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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
UnitedHealth Group Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio was unreported until the quarter ending March 31, 2020, after which it showed a rising trend from 20.54 to a peak of 36.59 in the quarter ending June 30, 2024. Following this peak, the ratio declined significantly, reaching 10.73 by June 30, 2025. This suggests that investor expectations and market valuation relative to earnings increased substantially over the medium term but then contracted sharply towards the most recent periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio followed a pattern similar to the P/E ratio, initially climbing from 14.12 in March 31, 2020, to a high of 16.11 by September 30, 2024. Subsequently, the ratio decreased markedly to 7.43 by June 30, 2025. The trend indicates that the valuation based on operating profit increased steadily before experiencing a notable decline, possibly indicating a reassessment of operational profitability prospects or earnings risks.
- Price to Sales (P/S) Ratio
- The P/S ratio started at 1.24 in March 31, 2020, rising moderately to a peak around 1.66 in September 30, 2022. Thereafter, the ratio consistently decreased, falling to a low of 0.55 by June 30, 2025. This decrease signals diminishing investor valuation relative to sales, suggesting either slower sales growth outlooks or market concerns regarding revenue sustainability in recent periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed a generally increasing trajectory from 4.81 at the start of the period to a peak of 6.94 in June 30, 2022. Since then, it declined steadily to 2.41 by June 30, 2025. This downward move may indicate a declining market valuation relative to the company's net asset base, which can reflect reduced investor confidence in asset quality or potential write-downs.
- Overall Observations
- Across all valuation metrics, there was an initial upward trend reaching peaks mainly between 2022 and mid-2024, followed by a significant downward correction heading into mid-2025. This pattern suggests the company experienced a phase of optimistic market sentiment that was later tempered, possibly due to changes in financial performance, economic conditions, or investor sentiment. The consistent recent decline across P/E, P/OP, P/S, and P/BV ratios suggests a broad reassessment of the company's valuation despite prior gains.
Price to Earnings (P/E)
UnitedHealth Group Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-06-30), 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (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
+ Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited a general upward trajectory from March 2020 through mid-2023, increasing from $288.77 to a peak around $558.76 by June 2024. This upward trend reflects a strong market valuation over this extended timeframe. However, following this peak, a significant decline occurred toward the end of the period, with the share price decreasing to $252.37 by June 2025. This represents a substantial reduction, suggesting market volatility and possible external or internal pressures affecting investor sentiment and company valuation.
- Earnings Per Share (EPS)
- EPS data begins from March 2021, starting at $16.29 and showing a gradual, generally consistent increase to $24.37 by March 2025. Periodic fluctuations are observed, but the overall trend is positive, indicating improving profitability or earnings generation capacity. Notably, the EPS fell somewhat in the late 2024 quarters, declining from $24.28 in March 2024 to around $15.56 in September 2024 but then rose again by the end of the period, which could point to short-term challenges followed by recovery in earnings.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits more volatility relative to EPS and share price. After beginning in the low 20s in early 2021, it increased sharply to levels above 30 by mid-2024, peaking at approximately 36.59 in June 2024. This indicates that the share price was relatively high compared to earnings at this time, suggesting high investor expectations or overvaluation. Subsequently, the P/E ratio dropped sharply to 10.73 by June 2025, paralleling the decline in share price despite fairly stable EPS. This rapid decrease in the P/E could reflect a market revaluation of the company, a shift in investor perception, or other risk factors affecting valuation metrics.
In summary, the company experienced substantial share price growth over the initial period analyzed, accompanied by increasing earnings per share. The high P/E ratios during mid-2024 indicate elevated market expectations. The pronounced share price and P/E declines in the final quarters suggest heightened market uncertainty or fundamental changes influencing investor confidence, despite relatively stable EPS figures toward the end of the period. Continuous monitoring of these metrics would be advisable to assess further developments and underlying causes of recent valuation adjustments.
Price to Operating Profit (P/OP)
UnitedHealth Group Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-06-30), 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Earnings from operationsQ2 2025
+ Earnings from operationsQ1 2025
+ Earnings from operationsQ4 2024
+ Earnings from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a generally upward trajectory from March 2020 through June 2022, starting at $288.77 and reaching a peak of $543.43 in September 2022. Following this peak, the share price experienced notable volatility and a decline, falling to $252.37 by June 2025. Key points include a strong increase in 2021, with prices rising from $412.5 in March 2021 to $540.65 in June 2022, followed by a steady decrease in the subsequent quarters.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share data is available from March 2021 onwards, starting at $23.7. It displayed a consistent upward trend through the observed periods, rising to a high of $36.9 by June 2025. The increase appeared steady, indicating improving operational profitability over time, with no significant declines noted within the available data window.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio fluctuated significantly across the periods observed. Initially, it increased from 14.12 in March 2021 to a peak of around 19.96 in September 2021, reflecting an increasing share price relative to operating profit. After late 2021, this ratio showed a declining trend, dropping to 7.43 by June 2025. This pattern suggests the market valuation relative to operating profit became more conservative over time, especially in the last two years, aligning with the decline in share price and continued growth in operating profit per share.
- Overall Insights
- The data indicates a period of robust growth in both share price and operating profit per share through mid-2022, followed by a marked decrease in share price despite continued growth in operating profit. This divergence led to a significant reduction in the price-to-operating-profit ratio, signaling a possible market reassessment of the company's valuation or external factors affecting share price independent of operational profitability. The steady rise in operating profit per share suggests operational improvements or increased earnings quality, whereas the volatile share price points to heightened market uncertainty or changing investor sentiment during the latter periods.
Price to Sales (P/S)
UnitedHealth Group Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-06-30), 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Revenues, customersQ2 2025
+ Revenues, customersQ1 2025
+ Revenues, customersQ4 2024
+ Revenues, customersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a strong upward trajectory from March 2020 to September 2022, rising from approximately $288.77 to a peak around $543.43. Following this peak, a fluctuation occurred, with prices declining to about $484.33 in December 2022, then moderately increasing and reaching another peak near $558.76 in June 2024. Subsequently, a marked decline is observed, with the price falling substantially to approximately $252.37 by June 2025.
- Sales Per Share Development
- Sales per share showed a consistent and steady increase over the periods measured, starting from $270.43 in March 2021 and rising systematically to $460.96 by June 2025. This reflects ongoing growth in the company's revenue generation capacity on a per-share basis throughout the period.
- Price-to-Sales (P/S) Ratio Movement
- The P/S ratio exhibited variability over time, initially increasing from around 1.24 in March 2021 to a high near 1.66 in September 2022, indicating an expanding valuation relative to sales. Post this peak, a gradual decrease ensued, with the ratio declining to approximately 1.62 in December 2022, followed by further reductions down to 0.55 by June 2025. This reduction implies a contracting valuation relative to sales, potentially reflecting market revaluation or concerns about future growth prospects.
- Summary and Insights
- Overall, the company demonstrated growing sales per share suggesting stable top-line growth. However, shareholder valuation, as measured by the share price and P/S ratio, experienced significant volatility. The initial price appreciation and elevated P/S ratios until late 2022 suggest positive investor sentiment and expectations. The subsequent decline in share price and P/S ratio indicates a shift, possibly reflecting market reconsideration of growth prospects or external factors affecting valuation. The divergence between steadily rising sales per share and declining valuation metrics in the latter period merits further investigation to assess implications for future performance and investor confidence.
Price to Book Value (P/BV)
UnitedHealth Group Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-06-30), 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a generally increasing trend from March 31, 2020, starting at $288.77, reaching a peak of $543.43 by September 30, 2022. Subsequently, there was notable volatility with a decline through December 31, 2022, then a rebound up to June 30, 2024, where it attained $558.76. After this peak, the share price exhibited a sharp decrease, falling to $252.37 by June 30, 2025.
- Book Value Per Share (BVPS) Trend
- BVPS increased steadily and consistently throughout the entire period, beginning at $60.08 in March 2020 and growing to $104.59 by June 2025. This upward trend indicates continual growth in the company’s net asset value per share over the five-year span without notable reversals or volatility.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio started at 4.81 in March 2020 and fluctuated considerably over the timeline. It increased to a high of 6.94 by June 30, 2022, indicating that market valuations were rising faster than book value. Thereafter, the ratio declined steadily to 2.41 by June 2025. The decline in the P/BV ratio in the last periods corresponds with the sharp decrease in share price despite continued growth in BVPS, suggesting market revaluation or reduced investor confidence.
- Overall Observations
- While book value per share displayed consistent growth reflecting solid asset base expansion, share price and the P/BV ratio exhibited more pronounced fluctuations. The initial post-2020 period reflected strong investor confidence with rising prices and multiples. However, from late 2022 onward, there was a significant correction in share price and valuation multiples, potentially signaling changing market sentiment or external factors affecting perceived company value despite stable underlying financial asset growth.