Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

UnitedHealth Group Inc. (NYSE:UNH)

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Analysis of Investments

Advanced level

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

UnitedHealth Group Inc., adjustment to net earnings attributable to UnitedHealth Group common shareholders

US$ in millions

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net earnings attributable to UnitedHealth Group common shareholders (as reported)
Add: Unrealized gains (losses) on investment securities during the period, net of tax
Less: Reclassification adjustment for net realized (gains) losses included in net earnings, net of tax
Net earnings attributable to UnitedHealth Group common shareholders (adjusted)

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

UnitedHealth Group Inc., adjusted profitability ratios

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. UnitedHealth Group Inc.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. UnitedHealth Group Inc.’s adjusted ROE improved from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. UnitedHealth Group Inc.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.

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

Adjusted Net Profit Margin

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Revenues
Profitability Ratio
Net profit margin1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
Revenues
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

2019 Calculations

1 Net profit margin = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. UnitedHealth Group Inc.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Shareholders’ equity attributable to UnitedHealth Group
Profitability Ratio
ROE1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
Shareholders’ equity attributable to UnitedHealth Group
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

2019 Calculations

1 ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. UnitedHealth Group Inc.’s adjusted ROE improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net earnings attributable to UnitedHealth Group common shareholders
Total assets
Profitability Ratio
ROA1
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
Total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

2019 Calculations

1 ROA = 100 × Net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net earnings attributable to UnitedHealth Group common shareholders ÷ Total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. UnitedHealth Group Inc.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.