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: 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio displayed an overall upward trend from March 2021 through September 2025. Initially, the ratio was approximately 30.76 and experienced minor fluctuations around the low 30s until the end of 2022. Starting in early 2023, a significant increase began, reaching a peak near 38.9 by June 2024. After this peak, a slight decline was observed, though the ratio remained elevated relative to earlier periods, stabilizing above 37 through September 2025. This pattern suggests improvements in the efficiency of utilizing fixed assets to generate revenue over time, particularly accelerating after 2022.
- Total Asset Turnover
- The total asset turnover ratio exhibited a more moderate and variable trend compared to net fixed asset turnover. Between March 2021 and December 2022, the ratio hovered mostly between 1.27 and 1.34, showing some minor declines in mid-2022 before briefly recovering. A noticeable dip occurred at the start of 2023, with the ratio falling to approximately 1.18, the lowest point in the observed period. Subsequently, it recovered steadily, reaching around 1.36 by September 2025. Overall, the ratio indicates relatively stable efficiency in using total assets to generate sales, with some volatility and a temporary downturn in early 2023 followed by gradual improvement.
- Equity Turnover
- Equity turnover displayed a generally consistent upward trend throughout the period. Starting from about 3.94 in March 2021, the ratio increased steadily, with minor fluctuations around 4.1 to 4.2 levels through 2022 and early 2023. From mid-2023 onwards, there was a more marked increase, reaching approximately 4.49 by September 2025. The steady rise in equity turnover suggests enhanced effectiveness in utilizing shareholders' equity to generate revenue, indicating improved management of equity resources over time.
Net Fixed Asset Turnover
UnitedHealth Group Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues, customers | 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) | 72,930) | 71,834) | 70,765) | 69,744) | ||||||
| Property, equipment and capitalized software, net | 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) | 8,969) | 8,730) | 8,735) | 8,496) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 31.81 | 31.77 | 30.94 | 30.76 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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 | 4.81 | 4.79 | 4.56 | 4.23 | ||||||
| Elevance Health Inc. | 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 | 34.94 | 34.54 | 34.17 | 34.94 | ||||||
| Intuitive Surgical Inc. | 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 | 3.04 | 3.16 | 3.13 | 2.86 | ||||||
| Medtronic PLC | 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 | 5.77 | 5.56 | 5.64 | 5.72 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
÷ Property, equipment and capitalized software, net
= (112,029 + 110,508 + 108,542 + 99,256)
÷ 11,104 = 38.75
2 Click competitor name to see calculations.
- Revenues
- The revenues demonstrate a consistent upward trend throughout the observed quarters. From an initial value of approximately $69.7 billion in the first quarter of 2021, revenues increased steadily, reaching around $112 billion by the third quarter of 2025. Notable increments occurred between the end of 2021 and early 2022 as well as between late 2022 and early 2023. Although some marginal fluctuations are observed quarter-to-quarter, the overarching pattern reflects sustained growth in revenue generation over the period examined.
- Property, Equipment, and Capitalized Software, Net
- The net value of property, equipment, and capitalized software shows gradual growth from roughly $8.5 billion in the first quarter of 2021 to approximately $11.1 billion by the third quarter of 2025. There is a general upward trajectory, albeit with some periods of minor decline, notably between late 2023 and early 2024. Nonetheless, the trend suggests ongoing investment and capital accumulation in physical and intangible assets, supporting operational capacity expansion or enhancement over the time period.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency in using fixed assets to generate revenue, displays a gradual increase across the quarters. Starting at about 30.76 in the first quarter of 2021, the ratio rises to approximately 38.75 as of the third quarter of 2025. This indicates improved asset utilization efficiency over time. Fluctuations exist but the overall pattern suggests that the company has increasingly leveraged its fixed assets to produce higher revenues more effectively during the observed interval.
Total Asset Turnover
UnitedHealth Group Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues, customers | 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) | 72,930) | 71,834) | 70,765) | 69,744) | ||||||
| Total assets | 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) | 212,206) | 213,045) | 210,292) | 205,171) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 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 | 1.34 | 1.30 | 1.29 | 1.27 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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 | 0.57 | 0.57 | 0.55 | 0.51 | ||||||
| Elevance Health Inc. | 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 | 1.41 | 1.35 | 1.33 | 1.29 | ||||||
| Intuitive Surgical Inc. | 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 | 0.42 | 0.42 | 0.42 | 0.39 | ||||||
| Medtronic PLC | 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 | 0.32 | 0.29 | 0.29 | 0.30 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Total asset turnover
= (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
÷ Total assets
= (112,029 + 110,508 + 108,542 + 99,256)
÷ 315,269 = 1.36
2 Click competitor name to see calculations.
- Revenues and Customer Trends
- Revenues show a steady upward trajectory over the reviewed periods, increasing from approximately $69.7 billion as of March 2021 to $112 billion by September 2025. There is a notable acceleration in revenue growth starting in early 2023, with quarterly revenues consistently exceeding $90 billion and peaking above $112 billion in late 2025. This indicates sustained operational expansion and potential market share gains throughout the timeframe.
- Total Assets Movement
- Total assets have increased steadily overall, starting at roughly $205 billion in March 2021 and reaching over $315 billion by September 2025. The asset base showed incremental quarterly growth, with occasional minor fluctuations such as a slight decline late in 2023. The expanding asset base aligns with the revenue growth and suggests ongoing investments or acquisitions enhancing the company's asset portfolio.
- Total Asset Turnover Analysis
- The total asset turnover ratio has generally remained stable around a range of 1.27 to 1.36. Early periods in 2021 show turnover ratios near 1.27 to 1.34, followed by a dip to approximately 1.18 in early 2023. Subsequently, there is a recovery and gradual improvement in turnover, reaching a peak of 1.36 in the latest period. This pattern suggests an initial decline in asset efficiency around 2023, potentially due to rapid asset growth, then a return to improved utilization of assets to generate revenues.
- Overall Insights
- The combination of rising revenues and a growing asset base, coupled with relatively stable total asset turnover ratios, points to effective asset management despite expansion. The temporary dip in asset turnover indicates a period where asset growth outpaced revenue generation efficiency, but the eventual recovery demonstrates corrective operational measures or improved business performance. The data reflects an overall positive growth trend with sustained improvements in asset utilization by the end of the analyzed period.
Equity Turnover
UnitedHealth Group Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues, customers | 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) | 72,930) | 71,834) | 70,765) | 69,744) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group | 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) | 71,760) | 70,278) | 69,014) | 66,404) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 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 | 3.98 | 3.95 | 3.92 | 3.94 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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 | 1.20 | 1.23 | 1.19 | 1.11 | ||||||
| Elevance Health Inc. | 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 | 3.80 | 3.71 | 3.65 | 3.65 | ||||||
| Intuitive Surgical Inc. | 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 | 0.48 | 0.48 | 0.48 | 0.45 | ||||||
| Medtronic PLC | 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 | 0.59 | 0.55 | 0.56 | 0.56 | ||||||
Based on: 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), 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).
1 Q3 2025 Calculation
Equity turnover
= (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
÷ Shareholders’ equity attributable to UnitedHealth Group
= (112,029 + 110,508 + 108,542 + 99,256)
÷ 95,787 = 4.49
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues exhibit a consistent upward trajectory over the analyzed periods. Beginning at approximately $69.7 billion in the first quarter of 2021, revenues increased steadily each quarter, reaching over $112 billion by the third quarter of 2025. There is a noticeable acceleration in revenue growth starting from early 2022, with quarterly revenues surpassing $80 billion consistently thereafter. This upward trend indicates expanding customer activity or successful business growth initiatives.
- Shareholders' Equity Trends
- Shareholders' equity displays a gradual increase from roughly $66.4 billion in the first quarter of 2021 to about $95.8 billion in the third quarter of 2025. The growth is steady but moderate compared to revenues, with minor fluctuations observed around mid-2024 where equity slightly decreased before recovering. Overall, the increase in equity reflects retained earnings and possibly other equity contributions, supporting a stronger capital base over time.
- Equity Turnover Analysis
- The equity turnover ratio remains relatively stable while exhibiting a slight upward trend. Starting from approximately 3.94 in early 2021, this ratio progressively increases to around 4.49 by the third quarter of 2025. The incremental rise indicates improved efficiency in utilizing equity to generate revenues. Notably, peaks in equity turnover coincide with periods of more pronounced revenue growth, suggesting enhanced operational productivity or asset utilization effectiveness.
- Overall Insights
- The combined analysis of revenue, equity levels, and equity turnover reveals a company with expanding sales and stable capital growth, maintaining or slightly improving its efficiency in converting equity into revenue. The continued increase in revenue outpacing equity growth results in a rising equity turnover ratio, signaling effective management performance. There are no visible signs of financial distress or deterioration in these key metrics through the timeframe.