Price to Book Value (P/BV)
since 2005
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UnitedHealth Group Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Analysis of Revenues
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Calculation
UnitedHealth Group Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity attributable to UnitedHealth Group1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2022 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 7, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 9, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 6, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2006 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
- Share Price Trend
- The share price exhibited notable fluctuations from 2006 through 2025. Initially, there was a decline from $58.89 in early 2006 to a low of $28.55 by early 2009, reflecting a substantial downturn possibly influenced by broader economic conditions during that period. Starting in 2009, a strong upward trajectory emerged, with the share price increasing consistently past the $100 mark by 2015, doubling again by 2017, and continuing to rise sharply to a peak of $498.28 in early 2024. A slight retracement was observed in 2025, where the price decreased to $468.56, though it remained historically high.
- Book Value per Share (BVPS) Trend
- BVPS demonstrated a steady upward progression throughout the entire period analyzed. Starting at $13.07 in 2006, it increased gradually each year without any periods of decline, reaching $101.30 by early 2025. This steady increase indicates consistent growth in the company's net asset value per share, suggesting improved equity base and retention of earnings or asset appreciation over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio underwent significant variation over the analyzed period. Initially, the ratio was relatively high at 4.5 in 2006 but dropped significantly to a low point of 1.6 by 2010, coinciding with the period of declining share price and steadily rising BVPS. From 2010 onwards, the P/BV ratio climbed steadily, peaking at 6.27 in early 2022, reflecting an elevated market valuation relative to book value. The ratio then declined moderately to 4.63 by early 2025. This pattern indicates changing investor sentiment and market expectations, with increasing premiums placed on the company's equity during growth phases and some revaluation occurring in recent years.
- Overall Financial Insights
- Over the nearly two-decade period, the company demonstrated strong and consistent growth in intrinsic value as shown by the rising BVPS. The share price mirrored broader economic cycles but showed remarkable recovery and expansion post-2009, culminating in record highs by the mid-2020s. The P/BV ratio’s volatility highlights periods of both investor caution and enthusiasm, probably reacting to external market conditions and internal growth prospects. Despite recent slight decreases in share price and P/BV ratio, the values remain elevated compared to the early years, signifying sustained confidence and value recognition in the market.
Comparison to Competitors
UnitedHealth Group Inc., P/BV, long-term trends, comparison to competitors
| UnitedHealth Group Inc. | Abbott Laboratories | CVS Health Corp. | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | |
|---|---|---|---|---|---|---|
| Feb 27, 2025 | ||||||
| Feb 28, 2024 | ||||||
| Feb 24, 2023 | ||||||
| Feb 15, 2022 | ||||||
| Mar 1, 2021 | ||||||
| Feb 14, 2020 | ||||||
| Feb 12, 2019 | ||||||
| Feb 13, 2018 | ||||||
| Feb 8, 2017 | ||||||
| Feb 9, 2016 | ||||||
| Feb 10, 2015 | ||||||
| Feb 12, 2014 | ||||||
| Feb 7, 2013 | ||||||
| Feb 9, 2012 | ||||||
| Feb 10, 2011 | ||||||
| Feb 10, 2010 | ||||||
| Feb 11, 2009 | ||||||
| Feb 21, 2008 | ||||||
| Mar 6, 2007 | ||||||
| Feb 24, 2006 |
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., P/BV, long-term trends, comparison to sector (health care equipment & services)
| UnitedHealth Group Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 27, 2025 | ||
| Feb 28, 2024 | ||
| Feb 24, 2023 | ||
| Feb 15, 2022 | ||
| Mar 1, 2021 | ||
| Feb 14, 2020 | ||
| Feb 12, 2019 | ||
| Feb 13, 2018 | ||
| Feb 8, 2017 | ||
| Feb 9, 2016 | ||
| Feb 10, 2015 | ||
| Feb 12, 2014 | ||
| Feb 7, 2013 | ||
| Feb 9, 2012 | ||
| Feb 10, 2011 | ||
| Feb 10, 2010 | ||
| Feb 11, 2009 | ||
| Feb 21, 2008 | ||
| Mar 6, 2007 | ||
| Feb 24, 2006 |
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., P/BV, long-term trends, comparison to industry (health care)
| UnitedHealth Group Inc. | Health Care | |
|---|---|---|
| Feb 27, 2025 | ||
| Feb 28, 2024 | ||
| Feb 24, 2023 | ||
| Feb 15, 2022 | ||
| Mar 1, 2021 | ||
| Feb 14, 2020 | ||
| Feb 12, 2019 | ||
| Feb 13, 2018 | ||
| Feb 8, 2017 | ||
| Feb 9, 2016 | ||
| Feb 10, 2015 | ||
| Feb 12, 2014 | ||
| Feb 7, 2013 | ||
| Feb 9, 2012 | ||
| Feb 10, 2011 | ||
| Feb 10, 2010 | ||
| Feb 11, 2009 | ||
| Feb 21, 2008 | ||
| Mar 6, 2007 | ||
| Feb 24, 2006 |
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).