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: 2026-09-30), 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).
An analysis of the valuation ratios reveals a distinct cycle of expansion and contraction between March 2022 and September 2026. The period is characterized by relative stability through 2023, a significant valuation peak in mid-2024, a severe contraction reaching a nadir in mid-2025, and a subsequent recovery phase throughout 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained relatively stable between 20.53 and 27.70 from early 2022 through the end of 2023. A sharp increase is observed in early 2024, peaking at 36.59 in June 2024. This was followed by a precipitous decline to a period low of 10.73 by June 30, 2025. A recovery trend ensued, with the ratio returning to a range of 22.81 to 27.44 by late 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrored the movements of the P/E ratio, drifting from a high of 19.96 in mid-2022 down to 14.20 by the end of 2023. After a modest rise in 2024, the ratio collapsed to 7.43 in June 2025. The metric subsequently recovered, stabilizing between 15.15 and 17.54 during the 2026 calendar year.
- Price to Sales (P/S) Ratio
- A long-term compression trend is evident in the P/S ratio. Starting at a peak of 1.66 in June 2022, the ratio gradually declined to 1.25 by December 2023. A significant drop occurred in 2025, with the ratio reaching a minimum of 0.55 in June. While a partial recovery followed, the ratio remained substantially lower than 2022 levels, ending the period at 0.81.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited significant volatility, starting at a high of 6.94 in June 2022 and maintaining levels above 5.00 through 2023. Following a decline in 2024, the ratio reached a sharp bottom of 2.41 in June 2025. A recovery phase saw the ratio climb back to a range of 3.38 to 3.73 by the final quarters of 2026.
Overall, the valuation metrics suggest a systematic devaluation of the stock occurring primarily in the first half of 2025, affecting earnings, operating profit, sales, and book value multiples simultaneously. The recovery observed in late 2025 and 2026 indicates a return toward historical norms, although the Price to Sales and Price to Book Value ratios did not fully return to their 2022 peaks.
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Price to Earnings (P/E)
UnitedHealth Group Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | 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 | 896,022,611 | 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) | 4,110) | 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 | 17.73 | 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 | 404.44 | 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 | 22.81 | 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. | 18.25 | 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. | 50.18 | 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 | 26.93 | 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: 2026-09-30), 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 Q3 2026 Calculation
EPS
= (Net earnings (loss) attributable to UnitedHealth Group common shareholdersQ3 2026
+ 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)
÷ No. shares of common stock outstanding
= (4,110,000,000 + 5,484,000,000 + 6,280,000,000 + 10,000,000)
÷ 896,022,611 = 17.73
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 404.44 ÷ 17.73 = 22.81
5 Click competitor name to see calculations.
The valuation metrics from March 2022 through September 2026 exhibit three distinct phases characterized by steady growth, extreme volatility, and subsequent stabilization.
- Earnings Per Share (EPS) Trends
- A period of consistent growth was observed from March 2022 to December 2023, during which EPS rose from $18.60 to $24.28. This trajectory shifted abruptly in early 2024, with a sharp decline to $15.27 by June 2024. Earnings remained volatile through 2025, reaching a low of $13.26 in December 2025, before recovering to $17.73 by September 2026.
- Share Price Fluctuations
- The share price remained relatively stable between $484.33 and $543.43 during the 2022-2023 period. A period of high volatility emerged in 2024, beginning with a peak of $558.76 in June 2024 and followed by a steep decline to a low of $252.37 by June 2025. A recovery phase is evident from mid-2025 onward, with the price climbing back to $404.44 by September 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio experienced gradual compression from 27.29 in March 2022 to 20.53 in December 2023, indicating that earnings growth outpaced share price increases. A significant valuation spike occurred in the first half of 2024, peaking at 36.59, which suggests a market lag in adjusting the share price to declining earnings. This was followed by a severe contraction to 10.73 in June 2025, representing the lowest valuation in the observed period. The ratio subsequently normalized, returning to a range between 22.81 and 27.44 by the end of the series.
The interplay between these metrics indicates a period of significant valuation misalignment during 2024 and early 2025, where the P/E ratio swung from an expanded state to a highly compressed state before eventually stabilizing near historical norms.
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Price to Operating Profit (P/OP)
UnitedHealth Group Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 896,022,611 | 897,594,847 | 908,144,404 | 907,675,839 | 905,838,620 | 905,673,625 | 907,140,441 | 914,712,333 | 920,284,334 | 923,418,150 | 920,385,075 | 921,934,109 | 924,925,293 | 926,305,139 | 931,032,030 | 932,846,602 | 934,349,073 | 935,382,710 | 938,171,603 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Earnings from operations (in millions) | 6,563) | 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 | 26.70 | 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 | 404.44 | 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 | 15.15 | 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. | 19.01 | 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. | 45.19 | 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 | 20.60 | 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: 2026-09-30), 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 Q3 2026 Calculation
Operating profit per share
= (Earnings from operationsQ3 2026
+ Earnings from operationsQ2 2026
+ Earnings from operationsQ1 2026
+ Earnings from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (6,563,000,000 + 7,991,000,000 + 8,990,000,000 + 380,000,000)
÷ 896,022,611 = 26.70
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 404.44 ÷ 26.70 = 15.15
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited significant volatility over the observed period, characterized by an initial phase of gradual compression, a severe contraction in mid-2025, and a subsequent recovery through 2026.
- P/OP Ratio Trends
- The P/OP ratio began at 19.69 in March 2022 and maintained a general downward trajectory, stabilizing between 14.20 and 16.11 from December 2023 through September 2024. A sharp decline occurred in the first half of 2025, reaching a trough of 7.43 in June 2025. Following this low, the ratio recovered steadily, returning to 15.15 by September 2026.
- Operating Profit per Share Performance
- Operating profit per share showed a consistent growth trend from March 2022 (25.77) until it peaked at 36.90 in March 2025. This growth was followed by a significant decline, with profits falling to 20.74 by March 2026. A recovery was observed in the remaining quarters of 2026, with the figure rising to 26.70 by September.
- Share Price Dynamics
- The share price peaked at 558.76 in June 2024 before entering a period of steep decline, hitting a minimum of 252.37 in June 2025. A recovery phase followed, with the price increasing to 404.44 by September 2026, though it did not return to the highs seen in 2024.
- Valuation Analysis
- The compression of the P/OP ratio to 7.43 in June 2025 indicates that the decline in share price far outpaced the decline in operating profits during that period, suggesting a significant reduction in the market's valuation multiple. The subsequent rise in the ratio toward 15.15 indicates a restoration of investor confidence and a realignment of the stock price with its operating earnings.
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Price to Sales (P/S)
UnitedHealth Group Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | 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 | 896,022,611 | 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) | 111,617) | 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 | 497.29 | 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 | 404.44 | 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 | 0.81 | 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. | 0.47 | 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. | 12.82 | 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 | 3.50 | 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: 2026-09-30), 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 Q3 2026 Calculation
Sales per share
= (Revenues, customersQ3 2026
+ Revenues, customersQ2 2026
+ Revenues, customersQ1 2026
+ Revenues, customersQ4 2025)
÷ No. shares of common stock outstanding
= (111,617,000,000 + 110,809,000,000 + 110,590,000,000 + 112,568,000,000)
÷ 896,022,611 = 497.29
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 404.44 ÷ 497.29 = 0.81
5 Click competitor name to see calculations.
The valuation trends from March 2022 through September 2026 reveal a significant divergence between the company's operational revenue growth and its market valuation. While the company demonstrated a consistent ability to increase revenue on a per-share basis, the market multiple applied to those sales experienced a substantial contraction over the observed period.
- Sales per Share Performance
- An uninterrupted upward trajectory is observed in sales per share, which grew from 314.77 US$ in March 2022 to 497.29 US$ by September 2026. This consistent growth indicates a strengthening of fundamental revenue generation capabilities throughout the entire analyzed timeframe.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio exhibited three distinct phases. From March 2022 to September 2023, the ratio remained relatively elevated, fluctuating between 1.35 and 1.66. A period of gradual decline followed, leading into a sharp valuation compression between December 2024 and June 2025, where the ratio reached a minimum of 0.55. From July 2025 through September 2026, the ratio entered a partial recovery and stabilization phase, oscillating between 0.60 and 0.82.
- Share Price Correlation
- Share price movements were the primary driver of the P/S ratio volatility. After maintaining a range between 484.33 US$ and 558.76 US$ from 2022 through mid-2024, the price entered a steep decline, hitting a low of 252.37 US$ in June 2025. The subsequent recovery to 404.44 US$ by September 2026 occurred despite the P/S ratio remaining significantly below the 2022-2023 baseline, suggesting that the market's valuation of each dollar of sales has permanently shifted downward despite the recovery in absolute share price.
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Price to Book Value (P/BV)
UnitedHealth Group Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | 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 | 896,022,611 | 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) | 98,096) | 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 | 109.48 | 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 | 404.44 | 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 | 3.69 | 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. | 2.10 | 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. | 9.28 | 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 | 2.54 | 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: 2026-09-30), 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 Q3 2026 Calculation
BVPS = Shareholders’ equity attributable to UnitedHealth Group ÷ No. shares of common stock outstanding
= 98,096,000,000 ÷ 896,022,611 = 109.48
3 Closing price as at the filing date of UnitedHealth Group Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 404.44 ÷ 109.48 = 3.69
5 Click competitor name to see calculations.
The valuation of the company's common stock, as measured by the Price to Book Value (P/BV) ratio, exhibited a general downward trend over the period from March 2022 to September 2026, characterized by a sharp contraction followed by a partial recovery. While the book value per share maintained a consistent growth trajectory, the P/BV ratio was heavily influenced by significant volatility in the share price.
- Price to Book Value (P/BV) Dynamics
- The P/BV ratio peaked in June 2022 at 6.94. This was followed by a gradual decline throughout 2023 and the first half of 2024, generally fluctuating between 5.18 and 5.84. A precipitous decline occurred between December 2024 and June 2025, during which the ratio fell from 4.63 to a period low of 2.41. From mid-2025 through September 2026, the ratio showed signs of stabilization and a moderate recovery, ending the analyzed period at 3.69.
- Book Value Per Share (BVPS) Progression
- BVPS demonstrated a steady and resilient upward trend, increasing from 77.56 US$ in March 2022 to 109.48 US$ by September 2026. This indicates a sustained expansion of the company's equity base per share, which remained largely insulated from the market volatility that impacted the stock's trading price.
- Correlation Between Market Price and Valuation
- The divergence between the linear growth of the book value and the fluctuating P/BV ratio confirms that valuation changes were primarily driven by share price volatility. The significant compression of the P/BV ratio in 2025 corresponds directly with the share price drop from 468.56 US$ in December 2024 to 252.37 US$ in June 2025. The subsequent increase in the ratio toward the end of 2026 reflects a partial recovery in the market price to 404.44 US$.
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