UnitedHealth Group Inc., current enterprise value calculation

Current share price (P)	$308.49
No. shares of common stock outstanding	905,673,625
US$ in millions
Common equity (market value)¹	279,391)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)	—)
Add: Nonredeemable noncontrolling interests (per books)	5,610)
Total equity	285,001)
Add: Short-term borrowings and current maturities of long-term debt (per books)	4,545)
Add: Long-term debt, less current maturities (per books)	72,359)
Total equity and debt	361,905)
Less: Cash and cash equivalents	25,312)
Less: Short-term investments	3,801)
Less: Assets under management	—)
Enterprise value (EV)	332,792)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 308.49 × 905,673,625

UnitedHealth Group Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$468.56	$498.28	$484.33	$478.23	$334.65
No. shares of common stock outstanding¹	914,712,333	921,934,109	932,846,602	940,899,146	945,319,404
US$ in millions
Common equity (market value)³	428,598)	459,381)	451,806)	449,966)	316,351)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Nonredeemable noncontrolling interests (book value)	5,610)	5,665)	3,678)	3,285)	2,837)
Total equity	434,208)	465,046)	455,484)	453,251)	319,188)
Add: Short-term borrowings and current maturities of long-term debt (book value)	4,545)	4,274)	3,110)	3,620)	4,819)
Add: Long-term debt, less current maturities (book value)	72,359)	58,263)	54,513)	42,383)	38,648)
Total equity and debt	511,112)	527,583)	513,107)	499,254)	362,655)
Less: Cash and cash equivalents	25,312)	25,427)	23,365)	21,375)	16,921)
Less: Short-term investments	3,801)	4,201)	4,546)	2,532)	2,860)
Less: Assets under management	—)	3,755)	4,087)	4,449)	4,076)
Enterprise value (EV)	481,999)	494,200)	481,109)	470,898)	338,798)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 468.56 × 914,712,333

Common Equity (Market Value): The common equity market value showed a significant increase from 316,351 million USD in 2020 to a peak of 459,381 million USD in 2023. However, there was a notable decline in 2024 to 428,598 million USD, indicating a downward adjustment after a period of growth.
Total Equity: Total equity mirrored the pattern of common equity, increasing steadily from 319,188 million USD in 2020 to 465,046 million USD in 2023. In 2024, it decreased to 434,208 million USD, aligning with the drop in common equity and suggesting a reduction in overall shareholder equity.
Total Equity and Debt: Total combined equity and debt expanded from 362,655 million USD in 2020 to a peak of 527,583 million USD in 2023, reflecting increased leverage or capital raising activities. This was followed by a decline to 511,112 million USD in 2024, indicating a contraction in total capital employed.
Enterprise Value (EV): The enterprise value rose steadily from 338,798 million USD in 2020 to 494,200 million USD in 2023, signifying growth in the company's overall valuation considering market capitalization and debt. In 2024, EV decreased slightly to 481,999 million USD, consistent with the declines observed in equity and total capital.

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UnitedHealth Group Inc. (NYSE:UNH)

Enterprise Value (EV)