Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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UnitedHealth Group Inc. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Aggregate Accruals
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UnitedHealth Group Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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 liabilities and stockholders’ equity for the analyzed entity exhibits several noteworthy trends over the observed period from March 2021 to December 2025. Overall, total liabilities consistently represent a significant portion of the company’s capital structure, generally ranging between 63% and 68% of the total.
- Current Liabilities
- Current liabilities, representing obligations due within one year, demonstrate cyclical behavior. A decrease is observed from March 2021 (39.30%) to June 2021 (36.41%), followed by a peak in September 2022 (41.53%). A subsequent decline is noted through December 2024 (34.79%), before a slight increase to 37.11% by December 2025. Within current liabilities, medical costs payable and accounts payable and accrued liabilities consistently represent the largest components, each typically exceeding 10% of the total capital structure. Short-term borrowings fluctuate considerably, peaking in March 2022 (3.03%) and again in March 2024 (3.44%), suggesting potential strategic use of short-term financing. Unearned revenues show a significant increase in September 2022 (5.29%) and remain elevated through December 2023, before returning to levels closer to those observed earlier in the period.
- Noncurrent Liabilities
- Noncurrent liabilities, encompassing long-term obligations, generally remain stable, fluctuating between approximately 24% and 29% of the total. Long-term debt, less current maturities, is the primary driver of this category, with a notable increase observed from September 2022 (18.69%) to December 2022 (22.19%). Deferred income taxes exhibit a decreasing trend over the period, falling from 1.76% in March 2021 to 0.78% by December 2025. Other liabilities remain relatively consistent, generally between 4.98% and 6.30%.
- Stockholders’ Equity
- Total equity consistently represents between 30% and 35% of the company’s capital structure. Retained earnings are the largest component of equity, typically ranging between 29% and 35%. A decrease in retained earnings is observed from March 2021 (34.71%) to December 2025 (30.88%). Accumulated other comprehensive loss consistently represents a negative equity component, ranging from -1.94% to -3.74%, and becomes less negative over time. Redeemable noncontrolling interests fluctuate, with a notable increase from 0.62% in March 2021 to 2.07% in December 2023, before decreasing to 0.52% by December 2025. Additional paid-in capital is minimal for most of the period, with a slight increase observed in June and September 2024.
The overall trend indicates a relatively stable capital structure, with liabilities consistently representing the majority of funding. Fluctuations within current liabilities suggest active management of short-term obligations and revenue recognition. The slight decrease in retained earnings, coupled with the changes in redeemable noncontrolling interests, warrants further investigation to understand the underlying drivers of these shifts in equity composition.