Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

UnitedHealth Group Inc., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Net earnings attributable to UnitedHealth Group common shareholders1 ÷ Shareholders’ equity attributable to UnitedHealth Group1
Dec 31, 2025 = 100 × ÷
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Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
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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 return on equity (ROE) for the analyzed period demonstrates a generally positive trajectory, albeit with some fluctuations. Initial values in the mid-to-high teens percentage range increased through the late 2010s, peaking in recent years before experiencing a notable decline. Net earnings attributable to UnitedHealth Group common shareholders and shareholders’ equity attributable to UnitedHealth Group both generally increased over the period, contributing to the observed ROE trends.

Overall Trend
From 2005 to 2022, ROE generally increased, moving from 18.61% to a high of 25.87% in 2022. This indicates improving profitability relative to shareholder investment over much of the analyzed timeframe. However, 2023 and 2024 show a significant decrease in ROE, falling to 15.55% and 12.81% respectively. This reversal suggests a recent shift in the company’s profitability or equity structure.
Early Growth (2005-2008)
ROE experienced initial growth, rising from 18.61% in 2005 to 23.20% in 2007. This period was followed by a substantial decrease to 14.33% in 2008, coinciding with a decrease in net earnings. This suggests a sensitivity of ROE to earnings fluctuations during this period.
Stable to Increasing Phase (2009-2019)
Following 2008, ROE demonstrated a period of relative stability and then consistent growth, ranging from 16.19% to 24.02% between 2009 and 2019. Both net earnings and shareholders’ equity increased during this time, supporting the rising ROE. The growth appears to be relatively consistent, indicating a sustained improvement in profitability and efficient capital utilization.
Peak and Subsequent Decline (2020-2024)
ROE reached its peak in 2022 at 25.87%, followed by a sharp decline in 2023 and 2024 to 15.55% and 12.81% respectively. While net earnings continued to increase through 2021, the substantial growth in shareholders’ equity appears to have outpaced earnings growth in the later years, contributing to the decreased ROE. The significant drop in 2023 and 2024 warrants further investigation to determine the underlying causes, such as changes in profitability, asset utilization, or financial leverage.

In summary, the ROE trend indicates a period of strong performance followed by a recent and substantial decline. The company experienced consistent growth in ROE for over a decade, but recent results suggest a potential shift in financial performance that requires further scrutiny.

Comparison to Competitors

UnitedHealth Group Inc., ROE, long-term trends, comparison to competitors

Microsoft Excel
UnitedHealth Group Inc. Abbott Laboratories Elevance Health Inc. Intuitive Surgical Inc. Medtronic PLC
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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., ROE, long-term trends, comparison to sector (health care equipment & services)

Microsoft Excel
UnitedHealth Group Inc. Health Care Equipment & Services
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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., ROE, long-term trends, comparison to industry (health care)

Microsoft Excel
UnitedHealth Group Inc. Health Care
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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).