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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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
Cash and cash equivalents 9.23 8.96 7.87 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
Short-term investments 0.93 1.03 1.21 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
Accounts receivable, net 6.97 8.50 7.44 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
Other current receivables, net 7.98 7.86 9.59 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
Assets under management 0.00 0.00 0.00 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
Prepaid expenses and other current assets 2.94 2.79 3.15 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
Current assets 28.04% 29.15% 29.26% 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%
Long-term investments 18.63 18.16 17.52 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
Property, equipment and capitalized software, net 3.47 3.41 3.48 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
Goodwill 35.72 35.35 35.69 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
Other intangible assets, net 6.38 6.43 6.61 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
Other assets 7.75 7.50 7.43 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
Noncurrent assets 71.96% 70.85% 70.74% 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%
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%

Based on: 10-Q (reporting date: 2026-06-30), 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 common-size balance sheet reveals a consistent asset allocation strategy characterized by a predominance of noncurrent assets and a significant concentration of intangible value. Total assets are generally partitioned with noncurrent assets representing between 66% and 72% of the total, while current assets fluctuate within a range of 28% to 34%.

Liquidity and Current Asset Composition
Current assets exhibit periodic volatility, peaking at 34.12% in September 2022 before stabilizing around 28% to 31% in subsequent periods. Cash and cash equivalents represent a volatile but substantial portion of the asset base, ranging from a low of 7.87% in December 2025 to a peak of 15.98% in September 2022. A notable upward trend is observed in other current receivables, which grew from approximately 5.6% in early 2021 to a peak of 10.39% in September 2025, suggesting a shift in the composition of short-term operational assets.
Intangible Assets and Goodwill
Goodwill constitutes the largest single component of the asset base, consistently remaining between 34% and 38% of total assets. This stability indicates that a significant portion of the company's value is derived from historical acquisitions. Other intangible assets have remained relatively stable, though a moderate increase is observed starting in late 2024, rising from roughly 5% to peaks near 7.8% before settling around 6.4% by mid-2026.
Investment and Long-term Asset Trends
Long-term investments show a gradual relative decline, moving from over 20% of total assets in 2021 to a range of 16% to 18% between 2023 and 2026. Similarly, property, equipment, and capitalized software exhibit a slow downward trend, decreasing from 4.14% in March 2021 to approximately 3.47% by June 2026. This suggests a decreasing relative intensity of capital investment in physical assets and long-term securities relative to the overall growth of the balance sheet.
Overall Asset Structure
The balance sheet maintains a high ratio of noncurrent to current assets, with noncurrent assets typically comprising around 70% of the total. The consistency of the goodwill percentage suggests that asset growth is closely aligned with the valuation of acquired entities, while the fluctuating cash positions indicate active treasury management to meet operational needs or strategic opportunities.

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