Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Profitability Ratios (Summary)
UnitedHealth Group Inc., profitability 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).
- Gross Profit Margin
- The gross profit margin shows a general decreasing trend over the observed periods. Starting from 25.62% in March 2021, it fluctuates slightly around the mid-23% range throughout 2021 and 2022, peaking marginally at 24.20% in June 2023. After this peak, a consistent decline is observed, falling steadily to 19.83% by June 2025. This downward trajectory suggests increasing cost pressures or reduced pricing power over time.
- Operating Profit Margin
- The operating profit margin demonstrates some fluctuations but maintains relative stability overall. Beginning at 8.76% in March 2021, it rises to a high of 9.24% in June 2021 and then oscillates mostly between 8.0% and 8.9% through 2022 and 2023. Notably, a slight decrease appears in 2024, with margins declining to 8.17% by June 2025, except for a more pronounced dip to 7.37% in the final quarter observed. This indicates somewhat consistent operational efficiency, though with emerging pressure late in the timeline.
- Net Profit Margin
- Net profit margin trends align somewhat with operating margin patterns but exhibit a more pronounced variability. Beginning at 6.03% in March 2021, it increases to about 6.25% in late 2021 and early 2022, then remains near 6.0% through 2023. However, in 2024, a noticeable decline occurs, dropping to 3.65% by March 2025 before partially recovering to 5.10% by June 2025. This fluctuation suggests volatile factors affecting bottom-line profitability, possibly including increased non-operational expenses or changing tax impacts.
- Return on Equity (ROE)
- The return on equity reflects positive performance with intermittent variation. Starting at 23.52% in March 2021, ROE climbs to 26.03% in December 2021, remaining consistently above 25% into early 2023. A marked downturn follows in 2024, with ROE dropping to around 15.14% in September 2024. Subsequently, a strong recovery appears by June 2025, reaching 22.48%. This pattern indicates fluctuating profitability relative to shareholder equity, possibly influenced by changes in net income or equity base.
- Return on Assets (ROA)
- The return on assets follows the trend of profitability metrics but with lower volatility. Starting at 7.81% in March 2021, ROA peaks modestly at 8.19% in December 2022, then drops significantly throughout 2024 to a low of 4.78% in September 2024 before recovering to approximately 6.90% in June 2025. This trajectory points to changes in asset utilization effectiveness, potentially due to shifts in operational performance or asset base variations.
Return on Sales
Return on Investment
Gross Profit Margin
UnitedHealth Group Inc., gross profit margin 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) | |||||||||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||||||||
| Revenues, customers | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, 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
Gross profit margin = 100
× (Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024)
÷ (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Revenue Trends
- Revenues from customers have exhibited an overall upward trajectory from the first quarter of 2020 through the second quarter of 2025. Starting at approximately 64.1 billion US dollars in March 2020, revenues increased with some quarterly fluctuations, reaching about 110.5 billion US dollars by June 2025. The growth is consistent, with only minor declines or stagnations observed in isolated quarters.
- Gross Profit Patterns
- Gross profit values have generally trended upward in the reported periods, with values rising from around 15.4 billion US dollars in the first quarter of 2020 to fluctuating near 22.7 billion US dollars by the first quarter of 2025. However, some quarters exhibit noticeable declines relative to their immediate predecessors, indicating occasional short-term variability. For example, there is a decline towards the end of 2024 and early 2025 before a slight recovery.
- Gross Profit Margin Analysis
- The gross profit margin percentage has demonstrated a gradual decreasing trend over the observed quarters. Starting around the mid-20 percent range in early 2020, the margin falls consistently, reaching under 20 percent by mid to late 2025. This decline in margin indicates that gross profit is growing at a slower rate compared to revenues or that costs associated with revenue generation are increasing.
- Relationship Between Revenues and Gross Profit
- Although total revenues have shown consistent growth over the period, gross profit has not maintained the same growth pace as seen in the declining gross profit margin. This suggests increasing cost pressures or shifts in the pricing or product/service mix that negatively affect profitability ratios. The decoupling of gross profit growth from revenue growth highlights potential efficiency or cost management challenges.
- Seasonal and Quarterly Variability
- Some seasonality or periodic fluctuations are observable in the quarterly data for both gross profit and revenues, with quarters such as the second and third quarters of several years showing either dips or slower growth. Such patterns may reflect industry-specific cycles or market conditions impacting performance periodically.
Operating Profit Margin
UnitedHealth Group Inc., operating profit margin 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) | |||||||||||||||||||||||||||||
| Earnings from operations | |||||||||||||||||||||||||||||
| Revenues, customers | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, 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
Operating profit margin = 100
× (Earnings from operationsQ2 2025
+ Earnings from operationsQ1 2025
+ Earnings from operationsQ4 2024
+ Earnings from operationsQ3 2024)
÷ (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Earnings from operations
- The earnings from operations demonstrate a fluctuating pattern over the periods analyzed. Starting with 4,996 million USD in March 2020, the figure peaked at 9,241 million USD in June 2020, then experienced a decline and oscillation around the 5,000 to 7,000 million USD range until early 2021. From mid-2021 onwards, there is a general upward trend reaching 8,526 million USD in September 2023. However, notable volatility is present in the most recent quarters, with earnings declining to 5,150 million USD in December 2025 after a recent peak of 9,119 million USD in March 2025.
- Revenues from customers
- The revenues from customers show a consistent upward trajectory throughout the periods. Beginning at 64,056 million USD in March 2020, the revenues steadily increase each quarter, surpassing 110,000 million USD by June 2025. This indicates a stable growth in revenue generation with no significant downturns or volatility. The quarterly increments appear relatively steady, reflecting continuous expansion in the revenue base.
- Operating profit margin
- The operating profit margin, reported from September 2020 onwards, starts at 8.76%, rising to a peak of 9.24% in June 2021. Following this peak, the margin fluctuates slightly within a narrow band between 7.37% and 8.87%. Over time, there is a mild declining trend in margin, especially towards the end of the period analyzed where it reaches 7.37% in June 2025. This suggests a slight erosion in operational profitability proportion relative to revenue, despite steady revenue growth.
Net Profit Margin
UnitedHealth Group Inc., net profit margin 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) | |||||||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | |||||||||||||||||||||||||||||
| Revenues, customers | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, 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 profit margin = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2024)
÷ (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net earnings (loss) attributable to common shareholders
- The net earnings exhibited notable fluctuations over the observed periods. Beginning with a moderate figure of 3,382 million USD in March 2020, earnings surged to a peak of 6,637 million USD by June 2020, before experiencing a decline towards the end of 2020. In 2021 and 2022, net earnings generally maintained a strong and relatively stable level around the 4,000 to 5,000 million USD range, with occasional modest variations across quarters. The first three quarters of 2023 showed sustained strength in earnings, peaking at 5,841 million USD in September 2023. However, a significant loss of 1,409 million USD occurred in the first quarter of 2024, representing a notable deviation from prior positive trends. Following this loss, net earnings rebounded sharply in subsequent quarters through 2024 and into mid-2025, reaching as high as 6,292 million USD by March 2025 before reducing again to 3,406 million USD in June 2025.
- Revenues
- Revenue demonstrated a consistent upward trajectory throughout the periods. Starting at approximately 64,056 million USD in March 2020, revenues increased steadily each quarter, reaching over 110,000 million USD by June 2025. The revenue growth was characterized by a relatively smooth and continuous ascent, indicating an expanding customer base or increasing service volume. Quarterly increments were typically modest but persistent, with no quarters showing declines in revenue. The steady rise in revenues contrasts with the more volatile earnings pattern, suggesting factors impacting profitability beyond top-line growth.
- Net profit margin
- The net profit margin data was available starting late 2020 and showed a general trend within a narrow range. Margins tended to fluctuate around approximately 6% from late 2020 through 2023, with minor quarter-to-quarter variations. However, margin percentages declined noticeably in 2024, dropping to lows around 3.65% to 4.09%, coinciding with the period of reported net loss and subsequent recovery. By 2025, margins appeared to recover slightly, reaching above 5% again. This pattern suggests profitability pressures in 2024 potentially due to increased costs, impaired revenues, or extraordinary items, before margins stabilized nearer to historical norms.
- Overall observations
- The data reveal robust revenue growth over the entire period, reflecting successful expansion or increased market penetration. Despite this, net earnings exhibited considerable variability, with a significant disruption in early 2024 marked by a substantial loss. Net profit margins, typically steady around 6%, fell sharply during this period before partially recovering. The divergence between steadily increasing revenues and fluctuating profitability suggests challenges in cost management or external factors affecting earnings quality in certain quarters. The subsequent recovery in both earnings and margin post-loss indicates a return to operational stability or mitigated adverse impacts.
Return on Equity (ROE)
UnitedHealth Group Inc., ROE 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) | |||||||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | |||||||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, 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
ROE = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2024)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Earnings (Loss) Trends
- The net earnings attributable to common shareholders display significant variability over the observed periods. Earnings increased sharply from 3,382 million USD in March 2020 to peak at 6,637 million USD in June 2020, followed by a notable decline to 2,212 million USD in December 2020. This pattern suggests volatility likely influenced by external factors during this timeframe. Starting in 2021, earnings generally increased, reaching a high of 5,841 million USD in September 2023. However, a pronounced loss of 1,409 million USD occurred in March 2024, representing an outlier in the otherwise positive earnings trajectory. Post-loss, earnings recovered and showed strong performance, surpassing 6,000 million USD in September 2024.
- Shareholders’ Equity Trends
- Shareholders' equity demonstrated a steady and gradual upward trend throughout the period. Beginning at 56,977 million USD in March 2020, equity increased consistently quarter over quarter, reaching a peak of 95,038 million USD by March 2025. Minor fluctuations are observed in the later quarters of 2024 and 2025, but equity remains generally stable at elevated levels, indicating persistent growth and accumulation of retained earnings or capital increases.
- Return on Equity (ROE) Trends
- ROE data is available starting in March 2021, showing strong profitability with values consistently above 20% through to December 2023. The highest ROE reached 26.03% in December 2022, indicating efficient utilization of equity to generate profits during this period. However, from March 2024 onward, ROE declined significantly, dropping to a low near 15% in September 2024, reflecting lower profitability or impact of the previously noted net loss. There is a recovery trend towards the end of the data with ROE increasing back above 22% by June 2025, suggesting improved operational performance and earnings generation capability relative to equity.
- Summary of Patterns and Insights
- The financial data reveals a company experiencing periods of income volatility but generally maintaining strong profitability and equity growth. The substantial dip in net earnings and ROE around early 2024 indicates an isolated adverse event or operational challenge, with recovery evident in subsequent quarters. The overall upward movement in shareholders' equity and sustained ROE above industry-typical thresholds for most periods imply solid financial health and effective capital management. The volatility in earnings juxtaposed with stable equity growth advises careful monitoring of income sources and expense control mechanisms moving forward.
Return on Assets (ROA)
UnitedHealth Group Inc., ROA 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) | |||||||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | |||||||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, 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
ROA = 100
× (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2024)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net earnings (loss) attributable to common shareholders
- Net earnings exhibited notable volatility over the periods analyzed. Starting from a positive base of 3,382 million US dollars in March 2020, a significant increase was observed in June 2020, reaching 6,637 million. Earnings then fluctuated, maintaining a generally elevated range between 4,000 and 6,000 million for most subsequent quarters through December 2023. However, a sharp negative value of -1,409 million was recorded in March 2024, marking a significant loss. Recovery followed with earnings returning to positive figures above 4,000 million in the following quarters up to June 2025, though the most recent figure decreased to 3,406 million from a prior high of 6,292 million in March 2025.
- Total assets
- Total assets showed a consistent increasing trend throughout the period, growing from approximately 189 billion US dollars in March 2020 to over 308 billion by June 2025. This steady expansion indicates ongoing asset accumulation and capital investment. Minor fluctuations occurred, such as slight declines between December 2023 and March 2024, and again slightly thereafter, but the overall trajectory remained upward.
- Return on Assets (ROA)
- Return on Assets demonstrated fluctuating efficiency in asset utilization. Starting from a level near 7.81% in early 2020, ROA increased slightly and remained in a range around 7% to 8% for multiple quarters, signaling relatively strong profitability related to asset base. Notable declines occurred beginning in early 2024, dropping to as low as approximately 4.78%, which corresponds with the loss observed in net earnings around the same time. This weakness in ROA was partially corrected by mid-2025, with values climbing back to around 7%, suggesting some recovery in asset profitability.