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)
Debt Ratios
Coverage Ratios
UnitedHealth Group Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 solvency profile is characterized by a moderate increase in leverage through 2023, followed by a period of stabilization and a gradual reduction in debt-related ratios toward late 2026. While structural solvency remains stable, there is a significant downward trend in the ability to cover interest expenses from earnings.
- Debt to Equity and Capital Ratios
- The debt to equity ratio experienced an upward trajectory from 0.65 in March 2022, peaking at 0.87 in March 2023. This metric remained elevated above 0.80 for the majority of the subsequent three years before declining to 0.76 by September 2026. Similarly, the debt to capital ratio rose from 0.39 to a peak of 0.46, remaining relatively stagnant between 0.43 and 0.46 throughout the observed period.
- Asset-Based Leverage
- The debt to assets ratio demonstrated a steady increase from 0.21 in early 2022 to a plateau of 0.26, which was sustained from March 2024 through June 2025. A slight reduction followed, with the ratio ending at 0.24 in September 2026, indicating that debt levels have remained proportional to asset growth.
- Financial Leverage
- Financial leverage exhibited fluctuations, starting at 3.04 and reaching a maximum of 3.49 in March 2023. After this peak, the ratio generally stabilized within a narrow range between 3.15 and 3.29, concluding at 3.19 in September 2026.
- Interest Coverage Analysis
- A pronounced decline is observed in the interest coverage ratio, which fell from a high of 14.26 in March 2022 to a low of 4.67 in December 2025. This downward trend indicates a significant compression in the company's capacity to meet interest payments from operating income. A partial recovery began in 2026, with the ratio rising to 6.12 by the end of the period.
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Debt to Equity
UnitedHealth Group Inc., debt to equity calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 5,617) | 3,827) | 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 | 68,714) | 69,501) | 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 | 74,331) | 73,328) | 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 | 98,096) | 98,447) | 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 | 0.76 | 0.74 | 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 | — | 0.64 | 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. | 0.69 | 0.69 | 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 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.57 | 0.60 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to UnitedHealth Group
= 74,331 ÷ 98,096 = 0.76
2 Click competitor name to see calculations.
The solvency profile exhibits a general increase in leverage over the analyzed period, characterized by a simultaneous rise in both total debt and shareholders' equity. While equity has grown steadily, the rate of debt accumulation has periodically outpaced equity growth, leading to a higher baseline for the debt-to-equity ratio compared to the initial observation period.
- Total Debt Trends
- Total debt increased from 47,493 million USD in March 2022 to a peak of 81,271 million USD in March 2025. Notable surges in borrowing are observed in March 2023 and March 2024. Following the peak in early 2025, a gradual deleveraging trend is evident, with total debt decreasing to 74,331 million USD by September 2026.
- Shareholders' Equity Trends
- Shareholders' equity attributable to the company demonstrates a consistent and stable upward trajectory. Starting at 72,766 million USD in March 2022, equity grew to 98,096 million USD by September 2026. This sustained growth indicates a strong capacity for capital retention and a continuous strengthening of the company's net asset base.
- Debt-to-Equity Ratio Analysis
- The debt-to-equity ratio fluctuated between a minimum of 0.65 in 2022 and a maximum of 0.87 in March 2023. The ratio remained elevated throughout 2024 and 2025, generally oscillating between 0.80 and 0.86. A downward shift is observed in 2026, where the ratio declined to 0.74 in June before settling at 0.76 in September, suggesting a strategic move toward a more balanced capital structure in the final stages of the period.
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Debt to Capital
UnitedHealth Group Inc., debt to capital calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 5,617) | 3,827) | 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 | 68,714) | 69,501) | 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 | 74,331) | 73,328) | 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 | 98,096) | 98,447) | 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 | 172,427) | 171,775) | 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 | 0.43 | 0.43 | 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 | — | 0.39 | 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. | 0.41 | 0.41 | 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 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.36 | 0.37 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 74,331 ÷ 172,427 = 0.43
2 Click competitor name to see calculations.
An examination of the solvency metrics from March 2022 through September 2026 reveals a period of capital expansion characterized by a moderate increase in financial leverage. Both total debt and total capital exhibited significant growth during the first three years of the period, followed by a phase of relative stabilization.
- Total Debt Trends
- Total debt experienced a substantial upward trajectory, rising from 47,493 million USD in March 2022 to a peak of 81,271 million USD in March 2025. Following this peak, a gradual reduction occurred, with debt levels settling at 74,331 million USD by September 2026.
- Total Capital Evolution
- Total capital followed a similar growth pattern, increasing from 120,259 million USD in March 2022 to a maximum of 176,309 million USD in March 2025. The capital base remained relatively stable thereafter, ending the period at 172,427 million USD.
- Debt to Capital Ratio Analysis
- The debt to capital ratio shifted from 0.39 in early 2022 to a peak of 0.46, first reached in March 2023 and maintained at various intervals through June 2025. In the final quarters of the observed period, the ratio showed a slight contraction, stabilizing at 0.43 by September 2026. This suggests that the increase in total debt was largely offset by a corresponding growth in total capital, preventing an excessive escalation of leverage and maintaining a consistent solvency profile.
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Debt to Assets
UnitedHealth Group Inc., debt to assets calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 5,617) | 3,827) | 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 | 68,714) | 69,501) | 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 | 74,331) | 73,328) | 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 | 312,782) | 309,727) | 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 | 0.24 | 0.24 | 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 | — | 0.30 | 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. | 0.24 | 0.25 | 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 | 0.00 | 0.00 | ||||||
| Medtronic PLC | 0.31 | 0.32 | 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: 2026-09-30), 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 Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 74,331 ÷ 312,782 = 0.24
2 Click competitor name to see calculations.
The solvency profile exhibits a period of strategic expansion in leverage followed by a stabilization and marginal reduction phase. The total asset base grew consistently from 221,238 million USD in March 2022 to 312,782 million USD by September 2026. Simultaneously, total debt increased from 47,493 million USD to a peak of 81,271 million USD in March 2025, before moderating to 74,331 million USD by the end of the analyzed period.
- Debt to Assets Ratio Trend
- The ratio shifted from a low of 0.20 in September 2022 to a peak of 0.26 during much of 2024 and early 2025. This movement indicates a controlled increase in the proportion of assets financed through debt. By September 2026, the ratio decreased slightly to 0.24, suggesting a modest reduction in relative leverage.
- Leverage Stability
- A notable period of stability occurred between March 2024 and June 2025, where the Debt to Assets ratio remained constant at 0.26. This consistency suggests a synchronized growth strategy where debt accumulation was balanced against asset acquisition to maintain a steady solvency risk profile.
- Capital Structure Evolution
- The progression from a 0.21 ratio in early 2022 to a 0.24 ratio by late 2026 reflects a slight structural shift toward higher leverage. However, the overall debt levels remain well-supported by a significant expansion of the asset base, which increased by approximately 41% over the total timeframe, mitigating the impact of the increased debt load.
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Financial Leverage
UnitedHealth Group Inc., financial leverage calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Total assets | 312,782) | 309,727) | 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 | 98,096) | 98,447) | 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 | 3.15 | 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 | — | 2.14 | 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. | 2.86 | 2.82 | 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. | 1.21 | 1.15 | 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 | 1.87 | 1.88 | 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: 2026-09-30), 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 Q3 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to UnitedHealth Group
= 312,782 ÷ 98,096 = 3.19
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a consistent expansion of the balance sheet, with both total assets and shareholders' equity exhibiting overall upward trends. Total assets grew from 221,238 million USD to 312,782 million USD, while shareholders' equity increased from 72,766 million USD to 98,096 million USD over the same period.
- Asset Expansion and Volatility
- A sustained increase in total assets is observed, with a notable acceleration occurring between December 31, 2022, and March 31, 2023, where assets rose from 245,705 million USD to 283,679 million USD. Following this surge, assets remained relatively stable before entering another growth phase in 2024 and 2025, eventually peaking at 315,269 million USD in September 2025.
- Equity Growth Patterns
- Shareholders' equity attributable to the organization demonstrates a steady climb, reflecting a reinforced capital base. Although growth was largely linear, minor contractions were observed in March 2024, December 2024, and December 2025. Despite these short-term fluctuations, the long-term trend indicates a strengthening of the equity position to support operational growth.
- Financial Leverage Dynamics
- The financial leverage ratio experienced a period of escalation in early 2023, reaching a peak of 3.49 on March 31, 2023. This peak aligns with the sharp increase in total assets during that quarter. Subsequently, the ratio entered a phase of stabilization, fluctuating within a narrow band between 3.08 and 3.29. By September 30, 2026, the leverage ratio stood at 3.19, indicating a disciplined approach to balancing debt and equity relative to asset growth.
The relationship between asset growth and equity accumulation suggests a controlled increase in financial risk. The moderation of the leverage ratio following the 2023 peak indicates that the expansion of the balance sheet was eventually matched by a corresponding increase in equity, maintaining solvency stability across the analyzed quarters.
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Interest Coverage
UnitedHealth Group Inc., interest coverage calculation (quarterly data)
| Sep 30, 2026 | 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) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 4,110) | 5,484) | 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 | 190) | 186) | 201) | 208) | 195) | 166) | 182) | 241) | 203) | 205) | 188) | 220) | 197) | 183) | 163) | 147) | 122) | 129) | 121) | ||||||
| Add: Income tax expense | 1,224) | 1,298) | 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 | 963) | 962) | 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) | 6,487) | 7,930) | 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 | 6.12 | 5.48 | 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 | — | 10.81 | 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. | 5.33 | 5.08 | 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 | 8.81 | 9.03 | 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: 2026-09-30), 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 Q3 2026 Calculation
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (6,487 + 7,930 + 8,918 + 254)
÷ (963 + 962 + 955 + 974)
= 6.12
2 Click competitor name to see calculations.
The overall solvency profile regarding interest coverage exhibits a long-term downward trajectory, characterized by a significant reduction in the margin of safety available to meet interest obligations. The interest coverage ratio declined from a peak of 14.66 in September 2022 to a period low of 4.67 by December 2025, indicating a tightening of the relationship between operating profitability and debt servicing costs.
- Interest Expense Trends
- A consistent and steady increase in interest expenses is observed from March 2022 through September 2024. Costs rose from 433 million US$ to a peak of 1,074 million US$, representing a substantial increase in the cost of debt. Following this peak, interest expenses stabilized, fluctuating within a narrower range between 955 million US$ and 1,027 million US$ through September 2026.
- Earnings Before Interest and Tax (EBIT) Performance
- EBIT demonstrated relative stability and growth during 2022 and 2023, generally maintaining levels between 6.8 billion US$ and 8.5 billion US$. However, the data reveals significant volatility in subsequent periods, specifically marked by sharp declines in March 2024 (845 million US$) and December 2025 (254 million US$). These troughs in operating income correlate directly with the most acute drops in the interest coverage ratio.
- Interest Coverage Ratio Analysis
- The ratio experienced a progressive decline throughout 2023, falling from 12.25 in March to 9.97 in December. A more pronounced deterioration occurred in 2024, where the ratio dropped below 7.00 for the first time. Despite a temporary recovery to 7.94 in March 2025, the ratio reached its minimum level of 4.67 in late 2025. By the end of the observed period in September 2026, the ratio showed signs of stabilization and modest recovery, climbing back to 6.12.
The analysis indicates that the compression of the interest coverage ratio was driven by a dual impact: a sustained increase in interest expenses combined with intermittent, severe volatility in EBIT. While the company maintained a positive coverage ratio throughout the entire period, the reduction from a high double-digit ratio to a single-digit ratio reflects a diminished capacity to absorb operating losses without impacting debt service capabilities.
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