Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

UnitedHealth Group Inc., debt to equity, long-term trends, calculation

Microsoft Excel

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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions


The analysis of the financial data reveals several notable trends in the company's capital structure over the period from 2005 to 2024.

Total Debt
Total debt shows an overall increasing trajectory, rising from approximately $7.1 billion in 2005 to $76.9 billion by 2024. The growth is relatively steady with some pronounced increases occurring between 2013 and 2015, and again from 2021 onward. The most significant jumps appear in the later years, particularly post-2020, indicating substantial borrowing or financing activities during this period.
Shareholders' Equity
Shareholders' equity attributable to the group increases consistently throughout the time frame, starting around $17.7 billion in 2005 and reaching approximately $92.7 billion in 2024. The growth in equity appears more stable and gradual compared to total debt. Notably, there is a marked increase from 2015 onwards, suggesting retained earnings growth, possibly driven by profitability and positive earnings retention policies.
Debt to Equity Ratio
The debt to equity ratio fluctuates over the years, initially starting at 0.4 in 2005. It peaks at 0.95 around 2014, correlating with the sharp increase in total debt during that period. Following this peak, the ratio declines and stabilizes between 0.6 and 0.7 for much of the subsequent years, with a slight uptick toward 0.83 by 2024. This pattern indicates periods of balanced leverage, with occasional spikes that correspond to increased borrowing relative to equity.

In summary, the data indicates progressive growth in both debt and equity, with debt increasing at a faster pace in recent years. The company appears to maintain a moderate leverage position overall, with some variability reflecting adjustment in financing strategies. The increased leverage in the most recent years may suggest strategic expansion or investment initiatives supported by debt financing. Meanwhile, steady equity growth supports a solid capital base over the long term.


Comparison to Competitors

UnitedHealth Group Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel

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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).


Comparison to Sector (Health Care Equipment & Services)

UnitedHealth Group Inc., debt to equity, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel

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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).


Comparison to Industry (Health Care)