Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Long-term (Investment) Activity Ratios 
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

UnitedHealth Group Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
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
Net fixed asset turnover 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 31.81 31.77 30.94 30.76 29.64
Total asset turnover 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 1.34 1.30 1.29 1.27 1.30
Equity turnover 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 3.98 3.95 3.92 3.94 3.90

Based on: 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 throughout the periods observed, starting at 29.64 and reaching as high as 38.90 by mid-2024. This indicates increasing efficiency in utilizing fixed assets to generate revenue over time. Notable increases are seen from 2023 onward, particularly between June 2024 and September 2024, where the ratio rises from 35.98 to 38.90, suggesting improved asset utilization. The ratio stabilizes somewhat in the most recent periods, maintaining values around the high 30s.
Total Asset Turnover
The total asset turnover ratio shows relatively stable performance with minor fluctuations. It begins near 1.30 in early observable data and oscillates slightly between approximately 1.18 and 1.34 across the timeline. There is a slight dip to 1.18 in mid-2023, but the ratio recovers to values above 1.30 by early 2024, indicating a consistent ability to generate revenue from total assets without significant improvement or deterioration over time.
Equity Turnover
Equity turnover remains strong and relatively stable throughout the periods, generally ranging from about 3.90 to 4.33. There is a subtle upward trend over time, with higher turnover ratios recorded in the later periods, indicating an increasingly efficient use of shareholders' equity in generating revenue. Peaks are observed in mid-2024 reaching 4.33, demonstrating improved equity utilization. Slight decreases occur sporadically but are moderate, maintaining overall stability.

Net Fixed Asset Turnover

UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
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 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 72,930 71,834 70,765 69,744 65,022 64,764 61,797 64,056
Property, equipment and capitalized software, net 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 8,969 8,730 8,735 8,496 8,626 8,151 8,126 8,173
Long-term Activity Ratio
Net fixed asset turnover1 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 31.81 31.77 30.94 30.76 29.64
Benchmarks
Net Fixed Asset Turnover, Competitors2
Abbott Laboratories 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 4.81 4.79 4.56 4.23 3.83
CVS Health Corp. 29.30 28.53 28.85 27.77 27.59 27.05 26.62 26.00 25.63 24.98 24.90 24.05 23.26 22.56 22.24 21.90 21.42 21.25
Elevance Health Inc. 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 34.94 34.54 34.17 34.94 34.69
Intuitive Surgical Inc. 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 3.04 3.16 3.13 2.86 2.76
Medtronic PLC 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 5.77 5.56 5.64 5.72 5.99

Based on: 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 Q1 2025 Calculation
Net fixed asset turnover = (Revenues, customersQ1 2025 + Revenues, customersQ4 2024 + Revenues, customersQ3 2024 + Revenues, customersQ2 2024) ÷ Property, equipment and capitalized software, net
= (108,542 + 99,256 + 99,177 + 97,858) ÷ 10,734 = 37.72

2 Click competitor name to see calculations.


Revenue Trends
The revenues of the company demonstrate a general upward trend from March 31, 2020, to March 31, 2025. Starting at approximately 64,056 million US dollars in the first quarter of 2020, revenues increased steadily with minor fluctuations, reaching a peak of 108,542 million US dollars by March 31, 2025. Notable growth periods include the increases observed between March 31, 2021, and March 31, 2023, as well as the continuous rise from December 31, 2023, through the first quarter of 2025.
Property, Equipment, and Capitalized Software, Net
The net values of property, equipment, and capitalized software show a rising trend in the earlier years, from 8,173 million US dollars at the end of Q1 2020 to a peak of approximately 11,450 million US dollars in December 31, 2023. Thereafter, the value decreases somewhat, reaching around 9,801 million US dollars at June 30, 2024, with a slight recovery towards 10,734 million US dollars by March 31, 2025. This pattern suggests significant investment in fixed assets and capitalized software during the initial period followed by some reduction or asset write-downs in mid-2024, and a modest rebound towards early 2025.
Net Fixed Asset Turnover Ratio
The net fixed asset turnover ratio, available from September 30, 2020, shows a mostly increasing trend indicative of improved efficiency in using fixed assets to generate revenues. Starting at 29.64, the ratio gradually climbs, reaching above 38 by June and September 2024, before slightly stabilizing around 37 to 38 level through March 31, 2025. This upward trend reflects enhanced asset utilization and possibly more revenue generated per unit of fixed asset.
Summary Insights
The financial data display consistent revenue growth over the analyzed periods, coupled with an overall increase in property, equipment, and capitalized software until late 2023, followed by some decline and recovery. The rising net fixed asset turnover ratio suggests that asset efficiency has improved, which aligns with the revenue growth and indicates effective management of fixed assets. Temporally, the asset base expansion has supported revenue growth, and despite fluctuations in asset values during 2024, the company managed to maintain and improve its asset utilization.

Total Asset Turnover

UnitedHealth Group Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
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 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 72,930 71,834 70,765 69,744 65,022 64,764 61,797 64,056
Total assets 309,790 298,278 299,309 286,056 284,210 273,720 282,063 280,164 283,679 245,705 243,064 230,172 221,238 212,206 213,045 210,292 205,171 197,289 190,969 192,483 189,067
Long-term Activity Ratio
Total asset turnover1 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 1.34 1.30 1.29 1.27 1.30
Benchmarks
Total Asset Turnover, Competitors2
Abbott Laboratories 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 0.57 0.57 0.55 0.51 0.48
CVS Health Corp. 1.47 1.46 1.45 1.43 1.44 1.43 1.38 1.35 1.38 1.41 1.36 1.33 1.28 1.25 1.21 1.20 1.18 1.16
Elevance Health Inc. 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 1.41 1.35 1.33 1.29 1.39
Intuitive Surgical Inc. 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 0.42 0.42 0.42 0.39 0.39
Medtronic PLC 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 0.32 0.29 0.29 0.30 0.32

Based on: 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 Q1 2025 Calculation
Total asset turnover = (Revenues, customersQ1 2025 + Revenues, customersQ4 2024 + Revenues, customersQ3 2024 + Revenues, customersQ2 2024) ÷ Total assets
= (108,542 + 99,256 + 99,177 + 97,858) ÷ 309,790 = 1.31

2 Click competitor name to see calculations.


Revenues (customers)
Revenues exhibited a general upward trend over the observed periods. Starting from approximately 64,056 million USD in March 2020, there was a moderate decrease noted in the mid-quarter of 2020, followed by a steady increase reaching 72,930 million USD by December 2021. From 2022 onward, the revenues showed a stronger growth trajectory, climbing from around 79,782 million USD in March 2022 to over 108,542 million USD by March 2025. The increases were relatively consistent, with some minor fluctuations, indicating stable and increasing sales or service volume over time.
Total Assets
Total assets displayed a consistent upward movement throughout the given quarters. Starting at roughly 189,067 million USD in March 2020, assets increased steadily, surpassing 212,000 million USD by the end of 2021. The growth accelerated during the period between early 2022 and 2023, reaching over 283,000 million USD by March 2023. Subsequently, assets continued to grow more moderately but consistently, peaking at approximately 309,790 million USD by March 2025. This pattern suggests ongoing investments and resource accumulation by the company.
Total Asset Turnover
The total asset turnover ratio fluctuated within a narrow range during the periods where data is available. The ratio started around 1.3 in late 2020 and remained relatively stable between 1.27 and 1.34 through 2021 and 2022. A slight decrease was noted in mid-2023 (around 1.18), followed by a recovery and increase towards the end of 2024, stabilizing again near 1.3 by March 2025. This suggests that the company maintained a fairly efficient use of its assets in generating revenues, with minor variations possibly related to operational changes or market conditions.
Summary
Overall, the financial data indicate a company experiencing steady growth in revenues and total assets over the five-year period. The revenue growth outpaced the asset growth slightly, which is supported by the stable asset turnover ratios, indicating operational efficiency. The stable asset turnover implies the company has skillfully managed its asset base to sustain revenue generation without significant efficiency losses. Slight dips in the turnover ratio appear temporary and recover quickly, demonstrating resilience.

Equity Turnover

UnitedHealth Group Inc., equity turnover calculation (quarterly data)

Microsoft Excel
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 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 72,930 71,834 70,765 69,744 65,022 64,764 61,797 64,056
Shareholders’ equity attributable to UnitedHealth Group 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 71,760 70,278 69,014 66,404 65,491 65,231 63,624 56,977
Long-term Activity Ratio
Equity turnover1 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 3.98 3.95 3.92 3.94 3.90
Benchmarks
Equity Turnover, Competitors2
Abbott Laboratories 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 1.20 1.23 1.19 1.11 1.06
CVS Health Corp. 4.90 4.91 4.90 4.83 4.86 4.66 4.66 4.65 4.62 4.53 4.45 4.08 4.05 3.87 3.82 3.79 3.81 3.86
Elevance Health Inc. 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 3.80 3.71 3.65 3.65 3.64
Intuitive Surgical Inc. 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 0.48 0.48 0.48 0.45 0.45
Medtronic PLC 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 0.59 0.55 0.56 0.56 0.57

Based on: 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 Q1 2025 Calculation
Equity turnover = (Revenues, customersQ1 2025 + Revenues, customersQ4 2024 + Revenues, customersQ3 2024 + Revenues, customersQ2 2024) ÷ Shareholders’ equity attributable to UnitedHealth Group
= (108,542 + 99,256 + 99,177 + 97,858) ÷ 95,038 = 4.26

2 Click competitor name to see calculations.


Revenues, customers
The revenue figures exhibit an overall upward trend from March 31, 2020, through March 31, 2025. Starting at $64,056 million in the first quarter of 2020, revenues increased steadily with notable growth after the first quarter of 2021, surpassing $70,000 million and continuing to rise to approximately $108,542 million by March 31, 2025. There are minor fluctuations in some quarters, such as a slight decline in certain periods, but the general pattern is positive growth throughout the observed timeline.
Shareholders’ equity attributable to UnitedHealth Group
Shareholders’ equity follows a gradual and consistent upward trend from $56,977 million in March 31, 2020, to reach $95,038 million in March 31, 2025. The growth appears steady with small increments each quarter, reflecting a stable increase in the equity base of the company over the five-year span without signs of volatility.
Equity turnover
Equity turnover ratios are provided starting from the quarter ended September 30, 2020. The ratio hovers around a range of approximately 3.9 to 4.33, indicating stable efficiency in the usage of shareholders’ equity to generate revenues. There is a slight upward trend visible over time, with the ratio increasing from 3.9 to a peak of 4.33, then fluctuating mildly around 4.1 to 4.26 in the final quarters. This suggests the company has maintained, or modestly improved, its effectiveness at generating sales relative to its equity base.