Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
UnitedHealth Group Inc., profitability ratios (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin demonstrates a general downward trajectory from 25.62% in March 2020 to 20.98% projected for March 2025. Initially, it fluctuates slightly around the 23–25% range between 2020 and 2023, followed by a more consistent decline beginning in 2023 through 2025, indicating potential pressure on direct costs or pricing strategies.
- Operating Profit Margin
- Operating profit margin exhibits relative stability with values around 8–9% across the observed periods. Despite minor fluctuations, the margin remains largely consistent, with a slight dip in the mid-2024 period but recovering by the end of 2025, suggesting effective management of operating expenses relative to revenue.
- Net Profit Margin
- The net profit margin shows some volatility but generally maintains a range between 5% and 6% through 2023. A notable decline is observed starting in early 2024, reaching lows around 3.65% by late 2024, before increasing sharply to 5.46% projected for March 2025. This pattern may reflect variations in non-operating items, tax impacts, or extraordinary expenses during the mid-2024 timeframe, followed by recovery.
- Return on Equity (ROE)
- ROE follows a similar pattern to net profit margin, maintaining levels around 23–26% until 2023, then sharply declining to below 16% in late 2024, followed by a significant rebound to 23.26% by March 2025. This suggests temporary challenges impacting shareholder returns possibly linked to the same factors affecting net profitability, with a rebound indicating potential improvement in earnings efficiency or capital structure.
- Return on Assets (ROA)
- ROA trends downward from approximately 8% in early 2020 to an estimated low of 4.78% in September 2024 before recovering to 7.14% by March 2025. This decline highlights a period of reduced asset profitability, aligning with the net margin and ROE decreases. The subsequent recovery denotes improved asset utilization or profitability in response to earlier challenges.
Return on Sales
Return on Investment
Gross Profit Margin
UnitedHealth Group Inc., gross profit margin calculation (quarterly data)
| 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 | 22,741) | 19,757) | 21,386) | 21,060) | 21,994) | 20,823) | 22,391) | 21,772) | 21,883) | 20,027) | 19,440) | 19,348) | 18,772) | 16,771) | 16,730) | 16,559) | 17,268) | 15,318) | 15,193) | 19,618) | 15,369) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 20.98% | 21.31% | 21.91% | 22.63% | 23.18% | 23.64% | 24.16% | 24.08% | 24.20% | 24.09% | 23.74% | 23.51% | 23.31% | 23.60% | 23.75% | 23.80% | 25.79% | 25.62% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 51.50% | 50.93% | 50.96% | 50.53% | 50.27% | 50.28% | 49.97% | 50.23% | 50.66% | 51.54% | 52.60% | 53.54% | 52.44% | 52.21% | 52.01% | 50.69% | 51.25% | 50.49% | — | — | — | |||||||
| CVS Health Corp. | 13.54% | 13.29% | 13.81% | 14.37% | 14.55% | 14.94% | 15.34% | 15.69% | 16.16% | 16.62% | 16.94% | 17.12% | 17.35% | 17.48% | 17.35% | 17.43% | 17.99% | 18.01% | — | — | — | |||||||
| Elevance Health Inc. | 15.66% | 15.92% | 16.62% | 17.16% | 16.92% | 16.79% | 16.86% | 16.89% | 16.90% | 16.79% | 16.85% | 16.79% | 16.89% | 17.09% | 17.30% | 17.57% | 19.38% | 19.71% | — | — | — | |||||||
| Intuitive Surgical Inc. | 67.09% | 67.46% | 66.98% | 66.86% | 66.43% | 66.39% | 66.61% | 66.74% | 66.86% | 67.44% | 67.77% | 68.16% | 68.84% | 69.32% | 69.12% | 68.69% | 66.48% | 65.65% | — | — | — | |||||||
| Medtronic PLC | 65.16% | 65.34% | 65.50% | 65.40% | 65.68% | 65.67% | 66.43% | 67.21% | 67.61% | 67.98% | 67.89% | 67.39% | 66.53% | 65.19% | 63.85% | 64.57% | 65.76% | 67.41% | — | — | — | |||||||
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
Gross profit margin = 100
× (Gross profitQ1 2025
+ Gross profitQ4 2024
+ Gross profitQ3 2024
+ Gross profitQ2 2024)
÷ (Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024
+ Revenues, customersQ2 2024)
= 100 × (22,741 + 19,757 + 21,386 + 21,060)
÷ (108,542 + 99,256 + 99,177 + 97,858)
= 20.98%
2 Click competitor name to see calculations.
The financial data reveals several notable trends in gross profit, revenues from customers, and gross profit margin over the analyzed periods.
- Gross Profit
- Gross profit exhibits fluctuations across the quarters without a clear, consistent trend of increase or decrease. It experienced a marked increase from March 2020 (15,369 million) to June 2020 (19,618 million), followed by a substantial decline by September 2020 (15,193 million). Over the subsequent years, gross profit generally oscillated between approximately 15,000 million and 22,000 million, with spikes in March and September 2023, reaching values over 22,000 million. The last recorded quarter, March 2025, shows an increase to 22,741 million after a dip in the previous quarter. This pattern suggests some level of seasonality or cyclical factors influencing gross profit.
- Revenues, Customers
- Revenues demonstrate an overall upward trajectory through the entire period from March 2020 to March 2025. Starting at 64,056 million in early 2020, revenues exhibited moderate volatility early in the data, decreasing slightly by June 2020, then generally increasing thereafter with minor fluctuations. Notably, revenues surpassed 80,000 million from early 2022 onward, with steady growth reaching a peak of 108,542 million by March 2025. This consistent revenue growth indicates expanding business activities or customer base growth over the observed timeframe.
- Gross Profit Margin
- The gross profit margin, available from March 2021 onwards, shows a gradual decline over time. Initially, the margin stood at 25.62% in March 2021 and fluctuated slightly in the subsequent quarters, but the general trend is downward. By March 2025, the margin decreased to 20.98%. This decline in margin despite increasing revenues suggests rising costs relative to revenues or downward pressure on pricing, which may impact profitability if the trend continues.
In summary, while revenues grew significantly over the period, gross profit did not increase proportionally, and the gross profit margin contracted steadily. These trends may indicate increasing cost pressures or competitive challenges affecting profitability, despite expanding sales volumes.
Operating Profit Margin
UnitedHealth Group Inc., operating profit margin calculation (quarterly data)
| 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 | 9,119) | 7,773) | 8,708) | 7,875) | 7,931) | 7,689) | 8,526) | 8,057) | 8,086) | 6,891) | 7,462) | 7,132) | 6,950) | 5,541) | 5,712) | 5,978) | 6,739) | 3,517) | 4,651) | 9,241) | 4,996) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 8.27% | 8.17% | 8.28% | 8.40% | 8.58% | 8.80% | 8.86% | 8.83% | 8.87% | 8.83% | 8.65% | 8.32% | 8.19% | 8.40% | 7.91% | 7.73% | 9.24% | 8.76% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 16.84% | 16.27% | 16.24% | 15.92% | 15.76% | 16.15% | 15.02% | 15.23% | 16.77% | 19.16% | 20.95% | 22.42% | 20.73% | 19.56% | 20.04% | 18.46% | 17.97% | 15.48% | — | — | — | |||||||
| CVS Health Corp. | 2.55% | 2.30% | 2.59% | 3.42% | 3.49% | 3.85% | 4.04% | 1.88% | 2.33% | 2.41% | 2.02% | 4.35% | 4.39% | 4.54% | 4.75% | 4.93% | 5.19% | 5.19% | — | — | — | |||||||
| Elevance Health Inc. | 4.07% | 4.16% | 4.55% | 4.76% | 4.64% | 4.47% | 4.58% | 4.96% | 4.99% | 4.94% | 5.01% | 5.07% | 5.10% | 5.15% | 4.91% | 3.68% | 4.83% | 4.97% | — | — | — | |||||||
| Intuitive Surgical Inc. | 28.20% | 28.12% | 26.24% | 25.79% | 25.26% | 24.80% | 24.66% | 24.34% | 24.21% | 25.35% | 27.05% | 28.48% | 30.69% | 31.89% | 32.55% | 31.27% | 26.01% | 24.09% | — | — | — | |||||||
| Medtronic PLC | 15.82% | 15.89% | 17.50% | 17.41% | 17.83% | 17.56% | 18.17% | 19.02% | 19.37% | 18.15% | 17.89% | 16.68% | 14.78% | 14.89% | 11.44% | 12.77% | 14.25% | 16.57% | — | — | — | |||||||
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
Operating profit margin = 100
× (Earnings from operationsQ1 2025
+ Earnings from operationsQ4 2024
+ Earnings from operationsQ3 2024
+ Earnings from operationsQ2 2024)
÷ (Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024
+ Revenues, customersQ2 2024)
= 100 × (9,119 + 7,773 + 8,708 + 7,875)
÷ (108,542 + 99,256 + 99,177 + 97,858)
= 8.27%
2 Click competitor name to see calculations.
The financial data reveals several notable trends concerning earnings, revenues, and operating profit margins over the observed quarterly periods.
- Earnings from Operations
- Earnings display a pattern of fluctuation with an overall upward trajectory across the entire period. Initially, earnings show variability with a peak in the middle of 2020, followed by a decline towards the end of that year. A notable recovery begins in early 2021, where earnings maintain a generally increasing trend with some periodic decreases. From early 2022 onward, earnings consistently rise, reaching higher levels compared to the initial periods, despite some quarter-to-quarter variations. The highest recorded earnings occur in late 2024, indicating growth in operational profitability over the long term.
- Revenues from Customers
- Revenues show a steady and continuous increase throughout the entire timeline. Early fluctuations observed in the initial quarters stabilize into a strong upward trend starting in 2021. This growth suggests an expanding customer base or increased sales volume. The revenue figures nearly double from the starting point in early 2020 to the end of 2024. The consistency in revenue growth displays strong business performance and effective revenue generation strategies.
- Operating Profit Margin
- Operating profit margin data is available from the first quarter of 2021 and remains relatively stable, fluctuating within a narrow range between approximately 7.7% and 9.2%. Margins peak early in the period and show a slight downward trend towards the middle and end of the timeline, but overall maintain a consistent level indicative of effective cost management relative to revenues. The minor fluctuations suggest resilience in profitability even as revenues and earnings grow.
In summary, the company exhibits a pattern of robust revenue growth accompanied by rising earnings from operations, while sustaining stable operating profit margins. This combination indicates improving operational efficiency and effective management in scaling the business over multiple periods.
Net Profit Margin
UnitedHealth Group Inc., net profit margin calculation (quarterly data)
| 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 | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | 4,071) | 4,086) | 4,266) | 4,862) | 2,212) | 3,172) | 6,637) | 3,382) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 5.46% | 3.65% | 3.68% | 3.70% | 4.09% | 6.09% | 6.09% | 6.11% | 6.21% | 6.25% | 6.21% | 5.99% | 5.91% | 6.06% | 5.56% | 5.37% | 6.46% | 6.03% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 31.89% | 31.95% | 13.99% | 13.65% | 13.96% | 14.27% | 12.92% | 12.83% | 13.98% | 15.88% | 17.52% | 18.78% | 17.35% | 16.42% | 17.12% | 15.85% | 15.33% | 12.99% | — | — | — | |||||||
| CVS Health Corp. | 1.40% | 1.24% | 1.37% | 1.99% | 2.04% | 2.34% | 2.48% | 0.86% | 1.20% | 1.29% | 1.00% | 2.66% | 2.68% | 2.72% | 2.67% | 2.60% | 2.74% | 2.68% | — | — | — | |||||||
| Elevance Health Inc. | 3.26% | 3.41% | 3.72% | 3.93% | 3.66% | 3.52% | 3.63% | 3.89% | 3.89% | 3.87% | 4.09% | 4.13% | 4.37% | 4.46% | 4.17% | 3.32% | 3.82% | 3.78% | — | — | — | |||||||
| Intuitive Surgical Inc. | 28.41% | 27.81% | 28.51% | 27.65% | 27.16% | 25.24% | 22.14% | 21.38% | 20.40% | 21.25% | 22.52% | 24.05% | 27.84% | 29.85% | 30.78% | 31.43% | 25.78% | 24.33% | — | — | — | |||||||
| Medtronic PLC | 12.05% | 11.36% | 13.00% | 12.84% | 11.47% | 12.03% | 13.20% | 14.03% | 16.75% | 15.90% | 15.46% | 14.79% | 12.29% | 11.97% | 10.36% | 12.69% | 15.80% | 16.56% | — | — | — | |||||||
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 profit margin = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2024)
÷ (Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024
+ Revenues, customersQ2 2024)
= 100 × (6,292 + 5,543 + 6,055 + 4,216)
÷ (108,542 + 99,256 + 99,177 + 97,858)
= 5.46%
2 Click competitor name to see calculations.
The financial data reveals several key trends over the presented periods. Revenues generally exhibit a growth trajectory, increasing from approximately $64 billion in the first quarter of 2020 to over $108 billion by the first quarter of 2025. This indicates a sustained expansion in the company's customer base and sales volume.
Net earnings attributable to common shareholders show fluctuations with a notable peak in the second quarter of 2020, followed by a dip in the last quarter of 2023 with a negative figure of approximately -$1.4 billion. Subsequently, earnings recover, reaching a high of nearly $6.3 billion in the first quarter of 2025. These variations suggest periods of exceptional gains possibly due to non-recurring items or operational challenges impacting quarterly profitability.
The net profit margin data, available intermittently, reflects moderate stability, mostly hovering around the 5.5% to 6.5% range during the earlier periods up to 2022. However, starting in early 2024, margins decline to levels as low as approximately 3.65%, indicating either increased costs, pressure on pricing, or other profitability constraints. A rebound to 5.46% is observed by the first quarter of 2025, suggesting an improvement in operational efficiency or revenue quality.
- Revenue Trends
- Steady growth is evident over the five-year span, demonstrating consistent market demand and customer acquisition.
- Net Earnings Behavior
- Despite overall growth, net earnings fluctuate significantly, with a sharp decline into negative territory near the end of 2023, followed by recovery, which indicates episodic volatility in earnings performance.
- Profitability Margins
- Margins remain relatively stable for the initial periods but show a notable decline starting in 2024 before partially recovering, implying evolving cost structures or competitive dynamics impacting profitability.
Overall, the data suggests a company experiencing strong top-line growth with periodic challenges affecting bottom-line results and profit margins, highlighting the importance of monitoring cost management and operational efficiency to sustain profitability.
Return on Equity (ROE)
UnitedHealth Group Inc., ROE calculation (quarterly data)
| 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 | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | 4,071) | 4,086) | 4,266) | 4,862) | 2,212) | 3,172) | 6,637) | 3,382) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 23.26% | 15.55% | 15.14% | 15.78% | 17.72% | 25.22% | 25.67% | 25.63% | 25.46% | 25.87% | 26.03% | 25.07% | 23.98% | 24.09% | 21.95% | 21.03% | 25.42% | 23.52% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 27.66% | 28.12% | 14.49% | 14.13% | 14.51% | 14.83% | 13.77% | 13.88% | 15.68% | 18.90% | 22.11% | 23.44% | 21.82% | 19.75% | 21.04% | 18.86% | 17.06% | 13.71% | — | — | — | |||||||
| CVS Health Corp. | 6.86% | 6.11% | 6.69% | 9.60% | 9.90% | 10.91% | 11.57% | 4.02% | 5.57% | 5.84% | 4.46% | 10.86% | 10.83% | 10.54% | 10.20% | 9.83% | 10.44% | 10.35% | — | — | — | |||||||
| Elevance Health Inc. | 13.92% | 14.47% | 14.66% | 15.86% | 15.38% | 15.23% | 15.82% | 16.78% | 16.62% | 16.59% | 17.26% | 17.04% | 17.36% | 16.93% | 15.44% | 12.10% | 13.92% | 13.77% | — | — | — | |||||||
| Intuitive Surgical Inc. | 14.47% | 14.13% | 14.39% | 14.23% | 14.24% | 13.51% | 12.10% | 12.00% | 11.70% | 11.98% | 11.97% | 11.93% | 13.58% | 14.32% | 14.80% | 14.97% | 11.56% | 10.90% | — | — | — | |||||||
| Medtronic PLC | 8.19% | 7.32% | 8.11% | 7.97% | 7.07% | 7.30% | 7.90% | 8.33% | 9.88% | 9.59% | 9.35% | 9.05% | 7.54% | 7.01% | 5.70% | 7.05% | 8.77% | 9.44% | — | — | — | |||||||
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
ROE = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2024)
÷ Shareholders’ equity attributable to UnitedHealth Group
= 100 × (6,292 + 5,543 + 6,055 + 4,216)
÷ 95,038 = 23.26%
2 Click competitor name to see calculations.
- Net Earnings (Loss) Attributable to Common Shareholders
- The net earnings exhibited considerable fluctuation over the observed periods. Initially, earnings showed a strong high at $6,637 million in June 2020, followed by a decline reaching $2,212 million by December 2020. Starting from March 2021, earnings generally trended upward with some volatility, peaking at $5,841 million in September 2023. However, a significant negative earnings figure of -$1,409 million was recorded in March 2024, marking an unusual downturn. Subsequently, the earnings rebounded strongly throughout 2024, reaching $6,292 million in March 2025, the highest point observed in the series.
- Shareholders' Equity Attributable to UnitedHealth Group
- Shareholders' equity demonstrated a consistent increasing trend throughout the entire period. Starting at approximately $56,977 million in March 2020, equity rose steadily each quarter, reaching a peak around $95,038 million by March 2025. Minor declines occurred sporadically, such as in June 2024 and March 2025, but overall equity growth remained strong and continuous, indicating sustained capital accumulation and retained earnings growth over time.
- Return on Equity (ROE)
- Return on equity data started to be reported from December 2020 and showed consistently high values initially, ranging between approximately 21% and 26% through late 2023. This suggests a highly profitable period relative to shareholders' equity. Beginning in early 2024, ROE declined significantly to a low of about 15.14% by September 2024, corresponding closely with the period of reported negative net earnings. A recovery in ROE was noted by March 2025 with a rebound back up to 23.26%, aligning with the resurgence in net earnings during the same timeframe.
- Overall Insights
- The financial data reflect robust growth in shareholders' equity coupled with volatile net earnings throughout the five-year timeframe. Periods of substantial profitability yielded high and stable ROE, while the presence of a notable loss in early 2024 temporarily depressed both earnings and ROE. The prompt recovery following this loss indicates resilient business operations and effective management of equity capital to restore profitability. The steady increase in equity suggests ongoing reinvestment and financial strength despite income volatility.
Return on Assets (ROA)
UnitedHealth Group Inc., ROA calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | 4,071) | 4,086) | 4,266) | 4,862) | 2,212) | 3,172) | 6,637) | 3,382) | |||||||
| 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) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 7.14% | 4.83% | 4.78% | 4.93% | 5.40% | 8.18% | 7.69% | 7.53% | 7.30% | 8.19% | 7.99% | 7.93% | 7.89% | 8.15% | 7.24% | 6.90% | 8.23% | 7.81% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 16.58% | 16.46% | 7.76% | 7.61% | 7.77% | 7.82% | 7.16% | 7.04% | 7.87% | 9.31% | 10.84% | 11.53% | 10.44% | 9.40% | 9.82% | 8.70% | 7.86% | 6.20% | — | — | — | |||||||
| CVS Health Corp. | 2.07% | 1.82% | 1.99% | 2.85% | 2.93% | 3.34% | 3.42% | 1.17% | 1.66% | 1.82% | 1.36% | 3.55% | 3.43% | 3.39% | 3.23% | 3.12% | 3.22% | 3.11% | — | — | — | |||||||
| Elevance Health Inc. | 4.94% | 5.12% | 5.51% | 5.92% | 5.58% | 5.50% | 5.50% | 5.87% | 5.69% | 5.86% | 6.03% | 6.05% | 6.21% | 6.26% | 5.63% | 4.40% | 4.93% | 5.28% | — | — | — | |||||||
| Intuitive Surgical Inc. | 12.88% | 12.39% | 12.64% | 12.57% | 12.56% | 11.64% | 10.31% | 10.25% | 10.05% | 10.19% | 10.39% | 10.47% | 12.02% | 12.58% | 13.06% | 13.20% | 10.17% | 9.50% | — | — | — | |||||||
| Medtronic PLC | 4.38% | 4.09% | 4.63% | 4.55% | 3.99% | 4.13% | 4.32% | 4.63% | 5.79% | 5.54% | 5.35% | 5.13% | 4.23% | 3.87% | 2.97% | 3.69% | 4.70% | 5.28% | — | — | — | |||||||
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
ROA = 100
× (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2024)
÷ Total assets
= 100 × (6,292 + 5,543 + 6,055 + 4,216)
÷ 309,790 = 7.14%
2 Click competitor name to see calculations.
The data reveals several notable trends in the financial performance and position over the observed periods.
- Net Earnings (Loss) attributable to common shareholders
- There is a significant fluctuation over the timeline, with earnings initially increasing from 3,382 million in March 2020 to a peak of 6,637 million in June 2020, followed by a decline to lower values around the end of 2020. Subsequently, earnings generally trend upward, consistently exceeding 4,000 million from early 2021 through 2023, with occasional variations. Notably, the earnings turn negative to -1,409 million in March 2024, marking a sharp deviation from the prior positive performance, before rebounding again in subsequent quarters, reaching 6,292 million by March 2025. This volatility suggests periods of both strong profitability and transient challenges affecting earnings.
- Total Assets
- Total assets demonstrate a steady and generally increasing trend over the full period. Starting at 189,067 million in March 2020, assets increase progressively, crossing 200,000 million in early 2021, and reaching beyond 280,000 million from 2023 onward. The data shows slight fluctuations but maintains an upward trajectory, culminating at 309,790 million by March 2025. This growth indicates an expansion in the company's asset base, potentially reflecting investments, acquisitions, or organic growth.
- Return on Assets (ROA)
- Data for ROA begins appearing only in late 2020 and shows a relatively high performance in the range of approximately 6.9% to 8.23% through early 2023. There is a noticeable decline starting in 2024, with ROA falling to a low of about 4.78% in September 2024 before improving slightly to 7.14% at the start of 2025. The dip in ROA aligns temporally with the period when net earnings experienced a negative value, highlighting a temporary decrease in asset efficiency or profitability during that time frame.
In summary, the company exhibits strong asset growth accompanied by earnings variability, including a sharp negative earnings period in early 2024. The ROA trend reflects these earnings fluctuations, with a decline and subsequent recovery evident. Overall, the data points to a broadly expanding asset base with episodic challenges in profitability and efficiency that warrant close monitoring.