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).
Historical Valuation Ratios (Summary)
UnitedHealth Group Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 metrics exhibit a cycle characterized by moderate stability through 2023, a significant expansion in mid-2024, a severe contraction reaching a nadir in June 2025, and a subsequent recovery phase through mid-2026.
- Price to Earnings (P/E)
- The P/E ratio maintained a range between 20.53 and 27.70 from March 2022 through December 2023. A sharp increase is observed in the first half of 2024, with the ratio peaking at 36.59 in June 2024. This was followed by a precipitous decline, reaching a period low of 10.73 by June 30, 2025. A recovery trend emerged in the latter half of 2025, with the ratio returning to 25.98 by June 30, 2026.
- Price to Operating Profit (P/OP)
- The P/OP ratio followed a trajectory similar to the P/E ratio, starting at 19.69 and gradually declining to 14.20 by the end of 2023. While a brief increase to 16.11 occurred in June 2024, the metric experienced a significant collapse to 7.43 in June 2025. Valuation recovery is evident by the end of the period, with the ratio climbing back to 16.93 by June 30, 2026.
- Price to Sales (P/S)
- A consistent long-term downward trend is observable in the P/S ratio, moving from 1.61 in early 2022 to 1.25 by December 2023. After a temporary spike to 1.35 in June 2024, the ratio dropped sharply to its lowest point of 0.55 in June 2025. Although a recovery began thereafter, the ratio remained below 2022 levels, ending at 0.82 in June 2026.
- Price to Book Value (P/BV)
- The P/BV ratio decreased steadily from 6.54 in March 2022 to 5.18 by December 2023. Similar to other metrics, a brief rise to 5.77 was noted in June 2024, followed by a steep devaluation to 2.41 in June 2025. The ratio showed a gradual appreciation in the subsequent quarters, closing at 3.73 by June 30, 2026.
Across all four valuation ratios, June 30, 2025, represents a critical inflection point of maximum valuation compression. The uniformity of this decline across earnings, operating profit, sales, and book value suggests a systemic devaluation event followed by a period of stabilization and partial recovery.
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Price to Earnings (P/E)
UnitedHealth Group Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | 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 | 897,594,847 | 908,144,404 | 907,675,839 | 905,838,620 | 905,673,625 | 907,140,441 | 914,712,333 | 920,284,334 | 923,418,150 | 920,385,075 | 921,934,109 | 924,925,293 | 926,305,139 | 931,032,030 | 932,846,602 | 934,349,073 | 935,382,710 | 938,171,603 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net earnings (loss) attributable to UnitedHealth Group common shareholders (in millions) | 5,484) | 6,280) | 10) | 2,348) | 3,406) | 6,292) | 5,543) | 6,055) | 4,216) | (1,409) | 5,455) | 5,841) | 5,474) | 5,611) | 4,761) | 5,262) | 5,070) | 5,027) | ||||||
| Earnings per share (EPS)2 | 15.73 | 13.26 | 13.28 | 19.42 | 23.51 | 24.37 | 15.75 | 15.56 | 15.27 | 16.69 | 24.28 | 23.45 | 22.79 | 22.24 | 21.57 | 20.80 | 19.52 | 18.60 | ||||||
| Share price1, 3 | 408.74 | 363.87 | 294.93 | 341.56 | 252.37 | 391.06 | 468.56 | 557.77 | 558.76 | 507.03 | 498.28 | 533.46 | 504.80 | 489.44 | 484.33 | 543.43 | 540.65 | 507.62 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 25.98 | 27.44 | 22.20 | 17.59 | 10.73 | 16.05 | 29.75 | 35.85 | 36.59 | 30.38 | 20.53 | 22.75 | 22.15 | 22.01 | 22.46 | 26.13 | 27.70 | 27.29 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Abbott Laboratories | 34.22 | 25.35 | 29.89 | 15.48 | 16.01 | 16.85 | 17.46 | 34.10 | 33.17 | 32.73 | 34.57 | 31.95 | 36.16 | 33.21 | 26.76 | 21.95 | 22.24 | 25.48 | ||||||
| Elevance Health Inc. | 17.06 | 13.59 | 13.21 | 14.05 | 12.71 | 15.88 | 14.85 | 16.06 | 18.05 | 19.55 | 19.80 | 18.14 | 17.03 | 17.46 | 19.20 | 18.75 | 18.07 | 20.46 | ||||||
| Intuitive Surgical Inc. | 39.40 | 57.49 | 59.55 | 68.01 | 69.00 | 70.63 | 87.82 | 82.75 | 77.23 | 65.38 | 74.11 | 61.96 | 79.78 | 79.43 | 64.99 | 56.03 | 52.74 | 55.10 | ||||||
| Medtronic PLC | 28.35 | 25.37 | 23.73 | 27.24 | 25.62 | 29.00 | 27.97 | 26.49 | 25.70 | 29.96 | 30.94 | 26.88 | 24.40 | 22.61 | 23.38 | 29.39 | 30.66 | 46.71 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
EPS
= (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ2 2026
+ 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)
÷ No. shares of common stock outstanding
= (5,484,000,000 + 6,280,000,000 + 10,000,000 + 2,348,000,000)
÷ 897,594,847 = 15.73
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 408.74 ÷ 15.73 = 25.98
5 Click competitor name to see calculations.
The valuation trajectory of the common stock from March 2022 through June 2026 is characterized by three distinct phases: a period of relative stability, a phase of significant volatility and multiple expansion, and a subsequent cycle of sharp compression followed by a return to historical norms.
- Stability and Gradual Growth (2022–2023)
- Between March 2022 and December 2023, the price-to-earnings (P/E) ratio remained relatively range-bound, fluctuating between 20.53 and 27.70. During this interval, earnings per share (EPS) exhibited a consistent upward trend, rising from 18.60 to 24.28. This indicates a period where the market valuation closely tracked steady fundamental growth in earnings.
- Multiple Expansion and Earnings Contraction (2024)
- The first half of 2024 marked a significant shift in valuation dynamics. Despite a notable decline in EPS—dropping from 24.28 in December 2023 to 15.27 by June 2024—the share price remained elevated, peaking at 558.76. This divergence resulted in a sharp expansion of the P/E ratio, which reached a period high of 36.59 in June 2024, suggesting a temporary disconnect between the stock price and current earnings performance.
- Valuation Compression and Correction (2025)
- A severe valuation correction occurred throughout 2025. The share price experienced a precipitous decline, falling to a low of 252.37 in June 2025. Consequently, the P/E ratio contracted sharply to 10.73, the lowest point in the analyzed period. This compression occurred even as EPS remained relatively robust in the first half of the year, signaling a significant reduction in the multiple the market was willing to pay for earnings.
- Normalization and Recovery (2026)
- The data for the first half of 2026 shows a convergence toward historical valuation levels. While EPS remained lower than the 2023 peaks, a recovery in the share price to 408.74 by June 2026 drove the P/E ratio back to a range of 25.98 to 27.44. This return suggests that the market has re-established a valuation equilibrium consistent with the levels observed in early 2022.
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Price to Operating Profit (P/OP)
UnitedHealth Group Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | 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 | 897,594,847 | 908,144,404 | 907,675,839 | 905,838,620 | 905,673,625 | 907,140,441 | 914,712,333 | 920,284,334 | 923,418,150 | 920,385,075 | 921,934,109 | 924,925,293 | 926,305,139 | 931,032,030 | 932,846,602 | 934,349,073 | 935,382,710 | 938,171,603 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Earnings from operations (in millions) | 7,991) | 8,990) | 380) | 4,315) | 5,150) | 9,119) | 7,773) | 8,708) | 7,875) | 7,931) | 7,689) | 8,526) | 8,057) | 8,086) | 6,891) | 7,462) | 7,132) | 6,950) | ||||||
| Operating profit per share2 | 24.15 | 20.74 | 20.89 | 29.10 | 33.95 | 36.90 | 35.30 | 34.99 | 34.68 | 34.99 | 35.10 | 34.12 | 32.92 | 31.76 | 30.48 | 28.99 | 27.09 | 25.77 | ||||||
| Share price1, 3 | 408.74 | 363.87 | 294.93 | 341.56 | 252.37 | 391.06 | 468.56 | 557.77 | 558.76 | 507.03 | 498.28 | 533.46 | 504.80 | 489.44 | 484.33 | 543.43 | 540.65 | 507.62 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 16.93 | 17.54 | 14.12 | 11.74 | 7.43 | 10.60 | 13.27 | 15.94 | 16.11 | 14.49 | 14.20 | 15.63 | 15.33 | 15.41 | 15.89 | 18.75 | 19.96 | 19.69 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Abbott Laboratories | 25.27 | 20.65 | 24.21 | 28.05 | 29.77 | 31.90 | 34.28 | 29.37 | 28.44 | 28.99 | 30.54 | 27.48 | 30.47 | 27.70 | 22.18 | 18.35 | 18.63 | 21.33 | ||||||
| Elevance Health Inc. | 17.26 | 12.89 | 11.39 | 11.23 | 9.63 | 12.70 | 12.19 | 13.12 | 14.89 | 15.42 | 15.57 | 14.38 | 13.36 | 13.61 | 15.05 | 15.30 | 14.72 | 17.53 | ||||||
| Intuitive Surgical Inc. | 35.83 | 53.15 | 57.74 | 66.34 | 68.32 | 71.16 | 86.83 | 89.92 | 82.80 | 70.29 | 75.42 | 55.63 | 70.08 | 66.95 | 54.49 | 46.65 | 44.54 | 49.98 | ||||||
| Medtronic PLC | 21.74 | 19.31 | 18.58 | 20.83 | 20.31 | 22.10 | 19.98 | 19.69 | 18.94 | 19.27 | 21.20 | 19.53 | 17.99 | 19.55 | 20.48 | 25.40 | 27.20 | 38.83 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Operating profit per share
= (Earnings from operationsQ2 2026
+ Earnings from operationsQ1 2026
+ Earnings from operationsQ4 2025
+ Earnings from operationsQ3 2025)
÷ No. shares of common stock outstanding
= (7,991,000,000 + 8,990,000,000 + 380,000,000 + 4,315,000,000)
÷ 897,594,847 = 24.15
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 408.74 ÷ 24.15 = 16.93
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio demonstrates a cyclical trajectory over the observed period, characterized by an initial gradual decline, a severe contraction reaching a historical low in mid-2025, and a subsequent recovery phase through June 2026.
- Initial Valuation Compression (March 2022 – December 2023)
- During this period, the P/OP ratio shifted from a high of 19.96 in June 2022 to 14.20 by December 2023. This downward trend was driven by consistent growth in operating profit per share, which rose from 25.77 to 35.10, outpacing the fluctuations in the share price. This suggests a period where the company's operational efficiency improved more rapidly than market valuation adjusted.
- Critical Valuation Trough (March 2024 – June 2025)
- A significant divergence between share price and operating performance occurred during this window. While operating profit per share peaked at 36.90 in March 2025, the share price experienced a precipitous decline, falling from 558.76 in June 2024 to 252.37 by June 2025. Consequently, the P/OP ratio collapsed to a minimum of 7.43, indicating a period of severe market undervaluation relative to operating earnings.
- Recovery and Stabilization (September 2025 – June 2026)
- The final phase of the analysis shows a robust recovery in the P/OP ratio, which climbed from 7.43 in June 2025 to 16.93 by June 2026. This recovery was primarily fueled by a rebound in the share price, which increased from 252.37 to 408.74. Although operating profit per share remained lower than its 2024 peaks, the expansion of the P/OP ratio suggests a restoration of investor confidence and a return to historical valuation multiples.
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Price to Sales (P/S)
UnitedHealth Group Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | 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 | 897,594,847 | 908,144,404 | 907,675,839 | 905,838,620 | 905,673,625 | 907,140,441 | 914,712,333 | 920,284,334 | 923,418,150 | 920,385,075 | 921,934,109 | 924,925,293 | 926,305,139 | 931,032,030 | 932,846,602 | 934,349,073 | 935,382,710 | 938,171,603 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues, customers (in millions) | 110,809) | 110,590) | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | ||||||
| Sales per share2 | 496.88 | 490.78 | 488.77 | 475.07 | 460.96 | 446.27 | 431.91 | 422.77 | 412.87 | 407.64 | 398.65 | 385.13 | 372.70 | 358.19 | 345.32 | 335.13 | 325.62 | 314.77 | ||||||
| Share price1, 3 | 408.74 | 363.87 | 294.93 | 341.56 | 252.37 | 391.06 | 468.56 | 557.77 | 558.76 | 507.03 | 498.28 | 533.46 | 504.80 | 489.44 | 484.33 | 543.43 | 540.65 | 507.62 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 0.82 | 0.74 | 0.60 | 0.72 | 0.55 | 0.88 | 1.08 | 1.32 | 1.35 | 1.24 | 1.25 | 1.39 | 1.35 | 1.37 | 1.40 | 1.62 | 1.66 | 1.61 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Abbott Laboratories | 3.98 | 3.52 | 4.40 | 4.94 | 5.19 | 5.37 | 5.58 | 4.77 | 4.53 | 4.57 | 4.93 | 4.13 | 4.64 | 4.64 | 4.25 | 3.85 | 4.18 | 4.42 | ||||||
| Elevance Health Inc. | 0.43 | 0.36 | 0.38 | 0.40 | 0.36 | 0.52 | 0.51 | 0.60 | 0.71 | 0.72 | 0.70 | 0.66 | 0.66 | 0.68 | 0.74 | 0.77 | 0.75 | 0.89 | ||||||
| Intuitive Surgical Inc. | 11.21 | 16.19 | 16.90 | 19.44 | 19.68 | 20.07 | 24.42 | 23.60 | 21.35 | 17.76 | 18.71 | 13.72 | 17.06 | 16.21 | 13.81 | 12.62 | 12.69 | 15.34 | ||||||
| Medtronic PLC | 3.89 | 3.46 | 3.30 | 3.50 | 3.33 | 3.50 | 3.18 | 3.44 | 3.30 | 3.44 | 3.72 | 3.55 | 3.42 | 3.79 | 3.72 | 4.54 | 4.54 | 5.74 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
Sales per share
= (Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025
+ Revenues, customersQ3 2025)
÷ No. shares of common stock outstanding
= (110,809,000,000 + 110,590,000,000 + 112,568,000,000 + 112,029,000,000)
÷ 897,594,847 = 496.88
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 408.74 ÷ 496.88 = 0.82
5 Click competitor name to see calculations.
The valuation of the common stock demonstrates a significant divergence between consistent revenue growth and volatile market pricing over the analyzed period. While sales per share maintained a steady upward trajectory, the price-to-sales ratio underwent a substantial contraction, particularly beginning in late 2024.
- Sales per Share Trend
- A consistent and linear increase in sales per share is observed, rising from 314.77 US$ in March 2022 to 496.88 US$ by June 2026. This growth reflects a steady expansion in the revenue generated per outstanding share throughout the entire period.
- Share Price Volatility
- The share price exhibited relative stability with moderate growth through June 2024, peaking at 558.76 US$. Subsequently, a sharp decline occurred, reaching a period low of 252.37 US$ in June 2025. A partial recovery followed, with the price ascending to 408.74 US$ by June 2026, although it remained below the 2022-2024 peaks.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio remained relatively stable between 1.35 and 1.66 during 2022 and the first half of 2023. A gradual decline followed, with the ratio falling below the 1.00 threshold starting in December 2024. The ratio reached its lowest point of 0.55 in June 2025, coinciding with the share price nadir. Despite a subsequent increase in share price through 2026, the P/S ratio ended at 0.82, indicating that the market valuation relative to sales remains significantly depressed compared to historical levels from 2022.
The overall trend indicates a compression in the valuation multiple. The combination of rising sales per share and a falling P/S ratio suggests that the market's willingness to pay a premium for each dollar of sales decreased substantially over the observed timeframe.
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Price to Book Value (P/BV)
UnitedHealth Group Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | 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 | 897,594,847 | 908,144,404 | 907,675,839 | 905,838,620 | 905,673,625 | 907,140,441 | 914,712,333 | 920,284,334 | 923,418,150 | 920,385,075 | 921,934,109 | 924,925,293 | 926,305,139 | 931,032,030 | 932,846,602 | 934,349,073 | 935,382,710 | 938,171,603 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ equity attributable to UnitedHealth Group (in millions) | 98,447) | 97,881) | 94,110) | 95,787) | 94,724) | 95,038) | 92,658) | 94,535) | 89,359) | 86,688) | 88,756) | 84,494) | 82,353) | 81,312) | 77,772) | 74,646) | 72,820) | 72,766) | ||||||
| Book value per share (BVPS)2 | 109.68 | 107.78 | 103.68 | 105.74 | 104.59 | 104.77 | 101.30 | 102.72 | 96.77 | 94.19 | 96.27 | 91.35 | 88.90 | 87.34 | 83.37 | 79.89 | 77.85 | 77.56 | ||||||
| Share price1, 3 | 408.74 | 363.87 | 294.93 | 341.56 | 252.37 | 391.06 | 468.56 | 557.77 | 558.76 | 507.03 | 498.28 | 533.46 | 504.80 | 489.44 | 484.33 | 543.43 | 540.65 | 507.62 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 3.73 | 3.38 | 2.84 | 3.23 | 2.41 | 3.73 | 4.63 | 5.43 | 5.77 | 5.38 | 5.18 | 5.84 | 5.68 | 5.60 | 5.81 | 6.80 | 6.94 | 6.54 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Abbott Laboratories | 3.63 | 3.06 | 3.74 | 4.25 | 4.42 | 4.66 | 4.91 | 4.94 | 4.69 | 4.75 | 5.12 | 4.40 | 5.02 | 5.21 | 5.06 | 4.85 | 5.21 | 5.56 | ||||||
| Elevance Health Inc. | 1.89 | 1.62 | 1.70 | 1.77 | 1.56 | 2.21 | 2.15 | 2.35 | 2.86 | 3.01 | 3.02 | 2.87 | 2.86 | 2.90 | 3.19 | 3.24 | 3.08 | 3.55 | ||||||
| Intuitive Surgical Inc. | 6.81 | 9.80 | 9.54 | 11.04 | 10.08 | 10.22 | 12.41 | 11.91 | 10.99 | 9.31 | 10.01 | 7.49 | 9.57 | 9.29 | 7.78 | 6.71 | 6.29 | 7.48 | ||||||
| Medtronic PLC | 2.78 | 2.47 | 2.30 | 2.35 | 2.27 | 2.38 | 2.05 | 2.15 | 2.05 | 2.12 | 2.26 | 2.12 | 2.03 | 2.23 | 2.24 | 2.75 | 2.77 | 3.52 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 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 Q2 2026 Calculation
BVPS = Shareholders’ equity attributable to UnitedHealth Group ÷ No. shares of common stock outstanding
= 98,447,000,000 ÷ 897,594,847 = 109.68
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 408.74 ÷ 109.68 = 3.73
5 Click competitor name to see calculations.
The valuation analysis for the period between March 31, 2022, and June 30, 2026, reveals a significant overall contraction in the Price to Book Value (P/BV) ratio, despite a consistent increase in the underlying Book Value per Share (BVPS).
- Price to Book Value (P/BV) Trajectory
- The P/BV ratio experienced an initial peak of 6.94 in June 2022 before entering a long-term downward trend. The ratio remained relatively stable between 5.18 and 5.84 throughout much of 2023 and the first half of 2024. However, a sharp decline occurred starting in late 2024, culminating in a period low of 2.41 in June 2025. A moderate recovery followed, with the ratio ascending to 3.73 by June 30, 2026.
- Book Value per Share (BVPS) Growth
- A steady and disciplined increase in the Book Value per Share is observed throughout the entire timeframe. Starting at 77.56 USD in March 2022, the BVPS climbed to 109.68 USD by June 2026. This represents a consistent growth in the company's equity base, with only a marginal fluctuation occurring in early 2024.
- Valuation Divergence and Price Volatility
- The compression of the P/BV ratio is primarily attributed to volatility in the share price rather than changes in book value. While the BVPS grew linearly, the share price exhibited extreme fluctuations, most notably the decline from 558.76 USD in June 2024 to 252.37 USD in June 2025. This divergence indicates that the market's willingness to pay a premium over the accounting value of the company diminished significantly during 2025, before partially stabilizing in 2026.
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