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-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).
The analysis of investment activity ratios indicates a general improvement in asset utilization efficiency over the period from March 2022 to March 2026. While total asset turnover remained relatively stable, there is a pronounced upward trend in both net fixed asset turnover and equity turnover, suggesting an increase in the effectiveness of deploying long-term capital to generate revenue.
- Net Fixed Asset Turnover
- A significant growth trajectory is observed in net fixed asset turnover. The ratio remained stable between 31.35 and 33.07 from March 2022 through December 2023. However, a marked acceleration occurred starting in March 2024, where the ratio rose to 35.98 and continued a consistent ascent to peak at 41.78 by March 2026. This suggests a substantial increase in revenue generation per unit of net fixed assets, reflecting either a reduction in fixed asset intensity or a strong growth in sales volume relative to infrastructure investment.
- Total Asset Turnover
- Total asset turnover exhibited a pattern of stability with minor fluctuations. After a period of slight volatility—reaching a low of 1.18 in March 2023—the ratio recovered to a range between 1.30 and 1.35 for much of 2024 and 2025. A final positive shift is noted in the last two quarters of the period, with the ratio reaching 1.43 in December 2025 and maintaining that level through March 2026, indicating a marginal improvement in the overall efficiency of the total asset base.
- Equity Turnover
- Equity turnover shows a steady upward trend, indicating more efficient use of shareholder equity to drive revenue. The ratio fluctuated around the 4.10 to 4.20 range for the first two years of the analysis. Starting in March 2024, a gradual increase was observed, with the ratio climbing to 4.71 by December 2025 before slightly moderating to 4.55 in March 2026. This trend reflects a growing capacity to generate sales relative to the equity invested in the business.
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Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)
| 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 | 110,590) | 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 | 10,667) | 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 | 41.78 | 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 | 3.65 | 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. | 42.58 | 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. | 1.94 | 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 | 4.88 | 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-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 Q1 2026 Calculation
Net fixed asset turnover
= (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
÷ Property, equipment and capitalized software, net
= (110,590 + 112,568 + 112,029 + 110,508)
÷ 10,667 = 41.78
2 Click competitor name to see calculations.
Analysis of operational efficiency regarding fixed assets reveals a significant improvement in revenue generation capacity relative to the investment in property, equipment, and capitalized software over the observed period.
- Revenue Trajectory
- A consistent upward trend in quarterly revenues is observed, increasing from 79,782 million USD in March 2022 to 110,590 million USD by March 2026. This indicates a sustained growth in the volume of business activity throughout the timeframe.
- Fixed Asset Investment Patterns
- Net fixed assets experienced a steady increase from 9,183 million USD in March 2022, reaching a peak of 11,450 million USD in December 2023. Following this peak, a reduction in the net asset base occurred during the first half of 2024, after which values stabilized between 9,801 million USD and 11,104 million USD through 2025, eventually settling at 10,667 million USD in March 2026.
- Net Fixed Asset Turnover Performance
- The net fixed asset turnover ratio demonstrates two distinct operational phases. From March 2022 to December 2023, the ratio remained relatively stable, oscillating between 31.35 and 33.07. A structural shift is observed starting in March 2024, where the ratio climbed to 35.98 and maintained a general upward trajectory to reach 41.78 by March 2026. This trend reflects a marked increase in asset productivity, as the company generated substantially more revenue per unit of net fixed assets.
The divergence observed since early 2024, characterized by accelerating revenues and a stabilizing or slightly declining fixed asset base, suggests an optimization of capital utilization. The capacity to scale revenues without a proportional increase in property, equipment, and software investment indicates enhanced operational leverage and efficiency in long-term asset management.
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Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation (quarterly data)
| 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 | 110,590) | 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 | 312,644) | 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 | 1.43 | 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 | 0.41 | 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. | 1.58 | 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. | 0.53 | 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 | 0.38 | 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-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 Q1 2026 Calculation
Total asset turnover
= (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
÷ Total assets
= (110,590 + 112,568 + 112,029 + 110,508)
÷ 312,644 = 1.43
2 Click competitor name to see calculations.
The analysis of the financial data from March 31, 2022, to March 31, 2026, reveals a period of significant scaling in both revenue generation and asset accumulation, characterized by an initial dip in asset utilization efficiency followed by a strong recovery.
- Revenue and Asset Growth Patterns
- Revenues demonstrated a consistent upward trajectory, rising from 79,782 million USD in March 2022 to 110,590 million USD by March 2026. Concurrently, total assets expanded from 221,238 million USD to 312,644 million USD. A notable acceleration in asset growth occurred between December 31, 2022, and March 31, 2023, where assets increased from 245,705 million USD to 283,679 million USD.
- Total Asset Turnover Volatility
- The total asset turnover ratio exhibited a V-shaped trend. Starting at 1.33 in March 2022, the ratio declined to a minimum of 1.18 by March 31, 2023. This decline coincided with the sharp increase in the asset base, indicating that the investment in assets temporarily outpaced the growth in revenue.
- Efficiency Recovery and Optimization
- Following the trough in early 2023, a sustained recovery in asset productivity is observed. The ratio climbed steadily from 1.23 in June 2023, surpassing its initial 2022 levels by December 31, 2023 (1.34). This trend culminated in a peak ratio of 1.43 during the final two quarters of the observed period (December 31, 2025, and March 31, 2026), suggesting an improvement in the organization's ability to generate revenue from its expanded asset base.
- Long-term Investment Conclusion
- The transition from a 1.18 ratio in March 2023 to 1.43 by March 2026 indicates that the capital expenditures or asset acquisitions made during the 2022-2023 period eventually yielded higher operational efficiency. The final asset turnover ratio suggests a more optimized relationship between total investments and top-line growth compared to the beginning of the analyzed timeframe.
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Equity Turnover
UnitedHealth Group Inc., equity turnover calculation (quarterly data)
| 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 | 110,590) | 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 | 97,881) | 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 | 4.55 | 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 | 0.87 | 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. | 4.52 | 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. | 0.61 | 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 | 0.71 | 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-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 Q1 2026 Calculation
Equity turnover
= (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
÷ Shareholders’ equity attributable to UnitedHealth Group
= (110,590 + 112,568 + 112,029 + 110,508)
÷ 97,881 = 4.55
2 Click competitor name to see calculations.
An analysis of the financial performance from March 2022 through March 2026 reveals a consistent expansion in both revenue generation and the capital base, with a notable improvement in capital efficiency toward the end of the period.
- Revenue Trends
- A sustained upward trajectory is observed in revenues, which grew from 79,782 million US$ in March 2022 to a peak of 112,568 million US$ by December 2025. A significant acceleration in growth occurred between December 2022 and March 2023, where revenues increased by approximately 11%. While a slight contraction is noted in the final quarter of the analysis, the overall trend indicates substantial top-line expansion.
- Shareholders' Equity Growth
- The equity attributable to the company increased steadily from 72,766 million US$ in March 2022 to 97,881 million US$ in March 2026. Despite minor fluctuations, such as the decrease observed in March 2024 and December 2024, the long-term trend shows a strengthening of the equity position, representing a total increase of approximately 34% over the period.
- Equity Turnover Analysis
- The equity turnover ratio remained relatively stable between 4.06 and 4.33 from March 2022 through December 2024, suggesting a balanced relationship between revenue growth and equity accumulation. However, a distinct upward trend emerged during 2025, with the ratio climbing to a peak of 4.71 in December 2025. This indicates that revenue growth began to outpace the growth of shareholders' equity, reflecting an increase in the efficiency of equity utilization to generate sales. The period concluded with a slight normalization to 4.55 in March 2026, which remains significantly higher than the 2022-2023 baseline.
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