Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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UnitedHealth Group Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 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).
The asset structure is characterized by a consistent dominance of noncurrent assets, which typically comprise between 66% and 72% of the total asset base. This composition indicates a business model heavily reliant on long-term strategic investments and intangible capital.
- Liquidity and Current Asset Trends
- Current assets fluctuate between 28% and 34% of total assets. A notable peak in liquidity occurred in late 2022 and early 2023, driven by cash and cash equivalents reaching a high of 15.98% in September 2022. However, a subsequent downward trend in cash reserves is observed toward the end of the period, with the proportion settling at 8.96% by March 2026. Short-term investments remain a negligible component, consistently staying below 2% of total assets.
- Intangible Asset Analysis
- Goodwill represents the largest single component of the balance sheet, consistently accounting for 34% to 38% of total assets. This stability suggests that acquisition-related premiums remain a primary driver of the asset base. Other intangible assets showed a marked increase starting in the third quarter of 2024, rising from approximately 5% to a peak of 7.88% before moderating to 6.43% by March 2026.
- Investment and Fixed Asset Patterns
- Long-term investments have experienced a gradual compression, moving from over 20% in early 2021 to a range of 16% to 18% in the later periods. Similarly, property, equipment, and capitalized software have seen a steady decline from 4.14% to 3.41%, suggesting a reduction in the relative weight of physical infrastructure compared to the overall growth of the asset base.
- Receivables Dynamics
- Net accounts receivable exhibit volatility, peaking at 9.57% in March 2024. More significant is the trend in other current receivables, which shifted from an average of 5-6% in 2021 to a peak of 10.39% in September 2025. This indicates a growing proportion of the current asset base is tied up in non-trade receivables.
- Assets Under Management
- A steady decline is observed in assets under management, which dropped from 2.00% in early 2021 to 1.19% by June 2024, reflecting a diminishing relative impact of this category on the total asset composition.