Price to Book Value (P/BV)
since 2005
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UnitedHealth Group Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Sales (P/S) 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2, 2026 | = | ÷ | = | ÷ | |||||||
| 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: 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation, generally trending upwards over the long term but with notable periods of decline. Initial values indicate a relatively high valuation, followed by a period of contraction, and then a resurgence culminating in a peak before a recent downturn.
- Initial Period (2006-2009)
- From 2006 to 2009, the P/BV ratio demonstrates a consistent downward trend, decreasing from 4.50 to 1.67. This suggests a decreasing market valuation relative to the company’s book value, potentially reflecting broader economic conditions or company-specific concerns during that timeframe. The most significant decline occurred between 2008 and 2009.
- Stabilization and Moderate Growth (2010-2017)
- Following 2009, the P/BV ratio experienced a period of stabilization and moderate growth, rising from 1.67 to 3.98 by 2017. While not consistently increasing, the ratio generally trended upwards, indicating improving investor confidence and a strengthening market valuation relative to book value. The growth was not linear, with some years showing minimal change.
- Peak and Subsequent Decline (2018-2024)
- The P/BV ratio reached its peak in 2018 at 4.59 and continued to climb to 6.27 in 2021, before beginning a decline. From 2021 to 2024, the ratio decreased from 6.27 to 4.63. This recent decline suggests a potential shift in market sentiment, possibly due to changing economic conditions, increased competition, or company-specific challenges. The decline appears to be accelerating in the most recent period.
- Projected Values (2025-2026)
- The projected P/BV ratio for 2025 and 2026 indicates a continued downward trend, falling to 2.84 and then 2.94. This suggests that the market anticipates a further decrease in valuation relative to book value. These projections, however, are subject to change based on future performance and market conditions.
Overall, the P/BV ratio demonstrates a cyclical pattern. While the ratio has historically shown the capacity for recovery and growth, the recent decline and projected values warrant further investigation to understand the underlying drivers and potential implications for future performance.
Comparison to Competitors
UnitedHealth Group Inc., P/BV, long-term trends, comparison to competitors
| UnitedHealth Group Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | |
|---|---|---|---|---|---|
| Mar 2, 2026 | |||||
| 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: 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).
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 | |
|---|---|---|
| Mar 2, 2026 | ||
| 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: 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).
Comparison to Industry (Health Care)
UnitedHealth Group Inc., P/BV, long-term trends, comparison to industry (health care)
| UnitedHealth Group Inc. | Health Care | |
|---|---|---|
| Mar 2, 2026 | ||
| 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: 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).