Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net fixed asset turnover 31.81 29.64 27.60 26.59 28.54
Net fixed asset turnover (including operating lease, right-of-use asset) 21.54 19.55 18.97 26.59 28.54
Total asset turnover 1.34 1.30 1.38 1.48 1.44
Equity turnover 3.98 3.90 4.17 4.35 4.19

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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. net fixed asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). UnitedHealth Group Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2019 to 2020 and from 2020 to 2021.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. UnitedHealth Group Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. UnitedHealth Group Inc. equity turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Net Fixed Asset Turnover

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, unaffiliated customers 285,273  255,639  240,269  224,871  200,136 
Property, equipment and capitalized software, net of accumulated depreciation and amortization 8,969  8,626  8,704  8,458  7,013 
Long-term Activity Ratio
Net fixed asset turnover1 31.81 29.64 27.60 26.59 28.54
Benchmarks
Net Fixed Asset Turnover, Competitors2
Abbott Laboratories 4.81 3.83 3.97 4.04 3.60
Bristol-Myers Squibb Co. 7.67 7.22 4.18 4.49 4.15
Cigna Corp. 46.73 37.85 34.45 10.34 25.96
CVS Health Corp. 22.56 21.25 21.24 17.09 17.95
Danaher Corp. 7.77 6.83 7.78 7.92 7.47
Elevance Health Inc. 34.94 34.69 32.92 33.40 40.95
Humana Inc. 26.97 32.05 32.93 32.51 33.69
Intuitive Surgical Inc. 3.04 2.76 3.52 4.59 5.10
Medtronic PLC 5.77 5.99 6.54 6.51 6.81
Net Fixed Asset Turnover, Sector
Health Care Equipment & Services 19.22 18.12 17.55 14.60 15.64
Net Fixed Asset Turnover, Industry
Health Care 10.77 9.97 10.07 8.77 8.72

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Net fixed asset turnover = Revenues, unaffiliated customers ÷ Property, equipment and capitalized software, net of accumulated depreciation and amortization
= 285,273 ÷ 8,969 = 31.81

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. net fixed asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

UnitedHealth Group Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, unaffiliated customers 285,273  255,639  240,269  224,871  200,136 
 
Property, equipment and capitalized software, net of accumulated depreciation and amortization 8,969  8,626  8,704  8,458  7,013 
Operating lease right-of-use (ROU) assets (included in Other assets) 4,273  4,447  3,959  —  — 
Property, equipment and capitalized software, net of accumulated depreciation and amortization (including operating lease, right-of-use asset) 13,242  13,073  12,663  8,458  7,013 
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 21.54 19.55 18.97 26.59 28.54
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Abbott Laboratories 4.26 3.42 3.56 4.04 3.60
Bristol-Myers Squibb Co. 6.66 6.30 3.76 4.49 4.15
Cigna Corp. 41.37 33.46 30.72 10.34 25.96
CVS Health Corp. 9.09 8.04 7.77 17.09 17.95
Danaher Corp. 6.10 5.30 5.84 7.92 7.47
Elevance Health Inc. 30.12 29.26 27.82 33.40 40.95
Humana Inc. 22.09 27.07 27.22 32.51 33.69
Intuitive Surgical Inc. 2.93 2.66 3.32 4.59 5.10
Medtronic PLC 4.84 5.02 6.54 6.51 6.81
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Health Care Equipment & Services 12.79 11.69 11.36 14.60 15.64
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Health Care 8.46 7.75 7.84 8.77 8.72

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues, unaffiliated customers ÷ Property, equipment and capitalized software, net of accumulated depreciation and amortization (including operating lease, right-of-use asset)
= 285,273 ÷ 13,242 = 21.54

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). UnitedHealth Group Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2019 to 2020 and from 2020 to 2021.

Total Asset Turnover

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, unaffiliated customers 285,273  255,639  240,269  224,871  200,136 
Total assets 212,206  197,289  173,889  152,221  139,058 
Long-term Activity Ratio
Total asset turnover1 1.34 1.30 1.38 1.48 1.44
Benchmarks
Total Asset Turnover, Competitors2
Abbott Laboratories 0.57 0.48 0.47 0.46 0.36
Bristol-Myers Squibb Co. 0.42 0.36 0.20 0.64 0.62
Cigna Corp. 1.11 1.02 0.98 0.31 0.66
CVS Health Corp. 1.25 1.16 1.15 0.99 1.94
Danaher Corp. 0.35 0.29 0.29 0.42 0.39
Elevance Health Inc. 1.41 1.39 1.33 1.28 1.26
Humana Inc. 1.87 2.17 2.21 2.22 1.96
Intuitive Surgical Inc. 0.42 0.39 0.46 0.47 0.54
Medtronic PLC 0.32 0.32 0.34 0.33 0.30
Total Asset Turnover, Sector
Health Care Equipment & Services 1.01 0.94 0.91 0.85 1.02
Total Asset Turnover, Industry
Health Care 0.77 0.72 0.72 0.68 0.70

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Total asset turnover = Revenues, unaffiliated customers ÷ Total assets
= 285,273 ÷ 212,206 = 1.34

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. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Equity Turnover

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

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, unaffiliated customers 285,273  255,639  240,269  224,871  200,136 
Shareholders’ equity attributable to UnitedHealth Group 71,760  65,491  57,616  51,696  47,776 
Long-term Activity Ratio
Equity turnover1 3.98 3.90 4.17 4.35 4.19
Benchmarks
Equity Turnover, Competitors2
Abbott Laboratories 1.20 1.06 1.03 1.00 0.89
Bristol-Myers Squibb Co. 1.29 1.12 0.51 1.61 1.77
Cigna Corp. 3.66 3.16 3.36 1.15 2.96
CVS Health Corp. 3.87 3.86 4.00 3.33 4.90
Danaher Corp. 0.65 0.56 0.59 0.71 0.70
Elevance Health Inc. 3.80 3.64 3.25 3.20 3.36
Humana Inc. 5.15 5.54 5.35 5.55 5.42
Intuitive Surgical Inc. 0.48 0.45 0.54 0.56 0.66
Medtronic PLC 0.59 0.57 0.61 0.59 0.59
Equity Turnover, Sector
Health Care Equipment & Services 2.63 2.51 2.43 2.25 2.57
Equity Turnover, Industry
Health Care 2.16 2.12 2.14 1.95 1.89

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Equity turnover = Revenues, unaffiliated customers ÷ Shareholders’ equity attributable to UnitedHealth Group
= 285,273 ÷ 71,760 = 3.98

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. equity turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.