UnitedHealth Group key statistics and ratios

In fiscal 2025, UnitedHealth Group had return on equity of 12.2%, an operating margin of 4.2%, debt equal to 78.3% of equity and a current ratio of 0.79. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

UnitedHealth Group: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	86.8%	88.0%	88.1%	88.4%	88.0%	89.2%	89.6%	89.6%	88.3%	88.7%	88.6%
Operating margin	7.3%	8.4%	8.3%	8.4%	7.9%	7.9%	7.0%	7.0%	7.6%	7.7%	8.1%	8.7%	8.3%	8.8%	8.7%	8.1%	4.2%	4.8%
Net margin	4.4%	4.9%	5.0%	5.0%	4.6%	4.3%	3.7%	3.8%	5.2%	5.3%	5.7%	6.0%	6.0%	6.2%	6.0%	3.6%	2.7%	3.1%
Free-cash-flow margin	5.6%	5.7%	5.8%	5.5%	4.6%	5.0%	5.2%	4.4%	5.8%	6.0%	6.8%	7.8%	6.9%	7.2%	6.9%	5.2%	3.6%	5.2%
Return on equity	16.2%	18.7%	19.0%	18.6%	17.8%	17.4%	17.6%	19.5%	24.0%	23.0%	24.1%	23.9%	24.1%	25.7%	25.5%	15.0%	12.2%	13.8%
Return on assets	6.5%	7.6%	7.9%	7.4%	6.9%	6.7%	5.9%	6.0%	8.1%	8.2%	8.5%	8.3%	8.4%	8.8%	8.6%	5.0%	4.0%	4.6%
Asset turnover	1.48	1.54	1.56	1.49	1.51	1.55	1.59	1.58	1.54	1.55	1.49	1.39	1.40	1.42	1.43	1.40	1.47	1.45
Current ratio	0.82	0.78	0.85	0.78	0.73	0.77	0.74	0.69	0.73	0.73	0.69	0.74	0.79	0.77	0.79	0.83	0.79	0.78
Debt to equity	47.3%	43.1%	41.1%	53.7%	52.4%	53.6%	94.8%	86.4%	63.6%	67.3%	67.3%	63.6%	61.3%	70.7%	66.2%	78.3%	78.3%	70.2%
Interest cover (operating income ÷ interest)	11.5x	16.3x	16.8x	14.6x	13.6x	16.6x	14.0x	12.1x	12.8x	12.4x	11.6x	13.5x	14.4x	13.6x	10.0x	8.3x	4.7x	5.6x
Effective tax rate	34.2%	37.2%	35.4%	35.9%	36.4%	41.8%	42.6%	40.4%	22.8%	22.3%	20.8%	24.0%	20.5%	21.7%	20.5%	24.1%	12.9%	14.5%
SG&A as % of revenue	14.6%	15.2%	15.3%	15.6%	15.5%	16.3%	15.5%	15.4%	14.7%	15.1%	14.5%	16.2%	14.8%	14.7%	14.7%	13.2%	13.3%	13.7%
Capital spending as % of revenue	0.8%	0.9%	1.0%	1.0%	1.1%	1.2%	1.0%	0.9%	1.0%	0.9%	0.9%	0.8%	0.9%	0.9%	0.9%	0.9%	0.8%	0.8%
Free cash flow ÷ net income	127.8%	116.4%	114.8%	110.1%	101.0%	116.1%	140.8%	115.3%	109.6%	113.9%	118.4%	130.6%	115.1%	116.3%	114.7%	143.7%	133.3%	167.2%
Dividends ÷ net income	0.9%	9.7%	12.7%	14.8%	18.8%	24.2%	30.7%	32.2%	26.3%	27.7%	28.4%	29.8%	30.5%	29.8%	30.2%	52.3%	65.7%	57.3%
Dividends and buybacks ÷ free cash flow	37.6%	55.0%	61.8%	64.2%	74.3%	82.3%	36.5%	43.8%	36.9%	57.3%	57.5%	43.9%	51.7%	55.5%	57.5%	79.9%	83.7%	41.2%

US$ thousands unless shown otherwise. Fiscal quarters.

UnitedHealth Group: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	88.3%	87.6%	88.7%	88.3%	88.9%	88.8%	88.5%	88.1%
Operating margin	8.6%	7.7%	8.3%	4.6%	3.8%	0.3%	8.0%	7.1%
Net margin	6.0%	5.5%	5.7%	3.1%	2.1%	0.0%	5.6%	4.9%
Free-cash-flow margin	12.8%	1.4%	4.2%	5.6%	4.5%	0.1%	7.3%	9.2%
Current ratio	0.91	0.83	0.85	0.85	0.82	0.79	0.80	0.78
Debt to equity	78.1%	78.3%	80.6%	78.8%	78.9%	78.3%	75.0%	70.2%
SG&A as % of revenue	13.2%	12.4%	12.4%	12.3%	13.5%	15.0%	13.8%	12.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026

What it owns · $309.7bn

Short-term assets $86.9bnLonger-term assets $222.9bn

What it owes, and who funded it · $308.3bn

Short-term liabilities $111.8bnLonger-term liabilities $92.0bnShareholders' equity $104.5bn

Short-term assets cover short-term liabilities $86.9bn of assets due within a year against $111.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities $86.9bn short-term assets against $92.0bn of longer-dated liabilities.
More cash than debt $28.6bn of cash against $73.3bn of debt.
Debt below 40% of shareholders' equity Debt is 70% of equity.
Debt burden no higher than five years ago Debt to equity moved from 56% to 70% over five years.
A year's operating cash flow covers at least 20% of debt $27.0bn of operating cash flow against $73.3bn of debt.
Operating profit covers interest at least five times over Operating income of $21.7bn against $3.9bn of interest.

From UnitedHealth Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

77 /100

Strong moat

How hard UnitedHealth Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 99.1% of total assets over 9 years.
Pricing power 20 / 20

Gross margin has been a median 88.6%, moving by 0.6 percentage points (standard deviation) across 9 years.
Durability 10 / 20

Operating margin has been a median 7.8%; its worst year was 4.8%.
Cash conversion 13 / 20

Free cash flow was positive in 10 of 10 years, at a median 6.6% of revenue.
Discipline 18 / 20

The diluted share count fell 5.3% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from UnitedHealth Group's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to UnitedHealth Group.