Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Analysis of Short-term (Operating) Activity Ratios 

Microsoft Excel LibreOffice Calc

Short-term Activity Ratios (Summary)

UnitedHealth Group Inc., short-term (operating) activity ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Turnover Ratios
Receivables turnover 15.91 15.65 16.05 15.64 16.56
Payables turnover 7.63 7.29 7.21 7.31 7.28
Working capital turnover
Average No. Days
Average receivable collection period 23 23 23 23 22
Average payables payment period 48 50 51 50 50

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. UnitedHealth Group Inc. receivables turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. UnitedHealth Group Inc. payables turnover ratio increased from 2019 to 2020 and from 2020 to 2021.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. UnitedHealth Group Inc. number of days of payables outstanding decreased from 2019 to 2020 and from 2020 to 2021.

Receivables Turnover

UnitedHealth Group Inc., receivables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Premiums 226,233  201,478  189,699  178,087  158,453 
Accounts receivable, net of allowances 14,216  12,870  11,822  11,388  9,568 
Short-term Activity Ratio
Receivables turnover1 15.91 15.65 16.05 15.64 16.56
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 6.64 5.40 5.88 5.90 5.22
Anthem Inc. 20.66 19.72 18.20 19.13 23.20
Bristol-Myers Squibb Co. 5.65 5.72 3.89 4.66 4.43
CVS Health Corp. 11.91 12.32 13.04 11.00 14.02
Danaher Corp. 6.36 5.51 5.61 5.70 5.20
Intuitive Surgical Inc. 7.30 6.75 6.94 5.46 6.11
Medtronic PLC 5.51 6.22 4.91 5.00 5.31
Receivables Turnover, Sector
Health Care Equipment & Services 11.31 11.22 11.09 10.53 11.51
Receivables Turnover, Industry
Health Care 8.19 8.12 8.49 8.17 8.44

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Receivables turnover = Premiums ÷ Accounts receivable, net of allowances
= 226,233 ÷ 14,216 = 15.91

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. UnitedHealth Group Inc. receivables turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Payables Turnover

UnitedHealth Group Inc., payables turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Medical costs 186,911  159,396  156,440  145,403  130,036 
Medical costs payable 24,483  21,872  21,690  19,891  17,871 
Short-term Activity Ratio
Payables turnover1 7.63 7.29 7.21 7.31 7.28
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.21 3.80 4.07 4.27 5.14
Anthem Inc. 7.59 7.75 9.25 9.65 9.04
Bristol-Myers Squibb Co. 3.37 4.34 3.30 3.46 2.70
CVS Health Corp. 19.14 19.72 20.13 18.27 17.63
Danaher Corp. 4.48 4.79 5.23 5.13 5.39
Intuitive Surgical Inc. 14.45 18.35 11.08 11.12 11.33
Medtronic PLC 4.98 4.72 4.69 5.56 5.37
Payables Turnover, Sector
Health Care Equipment & Services 9.28 9.33 9.72 9.39 9.26
Payables Turnover, Industry
Health Care 7.61 7.46 7.79 7.58 7.42

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Payables turnover = Medical costs ÷ Medical costs payable
= 186,911 ÷ 24,483 = 7.63

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. UnitedHealth Group Inc. payables turnover ratio increased from 2019 to 2020 and from 2020 to 2021.

Working Capital Turnover

UnitedHealth Group Inc., working capital turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Current assets 61,758  53,718  42,634  38,692  37,084 
Less: Current liabilities 78,292  72,420  61,782  53,209  50,463 
Working capital (16,534) (18,702) (19,148) (14,517) (13,379)
 
Premiums 226,233  201,478  189,699  178,087  158,453 
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 3.87 4.06 6.64 5.44 2.44
Anthem Inc. 7.23 6.39 6.11 6.91 6.48
Bristol-Myers Squibb Co. 3.95 3.72 2.28 3.32 3.64
CVS Health Corp. 157.15 318.01
Danaher Corp. 8.40 3.48 0.87 8.83 8.91
Intuitive Surgical Inc. 1.22 0.77 1.23 1.06 1.49
Medtronic PLC 2.15 2.48 2.26 2.32 2.79
Working Capital Turnover, Sector
Health Care Equipment & Services 21.48 19.96 13.85 18.86 16.68
Working Capital Turnover, Industry
Health Care 11.05 11.19 7.23 6.36 5.91

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Working capital turnover = Premiums ÷ Working capital
= 226,233 ÷ -16,534 =

2 Click competitor name to see calculations.


Average Receivable Collection Period

UnitedHealth Group Inc., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Receivables turnover 15.91 15.65 16.05 15.64 16.56
Short-term Activity Ratio (no. days)
Average receivable collection period1 23 23 23 23 22
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 55 68 62 62 70
Anthem Inc. 18 19 20 19 16
Bristol-Myers Squibb Co. 65 64 94 78 82
CVS Health Corp. 31 30 28 33 26
Danaher Corp. 57 66 65 64 70
Intuitive Surgical Inc. 50 54 53 67 60
Medtronic PLC 66 59 74 73 69
Average Receivable Collection Period, Sector
Health Care Equipment & Services 32 33 33 35 32
Average Receivable Collection Period, Industry
Health Care 45 45 43 45 43

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 15.91 = 23

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Average Payables Payment Period

UnitedHealth Group Inc., average payables payment period calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data
Payables turnover 7.63 7.29 7.21 7.31 7.28
Short-term Activity Ratio (no. days)
Average payables payment period1 48 50 51 50 50
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 87 96 90 85 71
Anthem Inc. 48 47 39 38 40
Bristol-Myers Squibb Co. 108 84 110 105 135
CVS Health Corp. 19 19 18 20 21
Danaher Corp. 82 76 70 71 68
Intuitive Surgical Inc. 25 20 33 33 32
Medtronic PLC 73 77 78 66 68
Average Payables Payment Period, Sector
Health Care Equipment & Services 39 39 38 39 39
Average Payables Payment Period, Industry
Health Care 48 49 47 48 49

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 2021 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 7.63 = 48

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. UnitedHealth Group Inc. number of days of payables outstanding decreased from 2019 to 2020 and from 2020 to 2021.