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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally upward trend from the first recorded value of 29.64 to 38.22 by the end of the observation period. Early values reveal incremental quarterly increases, moving gradually from 29.64 through the low 30s to just over 33 by the end of 2022. Throughout 2023 and into 2024, the ratio shows some fluctuations but maintains a notable rising tendency, reaching a peak of 38.9 in mid-2024 before a slight decline and subsequent stabilization around 37 to 38 levels toward early 2025. This indicates improving efficiency in utilizing net fixed assets to generate revenue over the period.
- Total Asset Turnover
- The total asset turnover ratio fluctuates modestly with values generally ranging around 1.3. The ratio starts at 1.3 in early 2020 and experiences minor declines and recoveries over time, dipping to 1.18 by the first quarter of 2023, which marks the lowest point observed. After this trough, there is a gradual recovery through 2023 and 2024, climbing back to 1.35 by the end of the identified period. These movements suggest relatively stable asset utilization with some short-term variability, but no dramatic shifts in overall efficiency in generating sales from total assets.
- Equity Turnover
- Equity turnover ratios show a subtle but consistent upward trend over the period. Starting at 3.9, the ratio rises with slight fluctuations, reaching 4.41 by the final recorded quarter. There are phases of minor dips and rebounds, but overall, the data suggests improving turnover of shareholders’ equity, implying increased efficiency in employing equity to support revenue generation. Periods of incremental growth indicate progressive enhancement in leveraging equity as a component of operational capacity.
Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
÷ Property, equipment and capitalized software, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenues, customers
- Revenues exhibit a consistent upward trend over the periods presented, increasing from approximately $64,056 million in March 2020 to $110,508 million by June 2025. There are minor fluctuations within quarters, but overall growth is steady. Notably, revenues accelerate from around $79,782 million in March 2022 to over $110,000 million by mid-2025, indicating a significant expansion in the business scale or customer base during this interval.
- Property, equipment and capitalized software, net
- Net values for property, equipment, and capitalized software show a general upward trajectory from $8,173 million in March 2020 to slightly above $10,923 million by June 2025. There are some periods of plateau or minor decline, particularly between early 2024 and mid-2024, where values dip from $11,450 million in March 2024 to $9,801 million in June 2024, before resuming an increase. This pattern might reflect capital expenditures timing or asset disposals.
- Net fixed asset turnover
- Starting from the first available figure of 29.64 in September 2020, net fixed asset turnover displays a generally increasing pattern, rising to 38.22 by June 2025. The metric exhibits steady improvement, with notable jumps in early 2024, reaching near 39, suggesting enhanced efficiency in utilizing fixed assets to generate revenues. This improvement could be due to better asset management or higher revenue growth relative to fixed asset investments.
- Summary of Financial Trends
- The data indicates a strong growth trend in revenues, complemented by a moderate increase in fixed assets. The steady rise in net fixed asset turnover suggests increasingly efficient use of capital assets to support revenue growth. Temporary fluctuations in fixed asset values imply periodic investment adjustments in response to business needs. Overall, the financials reflect expanding operational scale combined with improved asset productivity.
Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly financial data displays several notable trends in revenues, total assets, and total asset turnover over multiple periods.
- Revenues
- Revenues exhibited a generally upward trajectory from the first quarter of 2020 to the second quarter of 2025. Starting at approximately $64,056 million in March 2020, revenues showed periods of steady growth with some short-term fluctuations. Notably, there was a significant increase from early 2021 onward, with revenues rising from $69,744 million in March 2021 to $110,508 million by June 2025. The revenue growth was consistent across most quarters, indicating an expansion in customer activity or successful monetization strategies during this timeframe.
- Total Assets
- Total assets followed a gradual increasing trend across the quarters. The asset base increased from nearly $189,067 million in March 2020 to over $308,573 million by June 2025. Despite some minor fluctuations, particularly around the end of 2021 and early 2023 where assets slightly declined or plateaued, the overall growth in total assets appears stable and continuous. This growth suggests ongoing investments or acquisitions contributing to asset accumulation and supporting the company’s expanding operations.
- Total Asset Turnover
- The total asset turnover ratio, available starting at the September 2020 quarter, remained fairly stable throughout the periods. The ratio consistently ranged between approximately 1.18 and 1.35, reflecting a steady level of efficiency in utilizing assets to generate revenues. While minor fluctuations occurred from quarter to quarter, the ratio did not show any prolonged decline or significant volatility, indicating that asset utilization efficiency was maintained effectively even as both revenues and assets grew.
In summary, the data reveals solid revenue growth supported by an expanding asset base, with a stable asset turnover ratio indicating consistent operational efficiency. These patterns demonstrate sound financial management with growth in scale accompanied by stable asset productivity.
Equity Turnover
UnitedHealth Group Inc., equity turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
÷ Shareholders’ equity attributable to UnitedHealth Group
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues demonstrate a general upward trend over the observed periods, increasing from approximately 64.1 billion USD in March 2020 to over 110.5 billion USD in June 2025. While there are minor fluctuations quarter-over-quarter, the overall growth indicates consistent expansion in customer-generated revenues. Notably, revenue growth accelerates from early 2023 onward, reaching peak values toward the end of 2024 and into 2025.
- Shareholders’ Equity Trends
- Shareholders’ equity attributable to UnitedHealth Group also shows a steady increase from about 57.0 billion USD in March 2020 to approximately 94.7 billion USD by June 2025. The growth path is more gradual compared to revenues but remains consistently positive across the quarters. Equity values generally rise each quarter, with some instances of minor plateauing or slight decreases that do not significantly interrupt the overall upward trajectory.
- Equity Turnover Ratio
- The equity turnover ratio, reported starting in the quarter ending September 2020, oscillates in a narrow band around 4.0, indicating stable efficiency in the use of shareholders' equity to generate revenues. The ratio exhibits a slight increasing trend, moving from roughly 3.9 to about 4.4 by mid-2025, suggesting incremental improvements in how equity is leveraged to produce sales. Variations quarter-to-quarter are modest, with no dramatic spikes or declines.
- Summary of Financial Efficiency and Growth
- The simultaneous growth in revenues and shareholders’ equity, along with a modest increase in the equity turnover ratio, reflects a positive business performance characterized by expanding top-line revenues coupled with effective use of equity capital. The steady increase in equity turnover ratio implies improved capital efficiency, while the consistent rise in revenues and equity marks sustainable growth and strengthening shareholder value over the period analyzed.