Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Cigna Group, solvency ratios (quarterly data)
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial leverage exhibited a general downward trend from the beginning of the period until the end of 2020, starting at 3.43 in March 2020 and reaching a low of 3.09 in December 2020. Subsequently, the ratio experienced a gradual increase with minor fluctuations, moving to 3.3 by December 2023. However, a notable rise occurred toward the end of the observed time frame, with the leverage reaching 3.8 by December 2024, indicating an overall increase in the company’s use of financial debt relative to equity.
The debt to equity ratio showed a slight decrease from 0.81 in March 2020 to its lowest point of 0.65 in December 2020, suggesting a reduction in debt relative to shareholder equity during this period. From 2021 onwards, the ratio fluctuated moderately between 0.66 and 0.73, before experiencing a sharper increase beginning in early 2024, peaking at 0.8 in March 2024 and maintaining close values thereafter. This pattern reflects a recent growth in financial leverage compared to equity.
The debt to capital ratio followed a steady declining trend from 0.45 in March 2020 to 0.4 by December 2020, remaining largely stable at approximately 0.4 to 0.42 for the subsequent quarters. Toward the later part of the data, the ratio increased slightly to 0.44 around mid-2024, indicating a modest increase in debt relative to total capital.
The debt to assets ratio decreased steadily from 0.24 in March 2020 to 0.21 by December 2020, maintaining this level with minimal variation through to the end of 2024. This stability suggests that the company’s use of debt relative to total asset base was maintained consistently after an initial reduction in the early part of the observed period.
- Summary of Trends
- The data indicate an initial phase (early 2020) characterized by reducing leverage and debt ratios, implying an effort to deleverage or strengthen equity relative to debt. The period from 2021 to 2023 reveals relative stability with slight fluctuations in leverage and debt ratios. Noteworthy is the rise in financial leverage and debt to equity starting in early 2024, signaling a strategic increase in the use of debt financing. Meanwhile, debt to assets remained quite stable post-2020, suggesting a consistent asset base relative to debt held. The debt to capital ratio’s small increase toward the end of the period aligns with the overall incremental rise in leverage metrics.
Debt Ratios
Debt to Equity
Cigna Group, debt to equity calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 3,035) | 2,572) | 1,717) | 1,715) | 2,775) | 3,046) | 4,618) | 3,418) | 2,993) | 3,488) | 2,397) | 2,173) | 2,545) | 2,703) | 1,532) | 404) | 3,374) | 6,449) | 4,750) | 4,340) | ||||||
| Long-term debt | 28,937) | 30,230) | 30,175) | 31,053) | 28,155) | 28,094) | 28,115) | 29,124) | 28,100) | 28,090) | 30,984) | 31,013) | 31,125) | 31,609) | 31,606) | 31,568) | 29,545) | 29,537) | 31,774) | 32,147) | ||||||
| Total debt | 31,972) | 32,802) | 31,892) | 32,768) | 30,930) | 31,140) | 32,733) | 32,542) | 31,093) | 31,578) | 33,381) | 33,186) | 33,670) | 34,312) | 33,138) | 31,972) | 32,919) | 35,986) | 36,524) | 36,487) | ||||||
| Shareholders’ equity | 41,033) | 42,095) | 41,332) | 41,181) | 46,223) | 45,691) | 45,445) | 44,502) | 44,872) | 45,041) | 45,892) | 46,087) | 47,112) | 47,415) | 48,709) | 48,149) | 50,321) | 48,032) | 47,366) | 45,079) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 0.78 | 0.78 | 0.77 | 0.80 | 0.67 | 0.68 | 0.72 | 0.73 | 0.69 | 0.70 | 0.73 | 0.72 | 0.71 | 0.72 | 0.68 | 0.66 | 0.65 | 0.75 | 0.77 | 0.81 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | 0.30 | 0.38 | 0.38 | 0.38 | 0.38 | 0.41 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.48 | 0.50 | 0.53 | 0.55 | 0.55 | 0.57 | 0.59 | 0.64 | 0.60 | ||||||
| Elevance Health Inc. | 0.76 | 0.62 | 0.66 | 0.65 | 0.64 | 0.65 | 0.66 | 0.68 | 0.66 | 0.66 | 0.66 | 0.65 | 0.64 | 0.64 | 0.66 | 0.69 | 0.60 | 0.61 | 0.62 | 0.68 | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.50 | 0.49 | 0.49 | 0.49 | 0.47 | 0.55 | 0.51 | 0.44 | 0.46 | 0.48 | 0.49 | 0.50 | 0.51 | 0.60 | 0.60 | 0.57 | 0.49 | 0.49 | 0.51 | 0.52 | ||||||
| UnitedHealth Group Inc. | 0.83 | 0.83 | 0.84 | 0.85 | 0.70 | 0.75 | 0.80 | 0.87 | 0.74 | 0.65 | 0.71 | 0.65 | 0.64 | 0.67 | 0.70 | 0.70 | 0.66 | 0.67 | 0.72 | 0.91 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 31,972 ÷ 41,033 = 0.78
2 Click competitor name to see calculations.
- Total Debt
- The total debt experienced an initial decline from March 2020 (US$36,487 million) to December 2020 (US$32,919 million). Following this period, there was some fluctuation, with debt increasing again through 2021, peaking at US$34,312 million in September 2021. From late 2021 to early 2023, the debt generally decreased, reaching a low point of US$30,093 million in December 2022. Subsequently, the debt levels showed periodic fluctuations but remained within a range between approximately US$30,900 million and US$32,700 million through 2023 and into early 2024. Toward the end of the period, there was an increase to US$32,802 million in September 2024, followed by a slight reduction to US$31,972 million in December 2024.
- Shareholders’ Equity
- Shareholders’ equity increased steadily from March 2020 (US$45,079 million) through December 2020 (US$50,321 million), indicating a strengthening equity base during this period. However, from early 2021 onward, equity showed a gradual decline with some moderate fluctuations. This reduction was more pronounced towards the end of the series, where equity dropped from US$46,223 million in December 2023 to US$41,033 million by December 2024. Overall, while equity remained substantial, the latter periods indicate a weakening trend in equity value.
- Debt to Equity Ratio
- The debt to equity ratio declined notably in 2020 from 0.81 in March to 0.65 in December, reflecting a stronger equity position relative to debt. Starting in 2021, the ratio began to rise again, fluctuating between roughly 0.66 and 0.73 during 2021 and 2022. Throughout 2023, the ratio stabilized around the 0.68 to 0.73 range with minor variation. However, in 2024, there was a noticeable increase in leverage, with the ratio climbing to 0.78 by December 2024, its highest point since early 2020. This suggests a relative increase in debt burden compared to equity towards the end of the period analyzed.
Debt to Capital
Cigna Group, debt to capital calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 3,035) | 2,572) | 1,717) | 1,715) | 2,775) | 3,046) | 4,618) | 3,418) | 2,993) | 3,488) | 2,397) | 2,173) | 2,545) | 2,703) | 1,532) | 404) | 3,374) | 6,449) | 4,750) | 4,340) | ||||||
| Long-term debt | 28,937) | 30,230) | 30,175) | 31,053) | 28,155) | 28,094) | 28,115) | 29,124) | 28,100) | 28,090) | 30,984) | 31,013) | 31,125) | 31,609) | 31,606) | 31,568) | 29,545) | 29,537) | 31,774) | 32,147) | ||||||
| Total debt | 31,972) | 32,802) | 31,892) | 32,768) | 30,930) | 31,140) | 32,733) | 32,542) | 31,093) | 31,578) | 33,381) | 33,186) | 33,670) | 34,312) | 33,138) | 31,972) | 32,919) | 35,986) | 36,524) | 36,487) | ||||||
| Shareholders’ equity | 41,033) | 42,095) | 41,332) | 41,181) | 46,223) | 45,691) | 45,445) | 44,502) | 44,872) | 45,041) | 45,892) | 46,087) | 47,112) | 47,415) | 48,709) | 48,149) | 50,321) | 48,032) | 47,366) | 45,079) | ||||||
| Total capital | 73,005) | 74,897) | 73,224) | 73,949) | 77,153) | 76,831) | 78,178) | 77,044) | 75,965) | 76,619) | 79,273) | 79,273) | 80,782) | 81,727) | 81,847) | 80,121) | 83,240) | 84,018) | 83,890) | 81,566) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.44 | 0.44 | 0.44 | 0.44 | 0.40 | 0.41 | 0.42 | 0.42 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.40 | 0.40 | 0.40 | 0.43 | 0.44 | 0.45 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | 0.23 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.31 | 0.31 | 0.32 | 0.31 | 0.33 | 0.34 | 0.35 | 0.35 | 0.35 | 0.36 | 0.37 | 0.39 | 0.38 | ||||||
| Elevance Health Inc. | 0.43 | 0.38 | 0.40 | 0.39 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.40 | 0.40 | 0.39 | 0.39 | 0.39 | 0.40 | 0.41 | 0.38 | 0.38 | 0.38 | 0.41 | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.33 | 0.33 | 0.33 | 0.33 | 0.32 | 0.35 | 0.34 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | 0.34 | 0.37 | 0.37 | 0.36 | 0.33 | 0.33 | 0.34 | 0.34 | ||||||
| UnitedHealth Group Inc. | 0.45 | 0.45 | 0.46 | 0.46 | 0.41 | 0.43 | 0.44 | 0.46 | 0.43 | 0.39 | 0.41 | 0.39 | 0.39 | 0.40 | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 0.48 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 31,972 ÷ 73,005 = 0.44
2 Click competitor name to see calculations.
- Total Debt
- The total debt level exhibits some fluctuations over the observed periods. Initially, it decreases from approximately 36,487 million USD at the end of March 2020 to 32,919 million USD by December 2020, indicating a reduction in leverage. Following this, there is a gradual increase peaking at about 33,670 million USD in December 2021. Post this peak, total debt declines again, reaching near 30,930 million USD in December 2023. However, in 2024, debt levels trend upward once more, ending at around 31,972 million USD by December 2024. Overall, total debt demonstrates a pattern of initial decrease, mid-period increase, and a late period partial recovery.
- Total Capital
- Total capital slightly fluctuates but generally shows a downward trend over the entire timeframe. Starting near 81,566 million USD in March 2020, total capital peaks near 84,018 million USD in September 2020 before gradually declining to a low around 73,005 million USD by December 2024. The decline is more notable from 2022 onward, indicating potential capital erosion or payout activity exceeding capital inflows. Despite some minor rebounds, the overall trajectory points to a moderate contraction in the capital base.
- Debt to Capital Ratio
- The debt to capital ratio decreases from 0.45 in the first quarter of 2020 to 0.40 by December 2020, reflecting deleveraging efforts in the initial periods. From early 2021 through 2023, this ratio stabilizes around 0.41 to 0.42, indicating a steady capital structure with moderate leverage. However, in 2024, there is a notable increase in the ratio to approximately 0.44, suggesting an increase in leverage relative to capital. This rise in leverage might be attributed to the slight increase in debt combined with the downward movement in total capital during the same period.
- Summary of Trends
- The financial data indicates that the company initially focused on reducing leverage in 2020, as evidenced by falling debt and a lower debt to capital ratio. Subsequently, debt levels began to rise, partially offsetting some of the earlier deleveraging. Total capital shows a general decline over the period, especially after 2021, which affects the debt to capital ratio and contributes to a moderate increase in leverage towards 2024. The combination of rising debt and declining capital towards the latter periods warrants attention, suggesting a potential shift in financial strategy or market conditions impacting the capital structure.
Debt to Assets
Cigna Group, debt to assets calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 3,035) | 2,572) | 1,717) | 1,715) | 2,775) | 3,046) | 4,618) | 3,418) | 2,993) | 3,488) | 2,397) | 2,173) | 2,545) | 2,703) | 1,532) | 404) | 3,374) | 6,449) | 4,750) | 4,340) | ||||||
| Long-term debt | 28,937) | 30,230) | 30,175) | 31,053) | 28,155) | 28,094) | 28,115) | 29,124) | 28,100) | 28,090) | 30,984) | 31,013) | 31,125) | 31,609) | 31,606) | 31,568) | 29,545) | 29,537) | 31,774) | 32,147) | ||||||
| Total debt | 31,972) | 32,802) | 31,892) | 32,768) | 30,930) | 31,140) | 32,733) | 32,542) | 31,093) | 31,578) | 33,381) | 33,186) | 33,670) | 34,312) | 33,138) | 31,972) | 32,919) | 35,986) | 36,524) | 36,487) | ||||||
| Total assets | 155,881) | 157,639) | 155,446) | 153,119) | 152,761) | 149,645) | 150,054) | 147,976) | 143,932) | 144,209) | 152,630) | 152,610) | 154,889) | 154,251) | 154,207) | 152,081) | 155,451) | 160,044) | 159,628) | 154,711) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.21 | 0.21 | 0.21 | 0.21 | 0.20 | 0.21 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.21 | 0.21 | 0.21 | 0.22 | 0.23 | 0.24 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | 0.17 | 0.20 | 0.20 | 0.20 | 0.20 | 0.22 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.27 | 0.29 | 0.27 | ||||||
| Elevance Health Inc. | 0.27 | 0.23 | 0.25 | 0.24 | 0.23 | 0.22 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.23 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.26 | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | 0.30 | 0.29 | 0.26 | 0.27 | 0.27 | 0.28 | 0.28 | 0.28 | 0.31 | 0.31 | 0.31 | 0.27 | 0.28 | 0.28 | 0.29 | ||||||
| UnitedHealth Group Inc. | 0.26 | 0.26 | 0.26 | 0.26 | 0.23 | 0.22 | 0.23 | 0.25 | 0.23 | 0.20 | 0.22 | 0.21 | 0.22 | 0.22 | 0.23 | 0.23 | 0.22 | 0.23 | 0.24 | 0.27 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 31,972 ÷ 155,881 = 0.21
2 Click competitor name to see calculations.
The financial data reveals several key trends relating to the company's debt, assets, and leverage ratio over the analyzed periods.
- Total Debt
- The total debt demonstrates a general decline from approximately $36.5 billion at the start of the period (March 31, 2020) to around $31 billion by the end of 2024. There are minor fluctuations within this downward trend, with occasional increases observed during mid-periods such as June and September 2021, and again in March 2023 and March 2024. However, the overall trajectory suggests a modest but consistent reduction in debt levels over the four-year span.
- Total Assets
- Total assets exhibit a slight decrease initially, dropping from about $155 billion in early 2020 to a low near $144 billion in late 2022. Subsequently, assets begin a gradual recovery and grow steadily, reaching a peak close to $157.6 billion in September 2024 before a slight decline to approximately $155.9 billion by year-end 2024. This pattern points to temporary asset contraction followed by gradual expansion, indicating possible strategic asset management or reinvestment efforts during the latter periods.
- Debt to Assets Ratio
- The debt to assets ratio remains relatively stable over the entire timeframe, fluctuating narrowly between 0.20 and 0.24. This stability implies consistent leverage management despite changes in absolute debt and asset values. Its slight downward movement toward 0.21 by the end of 2024 suggests improved balance sheet strength with a relatively lower proportion of debt compared to assets.
Overall, the data indicates a deliberate approach to reducing debt while maintaining or moderately increasing total assets, resulting in steady leverage metrics. The observed financial management approach reflects a balanced optimization of the capital structure, supporting sustained financial stability and potentially enhancing the company’s credit profile over time.
Financial Leverage
Cigna Group, financial leverage calculation (quarterly data)
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 155,881) | 157,639) | 155,446) | 153,119) | 152,761) | 149,645) | 150,054) | 147,976) | 143,932) | 144,209) | 152,630) | 152,610) | 154,889) | 154,251) | 154,207) | 152,081) | 155,451) | 160,044) | 159,628) | 154,711) | ||||||
| Shareholders’ equity | 41,033) | 42,095) | 41,332) | 41,181) | 46,223) | 45,691) | 45,445) | 44,502) | 44,872) | 45,041) | 45,892) | 46,087) | 47,112) | 47,415) | 48,709) | 48,149) | 50,321) | 48,032) | 47,366) | 45,079) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 3.80 | 3.74 | 3.76 | 3.72 | 3.30 | 3.28 | 3.30 | 3.33 | 3.21 | 3.20 | 3.33 | 3.31 | 3.29 | 3.25 | 3.17 | 3.16 | 3.09 | 3.33 | 3.37 | 3.43 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Abbott Laboratories | 1.71 | 1.87 | 1.86 | 1.87 | 1.90 | 1.92 | 1.97 | 1.99 | 2.03 | 2.04 | 2.03 | 2.09 | 2.10 | 2.14 | 2.17 | 2.17 | 2.21 | 2.20 | 2.25 | 2.21 | ||||||
| Elevance Health Inc. | 2.83 | 2.66 | 2.68 | 2.76 | 2.77 | 2.88 | 2.86 | 2.92 | 2.83 | 2.86 | 2.82 | 2.79 | 2.70 | 2.74 | 2.75 | 2.83 | 2.61 | 2.55 | 2.55 | 2.60 | ||||||
| Intuitive Surgical Inc. | 1.14 | 1.14 | 1.13 | 1.13 | 1.16 | 1.17 | 1.17 | 1.16 | 1.17 | 1.15 | 1.14 | 1.13 | 1.14 | 1.13 | 1.13 | 1.14 | 1.15 | 1.15 | 1.16 | 1.16 | ||||||
| Medtronic PLC | 1.79 | 1.75 | 1.75 | 1.77 | 1.77 | 1.83 | 1.80 | 1.71 | 1.73 | 1.75 | 1.76 | 1.78 | 1.81 | 1.92 | 1.91 | 1.87 | 1.79 | 1.79 | 1.80 | 1.81 | ||||||
| UnitedHealth Group Inc. | 3.22 | 3.17 | 3.20 | 3.28 | 3.08 | 3.34 | 3.40 | 3.49 | 3.16 | 3.26 | 3.16 | 3.04 | 2.96 | 3.03 | 3.05 | 3.09 | 3.01 | 2.93 | 3.03 | 3.32 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 155,881 ÷ 41,033 = 3.80
2 Click competitor name to see calculations.
- Total assets
- Over the observed periods, total assets exhibited fluctuations but remained within a relatively narrow range, starting at approximately 155 billion US dollars in the first quarter of 2020 and experiencing a slight decline and recovery pattern. The asset base peaked near 160 billion around the third quarter of 2020 before trending downward to about 144 billion by the third quarter of 2022. Thereafter, total assets gradually increased again, reaching approximately 157 billion by the third quarter of 2024. This indicates cyclical asset adjustments without significant long-term expansion or contraction.
- Shareholders’ equity
- Shareholders' equity displayed a generally downward trajectory over the time frame despite intermediate rises. Beginning near 45 billion US dollars in early 2020, equity initially increased to slightly above 50 billion by the final quarter of 2020. However, post-2020, a trend of gradual reduction is observed, with equity falling consistently to approximately 41 billion by the end of 2024. This decline may suggest either payouts, losses, or other equity reductions outpacing capital infusions or retained earnings.
- Financial leverage
- The financial leverage ratio, representing the relationship between total assets and shareholders’ equity, mostly followed an upward trend over the period. Starting at about 3.43 in the first quarter of 2020, leverage showed some initial decreases, reaching a low near 3.09 by the end of 2020. Subsequently, the ratio increased again, peaking around 3.8 by the final quarter of 2024. This rising leverage indicates that assets have been increasingly financed through liabilities rather than equity, reflecting a growing reliance on debt or other forms of financial obligation.
- Overall observations
- The financial data reveal a relatively stable asset base with limited growth, contrasted by a steady reduction in shareholders’ equity. The increasing leverage ratio underscores a structural shift in the capital mix towards higher debt levels relative to equity. This combination may raise considerations regarding financial risk and capitalization strategies in the medium to long term.