Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

UnitedHealth Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Medical costs payable 11.47 11.84 11.83 11.54 11.09
Accounts payable and accrued liabilities 11.51 11.68 11.28 11.61 11.40
Short-term borrowings and current maturities of long-term debt 1.52 1.56 1.27 1.71 2.44
Unearned revenues 1.11 1.23 1.25 1.21 1.44
Other current liabilities 9.17 9.89 10.70 10.83 10.34
Current liabilities 34.79% 36.19% 36.32% 36.89% 36.71%
Long-term debt, less current maturities 24.26 21.29 22.19 19.97 19.59
Deferred income taxes 1.21 1.10 1.13 1.54 1.71
Other liabilities 5.34 5.28 5.23 5.55 6.24
Noncurrent liabilities 30.82% 27.67% 28.54% 27.07% 27.54%
Total liabilities 65.61% 63.86% 64.86% 63.96% 64.25%
Redeemable noncontrolling interests 1.45 1.64 1.99 0.68 1.12
Preferred stock, $0.001 par value; no shares issued or outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.00 0.00 0.00 0.00 0.01
Retained earnings 32.20 34.99 35.06 36.35 35.12
Accumulated other comprehensive loss -1.14 -2.57 -3.42 -2.54 -1.93
Shareholders’ equity attributable to UnitedHealth Group 31.06% 32.43% 31.65% 33.82% 33.20%
Nonredeemable noncontrolling interests 1.88 2.07 1.50 1.55 1.44
Total equity 32.95% 34.50% 33.15% 35.36% 34.63%
Total liabilities, redeemable noncontrolling interests and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Medical costs payable
The proportion of medical costs payable to total liabilities, redeemable noncontrolling interests, and equity showed a gradual increase from 11.09% in 2020 to a peak of 11.84% in 2023, followed by a slight decrease to 11.47% in 2024. This indicates a relatively stable but slightly upward trend in obligations related to medical costs over the period.
Accounts payable and accrued liabilities
This category remained relatively stable, fluctuating slightly around 11.4% to 11.68% between 2020 and 2023 and finishing at 11.51% in 2024. The data suggest consistent management of accounts payable and accrued liabilities relative to the company’s total claims.
Short-term borrowings and current maturities of long-term debt
There was a noticeable decline in this component, from 2.44% in 2020 down to 1.27% in 2022, with a modest increase to 1.56% in 2023 before settling at 1.52% in 2024. The trend points to an overall reduction in short-term debt obligations, signaling potential improvements in liquidity or debt structure.
Unearned revenues
This item showed a slight downward trend from 1.44% in 2020 to 1.11% in 2024, with minor fluctuations in between. This could imply a moderate decrease in the proportion of revenue received but not yet earned.
Other current liabilities
Other current liabilities decreased steadily from 10.34% in 2020 to 9.17% in 2024. This decline indicates improved control or reduction of miscellaneous short-term obligations.
Current liabilities
The total current liabilities as a percentage of total claims remained fairly stable around 36%, with a slight decline from 36.71% in 2020 to 34.79% in 2024, suggesting a minor reduction in short-term liabilities relative to the overall capital structure.
Long-term debt, less current maturities
This category increased from 19.59% in 2020 to 24.26% in 2024, reflecting a growing reliance on long-term borrowing. The peak in 2024 may indicate strategic long-term financing or capital investment activities.
Deferred income taxes
Deferred income taxes declined from 1.71% in 2020 to a low of 1.10% in 2023, before slightly rebounding to 1.21% in 2024. The fluctuations were modest and do not indicate significant changes in tax deferrals relative to total claims.
Other liabilities
Other liabilities steadily decreased from 6.24% in 2020 to 5.23% in 2022, then remained relatively constant near 5.3% through 2024, suggesting stabilization in miscellaneous long-term obligations.
Noncurrent liabilities
The share of noncurrent liabilities increased overall from 27.54% in 2020 to 30.82% in 2024, with some variation in intermediate years. This is consistent with the rise in long-term debt, indicating a shift toward greater long-term obligations.
Total liabilities
Total liabilities as a percentage of total claims fluctuated slightly between 63.86% and 65.61%, ending on an upward note at 65.61% in 2024. The stability indicates a broadly consistent leverage level over time with a slight increase in the latest period.
Redeemable noncontrolling interests
Redeemable noncontrolling interests exhibited variability, starting at 1.12% in 2020, dropping to 0.68% in 2021, rising sharply to 1.99% in 2022, and then declining to 1.45% in 2024. This suggests some irregular transactions or changes involving redeemable interests during the period.
Common stock
The percentage attributable to common stock was minimal or zero from 2021 onward, maintaining negligible impact on the overall capital structure.
Retained earnings
Retained earnings as a percentage of total claims increased from 35.12% in 2020 to 36.35% in 2021 before declining steadily to 32.20% in 2024. This downward trend in recent years may reflect increased distributions or lower earnings retention.
Accumulated other comprehensive loss
The accumulated other comprehensive loss deepened from -1.93% in 2020 to -3.42% in 2022 but improved significantly to -1.14% by 2024, suggesting recovery in other comprehensive income components such as foreign currency translation or pension adjustments.
Shareholders’ equity attributable to UnitedHealth Group
The equity portion attributable to the company declined from 33.20% in 2020 to 31.06% in 2024, with a trough at 31.65% in 2022 and partial recovery thereafter. This indicates a mild contraction in shareholders’ equity relative to total capital.
Nonredeemable noncontrolling interests
These interests remained generally stable, ranging between 1.44% and 2.07%, with a peak in 2023 before decreasing slightly in 2024, suggesting limited impact on overall equity composition.
Total equity
Total equity showed a decline from 34.63% in 2020 to 32.95% in 2024, experiencing a low point of 33.15% in 2022 and a modest rebound in 2023. The overall decrease points to slight erosion of equity relative to total financial claims.
Total liabilities, redeemable noncontrolling interests and equity
This sum consistently equals 100% in all periods, confirming that the proportions are correctly scaled and collectively exhaustive.