Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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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- Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
UnitedHealth Group Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a generally fluctuating trend over the observed periods. Starting at 23.06 in the first quarter of 2021, it increased towards mid-2024, peaking at 36.59, indicating heightened market valuation relative to earnings during that period. However, from late 2024 through 2025, the ratio declined sharply to as low as 10.73 in mid-2025 before rebounding moderately to 17.59 by the third quarter of 2025. This volatility suggests changing investor sentiment and possibly varying earnings performance or market expectations.
- Price to Operating Profit (P/OP) Ratio
- The price to operating profit ratio mirrored a similar pattern to the P/E ratio, starting at 16.12 in early 2021 and rising to a high of approximately 19.96 in mid-2022. A gradual decline occurred thereafter, reaching as low as 7.43 by mid-2025, followed by a mild increase to 11.74 by the third quarter of 2025. This pattern may reflect shifts in operating profitability or adjustments in market valuation against operating income over time.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable within a narrow range around 1.4 to 1.66 from 2021 through early 2023, evidencing consistent valuation relative to sales. Beginning in late 2023, a downward trend was observed, with the ratio dropping significantly to a low of 0.55 by mid-2025. A slight recovery to 0.72 occurred by the third quarter of 2025. This decline may imply either sales growth lagging behind stock price decline or a market reassessment of sales-related valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed an initial increase from 5.86 in early 2021 to nearly 6.94 in mid-2022, before beginning a steady decline. This downward trend continued through 2025, reaching a low of 2.41 in mid-2025, followed by a modest uptick to 3.23 by the latest quarter. This movement suggests a decreasing market valuation relative to the book value of equity, potentially reflecting changes in asset values, investor confidence, or perceived risk.
Price to Earnings (P/E)
UnitedHealth Group Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net earnings (loss) 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trajectory from March 2021 to around September 2022, increasing from approximately $412.50 to a peak above $540. Subsequent quarters saw fluctuations, including a notable decline beginning in late 2023 and extending into 2025, where the price reached a low near $252.37 before partially recovering to about $341.56 by September 2025. This pattern suggests initial investor confidence followed by a period of volatility and reduced market valuation toward the most recent periods analyzed.
- Earnings per Share (EPS)
- EPS demonstrated a general upward trend from March 2021 through December 2023, rising from $17.89 to a high of $24.28. However, from early 2024 into 2025, EPS values displayed marked variability, initially decreasing to around $15.27, then rising again to over $24 in early 2025 before settling down to $19.42 by September 2025. This indicates periods of both growing profitability and some instability in earnings performance during the later periods under review.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio remained relatively stable between 20 and 30 through most of 2021 and 2022, with modest fluctuations. Starting in early 2024, there was a notable spike in the P/E ratio, reaching peaks above 36 and remaining elevated through mid-2024. Thereafter, the ratio dropped significantly during 2025, falling to values as low as approximately 10.73 before slightly rebounding. This volatility in the P/E indicates changing market perceptions of earnings value relative to stock price, possibly influenced by the sharp decline in share price and fluctuating EPS during this period.
- Overall Analysis
- The data reveal a phase of growth and stability in share price and earnings through 2021 and most of 2022, supported by steady EPS increases and moderate P/E ratios. The subsequent periods, particularly from 2023 onwards, exhibit increased volatility characterized by declining share prices, fluctuating EPS, and more pronounced swings in P/E ratios. This suggests market uncertainty and possibly external or internal challenges impacting the financial outlook. The divergence between rising EPS early in the period and falling share prices later may reflect changing investor sentiment or external market conditions affecting valuation despite relatively strong earnings at times.
Price to Operating Profit (P/OP)
UnitedHealth Group Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Earnings from operationsQ3 2025
+ Earnings from operationsQ2 2025
+ Earnings from operationsQ1 2025
+ Earnings from operationsQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trajectory from March 2021 through mid-2024, increasing from $412.5 to a peak of $558.76 in June 2024. Following this peak, a significant decline was observed, with the price dropping sharply to $252.37 by June 2025. A moderate recovery occurred in the third quarter of 2025, reaching $341.56. The initial growth phase indicates positive market sentiment or company performance expectations, while the subsequent downturn suggests increased market uncertainty or deteriorating performance factors.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share showed consistent growth between March 2021 and December 2024. It rose from $25.59 to a maximum of $36.9 in March 2025. After this peak, a decline materialized, with OPPS falling to $29.1 by September 2025. This upward trend over multiple years reflects improving operational efficiency or profitability, while the later decrease may point to emerging challenges affecting earnings capability.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio exhibited variability, starting at 16.12 in March 2021 and peaking near 19.96 in June 2022, indicating that the share price increased faster than operating profit per share during this period. Subsequently, the ratio steadily declined to a floor of 7.43 in June 2025, signifying that either the price decreased disproportionately relative to earnings or operating profit rose relative to price. The ratio bounced back slightly to 11.74 by September 2025, reflecting some market correction or reassessment of valuation relative to earnings.
- Integrated Interpretation
- The company experienced a multi-year phase of profit growth and share price appreciation, consistent with strengthening financial performance or positive investor expectations. The divergence and eventual reversal of these trends in mid-2024 to mid-2025, manifested by sharp decreases in price and operating profit per share, suggest significant shifts in underlying business conditions or market perceptions. The sharp drop in the share price outpaced the decrease in operating profit, reflected in the relatively low P/OP ratios during the downturn, indicating potential undervaluation or market overreaction. The slight recovery in both price and P/OP ratio towards the end of the period may hint at stabilization prospects.
Price to Sales (P/S)
UnitedHealth Group Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed an upward trajectory from March 2021 through mid-2023, increasing from approximately $412.5 to a peak around $558.76 in June 2024. Following this peak, a significant decline occurred, with the price dropping to about $252.37 by June 2025. A partial recovery was observed by September 2025, when the price reached roughly $341.56.
- Sales Per Share Trends
- Sales per share demonstrated consistent growth over the entire period, rising steadily from about $276.92 in March 2021 to approximately $475.07 by September 2025. This indicates a persistent increase in revenue generation on a per-share basis.
- Price to Sales Ratio (P/S) Trends
- The P/S ratio initially increased slightly from 1.49 in March 2021 to a peak of 1.66 in June 2022, reflecting a growing valuation relative to sales. Subsequently, it declined steadily through the quarters, reaching a low of 0.55 in June 2025 before bouncing back modestly to 0.72 by September 2025. This decline contrasts with the steady growth in sales per share and aligns with the observed drop in share price during the same period.
- Overall Insights
- The data indicates a robust growth in sales per share, signifying solid operational performance and revenue expansion. However, the share price volatility, particularly the substantial decline after mid-2024, suggests market concerns or external factors affecting valuation independently from sales growth. The declining P/S ratio in the latter part of the period highlights reduced market confidence or a reassessment of the company's valuation relative to its sales base. The partial recovery in share price and P/S ratio towards the end of the period may indicate stabilization or renewed investor interest.
Price to Book Value (P/BV)
UnitedHealth Group Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 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. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrates a general upward trend from March 31, 2021, reaching a peak around September 30, 2022, at approximately $543.43. Following this peak, a decline is observed, with the price decreasing significantly to $252.37 by June 30, 2025. There are minor recoveries interspersed, such as increases observed in March 31, 2023, and September 30, 2023, but the overall trajectory in the later periods is downward.
- Book Value Per Share (BVPS)
- BVPS exhibits a steady and consistent increase throughout the period. Starting from $70.37 on March 31, 2021, it rises to $105.74 by September 30, 2025. This incremental growth reflects continuous accumulation of equity or retained earnings and suggests a strengthening in the underlying net asset value of the company per share.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio starts at 5.86 in March 2021, rises gradually to a high of 6.94 in June 2022, indicating the market valued the shares at almost seven times their book value during that period. After this peak, the ratio declines sharply to 2.41 in June 2025, before a minor rebound to 3.23 by September 2025. This decrease suggests the market price of the shares fell relative to their book value, reflecting either market skepticism or a potential undervaluation relative to the company's net assets.
- Summary of Trends and Insights
- The data reveals a divergence between intrinsic value, as measured by BVPS, and market valuation, as reflected in the share price and P/BV ratio, particularly in the latter periods. While the book value per share grows steadily, the share price peaks mid-period and subsequently declines. Consequently, the P/BV ratio compresses significantly towards the end of the timeline, signaling either a market correction or changing investor sentiment. The overall patterns suggest a company with increasing fundamental equity value but facing market valuation pressures in the most recent periods covered.