UnitedHealth Group Inc., current enterprise value calculation

Current share price (P)	$272.28
No. shares of common stock outstanding	907,675,839
US$ in millions
Common equity (market value)¹	247,142)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)	—)
Add: Nonredeemable noncontrolling interests (per books)	5,980)
Total equity	253,122)
Add: Short-term borrowings and current maturities of long-term debt (per books)	6,069)
Add: Long-term debt, less current maturities (per books)	72,320)
Total equity and debt	331,511)
Less: Cash and cash equivalents	24,365)
Less: Short-term investments	3,756)
Less: Assets under management	—)
Enterprise value (EV)	303,390)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 272.28 × 907,675,839

UnitedHealth Group Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$294.93	$468.56	$498.28	$484.33	$478.23
No. shares of common stock outstanding¹	907,675,839	914,712,333	921,934,109	932,846,602	940,899,146
US$ in millions
Common equity (market value)³	267,701)	428,598)	459,381)	451,806)	449,966)
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Add: Nonredeemable noncontrolling interests (book value)	5,980)	5,610)	5,665)	3,678)	3,285)
Total equity	273,681)	434,208)	465,046)	455,484)	453,251)
Add: Short-term borrowings and current maturities of long-term debt (book value)	6,069)	4,545)	4,274)	3,110)	3,620)
Add: Long-term debt, less current maturities (book value)	72,320)	72,359)	58,263)	54,513)	42,383)
Total equity and debt	352,070)	511,112)	527,583)	513,107)	499,254)
Less: Cash and cash equivalents	24,365)	25,312)	25,427)	23,365)	21,375)
Less: Short-term investments	3,756)	3,801)	4,201)	4,546)	2,532)
Less: Assets under management	—)	—)	3,755)	4,087)	4,449)
Enterprise value (EV)	323,949)	481,999)	494,200)	481,109)	470,898)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

¹ Data adjusted for splits and stock dividends.

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

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 294.93 × 907,675,839

An examination of the financial information reveals trends in the company’s valuation metrics between 2021 and 2025. Enterprise value exhibited an initial increase followed by a decline, while components contributing to its calculation also demonstrated distinct patterns.

Enterprise Value Trend: Enterprise value increased from US$470,898 million in 2021 to US$494,200 million in 2023, representing a compound annual growth rate of approximately 4.6%. However, a subsequent decrease is observed, with enterprise value falling to US$481,999 million in 2024 and further declining to US$323,949 million in 2025. This represents a significant contraction in valuation over the latter period.
Common Equity (Market Value) Analysis: Common equity (market value) showed modest growth from US$449,966 million in 2021 to US$459,381 million in 2023. A substantial decrease is then apparent, with values dropping to US$428,598 million in 2024 and US$267,701 million in 2025. This decline parallels the trend in enterprise value, suggesting market capitalization is a key driver of the overall valuation change.
Total Equity and Debt: Total equity and debt increased from US$499,254 million in 2021 to US$527,583 million in 2023, indicating increasing leverage or equity funding. Similar to other metrics, a decrease is observed in 2024 (US$511,112 million) and a more pronounced decline in 2025 (US$352,070 million). The magnitude of the decrease in 2025 is larger than the decrease in enterprise value, suggesting a potential shift in the capital structure.
Total Equity: Total equity followed a similar pattern to total equity and debt, increasing from US$453,251 million in 2021 to US$465,046 million in 2023, before decreasing to US$434,208 million in 2024 and US$273,681 million in 2025. The proportional decrease in total equity mirrors that of common equity, indicating a broad-based reduction in the company’s net worth as reflected on the balance sheet.

The observed trends suggest a period of initial growth followed by a significant contraction in valuation and underlying equity components. The decline in enterprise value from 2023 to 2025 is particularly noteworthy and warrants further investigation into the underlying factors driving this change.

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UnitedHealth Group Inc. (NYSE:UNH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)