UnitedHealth Group Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net earnings attributable to UnitedHealth Group common shareholders	14,405)	22,381)	20,120)	17,285)	15,403)
Earnings attributable to noncontrolling interests	837)	763)	519)	447)	366)
Net noncash charges	9,770)	4,281)	3,321)	3,089)	3,510)
Net change in other operating items, net of effects from acquisitions and dispositions	(808)	1,643)	2,246)	1,522)	2,895)
Cash flows from operating activities	24,204)	29,068)	26,206)	22,343)	22,174)
Purchases of property, equipment and capitalized software	(3,499)	(3,386)	(2,802)	(2,454)	(2,051)
Repayments of long-term debt	(3,000)	(2,125)	(3,015)	(3,150)	(3,150)
Proceeds from (repayments of) short-term borrowings, net	(151)	11)	732)	(1,302)	872)
Proceeds from issuance of long-term debt	17,811)	6,394)	14,819)	6,933)	4,864)
Free cash flow to equity (FCFE)	35,365)	29,962)	35,940)	22,370)	22,709)

Based on: 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), 10-K (reporting date: 2020-12-31).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to UnitedHealth Group Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	UnitedHealth Group Inc. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

UnitedHealth Group Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	907,140,441
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	35,365)
FCFE per share	38.99
Current share price (P)	321.58
Valuation Ratio
P/FCFE	8.25
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	40.46
CVS Health Corp.	7.08
Elevance Health Inc.	8.67
Intuitive Surgical Inc.	153.16
Medtronic PLC	17.66
P/FCFE, Sector
Health Care Equipment & Services	14.26
P/FCFE, Industry
Health Care	16.77

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

UnitedHealth Group Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	914,712,333	921,934,109	932,846,602	940,899,146	945,319,404
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	35,365)	29,962)	35,940)	22,370)	22,709)
FCFE per share³	38.66	32.50	38.53	23.78	24.02
Share price^1, 4	468.56	498.28	484.33	478.23	334.65
Valuation Ratio
P/FCFE⁵	12.12	15.33	12.57	20.11	13.93
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	40.25	76.56	26.11	24.52	38.42
CVS Health Corp.	7.00	5.22	12.36	21.23	11.93
Elevance Health Inc.	8.26	16.04	14.26	11.07	7.75
Intuitive Surgical Inc.	156.44	177.77	89.67	58.39	81.15
Medtronic PLC	16.39	29.20	19.71	38.91	23.06
P/FCFE, Sector
Health Care Equipment & Services	16.05	17.79	15.91	22.03	17.62
P/FCFE, Industry
Health Care	18.69	17.15	18.11	18.05	17.25

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 35,365,000,000 ÷ 914,712,333 = 38.66

⁴ Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 468.56 ÷ 38.66 = 12.12

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	UnitedHealth Group Inc. P/FCFE ratio increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

UnitedHealth Group Inc. (NYSE:UNH)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical