Stock Analysis on Net
Stock Analysis on Net

UnitedHealth Group Inc. (NYSE:UNH)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel LibreOffice Calc

Historical Valuation Ratios (Summary)

UnitedHealth Group Inc., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Price to earnings (P/E) 27.41 23.06 20.54 17.70 16.88 19.91 20.48 17.79 17.98 17.93 21.09 21.18 20.91 20.02 20.77 23.90 23.24 22.18 21.73
Price to operating profit (P/OP) 19.05 16.12 14.12 12.35 11.85 13.80 14.40 12.43 12.51 12.48 14.58 15.82 15.19 14.17 14.42 14.30 13.54 12.56 11.79
Price to sales (P/S) 1.47 1.49 1.24 1.18 1.17 1.12 1.18 1.00 1.00 0.98 1.12 1.22 1.17 1.09 1.10 1.05 0.98 0.89 0.83
Price to book value (P/BV) 5.76 5.86 4.83 4.54 4.53 4.81 4.92 4.32 4.40 4.37 4.89 5.32 5.13 4.72 4.59 4.55 4.37 4.01 3.98 3.61 3.75 3.57

Based on: 10-Q (filing date: 2021-08-03), 10-Q (filing date: 2021-05-05), 10-K (filing date: 2021-03-01), 10-Q (filing date: 2020-11-02), 10-Q (filing date: 2020-08-03), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-14), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. UnitedHealth Group Inc.’s P/E ratio increased from Q4 2020 to Q1 2021 and from Q1 2021 to Q2 2021.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. UnitedHealth Group Inc.’s P/OP ratio increased from Q4 2020 to Q1 2021 and from Q1 2021 to Q2 2021.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. UnitedHealth Group Inc.’s P/S ratio increased from Q4 2020 to Q1 2021 but then slightly decreased from Q1 2021 to Q2 2021.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. UnitedHealth Group Inc.’s P/BV ratio increased from Q4 2020 to Q1 2021 but then slightly decreased from Q1 2021 to Q2 2021.

Price to Earnings (P/E)

UnitedHealth Group Inc., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 942,917,366 943,702,120 945,319,404 948,820,710 950,335,762 948,379,502 948,573,372 947,414,929 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129
Selected Financial Data (US$)
Net earnings attributable to UnitedHealth Group common shareholders (in millions) 4,266  4,862  2,212  3,172  6,637  3,382  3,541  3,538  3,293  3,467  3,040  3,188  2,922  2,836  3,617  2,485  2,284  2,172  1,684  1,968  1,754  1,611 
Earnings per share (EPS)2 15.39 17.89 16.29 17.63 17.99 14.50 14.59 14.08 13.71 13.28 12.49 13.06 12.32 11.68 10.91 8.90 8.39 7.86 7.38 0.00 0.00 0.00
Share price1, 3 421.90 412.50 334.65 312.10 303.61 288.77 298.78 250.52 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03
Valuation Ratio
P/E ratio4 27.41 23.06 20.54 17.70 16.88 19.91 20.48 17.79 17.98 17.93 21.09 21.18 20.91 20.02 20.77 23.90 23.24 22.18 21.73
Benchmarks
P/E Ratio, Competitors5
Abbott Laboratories 33.80 36.79 48.49 58.45 58.36 45.61 41.83 44.92 53.17 52.98 56.47 136.66 122.73 213.07 220.29 45.00 73.04 50.48 55.16
Anthem Inc. 22.10 19.99 15.87 14.35 11.97 14.80 15.96 15.55 18.14 16.19 21.45 15.64 14.84 14.70 15.44 17.72 17.04 17.09 17.48
Becton, Dickinson & Co. 42.70 49.11 86.01 95.62 75.45 90.00 65.09 83.38 66.87 72.88 408.36 105.60 206.04 49.63 59.56 30.05 28.94 36.65 32.09 43.18 41.64
Bristol-Myers Squibb Co. 144.77 41.99 16.53 11.97 14.51 16.81 56.09 251.38 92.56 103.55 23.59 19.40 18.96 20.56
CVS Health Corp. 14.94 14.44 12.88 10.69 10.20 10.94 14.15 20.65 17.46 25.50 23.08 10.05 10.69 13.42 15.08 15.71 14.91
Danaher Corp. 37.87 39.26 44.49 46.61 41.91 35.88 38.34 40.31 41.93 37.63 29.77 25.70 27.06 27.78 27.25 26.31 26.25 25.00 23.02
Edwards Lifesciences Corp. 47.85 70.70 66.48 61.28 65.79 39.74 46.05 61.52 61.07 47.99 51.14 41.12 45.24 48.67 48.16 28.95 34.05 35.04 33.48
HCA Healthcare Inc. 16.18 14.47 16.06 12.48 12.95 11.02 14.30 12.96 11.89 11.68 12.84 14.56 15.73 12.60 15.92 10.36 9.98 10.81 11.00
Intuitive Surgical Inc. 69.15 89.95 87.47 82.17 70.73 44.28 48.72 49.80 51.02 53.16 53.03 73.32 73.33 69.50 70.95 45.87 42.21 38.18 37.16
Medtronic PLC 42.80 32.34 26.30 25.38 31.86 32.75 28.78 25.11 57.38 41.16 37.80 37.82 21.55 26.35 29.96 28.24 23.20 32.64 33.17
Stryker Corp. 48.64 69.46 57.72 43.23 45.35 31.33 39.24 23.72 22.60 19.64 18.96 48.55 58.86 62.59 54.36 33.60 32.52 29.96 27.92

Based on: 10-Q (filing date: 2021-08-03), 10-Q (filing date: 2021-05-05), 10-K (filing date: 2021-03-01), 10-Q (filing date: 2020-11-02), 10-Q (filing date: 2020-08-03), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-14), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04).

1 Data adjusted for splits and stock dividends.

2 Q2 2021 Calculation
EPS = (Net earnings attributable to UnitedHealth Group common shareholdersQ2 2021 + Net earnings attributable to UnitedHealth Group common shareholdersQ1 2021 + Net earnings attributable to UnitedHealth Group common shareholdersQ4 2020 + Net earnings attributable to UnitedHealth Group common shareholdersQ3 2020) ÷ No. shares of common stock outstanding
= (4,266,000,000 + 4,862,000,000 + 2,212,000,000 + 3,172,000,000) ÷ 942,917,366 = 15.39

3 Closing price as at the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2021 Calculation
P/E ratio = Share price ÷ EPS
= 421.90 ÷ 15.39 = 27.41

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. UnitedHealth Group Inc.’s P/E ratio increased from Q4 2020 to Q1 2021 and from Q1 2021 to Q2 2021.

Price to Operating Profit (P/OP)

UnitedHealth Group Inc., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 942,917,366 943,702,120 945,319,404 948,820,710 950,335,762 948,379,502 948,573,372 947,414,929 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129
Selected Financial Data (US$)
Earnings from operations (in millions) 5,978  6,739  3,517  4,651  9,241  4,996  5,095  5,014  4,744  4,832  4,497  4,590  4,204  4,053  3,977  4,088  3,731  3,413  3,187  3,580  3,203  2,960 
Operating profit per share2 22.15 25.59 23.70 25.28 25.62 20.93 20.75 20.15 19.69 19.07 18.08 17.49 16.96 16.49 15.72 14.88 14.39 13.89 13.59 0.00 0.00 0.00
Share price1, 3 421.90 412.50 334.65 312.10 303.61 288.77 298.78 250.52 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03
Valuation Ratio
P/OP ratio4 19.05 16.12 14.12 12.35 11.85 13.80 14.40 12.43 12.51 12.48 14.58 15.82 15.19 14.17 14.42 14.30 13.54 12.56 11.79
Benchmarks
P/OP Ratio, Competitors5
Abbott Laboratories 29.01 31.39 40.69 45.82 45.19 35.87 34.03 34.32 37.50 36.74 36.64 38.12 38.00 39.99 60.88 47.72 41.32 30.85 24.25
Anthem Inc. 19.93 15.79 12.10 10.93 9.03 11.95 13.55 12.60 14.74 12.58 15.87 15.01 14.22 14.34 14.81 12.35 11.12 10.24 9.36
Becton, Dickinson & Co. 30.61 33.30 44.46 56.20 43.34 49.82 40.02 29.43 29.40 30.27 43.37 47.87 95.72 67.53 34.59 40.06 21.15 20.05 25.02 22.42 27.98 26.60
Bristol-Myers Squibb Co. 39.45 33.97 27.33 24.42 13.51 10.89 13.68 16.16 19.56 27.48 23.10 28.87 24.60 20.23 19.09 19.79
CVS Health Corp. 7.87 7.61 6.65 5.89 5.98 6.19 7.83 9.44 8.02 15.80 18.65 12.59 11.14 6.90 7.44 7.19 8.21 8.07 7.65
Danaher Corp. 30.83 32.62 36.91 46.28 43.09 35.22 34.47 29.97 30.85 26.85 23.18 20.95 21.72 22.58 22.48 22.35 21.13 20.83 21.37
Edwards Lifesciences Corp. 42.81 65.18 60.98 56.78 61.66 35.77 42.04 57.30 56.37 47.70 49.37 26.74 28.00 25.96 25.66 22.59 26.24 26.76 25.38
HCA Healthcare Inc. 9.33 8.24 8.31 6.21 6.07 4.90 6.93 6.35 6.18 6.13 6.88 6.71 6.76 5.19 5.82 4.62 4.61 4.99 5.11
Intuitive Surgical Inc. 69.51 89.18 88.37 83.88 71.30 43.68 48.89 50.00 49.12 51.89 49.87 48.90 50.69 46.82 44.40 41.74 35.53 31.07 28.93
Medtronic PLC 42.55 35.86 26.29 21.01 23.52 22.21 21.26 19.74 21.13 20.04 17.64 16.73 17.82 19.53 22.64 21.53 18.18 22.35 22.18
Stryker Corp. 36.20 47.78 41.52 31.40 33.20 24.04 30.13 32.94 33.22 27.96 26.55 23.52 25.45 27.41 24.21 26.70 25.11 22.99 21.23

Based on: 10-Q (filing date: 2021-08-03), 10-Q (filing date: 2021-05-05), 10-K (filing date: 2021-03-01), 10-Q (filing date: 2020-11-02), 10-Q (filing date: 2020-08-03), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-14), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04).

1 Data adjusted for splits and stock dividends.

2 Q2 2021 Calculation
Operating profit per share = (Earnings from operationsQ2 2021 + Earnings from operationsQ1 2021 + Earnings from operationsQ4 2020 + Earnings from operationsQ3 2020) ÷ No. shares of common stock outstanding
= (5,978,000,000 + 6,739,000,000 + 3,517,000,000 + 4,651,000,000) ÷ 942,917,366 = 22.15

3 Closing price as at the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 421.90 ÷ 22.15 = 19.05

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. UnitedHealth Group Inc.’s P/OP ratio increased from Q4 2020 to Q1 2021 and from Q1 2021 to Q2 2021.

Price to Sales (P/S)

UnitedHealth Group Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 942,917,366 943,702,120 945,319,404 948,820,710 950,335,762 948,379,502 948,573,372 947,414,929 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129
Selected Financial Data (US$)
Revenues (in millions) 70,765  69,744  65,022  64,764  61,797  64,056  60,468  59,885  60,013  59,903  58,076  56,174  55,731  54,890  51,763  50,075  49,797  48,501  47,274  46,102  46,292  44,344 
Sales per share2 286.66 276.92 270.43 264.63 259.07 257.73 253.30 251.08 247.09 241.90 234.35 227.18 220.74 214.91 206.82 201.89 198.24 195.26 193.46 0.00 0.00 0.00
Share price1, 3 421.90 412.50 334.65 312.10 303.61 288.77 298.78 250.52 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03
Valuation Ratio
P/S ratio4 1.47 1.49 1.24 1.18 1.17 1.12 1.18 1.00 1.00 0.98 1.12 1.22 1.17 1.09 1.10 1.05 0.98 0.89 0.83
Benchmarks
P/S Ratio, Competitors5
Abbott Laboratories 5.36 5.64 6.30 6.13 5.77 5.09 4.83 4.72 4.98 4.52 4.37 3.98 3.84 3.57 3.84 3.77 3.62 3.40 3.70
Anthem Inc. 0.73 0.76 0.60 0.61 0.63 0.65 0.74 0.67 0.77 0.69 0.88 0.79 0.72 0.68 0.67 0.60 0.56 0.55 0.51
Becton, Dickinson & Co. 3.71 4.07 3.85 4.45 4.00 3.94 4.07 3.82 3.64 3.82 4.06 4.45 4.49 4.94 4.23 3.72 3.21 3.05 2.87 2.97 2.86 2.55
Bristol-Myers Squibb Co. 3.44 3.28 3.16 3.66 3.97 4.45 5.52 3.87 3.11 3.21 3.67 3.64 4.38 4.04 5.02 4.85 4.40 4.59 4.72
CVS Health Corp. 0.39 0.40 0.35 0.32 0.32 0.30 0.37 0.38 0.33 0.36 0.39 0.42 0.37 0.36 0.38 0.37 0.44 0.45 0.45
Danaher Corp. 7.72 7.27 7.01 8.15 7.48 6.34 6.29 5.32 5.43 4.67 3.97 3.62 3.74 3.77 3.70 3.52 3.32 3.35 3.48
Edwards Lifesciences Corp. 14.21 13.45 12.48 11.14 11.32 9.82 11.09 11.46 11.17 9.61 9.92 8.06 8.37 7.91 8.18 6.51 7.55 7.31 6.43
HCA Healthcare Inc. 1.43 1.26 1.17 0.84 0.86 0.65 0.98 0.91 0.89 0.90 1.04 1.01 1.00 0.77 0.81 0.65 0.67 0.74 0.77
Intuitive Surgical Inc. 21.73 23.19 21.29 20.09 18.44 13.33 15.01 15.41 15.28 15.83 16.06 16.36 17.01 16.16 14.96 13.83 12.01 10.69 10.11
Medtronic PLC 5.43 5.11 4.36 4.34 4.82 4.72 4.36 4.04 4.27 4.35 3.92 3.57 3.65 3.62 4.06 3.82 3.39 4.14 4.07
Stryker Corp. 6.24 6.65 6.43 5.34 5.16 4.53 5.49 5.59 5.65 4.98 4.95 4.52 4.88 5.01 4.46 4.93 4.62 4.29 4.06

Based on: 10-Q (filing date: 2021-08-03), 10-Q (filing date: 2021-05-05), 10-K (filing date: 2021-03-01), 10-Q (filing date: 2020-11-02), 10-Q (filing date: 2020-08-03), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-14), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04).

1 Data adjusted for splits and stock dividends.

2 Q2 2021 Calculation
Sales per share = (RevenuesQ2 2021 + RevenuesQ1 2021 + RevenuesQ4 2020 + RevenuesQ3 2020) ÷ No. shares of common stock outstanding
= (70,765,000,000 + 69,744,000,000 + 65,022,000,000 + 64,764,000,000) ÷ 942,917,366 = 286.66

3 Closing price as at the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 421.90 ÷ 286.66 = 1.47

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. UnitedHealth Group Inc.’s P/S ratio increased from Q4 2020 to Q1 2021 but then slightly decreased from Q1 2021 to Q2 2021.

Price to Book Value (P/BV)

UnitedHealth Group Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 942,917,366 943,702,120 945,319,404 948,820,710 950,335,762 948,379,502 948,573,372 947,414,929 947,680,609 950,343,113 959,538,515 962,034,200 962,473,363 960,981,242 967,662,919 969,067,449 966,859,926 963,661,565 951,165,192 951,816,220 952,391,411 950,804,129
Selected Financial Data (US$)
Shareholders’ equity attributable to UnitedHealth Group (in millions) 69,014  66,404  65,491  65,231  63,624  56,977  57,616  54,996  53,103  51,724  51,696  50,010  48,293  47,553  47,776  45,298  43,161  41,903  38,274  37,652  36,386  35,169 
Book value per share (BVPS)2 73.19 70.37 69.28 68.75 66.95 60.08 60.74 58.05 56.03 54.43 53.88 51.98 50.18 49.48 49.37 46.74 44.64 43.48 40.24 39.56 38.20 36.99
Share price1, 3 421.90 412.50 334.65 312.10 303.61 288.77 298.78 250.52 246.45 238.05 263.50 276.65 257.65 233.78 226.64 212.70 194.88 174.44 160.31 142.90 143.17 132.03
Valuation Ratio
P/BV ratio4 5.76 5.86 4.83 4.54 4.53 4.81 4.92 4.32 4.40 4.37 4.89 5.32 5.13 4.72 4.59 4.55 4.37 4.01 3.98 3.61 3.75 3.57
Benchmarks
P/BV Ratio, Competitors5
Abbott Laboratories 6.38 6.27 6.65 6.30 5.94 5.40 4.96 4.65 4.86 4.49 4.38 3.94 3.72 3.23 3.40 2.95 2.71 2.42 3.76 2.72 3.20 2.70
Anthem Inc. 2.67 2.78 2.19 2.10 2.06 2.23 2.42 2.13 2.40 2.15 2.82 2.45 2.24 2.26 2.24 2.04 1.84 1.82 1.72 1.31 1.45 1.62
Becton, Dickinson & Co. 2.82 3.00 2.78 3.13 3.32 3.23 3.34 3.04 2.91 3.05 3.09 3.07 2.87 2.85 3.95 3.60 4.96 4.99 4.69 4.55 4.56 3.97
Bristol-Myers Squibb Co. 4.15 3.73 3.55 2.87 2.82 2.77 2.80 5.30 4.63 4.91 5.89 5.89 7.67 6.65 8.88 6.75 6.05 6.36 5.66 5.56 8.36 8.38
CVS Health Corp. 1.47 1.51 1.33 1.24 1.24 1.21 1.47 1.47 1.23 1.25 1.29 2.17 1.95 1.73 1.88 1.94 2.34 2.38 2.15 2.18 3.01 3.10
Danaher Corp. 4.82 4.46 3.93 4.38 3.90 3.68 3.72 3.02 3.19 2.88 2.80 2.56 2.65 2.61 2.58 2.47 2.35 2.42 2.56 2.39 2.24 2.70
Edwards Lifesciences Corp. 13.63 12.91 11.97 11.56 12.74 11.29 11.62 12.48 12.65 10.65 11.76 8.72 9.39 8.40 9.51 6.82 8.30 8.39 7.28 7.64 9.86 9.78
HCA Healthcare Inc. 269.16 105.40
Intuitive Surgical Inc. 10.35 10.40 9.53 9.35 9.19 7.22 8.13 8.43 8.49 8.68 8.96 9.30 10.03 9.71 9.91 8.35 7.62 7.21 4.73 4.77 5.22 5.00
Medtronic PLC 3.02 2.84 2.48 2.60 2.94 2.87 2.66 2.48 2.62 2.59 2.31 2.11 2.10 2.14 2.40 2.27 1.96 2.34 2.25 2.08 2.09 1.86
Stryker Corp. 7.33 7.24 7.05 5.85 5.69 5.17 6.38 6.60 6.72 5.92 5.74 6.09 6.72 6.92 5.56 5.73 5.51 5.21 4.82 4.59 4.81 4.65

Based on: 10-Q (filing date: 2021-08-03), 10-Q (filing date: 2021-05-05), 10-K (filing date: 2021-03-01), 10-Q (filing date: 2020-11-02), 10-Q (filing date: 2020-08-03), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-14), 10-Q (filing date: 2019-11-06), 10-Q (filing date: 2019-08-07), 10-Q (filing date: 2019-05-07), 10-K (filing date: 2019-02-12), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-07), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-11-07), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-08), 10-Q (filing date: 2016-11-08), 10-Q (filing date: 2016-08-02), 10-Q (filing date: 2016-05-04).

1 Data adjusted for splits and stock dividends.

2 Q2 2021 Calculation
BVPS = Shareholders’ equity attributable to UnitedHealth Group ÷ No. shares of common stock outstanding
= 69,014,000,000 ÷ 942,917,366 = 73.19

3 Closing price as at the filing date of UnitedHealth Group Inc.’s Quarterly or Annual Report.

4 Q2 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 421.90 ÷ 73.19 = 5.76

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. UnitedHealth Group Inc.’s P/BV ratio increased from Q4 2020 to Q1 2021 but then slightly decreased from Q1 2021 to Q2 2021.