Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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UnitedHealth Group Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Current Valuation Ratios
UnitedHealth Group Inc., current price multiples
| UnitedHealth Group Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | Health Care Equipment & Services | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price-earnings-growth (PEG) | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
UnitedHealth Group Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios demonstrate consistent shifts over the five-year period. Generally, the metrics indicate decreasing valuation multiples from 2021 through 2023, followed by increases in 2024, and a subsequent decline in projected values for 2025.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased from 26.03 in 2021 to 20.53 in 2023, suggesting a declining investor willingness to pay for each dollar of earnings. An increase to 29.75 was observed in 2024, potentially reflecting improved earnings expectations or market sentiment. However, a projected decrease to 22.20 in 2025 indicates a potential moderation of this valuation.
- Price to Operating Profit (P/OP)
- A steady decline in the Price to Operating Profit ratio is evident, moving from 18.77 in 2021 to 14.20 in 2023. This suggests investors were paying less for each dollar of operating profit. The ratio increased to 13.27 in 2024, but is projected to rise again to 14.12 in 2025, indicating a potential stabilization or slight re-evaluation of operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio exhibits the most significant downward trend, decreasing from 1.58 in 2021 to a projected 0.60 in 2025. This substantial reduction suggests a considerable decrease in the price investors are willing to pay for each dollar of revenue, potentially indicating increased competition or slowing revenue growth expectations. The decrease was consistent year-over-year.
- Price to Book Value (P/BV)
- The Price to Book Value ratio also demonstrates a consistent downward trend, declining from 6.27 in 2021 to a projected 2.84 in 2025. This indicates a decreasing premium investors are assigning to the net asset value of the company. The rate of decline appears to accelerate towards the end of the period.
Collectively, these ratios suggest a decreasing valuation across multiple metrics from 2021 to 2023, a partial recovery in 2024, and a projected further decline in 2025. This pattern warrants further investigation into the underlying drivers of these changes, including earnings growth, profitability, revenue trends, and overall market conditions.
Price to Earnings (P/E)
UnitedHealth Group Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net earnings attributable to UnitedHealth Group common shareholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| P/E Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/E Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
EPS = Net earnings attributable to UnitedHealth Group common shareholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited fluctuating behavior over the five-year period. Initially, the ratio decreased from 26.03 in 2021 to 22.46 in 2022, followed by a further decline to 20.53 in 2023. A notable increase was then observed in 2024, with the P/E ratio rising to 29.75. This upward trend reversed in 2025, as the ratio decreased to 22.20.
- Share Price Trend
- The share price demonstrated an initial increase from US$478.23 in 2021 to US$484.33 in 2022, and continued to rise to US$498.28 in 2023. However, a significant decline occurred in 2024, with the share price falling to US$468.56. This downward trend accelerated in 2025, resulting in a substantial decrease to US$294.93.
- Earnings Per Share (EPS) Trend
- Earnings per share generally increased from US$18.37 in 2021 to US$24.28 in 2023, indicating improving profitability. This positive trend was interrupted in 2024, with EPS decreasing to US$15.75. The decline continued into 2025, with EPS falling further to US$13.28.
- P/E Ratio and Underlying Components
- The P/E ratio’s fluctuations appear to be influenced by the combined movements of the share price and earnings per share. The increase in the P/E ratio in 2024, despite a decrease in share price, suggests a more substantial decline in earnings per share. Conversely, the decrease in the P/E ratio in 2025, despite a larger share price decrease, indicates that the earnings decline was proportionally greater.
The observed patterns suggest a period of relative stability in valuation followed by increased volatility. The significant changes in both share price and earnings per share in the later years of the period warrant further investigation to understand the underlying drivers of these movements.
Price to Operating Profit (P/OP)
UnitedHealth Group Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Earnings from operations (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| P/OP Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/OP Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
Operating profit per share = Earnings from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the observed period demonstrates a generally decreasing trend, followed by a slight increase in the most recent year. The share price experienced fluctuations, while operating profit per share consistently increased until a decline in the final observed year. These movements collectively influence the P/OP ratio.
- Overall Trend
- The P/OP ratio decreased from 18.77 in 2021 to 13.27 in 2024, indicating that the market was valuing each dollar of operating profit at a lower multiple over this period. However, the ratio increased to 14.12 in 2025, potentially signaling a shift in investor sentiment or expectations.
- Share Price Behavior
- The share price exhibited moderate growth from 2021 to 2023, increasing from US$478.23 to US$498.28. A notable decline occurred in 2024, falling to US$468.56, and a more substantial decrease was observed in 2025, reaching US$294.93. This price volatility impacts the P/OP ratio calculation.
- Operating Profit per Share
- Operating profit per share showed consistent growth from US$25.48 in 2021 to US$35.10 in 2023. This positive trend contributed to a decreasing P/OP ratio during those years, as earnings increased relative to the share price. However, operating profit per share decreased to US$20.89 in 2025, which partially offset the impact of the declining share price on the P/OP ratio.
- P/OP Ratio Dynamics
- The initial decrease in the P/OP ratio from 2021 to 2024 suggests that investors were becoming less willing to pay a premium for each dollar of operating profit, possibly due to changing market conditions or company-specific concerns. The subsequent increase in 2025, despite the significant drop in share price, indicates that the decline in operating profit per share was not proportionally as impactful on investor valuation.
In summary, the P/OP ratio reflects a complex interplay between share price and operating profit per share. The observed trends suggest a period of decreasing valuation followed by a potential stabilization or modest re-evaluation in the final year.
Price to Sales (P/S)
UnitedHealth Group Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues, customers (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| P/S Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/S Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
Sales per share = Revenues, customers ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited a consistent decline over the five-year period. Initially, the ratio stood at 1.58, and subsequently decreased each year to reach 0.60 by the end of 2025. This downward trajectory occurred alongside increasing sales per share, suggesting that the market value of each share grew at a slower rate than the company’s revenue generation on a per-share basis.
- Price-to-Sales Ratio Trend
- From 2021 to 2023, the price-to-sales ratio decreased from 1.58 to 1.25, representing a reduction of approximately 20.9%. This indicates a moderating valuation relative to sales during this period.
- The decline continued from 2023 to 2024, with the ratio falling to 1.08. This suggests a further adjustment in market valuation relative to sales.
- The most significant decrease occurred between 2024 and 2025, where the ratio dropped substantially to 0.60. This represents a 44.4% decrease from the 2024 value and indicates a considerable shift in investor sentiment or expectations regarding the company’s future sales performance.
- Relationship with Sales per Share
- Sales per share consistently increased throughout the period, rising from US$303.19 in 2021 to US$488.77 in 2025. This demonstrates consistent revenue growth on a per-share basis.
- Despite the increasing sales per share, the decreasing price-to-sales ratio suggests that the market did not reward this revenue growth with a proportional increase in the share price. This divergence could be attributed to factors such as changing market conditions, investor perceptions of future growth prospects, or concerns about profitability.
The observed trend suggests a decreasing premium investors were willing to pay for each dollar of sales generated by the company. The substantial drop in the ratio during the final year warrants further investigation to understand the underlying drivers of this change.
Price to Book Value (P/BV)
UnitedHealth Group Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Shareholders’ equity attributable to UnitedHealth Group (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| P/BV Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/BV Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
BVPS = Shareholders’ equity attributable to UnitedHealth Group ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio demonstrates a consistent decline over the five-year period. Initially, the ratio stood at 6.27 in 2021, and subsequently decreased to 2.84 by 2025. This suggests a changing market valuation of the company’s net asset value.
- Price to Book Value (P/BV) Trend
- The P/BV ratio experienced a steady reduction from 6.27 in 2021 to 5.81 in 2022, representing a decrease of approximately 7.7%. A further decline to 5.18 was observed in 2023, followed by a decrease to 4.63 in 2024. The most significant reduction occurred between 2024 and 2025, with the ratio falling to 2.84, a decrease of approximately 38.7% from the prior year.
The share price exhibited fluctuations during the period. While increasing from US$478.23 in 2021 to US$498.28 in 2023, it decreased to US$468.56 in 2024 and experienced a substantial decline to US$294.93 in 2025. This share price volatility, coupled with the increasing book value per share, contributes to the observed downward trend in the P/BV ratio.
- Book Value per Share (BVPS) Trend
- Book value per share consistently increased throughout the period, rising from US$76.27 in 2021 to US$103.68 in 2025. This represents a cumulative increase of approximately 35.9%. The increases were relatively consistent year-over-year, ranging from approximately 9.3% (2022) to 10.7% (2023).
The combined effect of a decreasing P/BV ratio and an increasing book value per share suggests that the market is placing a progressively lower valuation on each dollar of the company’s net assets. This could be due to various factors, including changes in investor sentiment, perceived risk, or broader market conditions. The substantial drop in P/BV in 2025 warrants further investigation to determine the underlying causes.