Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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UnitedHealth Group Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
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UnitedHealth Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 capital structure exhibits a consistent reliance on liabilities, which maintain a dominant share of the total financing mix, generally fluctuating between 63.8% and 68.1%. Total equity has remained relatively stable over the analyzed period, typically oscillating between 30% and 35%, suggesting a disciplined approach to leverage despite fluctuations in specific liability categories.
- Current Liabilities and Liquidity Patterns
- Current liabilities represent a significant portion of the total balance sheet, ranging from 33.9% to 41.5%. Medical costs payable and accounts payable remain relatively stable, consistently comprising between 10% and 13% each. A notable pattern is observed in unearned revenues, which spiked significantly to over 5% between September 2022 and June 2023 before returning to a baseline of approximately 1%. Additionally, short-term borrowings demonstrate cyclical volatility, frequently peaking in March of each year, which may indicate seasonal financing requirements.
- Long-term Debt and Noncurrent Obligations
- There is a discernible upward trend in long-term debt, which increased from approximately 18.2% in March 2021 to approximately 22.9% by the end of 2025. This shift indicates a strategic move toward long-term financing relative to the overall capital structure. Noncurrent liabilities as a whole have shifted from a low of 24.4% in September 2022 to a more sustained range of 29% to 31% in the subsequent periods.
- Equity Composition and Retained Earnings
- Shareholders' equity attributable to the parent company has experienced slight compression, moving from a peak of 33.8% in December 2021 to approximately 31.3% by March 2026. Retained earnings follow a similar trajectory, declining from a high of 36.4% to roughly 31.9%. This trend is partially offset by an improvement in accumulated other comprehensive loss, which recovered from a low of -3.7% in September 2022 to -0.8% by March 2026, reducing the negative impact on total equity.
- Noncontrolling Interests
- Redeemable noncontrolling interests showed a temporary increase, peaking at 2.1% in June 2022 before trending downward to 0.46% by March 2026. Nonredeemable noncontrolling interests have remained remarkably stable, consistently representing between 1.4% and 2.1% of the total structure.