Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
UnitedHealth Group Inc., solvency ratios (quarterly data)
Based on: 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 solvency profile indicates a general increase in leverage from early 2022, followed by a period of relative stabilization in debt ratios. While the capital structure has remained consistent since 2023, there is a notable and sustained decline in the capacity to cover interest expenses over the analyzed period.
- Debt Composition and Capital Structure
- Debt to equity ratios exhibited an upward trend from 0.65 in March 2022, peaking at 0.87 in March 2023. Subsequently, the ratio fluctuated between 0.70 and 0.86, ending at 0.80 by March 2026. Similarly, the debt to capital ratio rose from 0.39 to a peak of 0.46 in March 2023, maintaining a tight range between 0.44 and 0.46 for the remainder of the period. Debt to assets followed a consistent pattern, increasing from 0.21 in March 2022 to 0.26 by March 2024, thereafter stabilizing at 0.25 to 0.26.
- Financial Leverage
- Financial leverage remained relatively stable, oscillating within a range of 3.04 to 3.49. A peak occurred in March 2023 at 3.49, followed by a gradual correction. For the majority of the latter half of the period, leverage hovered between 3.17 and 3.29, concluding at 3.19 in March 2026, suggesting a consistent approach to asset financing.
- Interest Coverage and Debt Servicing
- A significant downward trend is observed in interest coverage ratios. Beginning at 14.26 in March 2022, the ratio declined steadily to 6.14 by December 2024. Despite a temporary recovery to 7.94 in March 2025, the ratio continued to deteriorate, reaching its lowest levels of 4.67 and 4.68 in the final two quarters. This represents a substantial reduction in the margin of safety for interest payments relative to operating earnings.
AI Ask an analyst for more
Debt Ratios
Coverage Ratios
Debt to Equity
UnitedHealth Group Inc., debt to equity calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 6,477) | 6,069) | 7,737) | 5,698) | 9,986) | 4,545) | 3,909) | 11,371) | 9,787) | 4,274) | 5,290) | 6,321) | 9,931) | 3,110) | 3,229) | 5,592) | 6,697) | ||||||
| Long-term debt, less current maturities | 71,440) | 72,320) | 72,399) | 73,495) | 71,285) | 72,359) | 74,101) | 63,727) | 63,850) | 58,263) | 58,079) | 59,268) | 60,657) | 54,513) | 45,438) | 45,799) | 40,796) | ||||||
| Total debt | 77,917) | 78,389) | 80,136) | 79,193) | 81,271) | 76,904) | 78,010) | 75,098) | 73,637) | 62,537) | 63,369) | 65,589) | 70,588) | 57,623) | 48,667) | 51,391) | 47,493) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group | 97,881) | 94,110) | 95,787) | 94,724) | 95,038) | 92,658) | 94,535) | 89,359) | 86,688) | 88,756) | 84,494) | 82,353) | 81,312) | 77,772) | 74,646) | 72,820) | 72,766) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity1 | 0.80 | 0.83 | 0.84 | 0.84 | 0.86 | 0.83 | 0.83 | 0.84 | 0.85 | 0.70 | 0.75 | 0.80 | 0.87 | 0.74 | 0.65 | 0.71 | 0.65 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.65 | 0.25 | 0.25 | 0.27 | 0.27 | 0.30 | 0.38 | 0.38 | 0.38 | 0.38 | 0.41 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.48 | ||||||
| Elevance Health Inc. | 0.73 | 0.73 | 0.73 | 0.69 | 0.71 | 0.76 | 0.62 | 0.66 | 0.65 | 0.64 | 0.65 | 0.66 | 0.68 | 0.66 | 0.66 | 0.66 | 0.65 | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.60 | 0.59 | 0.54 | 0.58 | 0.58 | 0.50 | 0.49 | 0.49 | 0.49 | 0.47 | 0.55 | 0.51 | 0.44 | 0.46 | 0.48 | 0.49 | 0.50 | ||||||
Based on: 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 Q1 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= 77,917 ÷ 97,881 = 0.80
2 Click competitor name to see calculations.
An analysis of the solvency metrics reveals a general upward trend in both total debt and shareholders' equity over the period from March 2022 to March 2026, resulting in a shift toward a more leveraged capital structure.
- Total Debt Trajectory
- Total debt increased from 47,493 million USD in March 2022 to 77,917 million USD by March 2026. The growth was characterized by distinct surges, most notably between December 2022 and March 2023, where debt rose from 57,623 million USD to 70,588 million USD, and again throughout 2024, where levels stabilized above 75,000 million USD.
- Shareholders' Equity Expansion
- Shareholders' equity attributable to the entity demonstrated consistent growth, rising from 72,766 million USD in March 2022 to 97,881 million USD by March 2026. This growth reflects a steady accumulation of retained earnings or capital contributions, although the pace of equity growth was occasionally slower than the rate of debt accumulation.
- Debt to Equity Ratio Analysis
- The debt to equity ratio reflects a transition in leverage intensity. In 2022, the ratio fluctuated between 0.65 and 0.74. A sharp increase to 0.87 occurred in March 2023, representing a peak in leverage during the first half of the observed period. While the ratio corrected downward to 0.70 by December 2023, it returned to a higher baseline starting in March 2024, maintaining a range between 0.80 and 0.86 through March 2026.
The data indicates that while the company has grown its equity base, it has simultaneously increased its reliance on debt financing. The stability of the ratio around 0.80 in the final quarters suggests a new equilibrium in the organization's solvency profile compared to the lower leverage levels maintained in early 2022.
AI Ask an analyst for more
Debt to Capital
UnitedHealth Group Inc., debt to capital calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 6,477) | 6,069) | 7,737) | 5,698) | 9,986) | 4,545) | 3,909) | 11,371) | 9,787) | 4,274) | 5,290) | 6,321) | 9,931) | 3,110) | 3,229) | 5,592) | 6,697) | ||||||
| Long-term debt, less current maturities | 71,440) | 72,320) | 72,399) | 73,495) | 71,285) | 72,359) | 74,101) | 63,727) | 63,850) | 58,263) | 58,079) | 59,268) | 60,657) | 54,513) | 45,438) | 45,799) | 40,796) | ||||||
| Total debt | 77,917) | 78,389) | 80,136) | 79,193) | 81,271) | 76,904) | 78,010) | 75,098) | 73,637) | 62,537) | 63,369) | 65,589) | 70,588) | 57,623) | 48,667) | 51,391) | 47,493) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group | 97,881) | 94,110) | 95,787) | 94,724) | 95,038) | 92,658) | 94,535) | 89,359) | 86,688) | 88,756) | 84,494) | 82,353) | 81,312) | 77,772) | 74,646) | 72,820) | 72,766) | ||||||
| Total capital | 175,798) | 172,499) | 175,923) | 173,917) | 176,309) | 169,562) | 172,545) | 164,457) | 160,325) | 151,293) | 147,863) | 147,942) | 151,900) | 135,395) | 123,313) | 124,211) | 120,259) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital1 | 0.44 | 0.45 | 0.46 | 0.46 | 0.46 | 0.45 | 0.45 | 0.46 | 0.46 | 0.41 | 0.43 | 0.44 | 0.46 | 0.43 | 0.39 | 0.41 | 0.39 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.40 | 0.20 | 0.20 | 0.21 | 0.21 | 0.23 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.31 | 0.31 | 0.32 | 0.31 | 0.33 | ||||||
| Elevance Health Inc. | 0.42 | 0.42 | 0.42 | 0.41 | 0.41 | 0.43 | 0.38 | 0.40 | 0.39 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.40 | 0.40 | 0.39 | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.37 | 0.37 | 0.35 | 0.37 | 0.37 | 0.33 | 0.33 | 0.33 | 0.33 | 0.32 | 0.35 | 0.34 | 0.31 | 0.31 | 0.32 | 0.33 | 0.34 | ||||||
Based on: 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 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 77,917 ÷ 175,798 = 0.44
2 Click competitor name to see calculations.
The solvency profile indicates a period of expansion in both total debt and total capital, resulting in a shift in the leverage baseline from early 2022 through early 2026. While both debt and capital increased in absolute terms, the relationship between them remained relatively stable after an initial period of adjustment.
- Total Debt Trends
- Total debt exhibited a general upward trajectory, increasing from 47,493 million US dollars in March 2022 to 77,917 million US dollars by March 2026. Notable escalations occurred between December 2022 and March 2023, and again throughout 2024, where debt levels climbed from 73,637 million US dollars to a peak of 78,010 million US dollars in September 2024.
- Total Capital Expansion
- Total capital grew steadily over the analyzed period, rising from 120,259 million US dollars in March 2022 to 175,798 million US dollars in March 2026. This consistent growth in the capital base served to offset the increase in total debt, preventing a more aggressive surge in the leverage ratio.
- Debt to Capital Ratio Analysis
- The debt to capital ratio began at 0.39 in March 2022 and trended upward to reach a peak of 0.46 in March 2023. Following a brief period of fluctuation between 0.41 and 0.44 during 2023, the ratio stabilized at 0.46 for much of 2024 and 2025. By March 2026, the ratio showed a slight moderation to 0.44, indicating that the company maintained a consistent long-term leverage target despite the growth in total liabilities.
AI Ask an analyst for more
Debt to Assets
UnitedHealth Group Inc., debt to assets calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 6,477) | 6,069) | 7,737) | 5,698) | 9,986) | 4,545) | 3,909) | 11,371) | 9,787) | 4,274) | 5,290) | 6,321) | 9,931) | 3,110) | 3,229) | 5,592) | 6,697) | ||||||
| Long-term debt, less current maturities | 71,440) | 72,320) | 72,399) | 73,495) | 71,285) | 72,359) | 74,101) | 63,727) | 63,850) | 58,263) | 58,079) | 59,268) | 60,657) | 54,513) | 45,438) | 45,799) | 40,796) | ||||||
| Total debt | 77,917) | 78,389) | 80,136) | 79,193) | 81,271) | 76,904) | 78,010) | 75,098) | 73,637) | 62,537) | 63,369) | 65,589) | 70,588) | 57,623) | 48,667) | 51,391) | 47,493) | ||||||
| Total assets | 312,644) | 309,581) | 315,269) | 308,573) | 309,790) | 298,278) | 299,309) | 286,056) | 284,210) | 273,720) | 282,063) | 280,164) | 283,679) | 245,705) | 243,064) | 230,172) | 221,238) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets1 | 0.25 | 0.25 | 0.25 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.26 | 0.23 | 0.22 | 0.23 | 0.25 | 0.23 | 0.20 | 0.22 | 0.21 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 0.31 | 0.15 | 0.15 | 0.16 | 0.16 | 0.17 | 0.20 | 0.20 | 0.20 | 0.20 | 0.22 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | ||||||
| Elevance Health Inc. | 0.25 | 0.26 | 0.26 | 0.25 | 0.25 | 0.27 | 0.23 | 0.25 | 0.24 | 0.23 | 0.22 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | ||||||
| Intuitive Surgical Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.31 | 0.31 | 0.30 | 0.31 | 0.31 | 0.28 | 0.28 | 0.28 | 0.28 | 0.27 | 0.30 | 0.29 | 0.26 | 0.27 | 0.27 | 0.28 | 0.28 | ||||||
Based on: 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 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 77,917 ÷ 312,644 = 0.25
2 Click competitor name to see calculations.
The analysis of solvency indicators reveals a period of controlled expansion in leverage accompanying a steady growth in the total asset base. While both total debt and total assets increased over the observed timeframe from March 2022 to March 2026, the relationship between the two remained relatively stable, with the debt-to-assets ratio fluctuating within a narrow band after an initial upward adjustment.
- Total Debt Trajectory
- Total debt demonstrated a general upward trend, increasing from 47,493 million USD in March 2022 to 77,917 million USD by March 2026. Notable escalations occurred in early 2023 and throughout 2024, reflecting periods of increased financing activity. Despite these increases, debt levels showed signs of stabilization in the latter half of the period, maintaining a range between 76,000 million and 81,000 million USD from late 2024 through early 2026.
- Total Asset Growth
- Total assets experienced consistent growth, rising from 221,238 million USD in March 2022 to 312,644 million USD by March 2026. The growth in assets largely mirrored the increase in debt, which mitigated the impact of higher borrowing on the overall solvency profile. The asset base expanded by approximately 41% over the analyzed duration, providing a substantial foundation for the company's financial obligations.
- Debt to Assets Ratio Analysis
- The debt-to-assets ratio transitioned from a low of 0.21 in March 2022 to a peak of 0.26 in March 2024. Following this period of moderate increase, the ratio plateaued, remaining constant at 0.26 for several quarters before settling at 0.25 by March 2026. This stability indicates a strategic equilibrium where debt accumulation was balanced by asset acquisition, maintaining a consistent leverage profile where approximately one-quarter of total assets are financed through debt.
AI Ask an analyst for more
Financial Leverage
UnitedHealth Group Inc., financial leverage calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Total assets | 312,644) | 309,581) | 315,269) | 308,573) | 309,790) | 298,278) | 299,309) | 286,056) | 284,210) | 273,720) | 282,063) | 280,164) | 283,679) | 245,705) | 243,064) | 230,172) | 221,238) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group | 97,881) | 94,110) | 95,787) | 94,724) | 95,038) | 92,658) | 94,535) | 89,359) | 86,688) | 88,756) | 84,494) | 82,353) | 81,312) | 77,772) | 74,646) | 72,820) | 72,766) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Financial leverage1 | 3.19 | 3.29 | 3.29 | 3.26 | 3.26 | 3.22 | 3.17 | 3.20 | 3.28 | 3.08 | 3.34 | 3.40 | 3.49 | 3.16 | 3.26 | 3.16 | 3.04 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 2.12 | 1.66 | 1.65 | 1.66 | 1.67 | 1.71 | 1.87 | 1.86 | 1.87 | 1.90 | 1.92 | 1.97 | 1.99 | 2.03 | 2.04 | 2.03 | 2.09 | ||||||
| Elevance Health Inc. | 2.87 | 2.77 | 2.79 | 2.79 | 2.82 | 2.83 | 2.66 | 2.68 | 2.76 | 2.77 | 2.88 | 2.86 | 2.92 | 2.83 | 2.86 | 2.82 | 2.79 | ||||||
| Intuitive Surgical Inc. | 1.15 | 1.15 | 1.14 | 1.13 | 1.12 | 1.14 | 1.14 | 1.13 | 1.13 | 1.16 | 1.17 | 1.17 | 1.16 | 1.17 | 1.15 | 1.14 | 1.13 | ||||||
| Medtronic PLC | 1.90 | 1.91 | 1.82 | 1.86 | 1.87 | 1.79 | 1.75 | 1.75 | 1.77 | 1.77 | 1.83 | 1.80 | 1.71 | 1.73 | 1.75 | 1.76 | 1.78 | ||||||
Based on: 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 Q1 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 312,644 ÷ 97,881 = 3.19
2 Click competitor name to see calculations.
The company demonstrated a consistent expansion of its balance sheet over the analyzed period, with total assets increasing from US$ 221,238 million in March 2022 to US$ 312,644 million by March 2026. This growth was supported by a steady increase in shareholders' equity, which rose from US$ 72,766 million to US$ 97,881 million over the same timeframe.
- Asset and Equity Growth Dynamics
- A significant acceleration in asset accumulation occurred between December 2022 and March 2023, where total assets jumped from US$ 245,705 million to US$ 283,679 million. While shareholders' equity grew consistently, the pace of asset growth occasionally outstripped equity accumulation, leading to fluctuations in the overall financial leverage.
- Financial Leverage Trends
- The financial leverage ratio exhibited a period of volatility between March 2022 and December 2023. The ratio climbed from an initial 3.04 to a peak of 3.49 in March 2023, coinciding with the rapid expansion of total assets. Subsequently, a corrective trend was observed, with the ratio decreasing to 3.08 by the end of 2023.
- Capital Structure Stabilization
- From March 2024 through March 2026, the financial leverage ratio entered a phase of relative stability. During this period, the ratio fluctuated within a narrow band between 3.17 and 3.29, ending at 3.19 in March 2026. This suggests a stabilized approach to funding asset growth and a consistent strategy regarding the company's debt-to-equity balance.
AI Ask an analyst for more
Interest Coverage
UnitedHealth Group Inc., interest coverage calculation (quarterly data)
| 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) | |||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 6,280) | 10) | 2,348) | 3,406) | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | ||||||
| Add: Net income attributable to noncontrolling interest | 201) | 208) | 195) | 166) | 182) | 241) | 203) | 205) | 188) | 220) | 197) | 183) | 163) | 147) | 122) | 129) | 121) | ||||||
| Add: Income tax expense | 1,482) | (938) | 686) | 510) | 1,632) | 1,007) | 1,356) | 1,244) | 1,222) | 1,184) | 1,654) | 1,572) | 1,558) | 1,307) | 1,562) | 1,466) | 1,369) | ||||||
| Add: Interest expense | 955) | 974) | 1,003) | 1,027) | 998) | 1,003) | 1,074) | 985) | 844) | 830) | 834) | 828) | 754) | 676) | 516) | 467) | 433) | ||||||
| Earnings before interest and tax (EBIT) | 8,918) | 254) | 4,232) | 5,109) | 9,104) | 7,794) | 8,688) | 6,650) | 845) | 7,689) | 8,526) | 8,057) | 8,086) | 6,891) | 7,462) | 7,132) | 6,950) | ||||||
| Solvency Ratio | |||||||||||||||||||||||
| Interest coverage1 | 4.68 | 4.67 | 6.51 | 7.48 | 7.94 | 6.14 | 6.39 | 6.79 | 7.53 | 9.97 | 10.21 | 10.99 | 12.25 | 13.59 | 14.66 | 14.45 | 14.26 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||
| Abbott Laboratories | 16.18 | 18.17 | 16.99 | 15.90 | 14.40 | 13.55 | 12.65 | 11.74 | 11.46 | 11.46 | 10.79 | 11.34 | 13.06 | 15.89 | 18.41 | 20.07 | 18.10 | ||||||
| Elevance Health Inc. | 5.39 | 5.79 | 6.16 | 6.33 | 7.14 | 7.67 | 8.52 | 9.07 | 8.70 | 8.49 | 8.87 | 9.76 | 9.95 | 10.13 | 10.75 | 10.71 | 11.01 | ||||||
| Medtronic PLC | 8.67 | 8.72 | 7.89 | 7.72 | 7.65 | 7.73 | 8.87 | 8.97 | 9.90 | 9.43 | 10.15 | 11.02 | 10.88 | 10.98 | 10.95 | 10.18 | 5.65 | ||||||
Based on: 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 Q1 2026 Calculation
Interest coverage
= (EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025
+ EBITQ2 2025)
÷ (Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025
+ Interest expenseQ2 2025)
= (8,918 + 254 + 4,232 + 5,109)
÷ (955 + 974 + 1,003 + 1,027)
= 4.68
2 Click competitor name to see calculations.
The analyzed period exhibits a significant and consistent decline in the interest coverage ratio, indicating a reduction in the margin of safety available to meet interest obligations from operating profits. While the ratio began at 14.26 in March 2022, it contracted to 4.68 by March 2026, reflecting a weakened solvency profile relative to operational earnings.
- Interest Coverage Ratio Trends
- A progressive downward trajectory is observed in the interest coverage ratio. The ratio peaked at 14.66 in September 2022 before entering a period of sustained decline. A notable acceleration in this decline occurred between December 2023 (9.97) and June 2024 (6.79), eventually reaching its lowest levels in late 2025 and early 2026, where it stabilized around 4.67 to 4.68.
- Interest Expense Progression
- There is a clear and steady upward trend in interest expenses. Costs rose from 433 million US dollars in March 2022 to a peak of 1.074 billion US dollars in September 2024, before slightly moderating to 955 million US dollars by March 2026. This persistent increase in the cost of debt has served as a primary driver in the compression of the interest coverage ratio.
- Earnings Before Interest and Tax (EBIT) Volatility
- EBIT performance is characterized by significant volatility. Although earnings generally fluctuated between 6.6 billion and 9.1 billion US dollars, severe anomalies are present. Specifically, EBIT collapsed to 845 million US dollars in March 2024 and further dropped to 254 million US dollars in December 2025. These sharp contractions in operating income directly correlate with the precipitous drops observed in the solvency ratio during those respective periods.
The convergence of rising fixed interest costs and irregular operational earnings has resulted in a diminished capacity to cover debt service requirements. The transition from a high-coverage environment (above 10x) to a lower-coverage environment (below 5x) suggests an increased sensitivity to earnings volatility.
AI Ask an analyst for more