Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Enterprise Value (EV)

Microsoft Excel

Current Enterprise Value (EV)

UnitedHealth Group Inc., current enterprise value calculation

Microsoft Excel
Current share price (P) $493.10
No. shares of common stock outstanding 921,934,109
US$ in millions
Common equity (market value)1 454,606
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (per books)
Add: Nonredeemable noncontrolling interests (per books) 5,665
Total equity 460,271
Add: Short-term borrowings and current maturities of long-term debt (per books) 4,274
Add: Long-term debt, less current maturities (per books) 58,263
Total equity and debt 522,808
Less: Cash and cash equivalents 25,427
Less: Short-term investments 4,201
Less: Assets under management 3,755
Enterprise value (EV) 489,425

Based on: 10-K (reporting date: 2023-12-31).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 493.10 × 921,934,109


Historical Enterprise Value (EV)

UnitedHealth Group Inc., EV calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Share price1, 2 $498.28 $484.33 $478.23 $334.65 $298.78
No. shares of common stock outstanding1 921,934,109 932,846,602 940,899,146 945,319,404 948,573,372
US$ in millions
Common equity (market value)3 459,381 451,806 449,966 316,351 283,415
Add: Preferred stock, $0.001 par value; no shares issued or outstanding (book value)
Add: Nonredeemable noncontrolling interests (book value) 5,665 3,678 3,285 2,837 2,820
Total equity 465,046 455,484 453,251 319,188 286,235
Add: Short-term borrowings and current maturities of long-term debt (book value) 4,274 3,110 3,620 4,819 3,870
Add: Long-term debt, less current maturities (book value) 58,263 54,513 42,383 38,648 36,808
Total equity and debt 527,583 513,107 499,254 362,655 326,913
Less: Cash and cash equivalents 25,427 23,365 21,375 16,921 10,985
Less: Short-term investments 4,201 4,546 2,532 2,860 3,260
Less: Assets under management 3,755 4,087 4,449 4,076 3,076
Enterprise value (EV) 494,200 481,109 470,898 338,798 309,592

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

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

3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 498.28 × 921,934,109

Item Description The company
EV Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments. UnitedHealth Group Inc. EV increased from 2021 to 2022 and from 2022 to 2023.