Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)
Net Fixed Asset Turnover
Total Asset Turnover
Equity Turnover

UnitedHealth Group Inc., long-term (investment) activity ratios

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net fixed asset turnover	26.59	28.54	31.18	32.17	29.36
Total asset turnover	1.48	1.44	1.50	1.40	1.50
Equity turnover	4.35	4.19	4.81	4.62	4.00

Based on: 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09), 10-K (filing date: 2015-02-10).

Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	UnitedHealth Group Inc.’s net fixed asset turnover ratio deteriorated from 2016 to 2017 and from 2017 to 2018.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	UnitedHealth Group Inc.’s total asset turnover ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	UnitedHealth Group Inc.’s equity turnover ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

UnitedHealth Group Inc., net fixed asset turnover calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (US$ in millions)
Revenues	224,871	200,136	184,012	156,397	129,695
Property, equipment and capitalized software, net of accumulated depreciation and amortization	8,458	7,013	5,901	4,861	4,418
Long-term Activity Ratio
Net fixed asset turnover¹	26.59	28.54	31.18	32.17	29.36
Benchmarks
Net Fixed Asset Turnover, Competitors²
Becton, Dickinson & Co.	2.97	2.61	3.20	2.53	2.34
Intuitive Surgical Inc.	4.59	5.10	5.90	5.52	5.50
Medtronic PLC	6.51	6.81	5.96	4.31	7.11
Stryker Corp.	5.94	6.30	7.22	8.30	8.81
Thermo Fisher Scientific Inc.	5.85	5.17	7.09	6.93	6.96
Net Fixed Asset Turnover, Sector
Health Care Equipment & Services	12.16	12.29	13.38	12.22	12.83
Net Fixed Asset Turnover, Industry
Health Care	6.15	5.94	6.16	5.77	5.67

Based on: 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09), 10-K (filing date: 2015-02-10).

¹ 2018 Calculation
Net fixed asset turnover = Revenues ÷ Property, equipment and capitalized software, net of accumulated depreciation and amortization
= 224,871 ÷ 8,458 = 26.59

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	UnitedHealth Group Inc.’s net fixed asset turnover ratio deteriorated from 2016 to 2017 and from 2017 to 2018.

UnitedHealth Group Inc., total asset turnover calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (US$ in millions)
Revenues	224,871	200,136	184,012	156,397	129,695
Total assets	152,221	139,058	122,810	111,383	86,382
Long-term Activity Ratio
Total asset turnover¹	1.48	1.44	1.50	1.40	1.50
Benchmarks
Total Asset Turnover, Competitors²
Becton, Dickinson & Co.	0.30	0.32	0.49	0.38	0.68
Intuitive Surgical Inc.	0.47	0.54	0.42	0.49	0.54
Medtronic PLC	0.33	0.30	0.29	0.19	0.45
Stryker Corp.	0.50	0.56	0.55	0.61	0.55
Thermo Fisher Scientific Inc.	0.43	0.37	0.40	0.41	0.39
Total Asset Turnover, Sector
Health Care Equipment & Services	0.80	0.77	0.80	0.70	0.91
Total Asset Turnover, Industry
Health Care	0.54	0.48	0.49	0.47	0.54

Based on: 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09), 10-K (filing date: 2015-02-10).

¹ 2018 Calculation
Total asset turnover = Revenues ÷ Total assets
= 224,871 ÷ 152,221 = 1.48

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	UnitedHealth Group Inc.’s total asset turnover ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

UnitedHealth Group Inc., equity turnover calculation, comparison to benchmarks

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (US$ in millions)
Revenues	224,871	200,136	184,012	156,397	129,695
Shareholders’ equity	51,696	47,776	38,274	33,830	32,454
Long-term Activity Ratio
Equity turnover¹	4.35	4.19	4.81	4.62	4.00
Benchmarks
Equity Turnover, Competitors²
Becton, Dickinson & Co.	0.76	0.93	1.64	1.44	1.67
Intuitive Surgical Inc.	0.56	0.66	0.47	0.55	0.63
Medtronic PLC	0.59	0.59	0.55	0.38	0.87
Stryker Corp.	1.16	1.25	1.19	1.17	1.13
Thermo Fisher Scientific Inc.	0.88	0.82	0.85	0.79	0.82
Equity Turnover, Sector
Health Care Equipment & Services	1.84	1.84	1.91	1.68	2.05
Equity Turnover, Industry
Health Care	1.40	1.22	1.18	1.08	1.19

Based on: 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09), 10-K (filing date: 2015-02-10).

¹ 2018 Calculation
Equity turnover = Revenues ÷ Shareholders’ equity
= 224,871 ÷ 51,696 = 4.35

² Click competitor name to see calculations.

Long-term activity ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	UnitedHealth Group Inc.’s equity turnover ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

UnitedHealth Group Inc. (UNH)

Analysis of Long-term (Investment) Activity Ratios

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Total Asset Turnover

Equity Turnover