Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

UnitedHealth Group Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Goodwill 103,732 93,352 75,795 71,337 65,659
Customer-related 16,636 16,303 13,011 13,428 12,968
Trademarks and technology 2,508 2,398 1,630 1,597 1,186
Operating licenses and certificates, trademarks and other indefinite-lived 2,116 661 617 680 726
Other 1,213 1,176 422 606 541
Other intangible assets, gross carrying value 22,473 20,538 15,680 16,311 15,421
Accumulated amortization (7,279) (6,137) (5,636) (5,455) (5,072)
Other intangible assets, net carrying value 15,194 14,401 10,044 10,856 10,349
Goodwill and other intangible assets 118,926 107,753 85,839 82,193 76,008

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. UnitedHealth Group Inc. goodwill increased from 2021 to 2022 and from 2022 to 2023.
Other intangible assets, net carrying value Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. UnitedHealth Group Inc. other intangible assets, net carrying value increased from 2021 to 2022 and from 2022 to 2023.
Goodwill and other intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. UnitedHealth Group Inc. goodwill and other intangible assets increased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Goodwill

UnitedHealth Group Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 273,720 245,705 212,206 197,289 173,889
Less: Goodwill 103,732 93,352 75,795 71,337 65,659
Total assets (adjusted) 169,988 152,353 136,411 125,952 108,230
Adjustment to Shareholders’ Equity Attributable To UnitedHealth Group
Shareholders’ equity attributable to UnitedHealth Group (as reported) 88,756 77,772 71,760 65,491 57,616
Less: Goodwill 103,732 93,352 75,795 71,337 65,659
Shareholders’ equity attributable to UnitedHealth Group (adjusted) (14,976) (15,580) (4,035) (5,846) (8,043)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).


UnitedHealth Group Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Goodwill (Summary)

UnitedHealth Group Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover
Reported total asset turnover 1.34 1.31 1.34 1.30 1.38
Adjusted total asset turnover 2.16 2.11 2.09 2.03 2.22
Financial Leverage
Reported financial leverage 3.08 3.16 2.96 3.01 3.02
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE 25.22% 25.87% 24.09% 23.52% 24.02%
Adjusted ROE
Return on Assets (ROA)
Reported ROA 8.18% 8.19% 8.15% 7.81% 7.96%
Adjusted ROA 13.17% 13.21% 12.67% 12.23% 12.79%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. UnitedHealth Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. UnitedHealth Group Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

UnitedHealth Group Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues, customers 367,533 322,132 285,273 255,639 240,269
Total assets 273,720 245,705 212,206 197,289 173,889
Activity Ratio
Total asset turnover1 1.34 1.31 1.34 1.30 1.38
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues, customers 367,533 322,132 285,273 255,639 240,269
Adjusted total assets 169,988 152,353 136,411 125,952 108,230
Activity Ratio
Adjusted total asset turnover2 2.16 2.11 2.09 2.03 2.22

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Revenues, customers ÷ Total assets
= 367,533 ÷ 273,720 = 1.34

2 Adjusted total asset turnover = Revenues, customers ÷ Adjusted total assets
= 367,533 ÷ 169,988 = 2.16

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. UnitedHealth Group Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 273,720 245,705 212,206 197,289 173,889
Shareholders’ equity attributable to UnitedHealth Group 88,756 77,772 71,760 65,491 57,616
Solvency Ratio
Financial leverage1 3.08 3.16 2.96 3.01 3.02
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 169,988 152,353 136,411 125,952 108,230
Adjusted shareholders’ equity attributable to UnitedHealth Group (14,976) (15,580) (4,035) (5,846) (8,043)
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 273,720 ÷ 88,756 = 3.08

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity attributable to UnitedHealth Group
= 169,988 ÷ -14,976 =


Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Shareholders’ equity attributable to UnitedHealth Group 88,756 77,772 71,760 65,491 57,616
Profitability Ratio
ROE1 25.22% 25.87% 24.09% 23.52% 24.02%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Adjusted shareholders’ equity attributable to UnitedHealth Group (14,976) (15,580) (4,035) (5,846) (8,043)
Profitability Ratio
Adjusted ROE2

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × 22,381 ÷ 88,756 = 25.22%

2 Adjusted ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Adjusted shareholders’ equity attributable to UnitedHealth Group
= 100 × 22,381 ÷ -14,976 =


Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Total assets 273,720 245,705 212,206 197,289 173,889
Profitability Ratio
ROA1 8.18% 8.19% 8.15% 7.81% 7.96%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders 22,381 20,120 17,285 15,403 13,839
Adjusted total assets 169,988 152,353 136,411 125,952 108,230
Profitability Ratio
Adjusted ROA2 13.17% 13.21% 12.67% 12.23% 12.79%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × 22,381 ÷ 273,720 = 8.18%

2 Adjusted ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Adjusted total assets
= 100 × 22,381 ÷ 169,988 = 13.17%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. UnitedHealth Group Inc. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.