320	6,621	6,084	8,212
Other Current Assets	2,998	3,105	3,101	3,032	3,076	4,076	4,449	4,087	3,755	0.00
Plant, Property, & Equipment, net	4,861	5,901	7,013	8,458	8,704	8,626	8,969	10,128	11,450	10,553
Total Noncurrent Assets	74,754	83,030	94,961	105,071	122,551	134,945	141,479	166,508	183,833	201,946
Long-Term Investments	18,792	23,868	28,341	32,510	37,209	41,242	43,114	43,728	47,609	52,354
Goodwill	44,453	47,584	54,556	58,910	65,659	71,337	75,795	93,352	103,732	106,734
Intangible Assets	8,391	8,541	8,489	9,325	10,349	10,856	10,044	14,401	15,194	23,268
Other Noncurrent Operating Assets	3,118	3,037	3,575	4,326	9,334	11,510	12,526	15,027	17,298	19,590
Total Liabilities & Shareholders' Equity	111,254	122,810	139,058	152,221	173,889	197,289	212,206	245,705	273,720	298,278
Total Liabilities	75,793	82,621	87,036	95,994	111,727	126,750	135,727	159,358	174,801	195,687
Total Current Liabilities	42,898	49,252	50,463	53,209	61,782	72,420	78,292	89,237	99,054	103,769
Short-Term Debt	6,634	7,193	2,857	1,973	3,870	4,819	3,620	3,110	4,274	4,545
Accounts Payable	11,994	13,361	15,180	16,705	19,005	22,495	24,643	27,715	31,958	34,337
Current Deferred Revenue	2,142	1,968	2,269	2,396	2,622	2,842	2,571	3,075	3,355	3,317
Other Current Liabilities	22,128	26,730	30,157	32,135	36,285	42,264	47,458	55,337	59,467	61,570
Total Noncurrent Liabilities	32,895	33,369	36,573	42,785	49,945	54,330	57,435	70,121	75,747	91,918
Long-Term Debt	25,331	25,777	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359
Noncurrent Deferred & Payable Income Tax Liabilities	3,587	2,761	2,182	2,474	2,993	3,367	3,265	2,769	3,021	3,620
Other Noncurrent Operating Liabilities	3,977	4,831	5,556	5,730	10,144	12,315	11,787	12,839	14,463	15,939
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,736	2,012	2,189	1,908	1,726	2,211	1,434	4,897	4,498	4,323
Total Equity & Noncontrolling Interests	33,725	38,177	49,833	54,319	60,436	68,328	75,045	81,450	94,421	98,268
Total Preferred & Common Equity	33,830	38,274	47,776	51,696	57,616	65,491	71,760	77,772	88,756	92,658
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	33,830	38,274	47,776	51,696	57,616	65,491	71,760	77,772	88,756	92,658
Common Stock	39	10	1,713	10	16	10	10	9.00	9.00	9.00
Retained Earnings	37,125	40,945	48,730	55,846	61,178	69,295	77,134	86,156	95,774	96,036
Accumulated Other Comprehensive Income / (Loss)	-3,334	-2,681	-2,667	-4,160	-3,578	-3,814	-5,384	-8,393	-7,027	-3,387
Noncontrolling Interest	-105	-97	2,057	2,623	2,820	2,837	3,285	3,678	5,665	5,610

This table presents UnitedHealth Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Total Assets	230,172	243,064	245,705	283,679	280,164	282,063	273,720	284,210	286,056	299,309	298,278
Total Current Assets	68,356	82,937	69,069	93,895	89,869	91,905	78,437	88,942	92,038	92,258	85,779
Cash & Equivalents	24,612	38,845	23,365	41,913	41,813	38,915	25,427	28,414	26,286	32,400	25,312
Short-Term Investments	3,352	3,682	4,546	4,584	4,466	5,182	4,201	4,296	5,037	4,734	3,801
Accounts Receivable	31,157	30,731	30,450	37,110	34,083	38,425	38,970	46,481	49,877	47,485	48,454
Prepaid Expenses	5,218	5,657	6,621	6,451	5,884	5,767	6,084	6,132	7,424	7,639	8,212
Other Current Assets	4,017	4,022	4,087	3,837	3,623	3,616	3,755	3,619	3,414	0.00	0.00
Plant, Property, & Equipment, net	9,421	9,469	10,128	10,637	10,926	11,070	11,450	10,429	9,801	10,139	10,553
Total Noncurrent Assets	152,395	150,658	166,508	179,147	179,369	179,088	183,833	184,839	184,217	196,912	201,946
Long-Term Investments	42,427	41,557	43,728	46,884	45,988	45,474	47,609	45,928	46,113	48,689	52,354
Goodwill	84,159	83,904	93,352	100,406	101,669	101,703	103,732	105,664	105,436	105,978	106,734
Intangible Assets	11,285	10,785	14,401	16,165	15,643	15,200	15,194	15,543	14,729	23,594	23,268
Other Noncurrent Operating Assets	14,524	14,412	15,027	15,692	16,069	16,711	17,298	17,704	17,939	18,651	19,590
Total Liabilities & Shareholders' Equity	230,172	243,064	245,705	283,679	280,164	282,063	273,720	284,210	286,056	299,309	298,278
Total Liabilities	149,045	160,143	159,358	193,057	188,008	188,083	174,801	187,292	186,822	194,854	195,687
Total Current Liabilities	88,698	100,935	89,237	116,482	112,981	114,179	99,054	104,431	104,670	101,565	103,769
Short-Term Debt	5,592	3,229	3,110	9,931	6,321	5,290	4,274	9,787	11,371	3,909	4,545
Accounts Payable	25,145	27,232	27,715	29,856	29,516	31,164	31,958	30,738	30,886	33,080	34,337
Current Deferred Revenue	2,212	12,847	3,075	14,487	14,852	15,311	3,355	3,206	2,572	3,320	3,317
Other Current Liabilities	55,749	57,627	55,337	62,208	62,292	62,414	59,467	60,700	59,841	61,256	61,570
Total Noncurrent Liabilities	60,347	59,208	70,121	76,575	75,027	73,904	75,747	82,861	82,152	93,289	91,918
Long-Term Debt	45,799	45,438	54,513	60,657	59,268	58,079	58,263	63,850	63,727	74,101	72,359
Noncurrent Deferred & Payable Income Tax Liabilities	2,581	1,659	2,769	2,834	2,498	2,210	3,021	4,167	3,631	4,014	3,620
Other Noncurrent Operating Liabilities	11,967	12,111	12,839	13,084	13,261	13,615	14,463	14,844	14,794	15,174	15,939
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	4,922	4,857	4,897	4,801	4,788	4,416	4,498	4,548	4,558	4,574	4,323
Total Equity & Noncontrolling Interests	76,205	78,064	81,450	85,821	87,368	89,564	94,421	92,370	94,676	99,881	98,268
Total Preferred & Common Equity	72,820	74,646	77,772	81,312	82,353	84,494	88,756	86,688	89,359	94,535	92,658
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	72,820	74,646	77,772	81,312	82,353	84,494	88,756	86,688	89,359	94,535	92,658
Common Stock	10	10	9.00	9.00	9.00	9.00	9.00	9.00	382	470	9.00
Retained Earnings	80,540	83,722	86,156	88,852	89,994	93,173	95,774	90,118	92,400	96,518	96,036
Accumulated Other Comprehensive Income / (Loss)	-7,730	-9,086	-8,393	-7,549	-7,650	-8,688	-7,027	-3,439	-3,423	-2,453	-3,387
Noncontrolling Interest	3,385	3,418	3,678	4,509	5,015	5,070	5,665	5,682	5,317	5,346	5,610

This table displays calculated financial ratios and metrics derived from UnitedHealth Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.41%	17.65%	8.83%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%
EBITDA Growth	8.19%	17.86%	16.48%	13.28%	13.32%	12.90%	7.02%	17.59%	14.12%	-22.72%
EBIT Growth	7.27%	17.32%	17.63%	14.04%	13.50%	13.82%	6.99%	18.63%	13.80%	-25.90%
NOPAT Growth	5.73%	21.96%	52.26%	14.75%	15.73%	9.27%	11.85%	16.94%	15.47%	-4.69%
Net Income Growth	4.43%	20.54%	53.02%	14.40%	15.00%	10.75%	12.45%	16.39%	12.14%	-34.14%
EPS Growth	5.44%	20.63%	47.86%	13.71%	17.56%	11.86%	12.79%	17.15%	12.65%	-35.00%
Operating Cash Flow Growth	20.98%	0.56%	38.81%	15.57%	17.50%	20.10%	0.76%	17.29%	10.92%	-16.73%
Free Cash Flow Firm Growth	-249.46%	219.29%	6.14%	-5.92%	37.06%	52.09%	7.37%	-67.37%	155.85%	-22.60%
Invested Capital Growth	54.08%	0.82%	10.74%	15.20%	11.84%	3.11%	4.68%	30.42%	16.44%	16.40%
Revenue Q/Q Growth	6.91%	2.18%	2.30%	2.88%	1.20%	1.65%	2.97%	2.87%	3.23%	1.62%
EBITDA Q/Q Growth	-1.50%	5.36%	5.06%	3.02%	3.13%	-5.82%	8.25%	5.16%	2.22%	-22.52%
EBIT Q/Q Growth	-2.62%	5.89%	5.48%	3.09%	3.13%	-6.58%	9.22%	4.98%	2.53%	-25.54%
NOPAT Q/Q Growth	-3.02%	6.40%	22.65%	-4.16%	3.74%	-7.37%	10.97%	4.20%	3.70%	1.33%
Net Income Q/Q Growth	-4.21%	6.89%	22.85%	-4.30%	3.67%	-7.70%	11.57%	3.60%	3.43%	0.72%
EPS Q/Q Growth	-4.60%	7.09%	21.82%	-4.39%	4.22%	-7.93%	12.16%	3.72%	3.60%	0.91%
Operating Cash Flow Q/Q Growth	12.50%	-33.44%	-7.91%	46.30%	25.99%	-0.47%	-11.43%	-22.83%	-2.22%	45.44%
Free Cash Flow Firm Q/Q Growth	27.27%	-35.71%	-34.68%	134.47%	95.79%	-7.11%	-7.78%	-79.84%	205.21%	329.54%
Invested Capital Q/Q Growth	-6.03%	6.80%	27.65%	9.03%	-1.15%	-1.43%	4.74%	52.26%	24.26%	1.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.69%	86.79%	88.01%	88.07%	88.39%	88.04%	89.21%	24.56%	24.48%	22.33%
EBITDA Margin	8.09%	8.11%	8.68%	8.74%	9.25%	9.84%	9.41%	9.82%	9.78%	7.01%
Operating Margin	7.02%	7.00%	7.56%	7.67%	8.13%	8.71%	8.33%	8.77%	8.71%	8.07%
EBIT Margin	7.02%	7.00%	7.56%	7.67%	8.13%	8.71%	8.33%	8.77%	8.71%	5.99%
Profit (Net Income) Margin	3.74%	3.83%	5.38%	5.47%	5.88%	6.13%	6.17%	6.37%	6.23%	3.81%
Tax Burden Percent	57.36%	59.62%	77.18%	77.66%	79.19%	76.02%	79.48%	78.35%	79.50%	75.94%
Interest Burden Percent	92.83%	91.75%	92.20%	91.93%	91.34%	92.58%	93.07%	92.64%	89.97%	83.71%
Effective Tax Rate	42.64%	40.38%	22.82%	22.34%	20.81%	23.98%	20.52%	21.65%	20.50%	24.06%
Return on Invested Capital (ROIC)	21.46%	21.49%	30.93%	31.39%	32.03%	32.64%	35.14%	34.87%	32.86%	26.91%
ROIC Less NNEP Spread (ROIC-NNEP)	30.18%	54.02%	42.15%	41.09%	44.85%	41.57%	41.98%	44.22%	50.84%	123.23%
Return on Net Nonoperating Assets (RNNOA)	-4.53%	-2.79%	-7.46%	-8.51%	-7.98%	-8.87%	-11.01%	-9.52%	-7.88%	-11.78%
Return on Equity (ROE)	16.93%	18.70%	23.47%	22.88%	24.05%	23.77%	24.12%	25.35%	24.98%	15.13%
Cash Return on Invested Capital (CROIC)	-21.11%	20.68%	20.74%	17.26%	20.86%	29.58%	30.57%	8.46%	17.68%	11.75%
Operating Return on Assets (OROA)	11.15%	11.05%	11.62%	11.91%	12.07%	12.07%	11.71%	12.42%	12.46%	8.38%
Return on Assets (ROA)	5.94%	6.04%	8.27%	8.50%	8.73%	8.50%	8.66%	9.01%	8.91%	5.33%
Return on Common Equity (ROCE)	16.20%	17.82%	21.91%	21.02%	22.21%	22.05%	22.52%	23.28%	22.46%	13.62%
Return on Equity Simple (ROE_SIMPLE)	17.35%	18.48%	22.65%	23.95%	24.71%	24.08%	24.71%	26.54%	26.08%	16.45%
Net Operating Profit after Tax (NOPAT)	6,321	7,709	11,738	13,469	15,588	17,033	19,051	22,278	25,725	24,519
NOPAT Margin	4.02%	4.17%	5.84%	5.95%	6.44%	6.62%	6.62%	6.87%	6.92%	6.13%
Net Nonoperating Expense Percent (NNEP)	-8.72%	-32.53%	-11.22%	-9.70%	-12.82%	-8.92%	-6.84%	-9.36%	-17.97%	-96.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.02%	16.39%	14.00%
Cost of Revenue to Revenue	10.32%	13.21%	11.99%	11.93%	11.61%	11.96%	10.79%	75.44%	75.52%	77.67%
SG&A Expenses to Revenue	15.47%	15.37%	14.69%	15.06%	14.53%	16.22%	14.81%	14.74%	14.70%	13.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	82.67%	79.80%	80.45%	80.40%	80.26%	79.33%	80.87%	15.79%	15.77%	14.27%
Earnings before Interest and Taxes (EBIT)	11,021	12,930	15,209	17,344	19,685	22,405	23,970	28,435	32,358	23,977
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12,714	14,985	17,454	19,772	22,405	25,296	27,073	31,835	36,330	28,076
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.91	3.56	4.06	4.27	4.52	4.83	6.36	6.18	5.40	5.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.63	0.74	0.96	0.98	1.08	1.23	1.59	1.48	1.29	1.16
Price to Earnings (P/E)	16.96	19.42	18.38	18.40	18.84	20.55	26.40	23.88	21.42	32.32
Dividend Yield	1.81%	1.66%	1.44%	1.50%	1.50%	1.45%	1.16%	1.24%	1.41%	1.62%
Earnings Yield	5.90%	5.15%	5.44%	5.43%	5.31%	4.87%	3.79%	4.19%	4.67%	3.09%
Enterprise Value to Invested Capital (EV/IC)	2.81	3.72	4.67	4.68	4.95	5.74	7.93	6.57	5.64	4.80
Enterprise Value to Revenue (EV/Rev)	0.64	0.73	0.93	0.95	1.05	1.18	1.53	1.47	1.28	1.18
Enterprise Value to EBITDA (EV/EBITDA)	7.90	8.94	10.66	10.87	11.36	12.02	16.25	14.92	13.07	16.77
Enterprise Value to EBIT (EV/EBIT)	9.12	10.37	12.24	12.39	12.93	13.57	18.36	16.71	14.68	19.64
Enterprise Value to NOPAT (EV/NOPAT)	15.90	17.39	15.86	15.95	16.32	17.85	23.10	21.32	18.46	19.21
Enterprise Value to Operating Cash Flow (EV/OCF)	10.32	13.68	13.69	13.67	13.78	13.71	19.69	18.13	16.34	19.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	18.07	23.65	29.01	25.07	19.70	26.55	87.84	34.32	43.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.82	0.61	0.65	0.65	0.62	0.60	0.67	0.63	0.75
Long-Term Debt to Equity	0.71	0.64	0.55	0.62	0.59	0.55	0.55	0.63	0.59	0.71
Financial Leverage	-0.15	-0.05	-0.18	-0.21	-0.18	-0.21	-0.26	-0.22	-0.16	-0.10
Leverage Ratio	2.85	3.09	2.84	2.69	2.75	2.80	2.79	2.81	2.80	2.84
Compound Leverage Factor	2.65	2.84	2.62	2.47	2.52	2.59	2.59	2.61	2.52	2.38
Debt to Total Capital	47.41%	45.07%	37.86%	39.40%	39.55%	38.13%	37.56%	40.02%	38.73%	42.84%
Short-Term Debt to Total Capital	9.84%	9.83%	3.41%	2.13%	3.76%	4.23%	2.96%	2.16%	2.65%	2.53%
Long-Term Debt to Total Capital	37.57%	35.23%	34.44%	37.27%	35.79%	33.90%	34.60%	37.86%	36.09%	40.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.42%	2.62%	5.07%	4.88%	4.42%	4.43%	3.85%	5.96%	6.29%	5.53%
Common Equity to Total Capital	50.17%	52.32%	57.07%	55.72%	56.02%	57.45%	58.59%	54.02%	54.97%	51.62%
Debt to EBITDA	2.51	2.20	1.82	1.85	1.82	1.72	1.70	1.81	1.72	2.74
Net Debt to EBITDA	0.02	-0.28	-0.70	-0.52	-0.48	-0.69	-0.78	-0.44	-0.40	-0.16
Long-Term Debt to EBITDA	1.99	1.72	1.65	1.75	1.64	1.53	1.57	1.71	1.60	2.58
Debt to NOPAT	5.06	4.28	2.70	2.71	2.61	2.55	2.41	2.59	2.43	3.14
Net Debt to NOPAT	0.04	-0.54	-1.03	-0.76	-0.69	-1.03	-1.10	-0.63	-0.57	-0.19
Long-Term Debt to NOPAT	4.01	3.34	2.46	2.57	2.36	2.27	2.22	2.45	2.26	2.95
Altman Z-Score	2.87	3.16	3.52	3.64	3.53	3.55	4.16	3.90	3.79	3.41
Noncontrolling Interest Sharing Ratio	4.36%	4.69%	6.68%	8.11%	7.67%	7.23%	6.64%	8.16%	10.11%	9.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.74	0.69	0.73	0.73	0.69	0.74	0.79	0.77	0.79	0.83
Quick Ratio	0.61	0.59	0.62	0.61	0.58	0.62	0.66	0.65	0.69	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,217	7,416	7,871	7,405	10,149	15,436	16,573	5,408	13,837	10,710
Operating Cash Flow to CapEx	625.96%	574.49%	672.07%	761.66%	891.50%	1,081.13%	910.47%	935.26%	858.48%	691.74%
Free Cash Flow to Firm to Interest Expense	-7.87	6.95	6.64	5.29	5.96	9.28	9.98	2.59	4.26	2.74
Operating Cash Flow to Interest Expense	12.33	9.18	11.46	11.22	10.84	13.33	13.46	12.53	8.96	6.20
Operating Cash Flow Less CapEx to Interest Expense	10.36	7.58	9.76	9.75	9.62	12.10	11.98	11.19	7.91	5.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.59	1.58	1.54	1.55	1.49	1.39	1.40	1.42	1.43	1.40
Accounts Receivable Turnover	13.62	12.76	12.78	13.28	12.20	10.97	10.75	11.08	10.71	9.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	33.86	34.35	31.15	29.25	28.22	29.68	32.69	33.95	34.44	36.38
Accounts Payable Turnover	1.53	1.93	1.69	1.69	1.57	1.48	1.32	9.34	9.41	9.38
Days Sales Outstanding (DSO)	26.80	28.61	28.56	27.49	29.93	33.26	33.94	32.95	34.09	39.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	239.20	189.52	216.02	215.53	231.78	246.34	277.20	39.07	38.80	38.92
Cash Conversion Cycle (CCC)	-212.40	-160.91	-187.46	-188.05	-201.86	-213.08	-243.26	-6.12	-4.71	0.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,723	36,016	39,883	45,947	51,386	52,983	55,461	72,331	84,219	98,028
Invested Capital Turnover	5.33	5.15	5.30	5.27	4.98	4.93	5.30	5.07	4.75	4.39
Increase / (Decrease) in Invested Capital	12,538	293	3,867	6,064	5,439	1,597	2,478	16,870	11,888	13,809
Enterprise Value (EV)	100,493	134,028	186,136	214,848	254,470	304,061	439,994	475,062	474,902	470,905
Market Capitalization	98,600	136,286	194,029	220,597	260,700	316,569	456,293	480,503	479,439	465,535
Book Value per Share	$35.49	$40.21	$49.30	$53.74	$60.81	$69.02	$76.19	$83.24	$95.96	$100.68
Tangible Book Value per Share	($19.95)	($18.75)	($15.76)	($17.19)	($19.41)	($17.60)	($14.95)	($32.09)	($32.62)	($40.58)
Total Capital	67,426	73,159	83,714	92,781	102,840	114,006	122,482	143,970	161,456	179,495
Total Debt	31,965	32,970	31,692	36,554	40,678	43,467	46,003	57,623	62,537	76,904
Total Long-Term Debt	25,331	25,777	28,835	34,581	36,808	38,648	42,383	54,513	58,263	72,359
Net Debt	262	-4,173	-12,139	-10,280	-10,776	-17,556	-21,018	-14,016	-14,700	-4,563
Capital Expenditures (CapEx)	1,556	1,705	2,023	2,063	2,071	2,051	2,454	2,802	3,386	3,499
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-17,536	-21,455	-26,012	-26,868	-29,523	-33,664	-36,821	-44,969	-45,971	-42,558
Debt-free Net Working Capital (DFNWC)	-4,625	-8,180	-10,522	-12,544	-15,278	-13,883	-12,914	-17,058	-16,343	-13,445
Net Working Capital (NWC)	-11,259	-15,373	-13,379	-14,517	-19,148	-18,702	-16,534	-20,168	-20,617	-17,990
Net Nonoperating Expense (NNE)	453	636	915	1,087	1,349	1,264	1,319	1,639	2,581	9,277
Net Nonoperating Obligations (NNO)	262	-4,173	-12,139	-10,280	-10,776	-17,556	-21,018	-14,016	-14,700	-4,563
Total Depreciation and Amortization (D&A)	1,693	2,055	2,245	2,428	2,720	2,891	3,103	3,400	3,972	4,099
Debt-free, Cash-free Net Working Capital to Revenue	-11.16%	-11.61%	-12.93%	-11.88%	-12.19%	-13.09%	-12.80%	-13.87%	-12.37%	-10.63%
Debt-free Net Working Capital to Revenue	-2.94%	-4.43%	-5.23%	-5.54%	-6.31%	-5.40%	-4.49%	-5.26%	-4.40%	-3.36%
Net Working Capital to Revenue	-7.17%	-8.32%	-6.65%	-6.42%	-7.91%	-7.27%	-5.75%	-6.22%	-5.55%	-4.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.10	$7.37	$10.95	$12.45	$14.55	$16.23	$18.33	$21.47	$24.12	$15.64
Adjusted Weighted Average Basic Shares Outstanding	953M	952M	964M	963M	951M	949M	943M	937M	928M	921M
Adjusted Diluted Earnings per Share	$6.01	$7.25	$10.72	$12.19	$14.33	$16.03	$18.08	$21.18	$23.86	$15.51
Adjusted Weighted Average Diluted Shares Outstanding	967M	968M	985M	983M	966M	961M	956M	950M	938M	929M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	950.67M	951.17M	967.66M	959.54M	948.57M	1.89B	940.90M	932.85M	921.93M	914.71M
Normalized Net Operating Profit after Tax (NOPAT)	6,321	7,709	11,738	13,469	15,588	17,033	19,051	22,278	25,725	24,519
Normalized NOPAT Margin	4.02%	4.17%	5.84%	5.95%	6.44%	6.62%	6.62%	6.87%	6.92%	6.13%
Pre Tax Income Margin	6.51%	6.42%	6.97%	7.05%	7.43%	8.07%	7.76%	8.13%	7.83%	5.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.95	12.12	12.82	12.39	11.55	13.47	14.44	13.59	9.97	6.14
NOPAT to Interest Expense	8.00	7.23	9.90	9.62	9.15	10.24	11.48	10.65	7.93	6.28
EBIT Less CapEx to Interest Expense	11.98	10.52	11.12	10.92	10.34	12.24	12.96	12.25	8.93	5.24
NOPAT Less CapEx to Interest Expense	6.03	5.63	8.19	8.15	7.93	9.01	10.00	9.31	6.88	5.38
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.44%	31.97%	25.62%	26.81%	27.61%	29.07%	29.78%	29.03%	29.21%	49.42%
Augmented Payout Ratio	50.89%	50.06%	39.48%	63.16%	70.58%	56.02%	65.52%	63.80%	66.93%	110.31%

This table displays calculated financial ratios and metrics derived from UnitedHealth Group's official financial filings.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.63%	11.83%	12.26%	14.70%	15.65%	14.18%	14.06%	8.56%	6.41%	9.16%	6.76%
EBITDA Growth	17.44%	27.38%	24.73%	17.03%	14.42%	14.99%	10.03%	-79.66%	-15.51%	2.06%	1.99%
EBIT Growth	19.30%	30.64%	24.36%	16.35%	12.97%	14.26%	11.58%	-89.55%	-17.46%	1.90%	1.37%
NOPAT Growth	18.52%	27.81%	19.75%	15.99%	13.33%	15.71%	16.90%	-152,174.20%	-2.53%	6.94%	4.07%
Net Income Growth	18.92%	28.47%	17.11%	12.16%	8.81%	12.15%	15.63%	-121.15%	-21.85%	3.64%	1.92%
EPS Growth	19.73%	29.67%	17.84%	12.90%	8.99%	12.43%	16.53%	-125.71%	-21.99%	4.33%	2.39%
Operating Cash Flow Growth	24.03%	144.71%	-240.86%	206.96%	60.56%	-62.79%	-14.56%	-92.99%	-38.85%	102.04%	145.62%
Free Cash Flow Firm Growth	-190.49%	110.74%	-653.02%	-370.26%	279.17%	-220.95%	51.64%	-137,206.04%	-955.54%	-59.83%	-30.08%
Invested Capital Growth	13.13%	-10.28%	30.42%	24.71%	5.39%	42.68%	16.44%	35.51%	47.98%	42.59%	16.40%
Revenue Q/Q Growth	0.23%	0.70%	2.34%	11.05%	1.06%	-0.58%	2.24%	5.69%	-0.94%	1.99%	-0.01%
EBITDA Q/Q Growth	2.53%	4.49%	-5.03%	15.03%	0.24%	5.01%	-9.13%	-78.74%	316.40%	26.84%	-9.19%
EBIT Q/Q Growth	2.62%	4.63%	-7.65%	17.34%	-0.36%	5.82%	-9.82%	-89.01%	686.98%	30.65%	-10.29%
NOPAT Q/Q Growth	1.33%	3.97%	-5.92%	17.02%	-0.99%	6.15%	-4.94%	-152,318.94%	100.06%	16.46%	-7.50%
Net Income Q/Q Growth	0.99%	3.56%	-8.84%	17.64%	-2.03%	6.74%	-6.01%	-121.52%	462.08%	41.55%	-7.57%
EPS Q/Q Growth	1.33%	3.93%	-9.55%	18.53%	-2.18%	7.22%	-6.25%	-126.15%	396.73%	43.39%	-7.99%
Operating Cash Flow Q/Q Growth	29.18%	169.96%	-124.44%	460.18%	-32.43%	-37.44%	-175.24%	122.03%	489.69%	106.72%	-83.01%
Free Cash Flow Firm Q/Q Growth	-163.02%	781.07%	-201.77%	38.13%	141.78%	-559.77%	59.31%	-175,566.97%	99.74%	14.11%	66.88%
Invested Capital Q/Q Growth	14.22%	-23.54%	52.26%	-6.22%	-3.47%	3.51%	24.26%	9.14%	5.42%	-0.26%	1.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.30%	89.73%	-164.72%	24.67%	24.64%	25.32%	23.30%	23.05%	88.53%	22.84%	-43.80%
EBITDA Margin	9.88%	10.25%	9.51%	9.85%	9.77%	10.32%	9.17%	1.85%	7.76%	9.65%	8.76%
Operating Margin	8.88%	9.22%	8.32%	8.80%	8.67%	9.23%	8.14%	7.95%	7.97%	8.64%	7.71%
EBIT Margin	8.88%	9.22%	8.32%	8.80%	8.67%	9.23%	8.14%	0.85%	6.73%	8.62%	7.73%
Profit (Net Income) Margin	6.47%	6.66%	5.93%	6.28%	6.09%	6.54%	6.01%	-1.22%	4.47%	6.21%	5.74%
Tax Burden Percent	78.00%	77.51%	78.97%	78.75%	78.25%	78.50%	82.74%	-122,100.00%	78.04%	82.19%	85.17%
Interest Burden Percent	93.45%	93.09%	90.19%	90.68%	89.72%	90.22%	89.21%	0.12%	85.19%	87.64%	87.13%
Effective Tax Rate	22.00%	22.49%	21.03%	21.25%	21.75%	21.50%	17.26%	122,200.00%	21.96%	17.81%	14.83%
Return on Invested Capital (ROIC)	36.28%	44.86%	33.35%	38.08%	37.07%	45.25%	31.99%	-46,102.81%	29.51%	34.01%	28.85%
ROIC Less NNEP Spread (ROIC-NNEP)	38.23%	46.26%	36.40%	40.66%	39.91%	47.38%	36.77%	-115,776.34%	41.40%	39.30%	37.53%
Return on Net Nonoperating Assets (RNNOA)	-9.26%	-16.77%	-7.83%	-11.13%	-10.52%	-16.50%	-5.70%	17,158.41%	-6.28%	-6.74%	-3.59%
Return on Equity (ROE)	27.02%	28.09%	25.52%	26.95%	26.55%	28.75%	26.29%	-28,944.40%	23.24%	27.28%	25.26%
Cash Return on Invested Capital (CROIC)	22.06%	53.41%	8.46%	15.90%	32.20%	7.87%	17.68%	-0.27%	-9.60%	-5.68%	11.75%
Operating Return on Assets (OROA)	12.36%	12.75%	11.79%	11.70%	11.85%	12.66%	11.65%	1.13%	9.16%	11.68%	10.82%
Return on Assets (ROA)	9.01%	9.20%	8.39%	8.36%	8.32%	8.96%	8.60%	-1.64%	6.09%	8.41%	8.03%
Return on Common Equity (ROCE)	24.81%	25.84%	23.43%	24.68%	23.78%	25.86%	23.63%	-25,928.65%	20.85%	24.61%	22.74%
Return on Equity Simple (ROE_SIMPLE)	25.72%	26.69%	0.00%	26.15%	26.38%	26.48%	0.00%	18.63%	16.69%	16.01%	0.00%
Net Operating Profit after Tax (NOPAT)	5,563	5,784	5,442	6,368	6,305	6,693	6,362	-9,683,751	6,146	7,157	6,620
NOPAT Margin	6.93%	7.15%	6.57%	6.93%	6.79%	7.25%	6.74%	-9,703.55%	6.22%	7.10%	6.57%
Net Nonoperating Expense Percent (NNEP)	-1.95%	-1.40%	-3.05%	-2.58%	-2.84%	-2.12%	-4.78%	69,673.53%	-11.89%	-5.29%	-8.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.91%	-	-	-	4.05%	-	-	-	3.78%
Cost of Revenue to Revenue	10.70%	10.27%	264.72%	75.33%	75.36%	74.68%	76.70%	76.95%	11.47%	77.16%	143.80%
SG&A Expenses to Revenue	14.58%	14.42%	15.71%	14.82%	14.86%	15.00%	14.13%	14.11%	13.31%	13.17%	12.39%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	80.42%	80.51%	-173.05%	15.88%	15.96%	16.09%	15.16%	15.10%	80.56%	14.20%	-51.51%
Earnings before Interest and Taxes (EBIT)	7,132	7,462	6,891	8,086	8,057	8,526	7,689	845	6,650	8,688	7,794
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,934	8,290	7,873	9,056	9,078	9,533	8,663	1,842	7,670	9,729	8,835
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.43	6.17	6.18	5.32	5.35	5.44	5.40	5.24	5.25	5.71	5.02
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.53	1.46	1.48	1.29	1.26	1.28	1.29	1.20	1.22	1.37	1.16
Price to Earnings (P/E)	25.64	23.68	23.88	20.88	20.87	21.21	21.42	29.57	33.24	37.71	32.32
Dividend Yield	1.20%	1.26%	1.24%	1.42%	1.44%	1.42%	1.41%	1.53%	1.52%	1.36%	1.62%
Earnings Yield	3.90%	4.22%	4.19%	4.79%	4.79%	4.71%	4.67%	3.38%	3.01%	2.65%	3.09%
Enterprise Value to Invested Capital (EV/IC)	7.36	9.12	6.57	6.17	6.47	6.54	5.64	5.00	4.92	5.61	4.80
Enterprise Value to Revenue (EV/Rev)	1.49	1.37	1.47	1.25	1.22	1.23	1.28	1.21	1.24	1.38	1.18
Enterprise Value to EBITDA (EV/EBITDA)	16.05	14.30	14.92	12.63	12.36	12.47	13.07	12.69	13.22	14.96	16.77
Enterprise Value to EBIT (EV/EBIT)	18.05	15.99	16.71	14.16	13.90	14.05	14.68	14.27	14.87	16.83	19.64
Enterprise Value to NOPAT (EV/NOPAT)	22.73	20.26	21.32	18.09	17.73	17.87	18.46	19.24	20.16	22.40	19.21
Enterprise Value to Operating Cash Flow (EV/OCF)	19.89	12.75	18.13	11.25	10.24	14.91	16.34	33.08	49.61	32.57	19.46
Enterprise Value to Free Cash Flow (EV/FCFF)	35.42	16.14	87.84	43.11	20.62	97.79	34.32	0.00	0.00	0.00	43.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.59	0.67	0.78	0.71	0.67	0.63	0.76	0.76	0.75	0.75
Long-Term Debt to Equity	0.56	0.55	0.63	0.67	0.64	0.62	0.59	0.66	0.64	0.71	0.71
Financial Leverage	-0.24	-0.36	-0.22	-0.27	-0.26	-0.35	-0.16	-0.15	-0.15	-0.17	-0.10
Leverage Ratio	2.85	2.90	2.81	3.00	2.95	2.97	2.80	3.03	2.96	2.93	2.84
Compound Leverage Factor	2.67	2.69	2.54	2.72	2.64	2.68	2.50	0.00	2.52	2.57	2.47
Debt to Total Capital	38.78%	36.98%	40.02%	43.79%	41.58%	40.27%	38.73%	43.17%	43.08%	42.75%	42.84%
Short-Term Debt to Total Capital	4.22%	2.45%	2.16%	6.16%	4.01%	3.36%	2.65%	5.74%	6.52%	2.14%	2.53%
Long-Term Debt to Total Capital	34.56%	34.53%	37.86%	37.63%	37.57%	36.91%	36.09%	37.44%	36.56%	40.61%	40.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.27%	6.29%	5.96%	5.78%	6.21%	6.03%	6.29%	6.00%	5.66%	5.44%	5.53%
Common Equity to Total Capital	54.95%	56.73%	54.02%	50.44%	52.21%	53.70%	54.97%	50.83%	51.26%	51.81%	51.62%
Debt to EBITDA	1.80	1.61	1.81	2.13	1.91	1.78	1.72	2.03	2.09	2.15	2.74
Net Debt to EBITDA	-0.67	-1.17	-0.44	-0.69	-0.78	-0.74	-0.40	-0.14	-0.06	-0.22	-0.16
Long-Term Debt to EBITDA	1.61	1.50	1.71	1.83	1.73	1.63	1.60	1.76	1.77	2.05	2.58
Debt to NOPAT	2.55	2.28	2.59	3.05	2.74	2.55	2.43	3.08	3.18	3.22	3.14
Net Debt to NOPAT	-0.94	-1.66	-0.63	-0.98	-1.12	-1.06	-0.57	-0.21	-0.10	-0.32	-0.19
Long-Term Debt to NOPAT	2.28	2.13	2.45	2.62	2.48	2.34	2.26	2.67	2.70	3.06	2.95
Altman Z-Score	3.70	3.52	3.61	2.96	3.10	3.21	3.50	3.18	3.33	3.49	3.23
Noncontrolling Interest Sharing Ratio	8.17%	8.02%	8.16%	8.43%	10.45%	10.04%	10.11%	10.42%	10.28%	9.78%	9.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.77	0.82	0.77	0.81	0.80	0.80	0.79	0.85	0.88	0.91	0.83
Quick Ratio	0.67	0.73	0.65	0.72	0.71	0.72	0.69	0.76	0.78	0.83	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,649	11,229	-11,428	-7,070	2,954	-13,581	-5,526	-9,707,839	-25,272	-21,707	-7,189
Operating Cash Flow to CapEx	1,045.81%	2,562.02%	-523.44%	2,148.29%	1,330.76%	823.63%	-541.50%	153.97%	790.86%	1,407.16%	259.76%
Free Cash Flow to Firm to Interest Expense	-3.53	21.76	-16.91	-9.38	3.57	-16.28	-6.66	-11,502.18	-25.66	-20.21	-7.17
Operating Cash Flow to Interest Expense	14.71	35.95	-6.71	21.65	13.32	8.28	-6.26	1.36	6.85	12.98	2.36
Operating Cash Flow Less CapEx to Interest Expense	13.31	34.54	-7.99	20.65	12.32	7.27	-7.41	0.48	5.98	12.06	1.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.39	1.38	1.42	1.33	1.37	1.37	1.43	1.34	1.36	1.36	1.40
Accounts Receivable Turnover	10.50	10.69	11.08	9.88	10.68	10.41	10.71	9.08	9.18	9.17	9.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	33.77	34.63	33.95	33.90	34.26	35.05	34.44	36.03	37.19	37.14	36.38
Accounts Payable Turnover	1.37	1.30	9.34	3.44	5.70	7.42	9.41	1.53	0.00	0.00	9.38
Days Sales Outstanding (DSO)	34.75	34.15	32.95	36.93	34.16	35.06	34.09	40.20	39.75	39.80	39.86
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	267.26	281.62	39.07	106.09	63.99	49.21	38.80	238.79	0.00	0.00	38.92
Cash Conversion Cycle (CCC)	-232.51	-247.48	-6.12	-69.16	-29.83	-14.15	-4.71	-198.59	39.75	39.80	0.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	62,127	47,504	72,331	67,829	65,478	67,778	84,219	91,917	96,896	96,642	98,028
Invested Capital Turnover	5.24	6.27	5.07	5.50	5.46	6.25	4.75	4.75	4.75	4.79	4.39
Increase / (Decrease) in Invested Capital	7,212	-5,445	16,870	13,438	3,351	20,274	11,888	24,088	31,418	28,864	13,809
Enterprise Value (EV)	457,256	433,053	475,062	418,834	423,752	443,313	474,902	459,383	476,252	542,011	470,905
Market Capitalization	467,949	460,195	480,503	432,317	440,627	460,029	479,439	454,154	468,715	539,904	465,535
Book Value per Share	$77.62	$79.80	$83.24	$87.17	$88.45	$91.22	$95.96	$94.03	$97.09	$102.38	$100.68
Tangible Book Value per Share	($24.12)	($21.43)	($32.09)	($37.80)	($37.55)	($34.99)	($32.62)	($37.44)	($33.47)	($37.94)	($40.58)
Total Capital	132,518	131,588	143,970	161,210	157,745	157,349	161,456	170,555	174,332	182,465	179,495
Total Debt	51,391	48,667	57,623	70,588	65,589	63,369	62,537	73,637	75,098	78,010	76,904
Total Long-Term Debt	45,799	45,438	54,513	60,657	59,268	58,079	58,263	63,850	63,727	74,101	72,359
Net Debt	-19,000	-35,417	-14,016	-22,793	-26,678	-26,202	-14,700	-5,001	-2,338	-7,813	-4,563
Capital Expenditures (CapEx)	657	724	866	760	829	838	959	743	853	991	912
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-42,714	-57,296	-44,969	-59,153	-63,070	-61,081	-45,971	-38,412	-32,584	-42,532	-42,558
Debt-free Net Working Capital (DFNWC)	-14,750	-14,769	-17,058	-12,656	-16,791	-16,984	-16,343	-5,702	-1,261	-5,398	-13,445
Net Working Capital (NWC)	-20,342	-17,998	-20,168	-22,587	-23,112	-22,274	-20,617	-15,489	-12,632	-9,307	-17,990
Net Nonoperating Expense (NNE)	364	400	534	594	648	655	687	-9,682,530	1,725	899	836
Net Nonoperating Obligations (NNO)	-19,000	-35,417	-14,016	-22,793	-26,678	-26,202	-14,700	-5,001	-2,338	-7,813	-4,563
Total Depreciation and Amortization (D&A)	802	828	982	970	1,021	1,007	974	997	1,020	1,041	1,041
Debt-free, Cash-free Net Working Capital to Revenue	-13.93%	-18.18%	-13.87%	-17.61%	-18.10%	-16.97%	-12.37%	-10.12%	-8.45%	-10.80%	-10.63%
Debt-free Net Working Capital to Revenue	-4.81%	-4.69%	-5.26%	-3.77%	-4.82%	-4.72%	-4.40%	-1.50%	-0.33%	-1.37%	-3.36%
Net Working Capital to Revenue	-6.64%	-5.71%	-6.22%	-6.72%	-6.63%	-6.19%	-5.55%	-4.08%	-3.28%	-2.36%	-4.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.41	$5.63	$5.09	$6.01	$5.89	$6.31	$5.91	($1.53)	$4.58	$6.56	$6.03
Adjusted Weighted Average Basic Shares Outstanding	937M	935M	937M	933M	930M	926M	928M	922M	921M	923M	921M
Adjusted Diluted Earnings per Share	$5.34	$5.55	$5.02	$5.95	$5.82	$6.24	$5.85	($1.53)	$4.54	$6.51	$5.99
Adjusted Weighted Average Diluted Shares Outstanding	950M	948M	950M	943M	940M	936M	938M	922M	928M	930M	929M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	935.38M	934.35M	932.85M	931.03M	926.31M	924.93M	921.93M	920.39M	923.42M	920.28M	914.71M
Normalized Net Operating Profit after Tax (NOPAT)	5,563	5,784	5,442	6,368	6,305	6,693	6,362	5,552	6,146	7,157	6,620
Normalized NOPAT Margin	6.93%	7.15%	6.57%	6.93%	6.79%	7.25%	6.74%	5.56%	6.22%	7.10%	6.57%
Pre Tax Income Margin	8.30%	8.59%	7.51%	7.98%	7.78%	8.33%	7.26%	0.00%	5.73%	7.55%	6.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.27	14.46	10.19	10.72	9.73	10.22	9.26	1.00	6.75	8.09	7.77
NOPAT to Interest Expense	11.91	11.21	8.05	8.45	7.61	8.02	7.66	-11,473.64	6.24	6.66	6.60
EBIT Less CapEx to Interest Expense	13.87	13.06	8.91	9.72	8.73	9.22	8.11	0.12	5.89	7.17	6.86
NOPAT Less CapEx to Interest Expense	10.51	9.81	6.77	7.44	6.61	7.02	6.51	-11,474.52	5.37	5.74	5.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.11%	29.19%	29.03%	28.99%	29.31%	29.33%	29.21%	43.06%	47.88%	48.50%	49.42%
Augmented Payout Ratio	68.02%	64.58%	63.80%	60.39%	62.34%	63.64%	66.93%	103.75%	93.50%	89.85%	110.31%

Frequently Asked Questions About UnitedHealth Group's Financials

When does UnitedHealth Group's fiscal year end?

According to the most recent income statement we have on file, UnitedHealth Group's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has UnitedHealth Group's net income changed over the last 9 years?

UnitedHealth Group's net income appears to be on an upward trend, with a most recent value of $15.24 billion in 2024, rising from $5.87 billion in 2015. The previous period was $23.14 billion in 2023. See UnitedHealth Group's forecast for analyst expectations on what’s next for the company.

What is UnitedHealth Group's operating income?

UnitedHealth Group's total operating income in 2024 was $32.29 billion, based on the following breakdown:

Total Gross Profit: $89.40 billion
Total Operating Expenses: $57.11 billion

How has UnitedHealth Group revenue changed over the last 9 years?

Over the last 9 years, UnitedHealth Group's total revenue changed from $157.11 billion in 2015 to $400.28 billion in 2024, a change of 154.8%.

How much debt does UnitedHealth Group have?

UnitedHealth Group's total liabilities were at $195.69 billion at the end of 2024, a 11.9% increase from 2023, and a 158.2% increase since 2015.

How much cash does UnitedHealth Group have?

In the past 9 years, UnitedHealth Group's cash and equivalents has ranged from $10.43 billion in 2016 to $25.43 billion in 2023, and is currently $25.31 billion as of their latest financial filing in 2024.

How has UnitedHealth Group's book value per share changed over the last 9 years?

Over the last 9 years, UnitedHealth Group's book value per share changed from 35.49 in 2015 to 100.68 in 2024, a change of 183.7%.

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This page (NYSE:UNH) was last updated on 5/7/2025 by MarketBeat.com Staff

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UnitedHealth Group (UNH) Financials

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