Return on Assets (ROA)
since 2005
Calculation
UnitedHealth Group Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net earnings attributable to UnitedHealth Group common shareholders1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 3.89% | = | 100 | × | 12,056) | ÷ | 309,581) |
| Dec 31, 2024 | 4.83% | = | 100 | × | 14,405) | ÷ | 298,278) |
| Dec 31, 2023 | 8.18% | = | 100 | × | 22,381) | ÷ | 273,720) |
| Dec 31, 2022 | 8.19% | = | 100 | × | 20,120) | ÷ | 245,705) |
| Dec 31, 2021 | 8.15% | = | 100 | × | 17,285) | ÷ | 212,206) |
| Dec 31, 2020 | 7.81% | = | 100 | × | 15,403) | ÷ | 197,289) |
| Dec 31, 2019 | 7.96% | = | 100 | × | 13,839) | ÷ | 173,889) |
| Dec 31, 2018 | 7.87% | = | 100 | × | 11,986) | ÷ | 152,221) |
| Dec 31, 2017 | 7.59% | = | 100 | × | 10,558) | ÷ | 139,058) |
| Dec 31, 2016 | 5.71% | = | 100 | × | 7,017) | ÷ | 122,810) |
| Dec 31, 2015 | 5.22% | = | 100 | × | 5,813) | ÷ | 111,383) |
| Dec 31, 2014 | 6.50% | = | 100 | × | 5,619) | ÷ | 86,382) |
| Dec 31, 2013 | 6.87% | = | 100 | × | 5,625) | ÷ | 81,882) |
| Dec 31, 2012 | 6.83% | = | 100 | × | 5,526) | ÷ | 80,885) |
| Dec 31, 2011 | 7.57% | = | 100 | × | 5,142) | ÷ | 67,889) |
| Dec 31, 2010 | 7.35% | = | 100 | × | 4,634) | ÷ | 63,063) |
| Dec 31, 2009 | 6.47% | = | 100 | × | 3,822) | ÷ | 59,045) |
| Dec 31, 2008 | 5.33% | = | 100 | × | 2,977) | ÷ | 55,815) |
| Dec 31, 2007 | 9.14% | = | 100 | × | 4,654) | ÷ | 50,899) |
| Dec 31, 2006 | 8.61% | = | 100 | × | 4,159) | ÷ | 48,320) |
| Dec 31, 2005 | 7.98% | = | 100 | × | 3,300) | ÷ | 41,374) |
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 Return on Assets (ROA) for the period between 2005 and 2025 demonstrates a generally positive, though fluctuating, trend. Initial years show consistent growth, followed by a period of volatility, and then a return to expansion before a recent decline.
- Initial Growth (2005-2007)
- From 2005 to 2007, ROA exhibited a steady increase, progressing from 7.98% to 9.14%. This indicates improving profitability relative to the asset base during this timeframe. Net earnings attributable to UnitedHealth Group common shareholders also increased during this period, contributing to the ROA growth.
- Volatility and Recovery (2008-2010)
- A significant decrease in ROA occurred in 2008, falling to 5.33%, coinciding with a decrease in net earnings. The following two years, 2009 and 2010, showed a recovery, with ROA reaching 6.47% and 7.35% respectively. This suggests a rebound in profitability following the challenges experienced in 2008, and a corresponding increase in net earnings.
- Moderate Fluctuations (2011-2017)
- Between 2011 and 2017, ROA experienced moderate fluctuations, ranging from 7.57% to 7.87%. While not exhibiting substantial growth, the ROA remained relatively stable, indicating consistent performance. A notable increase occurred in 2017, reaching 7.59%, driven by a substantial rise in net earnings.
- Peak and Subsequent Decline (2018-2025)
- ROA peaked in 2018 and 2019 at 7.87% and 7.96% respectively, before reaching 8.15% in 2021 and 8.19% in 2022. However, a marked decline is observed in the most recent years, with ROA falling to 8.18% in 2023 and then to 4.83% in 2024 and 3.89% in 2025. This decrease correlates with a reduction in net earnings attributable to UnitedHealth Group common shareholders, while total assets continued to increase. The decline in ROA suggests a diminishing ability to generate profits from its asset base.
Overall, the ROA trend indicates a period of strong performance followed by a recent downturn. Further investigation into the factors driving the decline in net earnings and the continued growth in total assets is warranted to understand the underlying causes of the recent ROA decrease.
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Comparison to Competitors
UnitedHealth Group Inc., ROA, long-term trends, comparison to competitors
| UnitedHealth Group Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 3.89% | 7.52% | 4.66% | 13.96% | 5.09% |
| Dec 31, 2024 | 4.83% | 16.46% | 5.12% | 12.39% | 4.09% |
| Dec 31, 2023 | 8.18% | 7.82% | 5.50% | 11.64% | 4.13% |
| Dec 31, 2022 | 8.19% | 9.31% | 5.86% | 10.19% | 5.54% |
| Dec 31, 2021 | 8.15% | 9.40% | 6.26% | 12.58% | 3.87% |
| Dec 31, 2020 | 7.81% | 6.20% | 5.28% | 9.50% | 5.28% |
| Dec 31, 2019 | 7.96% | 5.43% | 6.21% | 14.17% | 5.16% |
| Dec 31, 2018 | 7.87% | 3.53% | 5.24% | 14.37% | 3.40% |
| Dec 31, 2017 | 7.59% | 0.63% | 5.45% | 11.46% | 4.04% |
| Dec 31, 2016 | 5.71% | 2.66% | 3.79% | 11.34% | 3.55% |
| Dec 31, 2015 | 5.22% | 10.72% | 4.15% | 12.00% | 2.51% |
| Dec 31, 2014 | 6.50% | 5.53% | 4.14% | 10.58% | 8.08% |
| Dec 31, 2013 | 6.87% | 6.00% | 4.18% | 16.99% | 9.95% |
| Dec 31, 2012 | 6.83% | 8.87% | 4.50% | 16.18% | 10.93% |
| Dec 31, 2011 | 7.57% | 7.84% | 5.09% | 16.16% | 10.18% |
| Dec 31, 2010 | 7.35% | 7.78% | 5.75% | 15.97% | 11.03% |
| Dec 31, 2009 | 6.47% | 10.96% | 9.10% | 12.85% | 9.17% |
| Dec 31, 2008 | 5.33% | 11.51% | 5.15% | 13.86% | 10.05% |
| Dec 31, 2007 | 9.14% | 9.08% | 6.43% | 13.90% | 14.36% |
| Dec 31, 2006 | 8.61% | 4.75% | 5.98% | 10.72% | 12.95% |
| Dec 31, 2005 | 7.98% | 11.57% | 4.79% | 18.77% | 10.86% |
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., ROA, long-term trends, comparison to sector (health care equipment & services)
| UnitedHealth Group Inc. | Health Care Equipment & Services | |
|---|---|---|
| Dec 31, 2025 | 3.89% | 5.04% |
| Dec 31, 2024 | 4.83% | 6.57% |
| Dec 31, 2023 | 8.18% | 7.05% |
| Dec 31, 2022 | 8.19% | 7.49% |
| Dec 31, 2021 | 8.15% | 7.28% |
| Dec 31, 2020 | 7.81% | 6.62% |
| Dec 31, 2019 | 7.96% | 6.77% |
| Dec 31, 2018 | 7.87% | 5.72% |
| Dec 31, 2017 | 7.59% | 5.00% |
| Dec 31, 2016 | 5.71% | 4.37% |
| Dec 31, 2015 | 5.22% | 4.93% |
| Dec 31, 2014 | 6.50% | 6.03% |
| Dec 31, 2013 | 6.87% | 6.64% |
| Dec 31, 2012 | 6.83% | 7.54% |
| Dec 31, 2011 | 7.57% | 7.54% |
| Dec 31, 2010 | 7.35% | 7.69% |
| Dec 31, 2009 | 6.47% | 8.84% |
| Dec 31, 2008 | 5.33% | 7.51% |
| Dec 31, 2007 | 9.14% | 8.92% |
| Dec 31, 2006 | 8.61% | 7.40% |
| Dec 31, 2005 | 7.98% | 7.94% |
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., ROA, long-term trends, comparison to industry (health care)
| UnitedHealth Group Inc. | Health Care | |
|---|---|---|
| Dec 31, 2025 | 3.89% | 7.89% |
| Dec 31, 2024 | 4.83% | 5.73% |
| Dec 31, 2023 | 8.18% | 7.19% |
| Dec 31, 2022 | 8.19% | 9.66% |
| Dec 31, 2021 | 8.15% | 9.46% |
| Dec 31, 2020 | 7.81% | 5.81% |
| Dec 31, 2019 | 7.96% | 8.32% |
| Dec 31, 2018 | 7.87% | 7.90% |
| Dec 31, 2017 | 7.59% | 5.19% |
| Dec 31, 2016 | 5.71% | 7.31% |
| Dec 31, 2015 | 5.22% | 7.71% |
| Dec 31, 2014 | 6.50% | 8.59% |
| Dec 31, 2013 | 6.87% | 8.76% |
| Dec 31, 2012 | 6.83% | 8.09% |
| Dec 31, 2011 | 7.57% | 7.36% |
| Dec 31, 2010 | 7.35% | 7.24% |
| Dec 31, 2009 | 6.47% | 9.73% |
| Dec 31, 2008 | 5.33% | 9.50% |
| Dec 31, 2007 | 9.14% | 8.88% |
| Dec 31, 2006 | 8.61% | 10.52% |
| Dec 31, 2005 | 7.98% | 9.67% |
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).