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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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 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 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 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 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 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 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 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 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 3.48 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 35.69 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 6.61 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 7.43 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 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%

Based on: 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 composition of assets for the analyzed entity exhibits several notable trends over the period from March 31, 2021, to December 31, 2025. Current assets fluctuate between approximately 28% and 34% of total assets, while noncurrent assets consistently represent a larger portion, ranging from approximately 66% to 72%. A significant portion of the asset base is consistently allocated to goodwill and long-term investments.

Cash and Cash Equivalents
Cash and cash equivalents demonstrate considerable variability, peaking at 15.98% of total assets in September 2022, and reaching a low of 7.87% in December 2025. This suggests active cash management or responsiveness to short-term funding needs. A general downward trend is observed in the latter half of the analyzed period.
Short-Term Investments
Short-term investments remain relatively stable, generally fluctuating between 1.2% and 1.9% of total assets. A slight decrease is observed towards the end of the period, but the overall contribution remains consistent.
Accounts Receivable and Other Current Receivables
Accounts receivable, net, and other current receivables, net, collectively represent a substantial portion of current assets. Both exhibit fluctuations, with accounts receivable generally between 6% and 9% and other current receivables between 5% and 10%. Other current receivables show a marked increase beginning in March 2024, reaching 10.39% by September 2025, while accounts receivable remains relatively stable. This suggests a shift in the composition of current assets towards other receivables.
Long-Term Investments
Long-term investments consistently constitute a significant portion of the asset base, typically between 16% and 21%. A gradual decline is apparent throughout the period, decreasing from 20.67% in March 2021 to 17.52% in December 2025. This could indicate a strategic shift in investment allocation.
Goodwill
Goodwill remains the largest single asset component, consistently representing between 34% and 38% of total assets. While relatively stable, a slight downward trend is observed towards the end of the period, decreasing from 37.99% in December 2022 to 35.69% in December 2025.
Other Intangible Assets
Other intangible assets, net, fluctuate between approximately 4.7% and 7.9% of total assets. A notable increase is observed from September 2024 through December 2025, potentially reflecting recent acquisitions or internal development of intangible assets.
Prepaid Expenses and Other Current Assets & Other Assets
Both prepaid expenses and other current assets, and other assets, show a general increasing trend throughout the period. These categories represent a growing portion of the asset base, increasing from approximately 2.3% to 3.15% and 5.7% to 7.43% respectively. This suggests an expansion in operational activities or a change in accounting practices.

Overall, the asset composition demonstrates a dynamic balance between current and noncurrent assets, with significant weight given to goodwill and long-term investments. The observed trends suggest strategic adjustments in cash management, investment allocation, and potentially, a shift in the nature of current asset holdings.

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