Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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 (quarterly data)
Based on: 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 investment activity ratios demonstrate generally positive trends over the observed period, indicating increasing efficiency in asset utilization. Net fixed asset turnover, total asset turnover, and equity turnover all exhibited fluctuations but ultimately trended upwards. A notable acceleration in turnover ratios is observed in the latter half of the period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio began at 32.16 and experienced moderate fluctuations through the end of 2022, ranging from 31.81 to 33.07. A clear upward trend commenced in early 2023, culminating in a value of 41.22 by December 2025. This suggests increasing efficiency in generating revenue from fixed assets. The most significant increase occurred between March 2024 and December 2025.
- Total Asset Turnover
- Total asset turnover showed a slight decline from 1.33 in March 2022 to 1.18 in March 2023. However, the ratio recovered and generally increased throughout the remainder of the period, reaching 1.43 in December 2025. This indicates improved efficiency in utilizing all assets to generate sales. The recovery from the 2023 low was consistent, with a more pronounced increase in the final quarters of the observation period.
- Equity Turnover
- Equity turnover exhibited a relatively stable pattern between 4.06 and 4.19 from March 2022 to September 2023. A consistent upward trend began in December 2023, accelerating to a value of 4.71 by December 2025. This suggests a growing ability to generate revenue from shareholder equity. The rate of increase in equity turnover mirrored the acceleration observed in the other ratios.
Overall, the observed trends suggest improving operational efficiency and a more effective utilization of assets and equity. The acceleration in all three ratios towards the end of the period warrants further investigation to understand the underlying drivers of this performance.
AI Ask an analyst for more
Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Revenues, customers | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | |||||
| Property, equipment and capitalized software, net | 10,762) | 11,104) | 10,923) | 10,734) | 10,553) | 10,139) | 9,801) | 10,429) | 11,450) | 11,070) | 10,926) | 10,637) | 10,128) | 9,469) | 9,421) | 9,183) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | 41.22 | 38.75 | 38.22 | 37.72 | 37.44 | 38.37 | 38.90 | 35.98 | 32.10 | 32.18 | 31.60 | 31.35 | 31.81 | 33.07 | 32.33 | 32.16 | |||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 3.75 | 3.81 | 3.78 | 3.87 | 3.94 | 3.88 | 3.98 | 3.99 | 3.95 | 4.18 | 4.26 | 4.47 | 4.76 | 5.18 | 5.17 | 5.00 | |||||
| Elevance Health Inc. | 42.23 | 41.50 | 40.49 | 39.35 | 37.66 | 38.33 | 38.30 | 38.32 | 39.05 | 39.41 | 36.19 | 36.14 | 36.07 | 36.22 | 36.17 | 35.81 | |||||
| Intuitive Surgical Inc. | 1.88 | 1.87 | 1.83 | 1.82 | 1.80 | 1.77 | 1.84 | 1.93 | 2.01 | 2.23 | 2.35 | 2.49 | 2.62 | 2.73 | 2.83 | 3.00 | |||||
| Medtronic PLC | 4.91 | 5.04 | 5.13 | 5.19 | 5.28 | 5.54 | 5.57 | 5.57 | 5.61 | 5.66 | 5.82 | 5.88 | 5.85 | 6.05 | 6.13 | 6.12 | |||||
Based on: 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 Q4 2025 Calculation
Net fixed asset turnover
= (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
÷ Property, equipment and capitalized software, net
= (112,568 + 112,029 + 110,508 + 108,542)
÷ 10,762 = 41.22
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally stable pattern with an increasing trend over the observed period. Initial values fluctuate within a narrow range before demonstrating a noticeable increase in the latter half of the period.
- Overall Trend
- From March 31, 2022, through December 31, 2023, the ratio remains relatively consistent, oscillating between approximately 31.35 and 38.90. A clear upward trend emerges starting in March 31, 2024, with the ratio increasing from 35.98 to a peak of 41.22 by December 31, 2025. This suggests increasing efficiency in utilizing fixed assets to generate revenue.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio begins at 32.16 and experiences minor fluctuations, reaching a high of 33.07 in September 2022 before decreasing to 31.81 by the end of the year. This initial period indicates a stable, but not significantly improving, asset utilization.
- Stabilization and Early Growth (Mar 31, 2023 – Dec 31, 2023)
- The ratio stabilizes in the first half of 2023, hovering around 31.60. A slight increase is observed in the latter half of 2023, reaching 32.10 in December. This suggests a modest improvement in asset utilization during this period.
- Accelerated Growth (Mar 31, 2024 – Dec 31, 2025)
- A significant increase in the ratio is evident from March 31, 2024, onwards. The ratio rises from 35.98 to 38.90 by June 30, 2024, and continues to climb, reaching 41.22 by December 31, 2025. This indicates a substantial improvement in the efficiency with which fixed assets are employed to generate revenue. The consistent upward movement suggests a sustained positive trend.
The observed increase in the net fixed asset turnover ratio throughout the analyzed period suggests improved operational efficiency and a more effective utilization of fixed assets to generate revenue. Further investigation into the drivers of this improvement, such as increased sales volume or optimized asset management strategies, may be warranted.
AI Ask an analyst for more
Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Revenues, customers | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | |||||
| Total assets | 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) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | 1.43 | 1.36 | 1.35 | 1.31 | 1.32 | 1.30 | 1.33 | 1.32 | 1.34 | 1.26 | 1.23 | 1.18 | 1.31 | 1.29 | 1.32 | 1.33 | |||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 0.51 | 0.52 | 0.51 | 0.52 | 0.52 | 0.55 | 0.56 | 0.56 | 0.55 | 0.55 | 0.55 | 0.56 | 0.59 | 0.62 | 0.61 | 0.60 | |||||
| Elevance Health Inc. | 1.63 | 1.57 | 1.54 | 1.52 | 1.50 | 1.48 | 1.51 | 1.52 | 1.56 | 1.52 | 1.51 | 1.46 | 1.51 | 1.48 | 1.47 | 1.42 | |||||
| Intuitive Surgical Inc. | 0.49 | 0.50 | 0.45 | 0.45 | 0.45 | 0.44 | 0.45 | 0.46 | 0.46 | 0.47 | 0.48 | 0.49 | 0.48 | 0.46 | 0.44 | 0.43 | |||||
| Medtronic PLC | 0.37 | 0.37 | 0.37 | 0.36 | 0.36 | 0.36 | 0.35 | 0.35 | 0.34 | 0.33 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.34 | |||||
Based on: 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 Q4 2025 Calculation
Total asset turnover
= (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
÷ Total assets
= (112,568 + 112,029 + 110,508 + 108,542)
÷ 309,581 = 1.43
2 Click competitor name to see calculations.
The total asset turnover ratio for the analyzed period demonstrates a generally stable pattern with some fluctuations. Initially, the ratio exhibited a slight decline from 1.33 in March 2022 to 1.29 in September 2022, before recovering to 1.34 by December 2022. This initial period suggests a minor decrease in the efficiency of asset utilization, followed by a rebound.
- Overall Trend
- From March 2022 through December 2023, the ratio fluctuated within a relatively narrow range, generally between 1.23 and 1.34. This indicates consistent, though not dramatically improving, asset utilization. A more noticeable upward trend emerges in the latter part of the period, beginning in March 2024 and continuing through December 2025.
A distinct increase in the total asset turnover ratio is observed from March 2024 onwards. The ratio rose from 1.32 to reach 1.43 by December 2025. This represents the most significant upward movement throughout the entire analyzed timeframe, suggesting improved efficiency in generating revenue from its asset base.
- Quarterly Variations
- The ratio experienced seasonal variations. For example, a dip was observed in June 2023 (1.23) following a peak in March 2023 (1.18). Similarly, a slight decrease occurred in June 2024 (1.33) after a high in March 2024 (1.32). These quarterly fluctuations may be attributable to the cyclical nature of the business or timing differences in revenue recognition and asset deployment.
The increase in the ratio towards the end of the period, particularly the value of 1.43 in December 2025, warrants further investigation. This improvement could be due to increased sales volume, more efficient asset management practices, or a combination of both. The consistent values in the earlier periods suggest a stable operational environment, while the recent increase indicates a positive shift in asset utilization effectiveness.
- Long-Term Perspective
- Comparing the beginning and end of the analyzed period, the total asset turnover ratio increased from 1.33 in March 2022 to 1.43 in December 2025. This represents a roughly 7.5% improvement in asset utilization efficiency over the three-year period. While not a dramatic change, it suggests a positive trajectory in how effectively assets are being employed to generate revenue.
AI Ask an analyst for more
Equity Turnover
UnitedHealth Group Inc., equity turnover calculation (quarterly data)
| 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) | |||||||||||||||||||||
| Revenues, customers | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | |||||
| Shareholders’ equity attributable to UnitedHealth Group | 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) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | 4.71 | 4.49 | 4.41 | 4.26 | 4.26 | 4.12 | 4.27 | 4.33 | 4.14 | 4.22 | 4.19 | 4.10 | 4.14 | 4.19 | 4.18 | 4.06 | |||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 0.85 | 0.86 | 0.85 | 0.87 | 0.88 | 1.04 | 1.04 | 1.04 | 1.04 | 1.07 | 1.08 | 1.12 | 1.19 | 1.26 | 1.25 | 1.26 | |||||
| Elevance Health Inc. | 4.50 | 4.40 | 4.30 | 4.27 | 4.24 | 3.94 | 4.04 | 4.20 | 4.33 | 4.36 | 4.31 | 4.27 | 4.29 | 4.22 | 4.13 | 3.97 | |||||
| Intuitive Surgical Inc. | 0.56 | 0.57 | 0.51 | 0.51 | 0.51 | 0.50 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.57 | 0.56 | 0.53 | 0.50 | 0.49 | |||||
| Medtronic PLC | 0.70 | 0.67 | 0.68 | 0.68 | 0.64 | 0.62 | 0.62 | 0.62 | 0.61 | 0.60 | 0.59 | 0.59 | 0.60 | 0.60 | 0.61 | 0.61 | |||||
Based on: 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 Q4 2025 Calculation
Equity turnover
= (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= (112,568 + 112,029 + 110,508 + 108,542)
÷ 94,110 = 4.71
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a generally stable pattern with a slight upward trend over the observed timeframe. Initially, the ratio fluctuates around 4.1, then exhibits a gradual increase towards 4.7.
- Overall Trend
- From March 31, 2022, to December 31, 2025, the equity turnover ratio generally increased. The ratio began at 4.06 and concluded at 4.71, representing an overall increase of approximately 16.0%. This suggests a growing efficiency in generating revenue from shareholders’ equity.
- Short-Term Fluctuations (2022-2023)
- Between March 2022 and December 2023, the ratio experienced minor oscillations. It initially rose from 4.06 to 4.18, then remained relatively consistent, fluctuating between 4.10 and 4.22. This period indicates a stable, but not significantly improving, relationship between revenues and equity.
- Accelerated Growth (2024-2025)
- A more pronounced upward trend is observed from March 2024 onwards. The ratio increased from 4.33 in March 2024 to 4.71 in December 2025. This acceleration suggests a more effective utilization of equity to generate revenue during this period. The highest value was recorded in December 2025.
- Revenue and Equity Relationship
- The consistent increase in the equity turnover ratio, coupled with the growth in both revenues and shareholders’ equity, indicates a positive correlation. As both figures increased, the efficiency with which equity generated revenue also improved. Revenues increased from US$79,782 million to US$112,568 million, while shareholders’ equity grew from US$72,766 million to US$94,110 million over the same period.
In summary, the equity turnover ratio demonstrates a positive trajectory, indicating increasing efficiency in revenue generation relative to shareholders’ equity. The latter portion of the analyzed period shows a more significant improvement than the earlier period.
AI Ask an analyst for more