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.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
UnitedHealth Group Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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).
An examination of the long-term activity ratios reveals a general improvement in asset utilization efficiency over the period from March 2022 through June 2026. The most pronounced growth is observed in fixed asset productivity, while total asset and equity turnovers exhibit more gradual, steady gains.
- Net Fixed Asset Turnover
- The ratio remained relatively consistent, fluctuating between 31.35 and 33.07 from March 2022 through December 2023. A significant upward shift began in March 2024, where the ratio climbed to 35.98 and continued a steady ascent to a peak of 41.78 in March 2026. This trend indicates a substantial increase in the efficiency of revenue generation relative to net fixed assets over the latter half of the analyzed period.
- Total Asset Turnover
- Total asset efficiency demonstrated stability with minor volatility between 2022 and 2023, including a brief dip to 1.18 in March 2023. From early 2024, a gradual positive trajectory is evident, with the ratio rising from 1.32 to 1.44 by June 2026. This suggests a consistent, incremental improvement in the ability to utilize the entire asset base to drive sales.
- Equity Turnover
- Equity utilization remained stable between 4.06 and 4.22 throughout 2022 and 2023. Starting in March 2024, the ratio entered a growth phase, reaching a high of 4.71 in December 2025 before settling at 4.53 by June 2026. This pattern reflects an improved capacity to generate revenue from shareholders' equity over the long term.
Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Revenues, customers | ||||||||||||||||||||||||
| Property, equipment and capitalized software, net | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Net fixed asset turnover
= (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
÷ Property, equipment and capitalized software, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
An analysis of the long-term investment activity indicates a significant improvement in asset utilization efficiency from March 2022 through June 2026. The primary driver of this trend is a consistent growth in revenue that outpaced the growth of the company's net fixed asset base, resulting in a substantially higher turnover ratio over the period.
- Revenue Growth Trends
- Quarterly revenues demonstrated a sustained upward trajectory, increasing from 79,782 million USD in March 2022 to 110,809 million USD by June 2026. This growth was characterized by steady incremental gains, with a notable acceleration beginning in early 2023 and continuing through the end of the analyzed period.
- Net Fixed Asset Stability
- The value of property, equipment, and capitalized software remained relatively stable, fluctuating within a range of 9,183 million USD to 11,450 million USD. A peak in asset value was observed in December 2023, followed by a period of contraction in the first half of 2024, where assets declined to 9,801 million USD by June 2024. Following this dip, the asset base stabilized around the 10,700 million USD mark.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio exhibited two distinct phases. From March 2022 to December 2023, the ratio remained range-bound between 31.35 and 33.07, indicating a stable relationship between fixed investments and revenue generation. Starting in March 2024, a sharp upward shift occurred, with the ratio climbing to 35.98 and continuing to rise to a peak of 41.78 in March 2026. This acceleration suggests that the organization significantly increased its capacity to generate sales from its fixed asset investments, likely due to the combination of rising revenues and optimized asset management.
Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Revenues, customers | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Total asset turnover
= (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of investment activity indicates a long-term improvement in asset utilization efficiency, characterized by a recovery from a mid-period trough and a subsequent sustained increase in turnover rates.
- Revenue and Asset Growth Dynamics
- Revenues demonstrated consistent growth over the analyzed period, increasing from 79,782 million USD in March 2022 to 110,809 million USD by June 2026. Total assets followed a generally upward trajectory, expanding from 221,238 million USD to 309,727 million USD. A significant expansion of the asset base occurred between December 2022 and March 2023, where assets rose from 245,705 million USD to 283,679 million USD.
- Total Asset Turnover Volatility
- The total asset turnover ratio experienced a notable decline in early 2023, reaching a period low of 1.18 in March 2023. This contraction coincides with the sharp increase in total assets, indicating that the growth in the asset base initially outpaced the growth in generated revenues, leading to a temporary reduction in operational efficiency.
- Efficiency Recovery and Optimization
- Following the trough in March 2023, a recovery phase is observed. The turnover ratio stabilized within the 1.30 to 1.34 range throughout the remainder of 2023 and 2024. From March 2025 onward, a steady upward trend emerged, with the ratio climbing from 1.31 to 1.44 by June 2026. This progression suggests that revenue growth eventually surpassed asset expansion, resulting in higher productivity per unit of asset employed.
Equity Turnover
UnitedHealth Group Inc., equity turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Revenues, customers | ||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group | ||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||
Based on: 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 Q2 2026 Calculation
Equity turnover
= (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the financial period from March 2022 to June 2026 reveals a consistent expansion in both revenue generation and equity accumulation, with a corresponding improvement in the efficiency of equity utilization over the long term.
- Revenue Growth Trajectory
- Revenue exhibits a sustained upward trend, increasing from 79,782 million USD in March 2022 to 110,809 million USD by June 2026. Notable accelerations occur in the first quarter of 2023 and the first quarter of 2025, indicating periods of significant top-line expansion. The growth remains robust throughout the observed period, reflecting a steady increase in the scale of operations.
- Shareholders' Equity Evolution
- Shareholders' equity attributable to the company demonstrates a general increase, rising from 72,766 million USD in March 2022 to 98,447 million USD by June 2026. While the overall trend is positive, minor fluctuations are observed, such as the slight contraction seen in March 2024 and December 2024. Despite these fluctuations, the long-term capital base has expanded significantly.
- Equity Turnover Efficiency
- The equity turnover ratio remains relatively stable throughout 2022 and 2023, fluctuating within a narrow band between 4.06 and 4.22. A shift toward higher efficiency begins in 2024, with the ratio climbing to a peak of 4.71 by December 2025. This progression indicates that the company is generating increasingly more revenue for every unit of equity invested. The final period shows a stabilization of the ratio around 4.53 to 4.55, suggesting that the increased efficiency in asset utilization has reached a new, higher plateau compared to the 2022-2023 baseline.