Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Net Profit Margin
since 2005

Microsoft Excel

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Calculation

UnitedHealth Group Inc., net profit margin, long-term trends, calculation

Microsoft Excel
Net profit margin = 100 × Net earnings attributable to UnitedHealth Group common shareholders1 ÷ Revenues, customers1
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
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Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
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Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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

Net Earnings Attributable to Common Shareholders
Net earnings showed an overall upward trend from 2005 through 2023, increasing from $3.3 billion in 2005 to a peak of $22.38 billion in 2023. Despite some fluctuations, earnings generally grew steadily year-over-year, with significant gains particularly visible from 2016 onwards. However, a notable decline occurred in 2024, where earnings fell sharply to $14.40 billion, marking a significant deviation from the prior growth trajectory.
Revenues from Customers
Revenues exhibited a consistent increase throughout the entire period from 2005 to 2024. Starting at approximately $44.9 billion in 2005, revenues nearly ninefolded by 2024, reaching $395.1 billion. The growth trajectory appears steady and uninterrupted, reflecting sustained expansion in customer intake or service scale with no evident periods of decline or stagnation.
Net Profit Margin
The net profit margin fluctuated moderately over the analyzed years. Initially, it started at 7.36% in 2005 but decreased notably to lows around 3.7% to 4.4% between 2008 and 2010. From 2011 to 2022, the margin generally stabilized within a range of about 5% to 6.3%. In 2023, the net profit margin was slightly lower but remained above 6%, before dropping markedly in 2024 to 3.65%. This decline in margin during the last year analyzed aligns with the sharp decrease in net earnings observed for the same period.
Overall Financial Performance Insights
The company demonstrated robust revenue growth over the majority of the period, which translated into increasing absolute net earnings until 2023. However, profitability in relative terms, as indicated by the net profit margin, was more volatile and generally declined during economic downturns or challenging periods but rebounded in later years. The sharp drop in both net earnings and profit margin in 2024 suggests emerging challenges, possibly linked to increased costs, decreased efficiency, or adverse market conditions impacting profitability despite strong revenue generation.

Comparison to Competitors

UnitedHealth Group Inc., net profit margin, long-term trends, comparison to competitors

Microsoft Excel
UnitedHealth Group Inc. Abbott Laboratories Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC
Dec 31, 2024
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Dec 31, 2016
Dec 31, 2015
Dec 31, 2014
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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., net profit margin, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
UnitedHealth Group Inc. Health Care Equipment & Services
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Dec 31, 2015
Dec 31, 2014
Dec 31, 2013
Dec 31, 2012
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Dec 31, 2006
Dec 31, 2005

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)

UnitedHealth Group Inc., net profit margin, long-term trends, comparison to industry (health care)

Microsoft Excel
UnitedHealth Group Inc. Health Care
Dec 31, 2024
Dec 31, 2023
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Dec 31, 2021
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Dec 31, 2018
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Dec 31, 2005

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).