Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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UnitedHealth Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 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).
The composition of liabilities and stockholders’ equity exhibited several notable trends between 2021 and 2025. Overall, total liabilities increased as a percentage of the total, while total equity decreased proportionally. Within these broad categories, shifts in specific accounts reveal more granular changes in the company’s financial structure.
- Current Liabilities
- Current liabilities as a percentage of the total initially decreased from 36.89% in 2021 to 34.79% in 2024, before increasing to 37.11% in 2025. This fluctuation suggests potential changes in short-term financing strategies or working capital management. Medical costs payable and accounts payable and accrued liabilities, the largest components of current liabilities, remained relatively stable, fluctuating between 11% and 13% each, but contributed to the overall trend. Short-term borrowings and current maturities of long-term debt decreased initially, then increased in 2025, indicating a possible shift in reliance on short-term debt.
- Noncurrent Liabilities
- Noncurrent liabilities demonstrated a general upward trend, increasing from 27.07% in 2021 to 30.04% in 2025. Long-term debt, less current maturities, was the primary driver of this increase, rising from 19.97% to 23.36% over the period. Deferred income taxes decreased significantly, particularly between 2024 and 2025, potentially reflecting changes in tax planning or deferred tax asset realization.
- Total Liabilities
- Total liabilities increased steadily as a percentage of the total, moving from 63.96% in 2021 to 67.15% in 2025. This indicates a growing reliance on debt financing relative to equity. Redeemable noncontrolling interests experienced volatility, peaking at 1.99% in 2022 before declining to 0.52% in 2025, suggesting changes in ownership structures or consolidation activities.
- Stockholders’ Equity
- Total equity decreased from 35.36% in 2021 to 32.33% in 2025. Retained earnings, the largest component of equity, consistently decreased over the period, from 36.35% to 30.88%, likely due to dividend payouts or share repurchases. Accumulated other comprehensive loss also decreased, becoming less negative, which partially offset the decline in retained earnings. The appearance of additional paid-in capital in 2025, at 0.18%, suggests recent equity issuance or stock-based compensation activity.
In summary, the balance sheet composition shifted towards greater reliance on liabilities and away from equity over the five-year period. This trend was driven by increases in long-term debt and a decrease in retained earnings, alongside fluctuations in other liability and equity accounts. These changes warrant further investigation to understand the underlying business decisions and their potential impact on the company’s financial risk profile.