UnitedHealth Group (UNH) Financials

$294.99 -0.58 (-0.20%)

Closing price 05/27/2025 03:59 PM Eastern

Extended Trading

$294.35 -0.64 (-0.22%)

As of 04:32 AM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	14,405	22,381	20,120	17,285	15,403	13,839	11,986	10,558	7,017	5,813
Consolidated Net Income / (Loss)	15,242	23,144	20,639	17,732	15,769	14,239	12,382	10,823	7,073	5,868
Net Income / (Loss) Continuing Operations	15,242	23,144	20,639	17,732	15,769	14,239	12,382	10,823	7,073	5,868
Total Pre-Tax Income	20,071	29,112	26,343	22,310	20,742	17,981	15,944	14,023	11,863	10,231
Total Operating Income	32,287	32,358	28,435	23,970	22,405	19,685	17,344	15,209	12,930	11,021
Total Gross Profit	89,399	90,958	79,617	256,563	226,396	214,038	199,255	177,052	160,424	140,909
Total Revenue	400,278	371,622	324,162	287,597	257,141	242,155	226,253	201,164	184,840	157,107
Operating Revenue	400,278	371,622	324,162	287,597	257,141	242,155	226,253	201,164	184,840	157,107
Total Cost of Revenue	310,879	280,664	244,545	31,034	30,745	28,117	26,998	24,112	24,416	16,206
Operating Cost of Revenue	310,879	280,664	244,545	31,034	30,745	28,117	26,998	24,112	24,416	16,206
Total Operating Expenses	57,112	58,600	51,182	232,593	203,991	194,353	181,905	161,838	147,494	129,880
Selling, General & Admin Expense	53,013	54,628	47,782	42,579	41,704	35,193	34,074	29,557	28,401	24,312
Depreciation Expense	4,099	3,972	3,400	3,103	2,891	2,720	2,428	2,245	2,055	1,693
Total Other Income / (Expense), net	-12,216	-3,246	-2,092	-1,660	-1,663	-1,704	-1,400	-1,186	-1,067	-790
Interest Expense	3,906	3,246	2,092	1,660	1,663	1,704	1,400	1,186	1,067	790
Other Income / (Expense), net	-8,310	0.00	0.00	-	-	-	-	-	-	-
Income Tax Expense	4,829	5,968	5,704	4,578	4,973	3,742	3,562	3,200	4,790	4,363
Net Income / (Loss) Attributable to Noncontrolling Interest	837	763	519	447	366	400	396	265	56	55
Basic Earnings per Share	$15.64	$24.12	$21.47	$18.33	$16.23	$14.55	$12.45	$10.95	$7.37	$6.10
Weighted Average Basic Shares Outstanding	921M	928M	937M	943M	949M	951M	963M	964M	952M	953M
Diluted Earnings per Share	$15.51	$23.86	$21.18	$18.08	$16.03	$14.33	$12.19	$10.72	$7.25	$6.01
Weighted Average Diluted Shares Outstanding	929M	938M	950M	956M	961M	966M	983M	985M	968M	967M
Weighted Average Basic & Diluted Shares Outstanding	914.71M	921.93M	932.85M	940.90M	1.89B	948.57M	962.70M	964.20M	952.10M	953M
Cash Dividends to Common per Share	$8.18	$7.29	$6.40	$5.60	$4.83	$4.14	$3.45	$2.88	$2.38	$1.88

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	6,292	5,543	6,055	4,216	-1,409	5,455	5,841	5,474	5,611	4,761	5,262
Consolidated Net Income / (Loss)	6,474	5,784	6,258	4,421	-1,221	5,675	6,038	5,657	5,774	4,908	5,384
Net Income / (Loss) Continuing Operations	6,474	5,784	6,258	4,421	-1,221	5,675	6,038	5,657	5,774	4,908	5,384
Total Pre-Tax Income	8,106	6,791	7,614	5,665	1.00	6,859	7,692	7,229	7,332	6,215	6,946
Total Operating Income	9,119	7,773	8,708	7,875	7,931	7,689	8,526	8,057	8,086	6,891	7,462
Total Gross Profit	23,774	-44,150	23,029	87,515	23,005	22,002	23,388	22,887	22,681	-136,369	72,588
Total Revenue	109,575	100,807	100,820	98,855	99,796	94,427	92,361	92,903	91,931	82,787	80,894
Operating Revenue	109,575	100,807	100,820	98,855	99,796	94,427	92,361	92,903	91,931	82,787	80,894
Total Cost of Revenue	85,801	144,957	77,791	11,340	76,791	72,425	68,973	70,016	69,250	219,156	8,306
Operating Cost of Revenue	85,801	144,957	77,791	11,340	76,791	72,425	68,973	70,016	69,250	219,156	8,306
Total Operating Expenses	14,655	-51,923	14,321	79,640	15,074	14,313	14,862	14,830	14,595	-143,260	65,126
Selling, General & Admin Expense	13,594	12,494	13,280	13,162	14,077	13,339	13,855	13,809	13,625	13,009	11,663
Depreciation Expense	1,061	1,041	1,041	1,020	997	974	1,007	1,021	970	982	828
Total Other Income / (Expense), net	-1,013	-982	-1,094	-2,210	-7,930	-830	-834	-828	-754	-676	-516
Interest Expense	998	1,003	1,074	985	844	830	834	828	754	676	516
Other Income / (Expense), net	-15	21	-20	-1,225	-7,086	-	0.00	-	0.00	-	-
Income Tax Expense	1,632	1,007	1,356	1,244	1,222	1,184	1,654	1,572	1,558	1,307	1,562
Net Income / (Loss) Attributable to Noncontrolling Interest	182	241	203	205	188	220	197	183	163	147	122
Basic Earnings per Share	$6.90	$6.03	$6.56	$4.58	($1.53)	$5.91	$6.31	$5.89	$6.01	$5.09	$5.63
Weighted Average Basic Shares Outstanding	912M	921M	923M	921M	922M	928M	926M	930M	933M	937M	935M
Diluted Earnings per Share	$6.85	$5.99	$6.51	$4.54	($1.53)	$5.85	$6.24	$5.82	$5.95	$5.02	$5.55
Weighted Average Diluted Shares Outstanding	918M	929M	930M	928M	922M	938M	936M	940M	943M	950M	948M
Weighted Average Basic & Diluted Shares Outstanding	907.14M	914.71M	920.28M	923.42M	920.39M	921.93M	924.93M	926.31M	931.03M	932.85M	934.35M
Cash Dividends to Common per Share	$2.10	-	$2.10	$2.10	$1.88	-	$1.88	$1.88	$1.65	-	$1.65

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	5,405	-6,808	6,114	-2,128	2,987	-13,488	-2,898	-100	18,548	-15,480	14,233
Net Cash From Operating Activities	5,456	2,369	13,945	6,746	1,144	-5,193	6,902	11,032	16,327	-4,533	18,549
Net Cash From Continuing Operating Activities	5,456	2,369	13,945	6,746	1,144	-5,193	6,902	11,032	16,327	-4,533	18,549
Net Income / (Loss) Continuing Operations	6,474	5,784	6,258	4,421	-1,221	5,675	6,038	5,657	5,774	4,908	5,384
Consolidated Net Income / (Loss)	6,474	5,784	6,258	4,421	-1,221	5,675	6,038	5,657	5,774	4,908	5,384
Depreciation Expense	1,061	1,041	1,041	1,020	997	974	1,007	1,021	970	982	828
Non-Cash Adjustments To Reconcile Net Income	487	-2,585	-812	1,727	7,637	-238	279	82	431	-81	-44
Changes in Operating Assets and Liabilities, net	-2,566	-1,871	7,458	-422	-6,269	-11,604	-422	4,272	9,152	-10,342	12,381
Net Cash From Investing Activities	-74	-1,119	-5,651	-7,417	-6,340	-1,187	-2,639	-728	-11,020	-15,369	-847
Net Cash From Continuing Investing Activities	-74	-1,119	-5,651	-7,417	-6,340	-1,187	-2,639	-728	-11,020	-15,369	-847
Purchase of Property, Plant & Equipment	-898	-912	-991	-853	-743	-959	-838	-829	-760	-866	-724
Acquisitions	-702	-1,734	-8,643	-25	-3,006	-1,747	-228	-335	-7,826	-14,304	-4.00
Purchase of Investments	-4,135	-7,357	-9,821	-5,332	-4,798	-5,316	-3,773	-4,331	-4,894	-4,642	-5,280
Sale and/or Maturity of Investments	5,352	6,030	11,894	4,619	5,290	6,389	2,497	5,076	2,575	1,872	4,579
Other Investing Activities, net	309	813	1,910	-5,826	-3,083	-239	-297	-309	-115	-843	582
Net Cash From Financing Activities	99	-8,342	-2,205	-1,196	8,231	-7,156	-7,104	-10,459	13,190	4,392	-3,416
Net Cash From Continuing Financing Activities	99	-8,342	-2,205	-1,196	8,231	-7,156	-7,104	-10,459	13,190	4,392	-3,416
Repayment of Debt	-505	-892	-1,401	-1,190	-1,313	-955	1,182	-1,123	-2,379	-1,209	-1,104
Repurchase of Common Equity	-3,000	-5,252	-956	-	-3,072	-2,230	-1,500	-3,000	-2,000	-1,176	-1,000
Payment of Dividends	-1,912	-1,932	-1,937	-1,935	-1,729	-1,738	-1,739	-1,747	-1,537	-1,541	-1,542
Issuance of Debt	3,911	-	3,271	2,426	12,114	11	-3,426	-3,930	13,750	9,629	-1,340
Issuance of Common Equity	360	235	867	258	486	314	411	284	344	169	328
Other Financing Activities, net	1,245	-501	-2,049	-755	1,745	-2,558	-2,032	-943	5,012	-1,480	1,242
Effect of Exchange Rate Changes	15	-	14	4.00	-48	48	-57	55	51	30	-53
Other Net Changes in Cash	-91	-	11	-	-	-	-	-	-	-	-

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	309,790	298,278	299,309	286,056	284,210	273,720	282,063	280,164	283,679	245,705	243,064
Total Current Assets	96,285	85,779	92,258	92,038	88,942	78,437	91,905	89,869	93,895	69,069	82,937
Cash & Equivalents	30,717	25,312	32,400	26,286	28,414	25,427	38,915	41,813	41,913	23,365	38,845
Short-Term Investments	3,574	3,801	4,734	5,037	4,296	4,201	5,182	4,466	4,584	4,546	3,682
Accounts Receivable	52,958	48,454	47,485	49,877	46,481	38,970	38,425	34,083	37,110	30,450	30,731
Prepaid Expenses	9,036	8,212	7,639	7,424	6,132	6,084	5,767	5,884	6,451	6,621	5,657
Plant, Property, & Equipment, net	10,734	10,553	10,139	9,801	10,429	11,450	11,070	10,926	10,637	10,128	9,469
Total Noncurrent Assets	202,771	201,946	196,912	184,217	184,839	183,833	179,088	179,369	179,147	166,508	150,658
Long-Term Investments	51,863	52,354	48,689	46,113	45,928	47,609	45,474	45,988	46,884	43,728	41,557
Goodwill	107,566	106,734	105,978	105,436	105,664	103,732	101,703	101,669	100,406	93,352	83,904
Intangible Assets	22,947	23,268	23,594	14,729	15,543	15,194	15,200	15,643	16,165	14,401	10,785
Other Noncurrent Operating Assets	20,395	19,590	18,651	17,939	17,704	17,298	16,711	16,069	15,692	15,027	14,412
Total Liabilities & Shareholders' Equity	309,790	298,278	299,309	286,056	284,210	273,720	282,063	280,164	283,679	245,705	243,064
Total Liabilities	204,621	195,687	194,854	186,822	187,292	174,801	188,083	188,008	193,057	159,358	160,143
Total Current Liabilities	113,471	103,769	101,565	104,670	104,431	99,054	114,179	112,981	116,482	89,237	100,935
Short-Term Debt	9,986	4,545	3,909	11,371	9,787	4,274	5,290	6,321	9,931	3,110	3,229
Accounts Payable	33,566	34,337	33,080	30,886	30,738	31,958	31,164	29,516	29,856	27,715	27,232
Current Deferred Revenue	3,296	3,317	3,320	2,572	3,206	3,355	15,311	14,852	14,487	3,075	12,847
Other Current Liabilities	66,623	61,570	61,256	59,841	60,700	59,467	62,414	62,292	62,208	55,337	57,627
Total Noncurrent Liabilities	91,150	91,918	93,289	82,152	82,861	75,747	73,904	75,027	76,575	70,121	59,208
Long-Term Debt	71,285	72,359	74,101	63,727	63,850	58,263	58,079	59,268	60,657	54,513	45,438
Noncurrent Deferred & Payable Income Tax Liabilities	3,902	3,620	4,014	3,631	4,167	3,021	2,210	2,498	2,834	2,769	1,659
Other Noncurrent Operating Liabilities	15,963	15,939	15,174	14,794	14,844	14,463	13,615	13,261	13,084	12,839	12,111
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	4,358	4,323	4,574	4,558	4,548	4,498	4,416	4,788	4,801	4,897	4,857
Total Equity & Noncontrolling Interests	100,811	98,268	99,881	94,676	92,370	94,421	89,564	87,368	85,821	81,450	78,064
Total Preferred & Common Equity	95,038	92,658	94,535	89,359	86,688	88,756	84,494	82,353	81,312	77,772	74,646
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	95,038	92,658	94,535	89,359	86,688	88,756	84,494	82,353	81,312	77,772	74,646
Common Stock	9.00	9.00	470	382	9.00	9.00	9.00	9.00	9.00	9.00	10
Retained Earnings	97,934	96,036	96,518	92,400	90,118	95,774	93,173	89,994	88,852	86,156	83,722
Accumulated Other Comprehensive Income / (Loss)	-2,905	-3,387	-2,453	-3,423	-3,439	-7,027	-8,688	-7,650	-7,549	-8,393	-9,086
Noncontrolling Interest	5,773	5,610	5,346	5,317	5,682	5,665	5,070	5,015	4,509	3,678	3,418

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.80%	6.76%	9.16%	6.41%	8.56%	14.06%	14.18%	15.65%	14.70%	12.26%	11.83%
EBITDA Growth	451.85%	1.99%	2.06%	-15.51%	-79.66%	10.03%	14.99%	14.42%	17.03%	24.73%	27.38%
EBIT Growth	977.40%	1.37%	1.90%	-17.46%	-89.55%	11.58%	14.26%	12.97%	16.35%	24.36%	30.64%
NOPAT Growth	100.08%	4.07%	6.94%	-2.53%	-152,174.20%	16.90%	15.71%	13.33%	15.99%	19.75%	27.81%
Net Income Growth	630.22%	1.92%	3.64%	-21.85%	-121.15%	15.63%	12.15%	8.81%	12.16%	17.11%	28.47%
EPS Growth	547.71%	2.39%	4.33%	-21.99%	-125.71%	16.53%	12.43%	8.99%	12.90%	17.84%	29.67%
Operating Cash Flow Growth	376.92%	145.62%	102.04%	-38.85%	-92.99%	-14.56%	-62.79%	60.56%	206.96%	-240.86%	144.71%
Free Cash Flow Firm Growth	99.99%	-30.08%	-59.83%	-955.54%	-137,206.04%	51.64%	-220.95%	279.17%	-370.26%	-653.02%	110.74%
Invested Capital Growth	9.11%	16.40%	42.59%	47.98%	35.51%	16.44%	42.68%	5.39%	24.71%	30.42%	-10.28%
Revenue Q/Q Growth	8.70%	-0.01%	1.99%	-0.94%	5.69%	2.24%	-0.58%	1.06%	11.05%	2.34%	0.70%
EBITDA Q/Q Growth	15.05%	-9.19%	26.84%	316.40%	-78.74%	-9.13%	5.01%	0.24%	15.03%	-5.03%	4.49%
EBIT Q/Q Growth	16.81%	-10.29%	30.65%	686.98%	-89.01%	-9.82%	5.82%	-0.36%	17.34%	-7.65%	4.63%
NOPAT Q/Q Growth	10.01%	-7.50%	16.46%	100.06%	-152,318.94%	-4.94%	6.15%	-0.99%	17.02%	-5.92%	3.97%
Net Income Q/Q Growth	11.93%	-7.57%	41.55%	462.08%	-121.52%	-6.01%	6.74%	-2.03%	17.64%	-8.84%	3.56%
EPS Q/Q Growth	14.36%	-7.99%	43.39%	396.73%	-126.15%	-6.25%	7.22%	-2.18%	18.53%	-9.55%	3.93%
Operating Cash Flow Q/Q Growth	130.31%	-83.01%	106.72%	489.69%	122.03%	-175.24%	-37.44%	-32.43%	460.18%	-124.44%	169.96%
Free Cash Flow Firm Q/Q Growth	84.89%	66.88%	14.11%	99.74%	-175,566.97%	59.31%	-559.77%	141.78%	38.13%	-201.77%	781.07%
Invested Capital Q/Q Growth	2.30%	1.43%	-0.26%	5.42%	9.14%	24.26%	3.51%	-3.47%	-6.22%	52.26%	-23.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.70%	-43.80%	22.84%	88.53%	23.05%	23.30%	25.32%	24.64%	24.67%	-164.72%	89.73%
EBITDA Margin	9.28%	8.76%	9.65%	7.76%	1.85%	9.17%	10.32%	9.77%	9.85%	9.51%	10.25%
Operating Margin	8.32%	7.71%	8.64%	7.97%	7.95%	8.14%	9.23%	8.67%	8.80%	8.32%	9.22%
EBIT Margin	8.31%	7.73%	8.62%	6.73%	0.85%	8.14%	9.23%	8.67%	8.80%	8.32%	9.22%
Profit (Net Income) Margin	5.91%	5.74%	6.21%	4.47%	-1.22%	6.01%	6.54%	6.09%	6.28%	5.93%	6.66%
Tax Burden Percent	79.87%	85.17%	82.19%	78.04%	-122,100.00%	82.74%	78.50%	78.25%	78.75%	78.97%	77.51%
Interest Burden Percent	89.04%	87.13%	87.64%	85.19%	0.12%	89.21%	90.22%	89.72%	90.68%	90.19%	93.09%
Effective Tax Rate	20.13%	14.83%	17.81%	21.96%	122,200.00%	17.26%	21.50%	21.75%	21.25%	21.03%	22.49%
Return on Invested Capital (ROIC)	28.36%	28.85%	34.01%	29.51%	-46,102.81%	31.99%	45.25%	37.07%	38.08%	33.35%	44.86%
ROIC Less NNEP Spread (ROIC-NNEP)	44.73%	37.53%	39.30%	41.40%	-115,776.34%	36.77%	47.38%	39.91%	40.66%	36.40%	46.26%
Return on Net Nonoperating Assets (RNNOA)	-2.19%	-3.59%	-6.74%	-6.28%	17,158.41%	-5.70%	-16.50%	-10.52%	-11.13%	-7.83%	-16.77%
Return on Equity (ROE)	26.17%	25.26%	27.28%	23.24%	-28,944.40%	26.29%	28.75%	26.55%	26.95%	25.52%	28.09%
Cash Return on Invested Capital (CROIC)	19.65%	11.75%	-5.68%	-9.60%	-0.27%	17.68%	7.87%	32.20%	15.90%	8.46%	53.41%
Operating Return on Assets (OROA)	11.47%	10.82%	11.68%	9.16%	1.13%	11.65%	12.66%	11.85%	11.70%	11.79%	12.75%
Return on Assets (ROA)	8.16%	8.03%	8.41%	6.09%	-1.64%	8.60%	8.96%	8.32%	8.36%	8.39%	9.20%
Return on Common Equity (ROCE)	23.54%	22.74%	24.61%	20.85%	-25,928.65%	23.63%	25.86%	23.78%	24.68%	23.43%	25.84%
Return on Equity Simple (ROE_SIMPLE)	24.13%	0.00%	16.01%	16.69%	18.63%	0.00%	26.48%	26.38%	26.15%	0.00%	26.69%
Net Operating Profit after Tax (NOPAT)	7,283	6,620	7,157	6,146	-9,683,751	6,362	6,693	6,305	6,368	5,442	5,784
NOPAT Margin	6.65%	6.57%	7.10%	6.22%	-9,703.55%	6.74%	7.25%	6.79%	6.93%	6.57%	7.15%
Net Nonoperating Expense Percent (NNEP)	-16.37%	-8.68%	-5.29%	-11.89%	69,673.53%	-4.78%	-2.12%	-2.84%	-2.58%	-3.05%	-1.40%
Return On Investment Capital (ROIC_SIMPLE)	4.00%	3.78%	-	-	-	4.05%	-	-	-	3.91%	-
Cost of Revenue to Revenue	78.30%	143.80%	77.16%	11.47%	76.95%	76.70%	74.68%	75.36%	75.33%	264.72%	10.27%
SG&A Expenses to Revenue	12.41%	12.39%	13.17%	13.31%	14.11%	14.13%	15.00%	14.86%	14.82%	15.71%	14.42%
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	13.37%	-51.51%	14.20%	80.56%	15.10%	15.16%	16.09%	15.96%	15.88%	-173.05%	80.51%
Earnings before Interest and Taxes (EBIT)	9,104	7,794	8,688	6,650	845	7,689	8,526	8,057	8,086	6,891	7,462
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	10,165	8,835	9,729	7,670	1,842	8,663	9,533	9,078	9,056	7,873	8,290
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.04	5.02	5.71	5.25	5.24	5.40	5.44	5.35	5.32	6.18	6.17
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)	1.17	1.16	1.37	1.22	1.20	1.29	1.28	1.26	1.29	1.48	1.46
Price to Earnings (P/E)	21.67	32.32	37.71	33.24	29.57	21.42	21.21	20.87	20.88	23.88	23.68
Dividend Yield	1.60%	1.62%	1.36%	1.52%	1.53%	1.41%	1.42%	1.44%	1.42%	1.24%	1.26%
Earnings Yield	4.61%	3.09%	2.65%	3.01%	3.38%	4.67%	4.71%	4.79%	4.79%	4.19%	4.22%
Enterprise Value to Invested Capital (EV/IC)	4.83	4.80	5.61	4.92	5.00	5.64	6.54	6.47	6.17	6.57	9.12
Enterprise Value to Revenue (EV/Rev)	1.18	1.18	1.38	1.24	1.21	1.28	1.23	1.22	1.25	1.47	1.37
Enterprise Value to EBITDA (EV/EBITDA)	13.31	16.77	14.96	13.22	12.69	13.07	12.47	12.36	12.63	14.92	14.30
Enterprise Value to EBIT (EV/EBIT)	15.02	19.64	16.83	14.87	14.27	14.68	14.05	13.90	14.16	16.71	15.99
Enterprise Value to NOPAT (EV/NOPAT)	17.77	19.21	22.40	20.16	19.24	18.46	17.87	17.73	18.09	21.32	20.26
Enterprise Value to Operating Cash Flow (EV/OCF)	16.98	19.46	32.57	49.61	33.08	16.34	14.91	10.24	11.25	18.13	12.75
Enterprise Value to Free Cash Flow (EV/FCFF)	25.65	43.97	0.00	0.00	0.00	34.32	97.79	20.62	43.11	87.84	16.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.77	0.75	0.75	0.76	0.76	0.63	0.67	0.71	0.78	0.67	0.59
Long-Term Debt to Equity	0.68	0.71	0.71	0.64	0.66	0.59	0.62	0.64	0.67	0.63	0.55
Financial Leverage	-0.05	-0.10	-0.17	-0.15	-0.15	-0.16	-0.35	-0.26	-0.27	-0.22	-0.36
Leverage Ratio	2.94	2.84	2.93	2.96	3.03	2.80	2.97	2.95	3.00	2.81	2.90
Compound Leverage Factor	2.62	2.47	2.57	2.52	0.00	2.50	2.68	2.64	2.72	2.54	2.69
Debt to Total Capital	43.59%	42.84%	42.75%	43.08%	43.17%	38.73%	40.27%	41.58%	43.79%	40.02%	36.98%
Short-Term Debt to Total Capital	5.36%	2.53%	2.14%	6.52%	5.74%	2.65%	3.36%	4.01%	6.16%	2.16%	2.45%
Long-Term Debt to Total Capital	38.23%	40.31%	40.61%	36.56%	37.44%	36.09%	36.91%	37.57%	37.63%	37.86%	34.53%
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	5.43%	5.53%	5.44%	5.66%	6.00%	6.29%	6.03%	6.21%	5.78%	5.96%	6.29%
Common Equity to Total Capital	50.98%	51.62%	51.81%	51.26%	50.83%	54.97%	53.70%	52.21%	50.44%	54.02%	56.73%
Debt to EBITDA	2.23	2.74	2.15	2.09	2.03	1.72	1.78	1.91	2.13	1.81	1.61
Net Debt to EBITDA	-0.13	-0.16	-0.22	-0.06	-0.14	-0.40	-0.74	-0.78	-0.69	-0.44	-1.17
Long-Term Debt to EBITDA	1.96	2.58	2.05	1.77	1.76	1.60	1.63	1.73	1.83	1.71	1.50
Debt to NOPAT	2.98	3.14	3.22	3.18	3.08	2.43	2.55	2.74	3.05	2.59	2.28
Net Debt to NOPAT	-0.18	-0.19	-0.32	-0.10	-0.21	-0.57	-1.06	-1.12	-0.98	-0.63	-1.66
Long-Term Debt to NOPAT	2.62	2.95	3.06	2.70	2.67	2.26	2.34	2.48	2.62	2.45	2.13
Altman Z-Score	3.20	3.23	3.49	3.33	3.18	3.50	3.21	3.10	2.96	3.61	3.52
Noncontrolling Interest Sharing Ratio	10.08%	9.97%	9.78%	10.28%	10.42%	10.11%	10.04%	10.45%	8.43%	8.16%	8.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.85	0.83	0.91	0.88	0.85	0.79	0.80	0.80	0.81	0.77	0.82
Quick Ratio	0.77	0.75	0.83	0.78	0.76	0.69	0.72	0.71	0.72	0.65	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,086	-7,189	-21,707	-25,272	-9,707,839	-5,526	-13,581	2,954	-7,070	-11,428	11,229
Operating Cash Flow to CapEx	607.57%	259.76%	1,407.16%	790.86%	153.97%	-541.50%	823.63%	1,330.76%	2,148.29%	-523.44%	2,562.02%
Free Cash Flow to Firm to Interest Expense	-1.09	-7.17	-20.21	-25.66	-11,502.18	-6.66	-16.28	3.57	-9.38	-16.91	21.76
Operating Cash Flow to Interest Expense	5.47	2.36	12.98	6.85	1.36	-6.26	8.28	13.32	21.65	-6.71	35.95
Operating Cash Flow Less CapEx to Interest Expense	4.57	1.45	12.06	5.98	0.48	-7.41	7.27	12.32	20.65	-7.99	34.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.38	1.40	1.36	1.36	1.34	1.43	1.37	1.37	1.33	1.42	1.38
Accounts Receivable Turnover	8.25	9.16	9.17	9.18	9.08	10.71	10.41	10.68	9.88	11.08	10.69
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	38.75	36.38	37.14	37.19	36.03	34.44	35.05	34.26	33.90	33.95	34.63
Accounts Payable Turnover	9.95	9.38	0.00	0.00	1.53	9.41	7.42	5.70	3.44	9.34	1.30
Days Sales Outstanding (DSO)	44.26	39.86	39.80	39.75	40.20	34.09	35.06	34.16	36.93	32.95	34.15
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)	36.69	38.92	0.00	0.00	238.79	38.80	49.21	63.99	106.09	39.07	281.62
Cash Conversion Cycle (CCC)	7.57	0.94	39.80	39.75	-198.59	-4.71	-14.15	-29.83	-69.16	-6.12	-247.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	100,286	98,028	96,642	96,896	91,917	84,219	67,778	65,478	67,829	72,331	47,504
Invested Capital Turnover	4.27	4.39	4.79	4.75	4.75	4.75	6.25	5.46	5.50	5.07	6.27
Increase / (Decrease) in Invested Capital	8,369	13,809	28,864	31,418	24,088	11,888	20,274	3,351	13,438	16,870	-5,445
Enterprise Value (EV)	484,329	470,905	542,011	476,252	459,383	474,902	443,313	423,752	418,834	475,062	433,053
Market Capitalization	479,081	465,535	539,904	468,715	454,154	479,439	460,029	440,627	432,317	480,503	460,195
Book Value per Share	$103.90	$100.68	$102.38	$97.09	$94.03	$95.96	$91.22	$88.45	$87.17	$83.24	$79.80
Tangible Book Value per Share	($38.78)	($40.58)	($37.94)	($33.47)	($37.44)	($32.62)	($34.99)	($37.55)	($37.80)	($32.09)	($21.43)
Total Capital	186,440	179,495	182,465	174,332	170,555	161,456	157,349	157,745	161,210	143,970	131,588
Total Debt	81,271	76,904	78,010	75,098	73,637	62,537	63,369	65,589	70,588	57,623	48,667
Total Long-Term Debt	71,285	72,359	74,101	63,727	63,850	58,263	58,079	59,268	60,657	54,513	45,438
Net Debt	-4,883	-4,563	-7,813	-2,338	-5,001	-14,700	-26,202	-26,678	-22,793	-14,016	-35,417
Capital Expenditures (CapEx)	898	912	991	853	743	959	838	829	760	866	724
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-41,491	-42,558	-42,532	-32,584	-38,412	-45,971	-61,081	-63,070	-59,153	-44,969	-57,296
Debt-free Net Working Capital (DFNWC)	-7,200	-13,445	-5,398	-1,261	-5,702	-16,343	-16,984	-16,791	-12,656	-17,058	-14,769
Net Working Capital (NWC)	-17,186	-17,990	-9,307	-12,632	-15,489	-20,617	-22,274	-23,112	-22,587	-20,168	-17,998
Net Nonoperating Expense (NNE)	809	836	899	1,725	-9,682,530	687	655	648	594	534	400
Net Nonoperating Obligations (NNO)	-4,883	-4,563	-7,813	-2,338	-5,001	-14,700	-26,202	-26,678	-22,793	-14,016	-35,417
Total Depreciation and Amortization (D&A)	1,061	1,041	1,041	1,020	997	974	1,007	1,021	970	982	828
Debt-free, Cash-free Net Working Capital to Revenue	-10.12%	-10.63%	-10.80%	-8.45%	-10.12%	-12.37%	-16.97%	-18.10%	-17.61%	-13.87%	-18.18%
Debt-free Net Working Capital to Revenue	-1.76%	-3.36%	-1.37%	-0.33%	-1.50%	-4.40%	-4.72%	-4.82%	-3.77%	-5.26%	-4.69%
Net Working Capital to Revenue	-4.19%	-4.49%	-2.36%	-3.28%	-4.08%	-5.55%	-6.19%	-6.63%	-6.72%	-6.22%	-5.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.90	$6.03	$6.56	$4.58	($1.53)	$5.91	$6.31	$5.89	$6.01	$5.09	$5.63
Adjusted Weighted Average Basic Shares Outstanding	912M	921M	923M	921M	922M	928M	926M	930M	933M	937M	935M
Adjusted Diluted Earnings per Share	$6.85	$5.99	$6.51	$4.54	($1.53)	$5.85	$6.24	$5.82	$5.95	$5.02	$5.55
Adjusted Weighted Average Diluted Shares Outstanding	918M	929M	930M	928M	922M	938M	936M	940M	943M	950M	948M
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	907.14M	914.71M	920.28M	923.42M	920.39M	921.93M	924.93M	926.31M	931.03M	932.85M	934.35M
Normalized Net Operating Profit after Tax (NOPAT)	7,283	6,620	7,157	6,146	5,552	6,362	6,693	6,305	6,368	5,442	5,784
Normalized NOPAT Margin	6.65%	6.57%	7.10%	6.22%	5.56%	6.74%	7.25%	6.79%	6.93%	6.57%	7.15%
Pre Tax Income Margin	7.40%	6.74%	7.55%	5.73%	0.00%	7.26%	8.33%	7.78%	7.98%	7.51%	8.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.12	7.77	8.09	6.75	1.00	9.26	10.22	9.73	10.72	10.19	14.46
NOPAT to Interest Expense	7.30	6.60	6.66	6.24	-11,473.64	7.66	8.02	7.61	8.45	8.05	11.21
EBIT Less CapEx to Interest Expense	8.22	6.86	7.17	5.89	0.12	8.11	9.22	8.73	9.72	8.91	13.06
NOPAT Less CapEx to Interest Expense	6.40	5.69	5.74	5.37	-11,474.52	6.51	7.02	6.61	7.44	6.77	9.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.64%	49.42%	48.50%	47.88%	43.06%	29.21%	29.33%	29.31%	28.99%	29.03%	29.19%
Augmented Payout Ratio	73.78%	110.31%	89.85%	93.50%	103.75%	66.93%	63.64%	62.34%	60.39%	63.80%	64.58%

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. View UnitedHealth Group's forecast to see where analysts expect UnitedHealth Group to go next.

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 5/28/2025 by MarketBeat.com Staff

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UnitedHealth Group (UNH) Financials

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