Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Solvency Ratios 
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

UnitedHealth Group Inc., solvency ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Debt Ratios
Debt to equity 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 0.64 0.67 0.70 0.70 0.66 0.67 0.72 0.91
Debt to capital 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 0.39 0.40 0.41 0.41 0.40 0.40 0.42 0.48
Debt to assets 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 0.22 0.22 0.23 0.23 0.22 0.23 0.24 0.27
Financial leverage 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 2.96 3.03 3.05 3.09 3.01 2.93 3.03 3.32
Coverage Ratios
Interest coverage 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 14.44 13.46 13.03 14.88 13.47

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The analyzed period reveals several important trends in leverage and coverage ratios.

Debt to Equity Ratio
The ratio starts relatively high near 0.91 in early 2020, declining steadily through the year and stabilizing around 0.64-0.7 in 2021. It then shows some volatility, increasing to a peak of 0.87 in early 2023 before gradually declining to approximately 0.84 by mid-2025. This suggests moderate fluctuations in the balance between debt and equity, with a general tendency to maintain debt below equity but with occasional increases in leverage.
Debt to Capital Ratio
This ratio follows a similar pattern to the debt to equity ratio, beginning at 0.48 in early 2020, decreasing to about 0.39 by the end of 2021, and then oscillating around 0.44-0.46 from 2023 onward. This indicates a relatively stable capital structure with debt constituting less than half of the total capital base consistently over time.
Debt to Assets Ratio
There is a clear downward trend from 0.27 in March 2020 to around 0.20 by late 2022, indicating a reduction in the proportion of assets financed by debt. From 2023 onwards, the ratio rises slightly again to approximately 0.26 towards mid-2025. Overall, the company appears to maintain a conservative approach to asset financing, with debt accounting for roughly one-quarter of total assets.
Financial Leverage
The financial leverage ratio begins near 3.32 in early 2020, dips to around 2.93–3.05 through late 2021, and then gradually increases to approximately 3.49 in early 2023. Following that, a slight decline occurs, stabilizing around 3.2–3.3 through mid-2025. This steady leverage level indicates consistent use of debt relative to equity, with some minor fluctuations but no extreme leverage shifts.
Interest Coverage Ratio
Data is missing for the early quarters, but from late 2020 onwards, the interest coverage ratio is relatively strong, starting at 13.47 and peaking around 14.66 in late 2022. However, a consistent downward trend follows, declining to a low near 6.14 by late 2024. There is a slight recovery to around 7.48 by mid-2025. This decline could indicate increasing challenges in covering interest expenses from operating earnings over the period, potentially linked to rising interest costs or pressure on earnings.

In summary, the company has generally maintained moderate leverage with ratios fluctuating within narrow bands. While the debt-related ratios show some variability, they remain below critical thresholds that might indicate excessive leverage. However, the declining interest coverage ratio in the later periods warrants attention, as it suggests a reduced ability to comfortably service debt interest, potentially signaling increased financial risk.


Debt Ratios


Coverage Ratios


Debt to Equity

UnitedHealth Group Inc., debt to equity calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 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 3,620 3,620 3,868 8,838 4,819 3,899 6,156 15,828
Long-term debt, less current maturities 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 42,383 43,345 44,348 37,420 38,648 39,895 39,901 35,779
Total debt 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 46,003 46,965 48,216 46,258 43,467 43,794 46,057 51,607
 
Shareholders’ equity attributable to UnitedHealth Group 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 71,760 70,278 69,014 66,404 65,491 65,231 63,624 56,977
Solvency Ratio
Debt to equity1 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 0.64 0.67 0.70 0.70 0.66 0.67 0.72 0.91
Benchmarks
Debt to Equity, Competitors2
Abbott Laboratories 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 0.50 0.53 0.55 0.55 0.57 0.59 0.64 0.60
Elevance Health Inc. 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 0.64 0.64 0.66 0.69 0.60 0.61 0.62 0.68
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 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 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 0.51 0.60 0.60 0.57 0.49 0.49 0.51 0.52

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= 79,193 ÷ 94,724 = 0.84

2 Click competitor name to see calculations.


Total Debt

Total debt exhibited a fluctuating trend over the periods analyzed. Initially, from March 2020 to December 2020, total debt decreased from approximately $51.6 billion to $43.5 billion, reflecting a reduction in financial leverage during that period. Subsequently, there was a general upward trend from early 2021, with some intermediate volatility, reaching higher levels near $70.6 billion by March 2023. After this peak, debt levels slightly receded and fluctuated again, ending near $79.2 billion by June 2025. This pattern indicates periods of both debt reduction and accumulation, with an overall increasing tendency towards the later periods in the dataset. The volatility in total debt suggests active management of capital structure or financing activities.

Shareholders’ Equity Attributable to UnitedHealth Group

Shareholders’ equity showed a generally consistent upward trajectory across all periods. Starting from about $57.0 billion in March 2020, equity steadily increased with minor fluctuations, reaching approximately $94.7 billion by June 2025. The increase in equity over this timeframe signifies growth in retained earnings, additional capital infusion, or appreciation in asset values net of liabilities. This steady equity growth, paired with the fluctuations in debt, suggests strengthening of the company's financial base and potential reinvestment of profits or capital raising activities.

Debt to Equity Ratio

The debt to equity ratio initially decreased from 0.91 in March 2020 to a low of 0.64 by December 2020, reflecting deleveraging relative to equity. From 2021 onward, the ratio exhibited variability, increasing and decreasing but generally trending between 0.64 and 0.87. Around March 2023, the ratio peaked again at 0.87, indicating a higher leverage position relative to equity at that point. Towards the end of the observed period, the ratio stabilized near 0.84, suggesting a relatively steady leverage level slightly below the early 2020 starting point. This ratio pattern mirrors the interplay of rising debt levels and growing equity, showing periods of increased leverage interspersed with equity growth that moderates overall leverage.


Debt to Capital

UnitedHealth Group Inc., debt to capital calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 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 3,620 3,620 3,868 8,838 4,819 3,899 6,156 15,828
Long-term debt, less current maturities 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 42,383 43,345 44,348 37,420 38,648 39,895 39,901 35,779
Total debt 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 46,003 46,965 48,216 46,258 43,467 43,794 46,057 51,607
Shareholders’ equity attributable to UnitedHealth Group 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 71,760 70,278 69,014 66,404 65,491 65,231 63,624 56,977
Total capital 173,917 176,309 169,562 172,545 164,457 160,325 151,293 147,863 147,942 151,900 135,395 123,313 124,211 120,259 117,763 117,243 117,230 112,662 108,958 109,025 109,681 108,584
Solvency Ratio
Debt to capital1 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 0.39 0.40 0.41 0.41 0.40 0.40 0.42 0.48
Benchmarks
Debt to Capital, Competitors2
Abbott Laboratories 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 0.34 0.35 0.35 0.35 0.36 0.37 0.39 0.38
Elevance Health Inc. 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 0.39 0.39 0.40 0.41 0.38 0.38 0.38 0.41
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 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 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 0.34 0.37 0.37 0.36 0.33 0.33 0.34 0.34

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 79,193 ÷ 173,917 = 0.46

2 Click competitor name to see calculations.


Total Debt

The total debt exhibited a general upward trend over the examined periods with some fluctuations. Starting from approximately $51.6 billion at the end of Q1 2020, total debt declined moderately until the end of Q4 2020, reaching about $43.5 billion. Subsequently, it increased again and remained relatively stable around the mid-$40 billion range throughout 2021. In 2022, total debt rose notably, peaking at around $57.6 billion by the end of Q4 2022.

The upward trajectory continued into 2023, where total debt further escalated to roughly $70.6 billion by the end of Q1 2023. Although some minor decreases followed in mid to late 2023, this was succeeded by renewed increases in 2024, reaching roughly $78 billion by Q3 2024. By mid-2025, total debt slightly decreased but remained elevated close to $79.2 billion.

Total Capital

Total capital demonstrated a consistent rising trend over the period. It started at about $108.6 billion at the end of Q1 2020 and experienced steady growth with minor fluctuations throughout 2020 and 2021, eventually surpassing $117 billion by Q4 2021.

In 2022, total capital increased more significantly, reaching approximately $135.4 billion by year-end. This growth accelerated further in 2023, peaking near $151.9 billion in Q1 2023. After some slight declines and fluctuations in late 2023, capital continued to rise throughout 2024, hitting approximately $172.5 billion by Q3 2024. By mid-2025, total capital slightly decreased but held steady around $173.9 billion.

Debt to Capital Ratio

The debt to capital ratio declined from 0.48 in Q1 2020 to a low of about 0.39 by the end of Q4 2021, indicating that debt constituted a smaller portion of the total capital during this period. This decline aligns with the observed stabilization of total debt and steady growth in total capital over this timeframe.

Starting in early 2022, the ratio began to increase gradually, rising back to approximately 0.43 by Q4 2022, signaling that the increase in debt outpaced capital growth in that period. Throughout 2023, the ratio fluctuated between about 0.41 and 0.46, followed by a sustained elevated range of approximately 0.45 to 0.46 throughout 2024 and into mid-2025. This pattern reflects the pronounced increases in total debt relative to total capital in recent periods while total capital continues to grow but at a slower rate compared to debt.

Summary

Overall, the financial data reveals a dynamic where total capital is increasing steadily over time, indicating strengthening capitalization. Conversely, total debt, after an initial decline, has risen substantially starting in late 2021 through mid-2025. The debt to capital ratio mirrors these developments, having decreased initially as capital growth outpaced debt, then increasing and stabilizing at higher levels as debt growth intensified.

The current level of the debt to capital ratio, close to 0.46, suggests a balanced but notable reliance on debt within the company's capital structure. Continued monitoring of this ratio is important to assess financial risk, especially considering the recent upward trend in total debt relative to total capital.


Debt to Assets

UnitedHealth Group Inc., debt to assets calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Short-term borrowings and current maturities of long-term debt 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 3,620 3,620 3,868 8,838 4,819 3,899 6,156 15,828
Long-term debt, less current maturities 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 42,383 43,345 44,348 37,420 38,648 39,895 39,901 35,779
Total debt 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 46,003 46,965 48,216 46,258 43,467 43,794 46,057 51,607
 
Total assets 308,573 309,790 298,278 299,309 286,056 284,210 273,720 282,063 280,164 283,679 245,705 243,064 230,172 221,238 212,206 213,045 210,292 205,171 197,289 190,969 192,483 189,067
Solvency Ratio
Debt to assets1 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 0.22 0.22 0.23 0.23 0.22 0.23 0.24 0.27
Benchmarks
Debt to Assets, Competitors2
Abbott Laboratories 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 0.24 0.25 0.25 0.25 0.26 0.27 0.29 0.27
Elevance Health Inc. 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 0.24 0.23 0.24 0.24 0.23 0.24 0.24 0.26
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 0.00 0.00 0.00 0.00 0.00
Medtronic PLC 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 0.28 0.31 0.31 0.31 0.27 0.28 0.28 0.29

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 79,193 ÷ 308,573 = 0.26

2 Click competitor name to see calculations.


The analyzed data reveals several noteworthy trends in the company's financial position over the observed quarterly periods. Total debt exhibits fluctuations but a general upward trajectory in recent years. After an initial decrease from approximately 51.6 billion to around 43.5 billion US dollars in early 2020, debt levels started to rise again starting mid-2021, reaching a peak close to 81.3 billion US dollars by the first quarter of 2025. The increases appear somewhat volatile, with periodic reductions followed by subsequent growth.

Total assets show a consistent growth pattern over the period, increasing from roughly 189.1 billion US dollars in the first quarter of 2020 to approximately 308.6 billion US dollars by mid-2025. This steady expansion in assets indicates an ongoing accumulation of resources or investments by the company without significant decline in any quarter.

The ratio of debt to assets, a measure of leverage, follows a relatively stable trend compared to the absolute values of debt and assets. Initially, the ratio decreased from 0.27 to a low of 0.20 around the third quarter of 2022, reflecting a reduction in leverage possibly due to faster asset growth relative to debt reduction or stabilization. However, this ratio then increased again, stabilizing roughly around 0.26 from early 2024 through mid-2025. This suggests a shift toward higher leverage, with debt growing at a pace closer to or exceeding asset growth during this latter period.

Total Debt
Shows initial decline from Q1 2020 through Q4 2020, followed by a general increase from 2021 onward, peaking in early 2025.
Total Assets
Displays steady and continuous increase across all observed quarters, indicating growth in the company's asset base.
Debt to Assets Ratio
Decreases from 0.27 in early 2020 to a trough of 0.20 in late 2022, then rises back to about 0.26 by 2024 and remains stable thereafter, indicating fluctuating but moderate leverage adjustments.

In summary, the company appears to be managing increasing debt alongside growth in assets, maintaining leverage within a moderate range. The recent upward adjustment in debt levels relative to assets suggests a possible strategic increase in borrowing or capital restructuring to support growth or operational needs.


Financial Leverage

UnitedHealth Group Inc., financial leverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Total assets 308,573 309,790 298,278 299,309 286,056 284,210 273,720 282,063 280,164 283,679 245,705 243,064 230,172 221,238 212,206 213,045 210,292 205,171 197,289 190,969 192,483 189,067
Shareholders’ equity attributable to UnitedHealth Group 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 71,760 70,278 69,014 66,404 65,491 65,231 63,624 56,977
Solvency Ratio
Financial leverage1 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 2.96 3.03 3.05 3.09 3.01 2.93 3.03 3.32
Benchmarks
Financial Leverage, Competitors2
Abbott Laboratories 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 2.10 2.14 2.17 2.17 2.21 2.20 2.25 2.21
Elevance Health Inc. 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 2.70 2.74 2.75 2.83 2.61 2.55 2.55 2.60
Intuitive Surgical Inc. 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 1.14 1.13 1.13 1.14 1.15 1.15 1.16 1.16
Medtronic PLC 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 1.81 1.92 1.91 1.87 1.79 1.79 1.80 1.81

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 308,573 ÷ 94,724 = 3.26

2 Click competitor name to see calculations.


Total Assets
The total assets demonstrate a generally increasing trend over the reviewed periods. Starting at approximately 189 billion US dollars at the end of March 2020, assets grew steadily, reaching a notable peak above 283 billion by March 2023. Although there was a slight decline in assets during the latter quarters of 2023 and early 2024, the overall trajectory remained positive, with total assets nearing 309 billion US dollars by June 2025. This indicates ongoing asset accumulation and growth within the company over the five-year span.
Shareholders' Equity Attributable to UnitedHealth Group
Shareholders' equity showed consistent growth throughout the observed timeline. From an initial base of roughly 57 billion US dollars in early 2020, equity increased regularly, surpassing 81 billion by March 2023, and continuing upward to approach 95 billion by mid-2025. The steady increase in equity suggests ongoing retained earnings or capital contributions, contributing to a stronger capital base over time.
Financial Leverage Ratio
The financial leverage ratio fluctuated moderately during the period but maintained a general range between approximately 2.9 and 3.5. The lowest recorded ratio was near 2.93 in late 2020, while the highest approached 3.49 around early 2023. These variations imply shifts in the relationship between total assets and shareholders' equity, reflecting management decisions on financing structure. Despite these fluctuations, the leverage ratio did not exhibit a pronounced long-term trend upwards or downwards, suggesting stable capital structure management with slight cyclical adjustments.

Interest Coverage

UnitedHealth Group Inc., interest coverage calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to UnitedHealth Group common shareholders 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 4,071 4,086 4,266 4,862 2,212 3,172 6,637 3,382
Add: Net income attributable to noncontrolling interest 166 182 241 203 205 188 220 197 183 163 147 122 129 121 120 105 106 116 140 84 59 83
Add: Income tax expense 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 1,369 919 1,099 1,196 1,364 764 1,000 2,115 1,094
Add: Interest expense 1,027 998 1,003 1,074 985 844 830 834 828 754 676 516 467 433 431 422 410 397 401 395 430 437
Earnings before interest and tax (EBIT) 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 5,541 5,712 5,978 6,739 3,517 4,651 9,241 4,996
Solvency Ratio
Interest coverage1 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 14.44 13.46 13.03 14.88 13.47
Benchmarks
Interest Coverage, Competitors2
Abbott Laboratories 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 16.41 16.38 14.28 12.77 10.10
Elevance Health Inc. 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 10.93 10.04 8.03 9.09 8.96
Medtronic PLC 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 5.21 3.68 4.02 6.60 4.71

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q2 2025 Calculation
Interest coverage = (EBITQ2 2025 + EBITQ1 2025 + EBITQ4 2024 + EBITQ3 2024) ÷ (Interest expenseQ2 2025 + Interest expenseQ1 2025 + Interest expenseQ4 2024 + Interest expenseQ3 2024)
= (5,109 + 9,104 + 7,794 + 8,688) ÷ (1,027 + 998 + 1,003 + 1,074) = 7.48

2 Click competitor name to see calculations.


The analysis of the provided financial data for the company reveals notable fluctuations and trends in key financial metrics over the observed periods.

Earnings Before Interest and Tax (EBIT)
The EBIT figures demonstrate significant volatility. Starting at 4,996 million USD in March 2020, EBIT surged dramatically to 9,241 million USD by June 2020, then sharply declined to 4,651 million USD in September 2020 and further to 3,517 million USD in December 2020. From March 2021 onwards, EBIT generally trended upward with fluctuations, peaking repeatedly above 8,000 million USD between March 2023 and December 2024. However, an abrupt and steep decline to 845 million USD is observed in the first quarter of 2024, followed by recovery with EBIT moving above 9,000 million USD in September 2024. The latest data point in June 2025 reports EBIT at 5,109 million USD, indicating variability late in the period.
Interest Expense
Interest expense shows a consistent upward trend throughout the period. Beginning at 437 million USD in March 2020, interest expense steadily increased, crossing 1,000 million USD in September 2024 before slightly declining to 998 million USD in June 2025. This steady rise suggests growing cost of debt or borrowing over time.
Interest Coverage Ratio
The interest coverage ratio, available from December 2020 onward, generally declines over the observed quarters. It starts at a high level of 13.47, peaking at 14.88 in the first quarter of 2021, then gradually decreases to single digits by December 2023. The ratio dips further below 7 in 2024, reaching a low point of 6.14 in September 2024. A modest recovery is noted with the ratio increasing to 7.94 by March 2025 but falling slightly to 7.48 in June 2025. This downward trend signals increasing pressure on the company’s ability to cover interest expenses from its earnings, consistent with rising interest costs and volatility in EBIT.

In summary, EBIT has shown significant variability with periods of strength interrupted by sharp declines, notably the substantial drop in early 2024. Interest expenses have steadily increased, reflecting higher financial costs. Consequently, the interest coverage ratio has deteriorated over time, indicating a decreasing cushion against interest obligations, which may warrant monitoring for solvency risks.