Analysis of Long-term (Investment) Activity Ratios
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)
UnitedHealth Group Inc., long-term (investment) activity ratios
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of long-term investment activity ratios reveals generally positive trends across the observed period. Several ratios demonstrate increasing efficiency in asset utilization, while others remain relatively stable with a slight upward trajectory. The period between 2021 and 2025 indicates improving performance in converting investments into revenue.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a consistent upward trend, increasing from 31.81 in 2021 to 41.22 in 2025. This suggests a growing ability to generate sales revenue from fixed assets. The increase is particularly notable between 2023 and 2025, indicating accelerated efficiency.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Similar to the standard net fixed asset turnover, this ratio also demonstrates an increasing trend, moving from 21.54 in 2021 to 28.85 in 2025. The inclusion of operating lease and right-of-use assets results in lower values compared to the standard ratio, but the upward trend remains consistent. This suggests that incorporating these assets into the calculation still reveals improving efficiency in revenue generation relative to these assets.
- Total Asset Turnover
- The total asset turnover ratio shows a modest increase over the period, rising from 1.34 in 2021 to 1.43 in 2025. While the increase is less pronounced than that observed in the fixed asset turnover ratios, it still indicates an improvement in the overall efficiency of asset utilization. There is a slight dip in 2022, but the ratio recovers and continues to climb.
- Equity Turnover
- The equity turnover ratio displays a steady upward trend, increasing from 3.98 in 2021 to 4.71 in 2025. This indicates that the company is becoming more effective at generating sales revenue for each dollar of equity invested. The growth is consistent year-over-year, suggesting a sustained improvement in the relationship between sales and equity.
Overall, the observed trends suggest improving efficiency in asset utilization and a strengthening relationship between investment and revenue generation. The consistent increases in the net fixed asset turnover and equity turnover ratios are particularly noteworthy.
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Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues, customers | 443,647) | 395,076) | 367,533) | 322,132) | 285,273) | |
| Property, equipment and capitalized software, net of accumulated depreciation and amortization | 10,762) | 10,553) | 11,450) | 10,128) | 8,969) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 41.22 | 37.44 | 32.10 | 31.81 | 31.81 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Abbott Laboratories | 3.75 | 3.94 | 3.95 | 4.76 | 4.81 | |
| Elevance Health Inc. | 42.23 | 37.66 | 39.05 | 36.07 | 34.94 | |
| Intuitive Surgical Inc. | 1.88 | 1.80 | 2.01 | 2.62 | 3.04 | |
| Medtronic PLC | 4.91 | 5.28 | 5.61 | 5.85 | 5.77 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 18.49 | 17.82 | 17.57 | 17.82 | 17.31 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | 7.09 | 7.29 | 7.22 | 7.88 | 7.74 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover = Revenues, customers ÷ Property, equipment and capitalized software, net of accumulated depreciation and amortization
= 443,647 ÷ 10,762 = 41.22
2 Click competitor name to see calculations.
The net fixed asset turnover ratio demonstrates a generally increasing trend over the five-year period. Revenues consistently increased year-over-year, while the value of property, equipment, and capitalized software experienced fluctuations. This combination resulted in changes to the turnover ratio.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained consistent at 31.81 in both 2021 and 2022. A slight increase to 32.10 was observed in 2023. This was followed by a more substantial increase to 37.44 in 2024, and further growth to 41.22 in 2025. This indicates a growing efficiency in generating revenue from the company’s fixed assets.
Revenues increased from US$285,273 million in 2021 to US$443,647 million in 2025, representing a significant overall growth. Property, equipment, and capitalized software increased from US$8,969 million in 2021 to US$11,450 million in 2023, before decreasing to US$10,553 million in 2024 and slightly increasing to US$10,762 million in 2025. The increase in the turnover ratio in 2024 and 2025 is attributable to the faster rate of revenue growth compared to the growth in fixed assets.
The observed trend suggests that the company is becoming increasingly effective at utilizing its fixed assets to generate sales. The ratio’s increase indicates improved operational efficiency or a shift towards a less capital-intensive revenue model. Continued monitoring of this ratio alongside revenue and fixed asset values will be important to assess the sustainability of this trend.
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Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
UnitedHealth Group Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues, customers | 443,647) | 395,076) | 367,533) | 322,132) | 285,273) | |
| Property, equipment and capitalized software, net of accumulated depreciation and amortization | 10,762) | 10,553) | 11,450) | 10,128) | 8,969) | |
| Operating lease right-of-use (ROU) assets (included in Other assets) | 4,615) | 4,889) | 4,898) | 4,830) | 4,273) | |
| Property, equipment and capitalized software, net of accumulated depreciation and amortization (including operating lease, right-of-use asset) | 15,377) | 15,442) | 16,348) | 14,958) | 13,242) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 28.85 | 25.58 | 22.48 | 21.54 | 21.54 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Abbott Laboratories | 3.43 | 3.58 | 3.56 | 4.25 | 4.26 | |
| Elevance Health Inc. | 38.51 | 33.57 | 34.43 | 31.64 | 30.12 | |
| Intuitive Surgical Inc. | 1.83 | 1.75 | 1.97 | 2.53 | 2.93 | |
| Medtronic PLC | 4.23 | 4.53 | 4.72 | 5.06 | 4.84 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Health Care Equipment & Services | 15.55 | 14.73 | 14.40 | 14.39 | 13.89 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | 6.33 | 6.46 | 6.36 | 6.90 | 6.75 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues, customers ÷ Property, equipment and capitalized software, net of accumulated depreciation and amortization (including operating lease, right-of-use asset)
= 443,647 ÷ 15,377 = 28.85
2 Click competitor name to see calculations.
The analysis reveals a consistent upward trend in net fixed asset turnover, alongside increasing revenues and fluctuating fixed assets. Revenues experienced year-over-year growth throughout the observed period, while the value of property, equipment, and capitalized software, including operating lease right-of-use assets, initially increased before experiencing a slight decline in the later years.
- Revenues
- Revenues demonstrated a steady increase from US$285,273 million in 2021 to US$443,647 million in 2025. This represents a cumulative growth of approximately 55.5% over the five-year period, indicating strong top-line performance.
- Property, Equipment, and Capitalized Software
- The value of property, equipment, and capitalized software, inclusive of operating lease right-of-use assets, increased from US$13,242 million in 2021 to US$16,348 million in 2023. However, a slight decrease was observed in 2024 (US$15,442 million) and 2025 (US$15,377 million). This suggests a potential stabilization or optimization of fixed asset investments following initial expansion.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a consistent upward trajectory. Starting at 21.54 in both 2021 and 2022, the ratio increased to 22.48 in 2023, 25.58 in 2024, and reached 28.85 in 2025. This indicates increasing efficiency in utilizing fixed assets to generate revenue. The accelerating rate of increase in the ratio suggests that revenue growth is outpacing the growth in fixed assets, or that the company is becoming more effective at generating sales from its existing asset base.
The combination of revenue growth and a relatively stable fixed asset base, particularly in the latter years of the period, has driven the observed improvement in net fixed asset turnover. This suggests effective asset management and a strong correlation between investment in fixed assets and revenue generation.
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Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues, customers | 443,647) | 395,076) | 367,533) | 322,132) | 285,273) | |
| Total assets | 309,581) | 298,278) | 273,720) | 245,705) | 212,206) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 1.43 | 1.32 | 1.34 | 1.31 | 1.34 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Abbott Laboratories | 0.51 | 0.52 | 0.55 | 0.59 | 0.57 | |
| Elevance Health Inc. | 1.63 | 1.50 | 1.56 | 1.51 | 1.41 | |
| Intuitive Surgical Inc. | 0.49 | 0.45 | 0.46 | 0.48 | 0.42 | |
| Medtronic PLC | 0.37 | 0.36 | 0.34 | 0.35 | 0.32 | |
| Total Asset Turnover, Sector | ||||||
| Health Care Equipment & Services | 1.16 | 1.08 | 1.10 | 1.06 | 1.02 | |
| Total Asset Turnover, Industry | ||||||
| Health Care | 0.67 | 0.65 | 0.63 | 0.66 | 0.62 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Total asset turnover = Revenues, customers ÷ Total assets
= 443,647 ÷ 309,581 = 1.43
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a generally stable pattern with a slight upward trend over the observed period. Revenues consistently increased year-over-year, while total assets also increased, though at a somewhat slower pace. This relationship is reflected in the ratio’s movement.
- Total Asset Turnover
- The ratio began at 1.34 in 2021. A slight decrease to 1.31 was noted in 2022. The ratio recovered to 1.34 in 2023, remaining relatively consistent at 1.32 in 2024. A more pronounced increase is observed in 2025, with the ratio reaching 1.43.
- This indicates that for every dollar of assets, the company generated approximately $1.31 to $1.43 in revenue during the analyzed timeframe. The increase in 2025 suggests improved efficiency in utilizing assets to generate sales.
- The relatively small fluctuations between 2021 and 2024 suggest a consistent operational efficiency. The 2025 increase warrants further investigation to determine the underlying drivers, such as changes in sales strategies, asset management, or industry dynamics.
Overall, the trend suggests a strengthening ability to generate revenue from its asset base, particularly in the most recent year. The company appears to be effectively managing its assets, and the recent improvement in the total asset turnover ratio is a positive indicator.
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Equity Turnover
UnitedHealth Group Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues, customers | 443,647) | 395,076) | 367,533) | 322,132) | 285,273) | |
| Shareholders’ equity attributable to UnitedHealth Group | 94,110) | 92,658) | 88,756) | 77,772) | 71,760) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 4.71 | 4.26 | 4.14 | 4.14 | 3.98 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Abbott Laboratories | 0.85 | 0.88 | 1.04 | 1.19 | 1.20 | |
| Elevance Health Inc. | 4.50 | 4.24 | 4.33 | 4.29 | 3.80 | |
| Intuitive Surgical Inc. | 0.56 | 0.51 | 0.54 | 0.56 | 0.48 | |
| Medtronic PLC | 0.70 | 0.64 | 0.61 | 0.60 | 0.59 | |
| Equity Turnover, Sector | ||||||
| Health Care Equipment & Services | 2.85 | 2.63 | 2.66 | 2.61 | 2.42 | |
| Equity Turnover, Industry | ||||||
| Health Care | 1.82 | 1.78 | 1.69 | 1.69 | 1.67 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Equity turnover = Revenues, customers ÷ Shareholders’ equity attributable to UnitedHealth Group
= 443,647 ÷ 94,110 = 4.71
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a generally increasing trend over the five-year period. Revenues, customers increased consistently year-over-year, while shareholders’ equity attributable to UnitedHealth Group also exhibited growth, though at a slower pace. This relationship is reflected in the equity turnover ratio, which indicates how efficiently the company is generating revenue from its shareholders’ investments.
- Equity Turnover
- The equity turnover ratio began at 3.98 in 2021 and increased to 4.14 in 2022, remaining constant in 2023. A further increase to 4.26 was observed in 2024, culminating in a ratio of 4.71 in 2025. This indicates that for every dollar of equity, the company generated approximately $4.71 in revenue in 2025, an improvement from the $3.98 generated in 2021.
The consistent growth in revenue, coupled with a more moderate increase in shareholders’ equity, contributed to the observed upward trend in equity turnover. The most significant increase in the ratio occurred between 2024 and 2025, suggesting a potentially improved efficiency in revenue generation relative to equity during that period. The relatively stable equity turnover between 2022 and 2023 suggests a period of balanced growth in both revenues and equity.
- Revenue Growth
- Revenues, customers increased from $285,273 million in 2021 to $443,647 million in 2025, representing a substantial overall increase. This consistent revenue growth is a primary driver of the increasing equity turnover ratio.
- Shareholders’ Equity Growth
- Shareholders’ equity attributable to UnitedHealth Group grew from $71,760 million in 2021 to $94,110 million in 2025. While positive, the rate of growth in equity was less pronounced than that of revenues, contributing to the higher equity turnover ratio in later years.
In summary, the increasing equity turnover ratio suggests that the company is becoming more effective at utilizing shareholders’ equity to generate revenue. The accelerating trend in the ratio, particularly between 2024 and 2025, warrants further investigation to understand the underlying factors driving this improved efficiency.
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