Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
UnitedHealth Group Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The liquidity profile across the observed period demonstrates a consistent trend where current assets remain below current liabilities, as all primary liquidity ratios consistently track below 1.0. While there was a period of improvement peaking in late 2024, a subsequent softening is observed leading into mid-2026.
- Current Ratio
- The current ratio fluctuated within a range of 0.77 to 0.91. A period of relative stability was maintained between March 2022 and December 2023, with values hovering between 0.77 and 0.82. A notable upward trend occurred throughout the first three quarters of 2024, reaching a peak of 0.91 by September 30, 2024. However, this momentum reversed in the following periods, with the ratio descending back to 0.78 by June 30, 2026.
- Quick Ratio
- The quick ratio closely mirrors the movement of the current ratio, ranging from 0.70 to 0.83. The minimal variance between the current and quick ratios suggests that inventory levels have a negligible impact on the organization's overall liquidity position. Similar to the current ratio, the quick ratio peaked at 0.83 in September 2024 before retreating to 0.70 by the end of the analysis period.
- Cash Ratio
- The cash ratio exhibits the most significant volatility and the most pronounced downward trajectory. After peaking at 0.46 in September 2022, the ratio showed a general decline, punctuated by a brief recovery in mid-2023. A sustained decrease is observed from 2024 through late 2025, reaching a period low of 0.24 on December 31, 2025. A slight recovery to 0.28 is noted by June 30, 2026, though the level remains substantially lower than the 2022 peaks.
Overall, the convergence of these ratios indicates a tightening of immediate liquidity. The trend from 2024 to 2026 suggests a strategic or operational shift resulting in a lower proportion of highly liquid assets relative to short-term obligations.
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Current Ratio
UnitedHealth Group Inc., current ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 86,860) | 91,127) | 90,582) | 95,067) | 93,699) | 96,285) | 85,779) | 92,258) | 92,038) | 88,942) | 78,437) | 91,905) | 89,869) | 93,895) | 69,069) | 82,937) | 68,356) | 69,029) | ||||||
| Current liabilities | 111,820) | 114,124) | 114,897) | 115,526) | 110,781) | 113,471) | 103,769) | 101,565) | 104,670) | 104,431) | 99,054) | 114,179) | 112,981) | 116,482) | 89,237) | 100,935) | 88,698) | 88,170) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 0.78 | 0.80 | 0.79 | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 1.38 | 1.39 | 1.58 | 1.70 | 1.82 | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | ||||||
| Elevance Health Inc. | 1.52 | 1.48 | 1.54 | 1.56 | 1.44 | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | ||||||
| Intuitive Surgical Inc. | 4.96 | 4.61 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | ||||||
| Medtronic PLC | 2.42 | 2.01 | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 86,860 ÷ 111,820 = 0.78
2 Click competitor name to see calculations.
The liquidity position of the organization is characterized by a current ratio that consistently remains below 1.0 throughout the analyzed period from March 2022 to June 2026. This indicates a persistent state where current liabilities exceed current assets, reflecting a structural working capital deficit.
- Current Ratio Trend Analysis
- The current ratio exhibited relative stability between 0.77 and 0.82 during 2022 and 2023. A notable period of improvement occurred throughout 2024, where the ratio climbed steadily from 0.85 in March to a peak of 0.91 in September 2024. This upward trajectory was driven by current assets maintaining levels above 92 billion US dollars while current liabilities experienced a temporary decline to approximately 101.5 billion US dollars.
- Following the September 2024 peak, a gradual downward trend emerged. The ratio declined to 0.83 by December 2024 and further softened through 2025, ending the period at 0.78 in June 2026. This return to baseline levels suggests that the liquidity improvement observed in 2024 was transitory rather than structural.
- Asset and Liability Dynamics
- Current assets showed significant volatility, ranging from a low of 68.3 billion US dollars in June 2022 to a high of 96.2 billion US dollars in March 2025. Current liabilities followed a similar pattern of fluctuation, peaking at 116.4 billion US dollars in March 2023 before stabilizing in the 110 billion to 115 billion US dollar range during 2025 and 2026.
- The synchronization between the growth of assets and the growth of liabilities has kept the current ratio within a narrow band, typically between 0.77 and 0.85, indicating a consistent approach to managing short-term obligations relative to liquid resources.
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Quick Ratio
UnitedHealth Group Inc., quick ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 28,585) | 28,001) | 24,365) | 27,210) | 28,596) | 30,717) | 25,312) | 32,400) | 26,286) | 28,414) | 25,427) | 38,915) | 41,813) | 41,913) | 23,365) | 38,845) | 24,612) | 25,482) | ||||||
| Short-term investments | 2,883) | 3,228) | 3,756) | 3,404) | 3,424) | 3,574) | 3,801) | 4,734) | 5,037) | 4,296) | 4,201) | 5,182) | 4,466) | 4,584) | 4,546) | 3,682) | 3,352) | 2,914) | ||||||
| Accounts receivable, net | 21,573) | 26,587) | 23,018) | 22,672) | 24,142) | 26,936) | 22,365) | 20,024) | 23,115) | 27,197) | 21,276) | 20,673) | 17,952) | 22,414) | 17,681) | 17,047) | 18,718) | 18,871) | ||||||
| Other current receivables, net | 24,722) | 24,588) | 29,697) | 32,762) | 28,582) | 26,022) | 26,089) | 27,461) | 26,762) | 19,284) | 17,694) | 17,752) | 16,131) | 14,696) | 12,769) | 13,684) | 12,439) | 11,994) | ||||||
| Assets under management | —) | —) | —) | —) | —) | —) | —) | —) | 3,414) | 3,619) | 3,755) | 3,616) | 3,623) | 3,837) | 4,087) | 4,022) | 4,017) | 4,155) | ||||||
| Total quick assets | 77,763) | 82,404) | 80,836) | 86,048) | 84,744) | 87,249) | 77,567) | 84,619) | 84,614) | 82,810) | 72,353) | 86,138) | 83,985) | 87,444) | 62,448) | 77,280) | 63,138) | 63,416) | ||||||
| Current liabilities | 111,820) | 114,124) | 114,897) | 115,526) | 110,781) | 113,471) | 103,769) | 101,565) | 104,670) | 104,431) | 99,054) | 114,179) | 112,981) | 116,482) | 89,237) | 100,935) | 88,698) | 88,170) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 0.70 | 0.72 | 0.70 | 0.74 | 0.76 | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 0.80 | 0.84 | 1.02 | 1.09 | 1.14 | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | ||||||
| Elevance Health Inc. | 1.38 | 1.32 | 1.41 | 1.43 | 1.32 | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | ||||||
| Intuitive Surgical Inc. | 3.58 | 3.20 | 3.72 | 3.42 | 3.90 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | ||||||
| Medtronic PLC | 1.48 | 1.25 | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 77,763 ÷ 111,820 = 0.70
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits a consistent pattern of maintaining a quick ratio below 1.0 throughout the period from March 2022 to June 2026. While periodic fluctuations occur, the ratio generally oscillates between 0.70 and 0.83, indicating a structural reliance on non-quick current assets or continuous operational cash inflows to satisfy short-term obligations.
- Quick Asset Volatility
- Total quick assets demonstrated significant variance, starting at $63,416 million in March 2022 and reaching a peak of $87,444 million in March 2023. A subsequent contraction was noted toward the end of 2023, followed by a period of relative stability between $80,000 million and $87,000 million during 2024 and 2025, before ending at $77,763 million in June 2026.
- Current Liability Expansion
- Current liabilities showed a general upward trajectory over the analyzed timeframe. Starting at $88,170 million in March 2022, obligations climbed to a peak of $116,482 million by March 2023. From 2024 through June 2026, liabilities remained elevated, typically fluctuating between $101,000 million and $115,000 million, reflecting an overall expansion of the short-term debt or accrual base.
- Quick Ratio Trajectory
- The quick ratio reached its maximum value of 0.83 in September 2024, driven by a temporary alignment of stabilized quick assets and a relative dip in current liabilities. However, a gradual downward trend emerged following this peak, with the ratio returning to 0.70 by June 2026. The persistent positioning of the ratio below the 1.0 threshold suggests a consistent financial strategy where highly liquid assets are maintained at approximately 70% to 80% of current obligations.
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Cash Ratio
UnitedHealth Group Inc., cash ratio calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 28,585) | 28,001) | 24,365) | 27,210) | 28,596) | 30,717) | 25,312) | 32,400) | 26,286) | 28,414) | 25,427) | 38,915) | 41,813) | 41,913) | 23,365) | 38,845) | 24,612) | 25,482) | ||||||
| Short-term investments | 2,883) | 3,228) | 3,756) | 3,404) | 3,424) | 3,574) | 3,801) | 4,734) | 5,037) | 4,296) | 4,201) | 5,182) | 4,466) | 4,584) | 4,546) | 3,682) | 3,352) | 2,914) | ||||||
| Assets under management | —) | —) | —) | —) | —) | —) | —) | —) | 3,414) | 3,619) | 3,755) | 3,616) | 3,623) | 3,837) | 4,087) | 4,022) | 4,017) | 4,155) | ||||||
| Total cash assets | 31,468) | 31,229) | 28,121) | 30,614) | 32,020) | 34,291) | 29,113) | 37,134) | 34,737) | 36,329) | 33,383) | 47,713) | 49,902) | 50,334) | 31,998) | 46,549) | 31,981) | 32,551) | ||||||
| Current liabilities | 111,820) | 114,124) | 114,897) | 115,526) | 110,781) | 113,471) | 103,769) | 101,565) | 104,670) | 104,431) | 99,054) | 114,179) | 112,981) | 116,482) | 89,237) | 100,935) | 88,698) | 88,170) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.28 | 0.27 | 0.24 | 0.26 | 0.29 | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 0.31 | 0.40 | 0.54 | 0.53 | 0.54 | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | ||||||
| Elevance Health Inc. | 0.85 | 0.82 | 0.88 | 0.89 | 0.79 | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | ||||||
| Intuitive Surgical Inc. | 2.71 | 2.36 | 2.96 | 2.72 | 3.15 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | ||||||
| Medtronic PLC | 0.84 | 0.70 | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 31,468 ÷ 111,820 = 0.28
2 Click competitor name to see calculations.
The liquidity position demonstrates a general decline in the cash ratio over the observed period from March 2022 to June 2026, reflecting a reduction in immediate cash availability relative to short-term obligations.
- Total Cash Assets Trend
- Cash balances exhibited significant volatility, reaching a peak of $50.3 billion in March 2023. Following this peak, a gradual downward trajectory was observed, with cash assets stabilizing between $28 billion and $31 billion throughout 2025 and the first half of 2026.
- Current Liabilities Analysis
- Short-term obligations remained consistently high, fluctuating between $88 billion and $116 billion. A sustained increase in the liability floor is evident starting in March 2024, where current liabilities predominantly remained above the $110 billion threshold, contributing to the compression of liquidity ratios.
- Cash Ratio Interpretation
- The cash ratio reached a high of 0.46 in September 2022 and maintained levels above 0.40 through much of 2023. A consistent deterioration followed, with the ratio descending to a period low of 0.24 by December 2025. While a slight recovery to 0.28 occurred by June 2026, the overall trend indicates a weakened capacity to cover current liabilities using only cash and cash equivalents compared to the 2022-2023 baseline.
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