Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

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

Microsoft Excel
Operating profit margin = 100 × Earnings from operations1 ÷ Revenues, customers1
Dec 31, 2025 = 100 × ÷
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 × ÷
Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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), 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 operating profit margin exhibited fluctuations over the period from 2005 to 2025. Initially, the margin demonstrated a decline from 11.98% in 2005 to 9.88% in 2006, followed by a period of relative stability and modest growth, reaching 10.57% in 2007. A significant decrease was then observed in 2008, falling to 6.54%, before recovering to 7.35% in 2009.

Subsequent years through 2012 showed a gradual upward trend, peaking at 8.42% in 2012. The margin then experienced a slight dip in 2013 and 2014, settling at 7.05%. From 2015 through 2019, a consistent upward trajectory was evident, culminating in a margin of 8.19% in 2019. The years 2020 and 2021 saw further increases, reaching 8.76% and 8.40% respectively. A peak of 8.83% was achieved in 2022, followed by a slight decrease to 8.80% in 2023.

A substantial decline in the operating profit margin occurred in 2024, dropping to 4.27%. This represents a significant deviation from the preceding years’ performance. The earnings from operations decreased substantially in 2024, while revenues increased, indicating a potential issue with cost control or pricing pressures.

Overall Trend
The overall trend from 2005 to 2023 demonstrates a general increase in operating profit margin, albeit with intermittent fluctuations. However, the sharp decline in 2024 warrants further investigation.
Volatility
The period between 2005 and 2012 exhibited greater volatility in the operating profit margin compared to the period from 2013 to 2023. The margin appeared to stabilize in the latter period before the significant drop in 2024.
Recent Performance
The operating profit margin reached its highest point in the observed period in 2022 at 8.83%. The subsequent decline in 2024 is a notable shift and suggests potential challenges in maintaining profitability.
Revenue Correlation
Revenues generally increased over the period. However, the operating profit margin did not consistently increase alongside revenue growth, indicating that revenue increases did not always translate directly into higher profitability. The 2024 results highlight this disconnect, with increased revenue coinciding with a decreased margin.

Comparison to Competitors

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

Microsoft Excel
UnitedHealth Group Inc. Abbott Laboratories Intuitive Surgical Inc. Medtronic PLC
Dec 31, 2025
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
Dec 31, 2011
Dec 31, 2010
Dec 31, 2009
Dec 31, 2008
Dec 31, 2007
Dec 31, 2006
Dec 31, 2005

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), 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).