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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- 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)
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
UnitedHealth Group Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The valuation multiples exhibit a general trajectory of contraction from early 2022 through mid-2025, followed by a partial recovery in the subsequent quarters. This period is characterized by a significant phase of volatility between March 2024 and June 2025, where ratios reached both multi-year peaks and troughs before stabilizing toward the end of the observed period.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained relatively stable in the 20s throughout 2022 and 2023, before experiencing a sharp increase in early 2024, peaking at 36.59 in June 2024. This peak was followed by a severe correction, reaching a low of 10.73 by June 2025. A recovery phase is evident in the latter half of 2025 and into March 2026, where the ratio returned to 27.44.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrors the trend of the P/E ratio but at lower absolute values. From a high of 19.96 in June 2022, the ratio trended downward to a trough of 7.43 in June 2025. A subsequent upward trend is observed, with the ratio climbing to 17.54 by March 2026, indicating a restoration of valuation relative to operating profitability.
- Price to Sales (P/S) Ratio
- A persistent downward trend is observed in the P/S ratio over the majority of the period. Starting at 1.61 in March 2022, the ratio declined steadily, hitting a minimum of 0.55 in June 2025. While a slight rebound occurred by March 2026 to 0.74, the valuation relative to revenue remains significantly lower than the levels seen in 2022.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio experienced a consistent long-term decline, falling from 6.54 in March 2022 to a low of 2.41 in June 2025. This contraction suggests a decrease in the market premium attributed to the company's net assets. A moderate recovery followed, with the ratio increasing to 3.38 by March 2026.
Overall, the data indicates a cycle of valuation expansion in early 2024 followed by a sharp compression in mid-2025. While the earnings and operating profit multiples have largely rebounded toward their historical norms, the sales and book value multiples suggest a permanent shift to a lower valuation baseline compared to the 2022 period.
Price to Earnings (P/E)
UnitedHealth Group Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ1 2026
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ4 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2025
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-earnings (P/E) ratio exhibits significant volatility over the analyzed period, transitioning through phases of stability, rapid expansion, a sharp correction, and a subsequent recovery. The valuation metrics indicate a decoupling of share price and earnings during 2024, followed by a period of undervaluation in early 2025 before returning to historical norms by early 2026.
- Stability and Moderate Contraction (March 2022 – December 2023)
- During this period, the P/E ratio remained relatively stable, fluctuating within a range of 20.53 to 27.70. A gradual downward trend in the ratio is observed between September 2022 and December 2023, which coincided with a steady increase in earnings per share (EPS) from 20.80 to 24.28, suggesting that earnings growth outpaced share price appreciation.
- Valuation Expansion and Peak (March 2024 – September 2024)
- A significant spike in the P/E ratio occurred in the first three quarters of 2024, peaking at 36.59 in June 2024. This expansion was primarily driven by a sharp contraction in EPS, which fell from 24.28 in December 2023 to a low of 15.27 in June 2024, while the share price simultaneously increased from 498.28 to 558.76.
- Correction and Valuation Low (December 2024 – June 2025)
- A rapid devaluation is evident starting in December 2024, leading to the lowest observed P/E ratio of 10.73 by June 30, 2025. This correction was characterized by a steep decline in share price, which dropped from 468.56 in December 2024 to 252.37 in June 2025, representing a significant market adjustment that far exceeded the fluctuations in EPS.
- Recovery and Normalization (September 2025 – March 2026)
- The final phase of the data shows a consistent recovery in the P/E ratio, rising from 17.59 in September 2025 to 27.44 by March 31, 2026. This trend is supported by an increase in share price from 341.56 back to 363.87, while EPS remained relatively low compared to 2023 levels, ending the period at 13.26.
Price to Operating Profit (P/OP)
UnitedHealth Group Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Earnings from operationsQ1 2026
+ Earnings from operationsQ4 2025
+ Earnings from operationsQ3 2025
+ Earnings from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics exhibit a period of significant volatility and structural shifts between March 2022 and March 2026. While the initial period was characterized by stable growth in operating profitability and a gradual compression of valuation multiples, the latter half of the period shows a sharp decoupling of share price and operating profit, followed by a significant contraction in earnings and a subsequent expansion of the valuation multiple.
- Share Price Trends
- The share price remained relatively stable between 2022 and mid-2024, fluctuating primarily between 484.33 US$ and 558.76 US$. However, a severe downward trajectory began in late 2024, with the price dropping to a low of 252.37 US$ by June 30, 2025. A partial recovery followed, with the price ascending to 363.87 US$ by March 31, 2026, although it remained substantially below the 2022-2024 peaks.
- Operating Profitability Performance
- Operating profit per share demonstrated a consistent upward trend from March 2022 (25.77 US$) through December 2023, peaking at 35.10 US$. Profitability remained resilient through early 2024 but entered a period of decline starting in mid-2025. A sharp contraction is observed in the final three quarters, with operating profit per share falling to 20.74 US$ by March 31, 2026, representing a significant decrease from its peak levels.
- Price to Operating Profit (P/OP) Dynamics
- The P/OP ratio experienced three distinct phases. First, a period of gradual decline occurred from March 2022 (19.69) to December 2023 (14.20), suggesting a slight cooling of valuation relative to profit growth. Second, a rapid compression occurred between December 2024 and June 2025, where the ratio reached a nadir of 7.43, driven by a collapse in share price that outpaced the decline in operating profit. Third, a sharp valuation expansion occurred from July 2025 to March 2026, with the ratio rising back to 17.54. This final increase was driven by a combination of recovering share prices and a simultaneous steep decline in operating profit per share.
Overall, the data indicates a transition from a high-valuation, growth-oriented phase to a period of intense volatility. The spike in the P/OP ratio in early 2026 is noteworthy, as it reflects a valuation recovery occurring despite deteriorating operating performance, suggesting a shift in market sentiment or expectations independent of immediate profitability.
Price to Sales (P/S)
UnitedHealth Group Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between March 2022 and March 2026 indicate a pronounced divergence between operational growth and market valuation. Despite a steady and uninterrupted increase in sales per share, the price-to-sales (P/S) ratio has experienced a substantial contraction, shifting from a premium valuation to a significantly lower multiple.
- Sales per Share Growth
- A consistent linear growth pattern is observed in sales per share, which rose from 314.77 US$ in March 2022 to 490.78 US$ by March 2026. This indicates sustained expansion in revenue generation on a per-share basis throughout the entire observation period.
- Share Price Volatility
- The share price exhibited relative stability and growth through the first half of 2024, peaking at 558.76 US$ in June 2024. However, a sharp decline began in the latter half of 2024, reaching a minimum of 252.37 US$ in June 2025, followed by a partial recovery to 363.87 US$ by March 2026.
- Price-to-Sales (P/S) Ratio Compression
- The P/S ratio reflects a significant devaluation trend. The ratio remained relatively stable between 1.61 and 1.66 during early 2022 but entered a period of gradual decline throughout 2023. A sharp acceleration in this downward trend occurred between December 2024 (1.08) and June 2025, where the ratio reached its lowest point of 0.55. The period concluded with the ratio fluctuating between 0.60 and 0.74, representing a substantial contraction compared to the initial valuation levels.
Price to Book Value (P/BV)
UnitedHealth Group Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Book Value (P/BV) ratio reveals a significant overall contraction over the observed period, shifting from a peak of 6.94 in mid-2022 to a low of 2.41 in mid-2025. This trend is characterized by a divergence between the company's intrinsic book value, which grew steadily, and its market valuation, which experienced substantial volatility and an eventual sharp decline.
- Book Value per Share (BVPS) Trajectory
- BVPS exhibited a consistent and positive trajectory throughout the entire period, increasing from 77.56 US$ in March 2022 to 107.78 US$ by March 2026. This linear growth indicates a steady accumulation of net assets per share, providing a strengthening fundamental base despite market price fluctuations.
- Share Price Volatility and Impact
- The share price remained relatively stable, fluctuating between approximately 484 US$ and 559 US$ from March 2022 through September 2024. However, a severe downward correction began in late 2024, with the price falling to 252.37 US$ by June 2025. A partial recovery followed, with the price ascending to 363.87 US$ by March 2026.
- P/BV Ratio Compression
- The P/BV ratio mirrors the divergence between the ascending book value and the volatile share price. High valuation multiples observed in 2022 (ranging from 5.81 to 6.94) transitioned into a period of moderate compression in 2023 and 2024. The most acute contraction occurred in 2025, where the ratio reached its minimum of 2.41, suggesting a significant reduction in the market premium attributed to the company's assets. By March 2026, the ratio showed signs of stabilization at 3.38.