Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Short-term Activity Ratios (Summary)
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Receivable Collection Period
Average Payables Payment Period

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

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Turnover Ratios
Receivables turnover	20.32	19.75	20.92	22.57	23.98
Payables turnover	8.51	8.67	8.63	8.63	8.38
Working capital turnover	—	—	—	—	—
Average No. Days
Average receivable collection period	18	18	17	16	15
Average payables payment period	43	42	42	42	44

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

Short-term activity ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	UnitedHealth Group Inc.’s receivables turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	UnitedHealth Group Inc.’s payables turnover ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.

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., receivables turnover calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Revenues	240,269	224,871	200,136	184,012	156,397
Accounts receivable, net of allowances	11,822	11,388	9,568	8,152	6,523
Short-term Activity Ratio
Receivables turnover¹	20.32	19.75	20.92	22.57	23.98
Benchmarks
Receivables Turnover, Competitors²
Becton, Dickinson & Co.	7.37	6.89	6.93	7.72	6.35
Boston Scientific Corp.	5.87	6.11	5.84	5.70	5.86
Danaher Corp.	5.61	5.70	5.20	5.30	5.19
Edwards Lifesciences Corp.	8.00	8.15	8.15	8.11	7.91
Intuitive Surgical Inc.	6.94	5.46	6.11	6.29	6.05
Medtronic PLC	4.91	5.00	5.31	5.18	3.96
Stryker Corp.	5.14	5.83	5.66	5.76	5.98
Thermo Fisher Scientific Inc.	5.87	5.89	5.39	5.99	6.67
Receivables Turnover, Sector
Health Care Equipment & Services	10.82	10.68	10.67	11.08	10.54
Receivables Turnover, Industry
Health Care	7.37	7.45	7.29	7.57	7.30

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

¹ 2019 Calculation
Receivables turnover = Revenues ÷ Accounts receivable, net of allowances
= 240,269 ÷ 11,822 = 20.32

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.’s receivables turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

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

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Cost of revenues	184,557	172,401	154,148	141,454	120,081
Medical costs payable	21,690	19,891	17,871	16,391	14,330
Short-term Activity Ratio
Payables turnover¹	8.51	8.67	8.63	8.63	8.38
Benchmarks
Payables Turnover, Competitors²
Becton, Dickinson & Co.	8.24	7.89	7.72	9.76	8.85
Boston Scientific Corp.	5.75	8.06	4.89	5.42	10.40
Danaher Corp.	5.23	5.13	5.39	5.08	4.78
Edwards Lifesciences Corp.	6.18	7.01	7.51	8.21	9.66
Intuitive Surgical Inc.	11.08	11.12	11.33	11.89	15.33
Medtronic PLC	4.69	5.56	5.37	5.35	3.92
Stryker Corp.	7.69	7.22	8.77	8.76	8.16
Thermo Fisher Scientific Inc.	7.40	8.36	8.03	10.69	11.20
Payables Turnover, Sector
Health Care Equipment & Services	7.94	8.17	8.06	8.21	7.83
Payables Turnover, Industry
Health Care	5.76	5.98	5.79	5.95	5.73

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

¹ 2019 Calculation
Payables turnover = Cost of revenues ÷ Medical costs payable
= 184,557 ÷ 21,690 = 8.51

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.’s payables turnover ratio increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.

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

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Current assets	42,634	38,692	37,084	33,879	31,639
Less: Current liabilities	61,782	53,209	50,463	49,252	42,898
Working capital	(19,148)	(14,517)	(13,379)	(15,373)	(11,259)

Revenues	240,269	224,871	200,136	184,012	156,397
Short-term Activity Ratio
Working capital turnover¹	—	—	—	—	—
Benchmarks
Working Capital Turnover, Competitors²
Becton, Dickinson & Co.	17.14	81.96	0.79	6.35	6.20
Boston Scientific Corp.	—	—	—	—	7.18
Danaher Corp.	0.87	8.83	8.91	—	12.34
Edwards Lifesciences Corp.	2.09	2.64	3.04	1.74	1.59
Intuitive Surgical Inc.	1.23	1.06	1.49	1.02	1.40
Medtronic PLC	2.26	2.32	2.79	1.75	0.93
Stryker Corp.	2.14	2.76	2.76	2.40	2.24
Thermo Fisher Scientific Inc.	4.48	5.44	8.82	8.48	10.64
Working Capital Turnover, Sector
Health Care Equipment & Services	10.69	24.89	13.50	20.86	10.24
Working Capital Turnover, Industry
Health Care	5.19	5.10	4.22	3.64	3.61

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

¹ 2019 Calculation
Working capital turnover = Revenues ÷ Working capital
= 240,269 ÷ -19,148 = —

² Click competitor name to see calculations.

Short-term activity ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.

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

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data
Receivables turnover	20.32	19.75	20.92	22.57	23.98
Short-term Activity Ratio (no. days)
Average receivable collection period¹	18	18	17	16	15
Benchmarks (no. days)
Average Receivable Collection Period, Competitors²
Becton, Dickinson & Co.	50	53	53	47	57
Boston Scientific Corp.	62	60	62	64	62
Danaher Corp.	65	64	70	69	70
Edwards Lifesciences Corp.	46	45	45	45	46
Intuitive Surgical Inc.	53	67	60	58	60
Medtronic PLC	74	73	69	70	92
Stryker Corp.	71	63	64	63	61
Thermo Fisher Scientific Inc.	62	62	68	61	55
Average Receivable Collection Period, Sector
Health Care Equipment & Services	34	34	34	33	35
Average Receivable Collection Period, Industry
Health Care	50	49	50	48	50

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

¹ 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 20.32 = 18

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.

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

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data
Payables turnover	8.51	8.67	8.63	8.63	8.38
Short-term Activity Ratio (no. days)
Average payables payment period¹	43	42	42	42	44
Benchmarks (no. days)
Average Payables Payment Period, Competitors²
Becton, Dickinson & Co.	44	46	47	37	41
Boston Scientific Corp.	64	45	75	67	35
Danaher Corp.	70	71	68	72	76
Edwards Lifesciences Corp.	59	52	49	44	38
Intuitive Surgical Inc.	33	33	32	31	24
Medtronic PLC	78	66	68	68	93
Stryker Corp.	47	51	42	42	45
Thermo Fisher Scientific Inc.	49	44	45	34	33
Average Payables Payment Period, Sector
Health Care Equipment & Services	46	45	45	44	47
Average Payables Payment Period, Industry
Health Care	63	61	63	61	64

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-09).

¹ 2019 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.51 = 43

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. (NYSE:UNH)

Analysis of Short-term (Operating) Activity Ratios

Short-term Activity Ratios (Summary)

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Receivable Collection Period

Average Payables Payment Period