Price to Sales (P/S)
since 2005
Calculation
UnitedHealth Group Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues, customers1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2, 2026 | 0.60 | = | 294.93 | ÷ | 488.77 | 488.77 | = | 443,647 | ÷ | 907,675,839 | |
| Feb 27, 2025 | 1.08 | = | 468.56 | ÷ | 431.91 | 431.91 | = | 395,076 | ÷ | 914,712,333 | |
| Feb 28, 2024 | 1.25 | = | 498.28 | ÷ | 398.65 | 398.65 | = | 367,533 | ÷ | 921,934,109 | |
| Feb 24, 2023 | 1.40 | = | 484.33 | ÷ | 345.32 | 345.32 | = | 322,132 | ÷ | 932,846,602 | |
| Feb 15, 2022 | 1.58 | = | 478.23 | ÷ | 303.19 | 303.19 | = | 285,273 | ÷ | 940,899,146 | |
| Mar 1, 2021 | 1.24 | = | 334.65 | ÷ | 270.43 | 270.43 | = | 255,639 | ÷ | 945,319,404 | |
| Feb 14, 2020 | 1.18 | = | 298.78 | ÷ | 253.30 | 253.30 | = | 240,269 | ÷ | 948,573,372 | |
| Feb 12, 2019 | 1.12 | = | 263.50 | ÷ | 234.35 | 234.35 | = | 224,871 | ÷ | 959,538,515 | |
| Feb 13, 2018 | 1.10 | = | 226.64 | ÷ | 206.82 | 206.82 | = | 200,136 | ÷ | 967,662,919 | |
| Feb 8, 2017 | 0.83 | = | 160.31 | ÷ | 193.46 | 193.46 | = | 184,012 | ÷ | 951,165,192 | |
| Feb 9, 2016 | 0.68 | = | 111.16 | ÷ | 164.51 | 164.51 | = | 156,397 | ÷ | 950,673,998 | |
| Feb 10, 2015 | 0.80 | = | 108.97 | ÷ | 135.99 | 135.99 | = | 129,695 | ÷ | 953,695,161 | |
| Feb 12, 2014 | 0.57 | = | 70.24 | ÷ | 123.07 | 123.07 | = | 121,744 | ÷ | 989,191,844 | |
| Feb 7, 2013 | 0.53 | = | 57.05 | ÷ | 107.26 | 107.26 | = | 109,938 | ÷ | 1,024,925,324 | |
| Feb 9, 2012 | 0.55 | = | 53.06 | ÷ | 96.85 | 96.85 | = | 101,208 | ÷ | 1,044,964,149 | |
| Feb 10, 2011 | 0.50 | = | 42.43 | ÷ | 85.53 | 85.53 | = | 93,546 | ÷ | 1,093,694,629 | |
| Feb 10, 2010 | 0.44 | = | 32.71 | ÷ | 74.77 | 74.77 | = | 86,546 | ÷ | 1,157,533,379 | |
| Feb 11, 2009 | 0.43 | = | 28.55 | ÷ | 66.15 | 66.15 | = | 80,415 | ÷ | 1,215,615,705 | |
| Feb 21, 2008 | 0.81 | = | 47.80 | ÷ | 59.36 | 59.36 | = | 74,287 | ÷ | 1,251,382,699 | |
| Mar 6, 2007 | 1.03 | = | 53.98 | ÷ | 52.18 | 52.18 | = | 70,671 | ÷ | 1,354,320,209 | |
| Feb 24, 2006 | 1.78 | = | 58.89 | ÷ | 33.08 | 33.08 | = | 44,866 | ÷ | 1,356,292,073 |
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-sales (P/S) ratio for the period between 2006 and 2026 exhibits considerable fluctuation, though a general upward trend is discernible over the long term. Initial values indicate a relatively high valuation based on sales, followed by a period of decline and subsequent stabilization before a more pronounced increase in later years.
- Initial Decline (2006-2008)
- From 2006 to 2008, the P/S ratio decreased from 1.78 to 0.81. This suggests a diminishing investor confidence in the company’s ability to translate sales into market value, or potentially a correction after an initial period of high valuation. The share price also decreased during this period, while sales per share increased.
- Period of Stabilization (2009-2011)
- Between 2009 and 2011, the P/S ratio remained relatively stable, fluctuating between 0.43 and 0.50. This period coincided with a recovery in share price following the 2008-2009 financial crisis, alongside continued growth in sales per share. The stability suggests a period of consolidation in market perception.
- Moderate Growth (2012-2017)
- From 2012 to 2017, the P/S ratio experienced moderate growth, rising from 0.55 to 0.83. This increase occurred alongside consistent growth in both share price and sales per share, indicating a positive correlation between company performance and investor valuation. The rate of increase in sales per share outpaced the increase in share price during this period.
- Significant Increase (2018-2021)
- The period between 2018 and 2021 witnessed a substantial increase in the P/S ratio, moving from 1.10 to 1.24, and then to 1.58. This surge was driven by a combination of increasing share price and continued growth in sales per share. The increase was particularly pronounced in 2021, potentially reflecting positive market sentiment or expectations of future growth.
- Recent Fluctuations (2022-2026)
- From 2022 to 2026, the P/S ratio experienced a period of fluctuation. It decreased from 1.40 in 2022 to 1.08 in 2026. This decrease occurred despite continued growth in sales per share, suggesting a potential correction in the share price or a shift in investor sentiment. The most recent value, 0.60, represents a significant decline from the peak observed in 2021.
Overall, the P/S ratio demonstrates a cyclical pattern, with periods of decline, stabilization, and growth. The recent decline warrants further investigation to determine the underlying causes and potential implications for future valuation.
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Comparison to Competitors
UnitedHealth Group Inc., P/S, long-term trends, comparison to competitors
| UnitedHealth Group Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | |
|---|---|---|---|---|---|
| Mar 2, 2026 | 0.60 | 4.40 | 0.38 | 16.90 | 3.30 |
| Feb 27, 2025 | 1.08 | 5.58 | 0.51 | 24.42 | 3.18 |
| Feb 28, 2024 | 1.25 | 4.93 | 0.70 | 18.71 | 3.72 |
| Feb 24, 2023 | 1.40 | 4.25 | 362,239.81 | 13.81 | 3.72 |
| Feb 15, 2022 | 1.58 | 4.78 | 0.81 | 17.89 | 5.57 |
| Mar 1, 2021 | 1.24 | 6.30 | 0.60 | 21.29 | 4.36 |
| Feb 14, 2020 | 1.18 | 4.83 | 0.74 | 15.01 | 4.36 |
| Feb 12, 2019 | 1.12 | 4.37 | 0.88 | 16.06 | 3.92 |
| Feb 13, 2018 | 1.10 | 3.84 | 0.67 | 14.97 | 4.06 |
| Feb 8, 2017 | 0.83 | 3.70 | 0.51 | 10.11 | 4.07 |
| Feb 9, 2016 | 0.68 | 2.78 | 0.42 | 8.46 | 5.36 |
| Feb 10, 2015 | 0.80 | 3.53 | 0.54 | 8.80 | 3.74 |
| Feb 12, 2014 | 0.57 | 2.74 | 0.35 | 6.76 | 3.13 |
| Feb 7, 2013 | 0.53 | 1.38 | 0.31 | 10.56 | 2.36 |
| Feb 9, 2012 | 0.55 | 2.27 | 0.37 | 11.00 | 2.60 |
| Feb 10, 2011 | 0.50 | 2.06 | 0.44 | 9.15 | 2.48 |
| Feb 10, 2010 | 0.44 | 2.74 | 0.43 | 12.01 | 2.54 |
| Feb 11, 2009 | 0.43 | 2.83 | 0.33 | 5.14 | 4.30 |
| Feb 21, 2008 | 0.81 | 3.31 | 0.67 | 19.21 | 4.74 |
| Mar 6, 2007 | 1.03 | 3.68 | 0.89 | 11.23 | 4.81 |
| Feb 24, 2006 | 1.78 | 3.02 | 1.14 | 15.19 | 6.30 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| UnitedHealth Group Inc. | Health Care Equipment & Services | |
|---|---|---|
| Mar 2, 2026 | 0.60 | 1.12 |
| Feb 27, 2025 | 1.08 | 1.62 |
| Feb 28, 2024 | 1.25 | 1.66 |
| Feb 24, 2023 | 1.40 | 100,807.66 |
| Feb 15, 2022 | 1.58 | 2.07 |
| Mar 1, 2021 | 1.24 | 1.86 |
| Feb 14, 2020 | 1.18 | 1.74 |
| Feb 12, 2019 | 1.12 | 1.69 |
| Feb 13, 2018 | 1.10 | 1.58 |
| Feb 8, 2017 | 0.83 | 1.30 |
| Feb 9, 2016 | 0.68 | 1.17 |
| Feb 10, 2015 | 0.80 | 1.23 |
| Feb 12, 2014 | 0.57 | 0.95 |
| Feb 7, 2013 | 0.53 | 0.85 |
| Feb 9, 2012 | 0.55 | 1.04 |
| Feb 10, 2011 | 0.50 | 0.96 |
| Feb 10, 2010 | 0.44 | 1.02 |
| Feb 11, 2009 | 0.43 | 1.08 |
| Feb 21, 2008 | 0.81 | 1.48 |
| Mar 6, 2007 | 1.03 | 1.64 |
| Feb 24, 2006 | 1.78 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| UnitedHealth Group Inc. | Health Care | |
|---|---|---|
| Mar 2, 2026 | 0.60 | 3.34 |
| Feb 27, 2025 | 1.08 | 3.36 |
| Feb 28, 2024 | 1.25 | 3.52 |
| Feb 24, 2023 | 1.40 | 51,413.66 |
| Feb 15, 2022 | 1.58 | 3.28 |
| Mar 1, 2021 | 1.24 | 3.31 |
| Feb 14, 2020 | 1.18 | 3.21 |
| Feb 12, 2019 | 1.12 | 3.07 |
| Feb 13, 2018 | 1.10 | 3.06 |
| Feb 8, 2017 | 0.83 | 2.80 |
| Feb 9, 2016 | 0.68 | 2.72 |
| Feb 10, 2015 | 0.80 | 3.08 |
| Feb 12, 2014 | 0.57 | 2.81 |
| Feb 7, 2013 | 0.53 | 2.20 |
| Feb 9, 2012 | 0.55 | 1.90 |
| Feb 10, 2011 | 0.50 | 1.80 |
| Feb 10, 2010 | 0.44 | 2.08 |
| Feb 11, 2009 | 0.43 | 1.70 |
| Feb 21, 2008 | 0.81 | 2.42 |
| Mar 6, 2007 | 1.03 | 2.85 |
| Feb 24, 2006 | 1.78 | 3.17 |
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).