Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Common-Size Balance Sheet: Assets 
Quarterly Data

UnitedHealth Group Inc., common-size consolidated balance sheet: assets (quarterly data)

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Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 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
Cash and cash equivalents 8.63 9.27 9.92 8.49 10.82 9.19 10.00 9.29 13.80 14.92 14.77 9.51 15.98 10.69 11.52 10.07 9.90 9.43 9.73 8.58 9.19 11.60 11.41
Short-term investments 1.08 1.11 1.15 1.27 1.58 1.76 1.51 1.53 1.84 1.59 1.62 1.85 1.51 1.46 1.32 1.19 1.31 1.30 1.44 1.45 1.71 1.70 1.52
Accounts receivable, net 7.19 7.82 8.69 7.50 6.69 8.08 9.57 7.77 7.33 6.41 7.90 7.20 7.01 8.13 8.53 6.70 6.64 6.94 7.79 6.52 6.37 6.52 7.73
Other current receivables, net 10.39 9.26 8.40 8.75 9.17 9.36 6.79 6.46 6.29 5.76 5.18 5.20 5.63 5.40 5.42 6.53 6.61 6.01 5.63 6.35 6.93 5.94 5.43
Assets under management 0.00 0.00 0.00 0.00 0.00 1.19 1.27 1.37 1.28 1.29 1.35 1.66 1.65 1.75 1.88 2.10 2.02 2.00 2.00 2.07 1.98 1.78 1.52
Prepaid expenses and other current assets 2.86 2.90 2.92 2.75 2.55 2.60 2.16 2.22 2.04 2.10 2.27 2.69 2.33 2.27 2.54 2.51 2.44 2.35 2.42 2.26 2.53 3.08 3.50
Current assets 30.15% 30.37% 31.08% 28.76% 30.82% 32.17% 31.29% 28.66% 32.58% 32.08% 33.10% 28.11% 34.12% 29.70% 31.20% 29.10% 28.92% 28.02% 29.00% 27.23% 28.71% 30.61% 31.10%
Long-term investments 16.81 17.00 16.74 17.55 16.27 16.12 16.16 17.39 16.12 16.41 16.53 17.80 17.10 18.43 19.14 20.32 21.02 20.95 20.67 20.90 20.52 19.11 19.35
Property, equipment and capitalized software, net 3.52 3.54 3.46 3.54 3.39 3.43 3.67 4.18 3.92 3.90 3.75 4.12 3.90 4.09 4.15 4.23 4.10 4.15 4.14 4.37 4.27 4.22 4.32
Goodwill 35.00 34.90 34.72 35.78 35.41 36.86 37.18 37.90 36.06 36.29 35.39 37.99 34.52 36.56 35.05 35.72 35.41 36.06 35.17 36.16 35.65 35.26 34.54
Other intangible assets, net 7.23 7.29 7.41 7.80 7.88 5.15 5.47 5.55 5.39 5.58 5.70 5.86 4.44 4.90 4.48 4.73 4.90 5.14 5.28 5.50 5.43 5.48 5.39
Other assets 7.29 6.90 6.58 6.57 6.23 6.27 6.23 6.32 5.92 5.74 5.53 6.12 5.93 6.31 5.97 5.90 5.66 5.68 5.73 5.83 5.42 5.32 5.29
Noncurrent assets 69.85% 69.63% 68.92% 71.24% 69.18% 67.83% 68.71% 71.34% 67.42% 67.92% 66.90% 71.89% 65.88% 70.30% 68.80% 70.90% 71.08% 71.98% 71.00% 72.77% 71.29% 69.39% 68.90%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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), 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).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets fluctuated over the observed periods. Starting at 11.41% in early 2020, it saw a moderate decline through 2020 before peaking notably at nearly 16% in the third quarter of 2022. Subsequently, it declined again, showing a generally downward trend toward the end of the period, ending near 8.63%. This indicates variability in liquidity management with occasional increases likely driven by short-term cash needs or strategic liquidity positioning.
Short-term investments
Short-term investments remained relatively stable as a percentage of total assets, fluctuating narrowly between approximately 1.08% and 1.85%. The trend suggests consistent allocation to short-duration assets, with a slight peak around late 2022 and early 2023 followed by a gradual reduction toward mid-2025, indicating modest adjustments in liquidity or risk management strategy.
Accounts receivable, net
Accounts receivable exhibited notable volatility. After a dip in mid-2020, it augmented sharply reaching peaks above 9% in mid-2024 before declining again. The variations imply fluctuating sales or billing cycles affecting receivables, with periods of increased customer credit exposure especially evident around early and mid-2024.
Other current receivables, net
Other current receivables as a share of assets demonstrated a gradual increase over time, rising steadily from approximately 5.4% early in the period to above 10% by late 2025. This continuous upward trend may suggest growth in other short-term claims or adjustments in receivable recognition.
Assets under management
The proportion of assets under management remained relatively flat early on, hovering around 1.5% to 2.1%, but data became incomplete after early 2024. Preliminary figures indicate modest fluctuations without a clear directional trend prior to missing values.
Prepaid expenses and other current assets
This category's share of total assets remained fairly stable, fluctuating between 2.0% and 3.5%, with no significant upward or downward movement. This stability implies consistent management of prepaid items and current asset components.
Current assets (aggregate)
Current assets as a percentage of total assets displayed moderate fluctuations, with a general range between approximately 27% and 34%. Some peaks are observable around late 2022 and early 2023, suggesting occasional increases in liquidity or short-term asset holdings, followed by gradual normalization.
Long-term investments
Long-term investments showed a downward trend overall, decreasing from over 20% of total assets in 2020 to levels nearer 16-17% by 2025. This suggests a strategic reduction or reallocation of long-term investment holdings over the timeframe.
Property, equipment and capitalized software, net
This asset category remained fairly consistent, typically around 3.5% to 4.3%, with slight declines over time. The steady proportion indicates stable investment in physical and software assets without significant expansions or contractions.
Goodwill
Goodwill consistently represented the largest portion of total assets, generally around 34% to 38%. The share demonstrated mild fluctuations but remained relatively stable across years, signaling steady intangible asset values likely related to acquisitions.
Other intangible assets, net
The share of other intangible assets showed some variability, initially decreasing slightly in 2021 but increasing markedly around 2024 to near 7-8%, indicating a recent rise in intangible asset recognition or valuation adjustments.
Other assets
Other assets steadily increased as a proportion of total assets, rising from about 5.3% in 2020 to over 7% by 2025. This suggests accumulation or growth in miscellaneous long-term asset categories.
Noncurrent assets (aggregate)
Noncurrent assets maintained a dominant share of total assets, generally exceeding 65%, with some fluctuations. The overall trend remained stable with minor variations, reflecting balanced management of long-term asset investments relative to total asset size.
Total assets
As a percentage of total assets, all individual items summed to 100% each period, serving as the normalization base for proportional analysis.