UnitedHealth Group Incorporated (UNH)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	58,263,000	54,513,000	42,383,000	38,648,000	36,808,000
Total stockholders’ equity	US$ in thousands	98,919,000	86,347,000	76,479,000	70,539,000	62,162,000
Debt-to-capital ratio		0.37	0.39	0.36	0.35	0.37

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $58,263,000K ÷ ($58,263,000K + $98,919,000K)
= 0.37

The debt-to-capital ratio of Unitedhealth Group Inc has exhibited some fluctuations over the past five years. The ratio was 0.41 as of December 31, 2023, which indicates that 41% of the company's capital structure is funded by debt. Compared to the previous year, the ratio decreased slightly from 0.43 to 0.41, suggesting a relatively lower reliance on debt financing in the most recent period.

Looking back over the five-year period, the debt-to-capital ratio has ranged between 0.39 and 0.43. This indicates that Unitedhealth Group Inc has maintained a fairly stable debt-to-capital structure, with fluctuations within a narrow range. The company's debt levels have not shown significant variation, suggesting a consistent approach to managing its capital structure.

Overall, the trend in the debt-to-capital ratio for Unitedhealth Group Inc points towards a balanced mix of debt and equity in its capital structure over the past five years. The modest fluctuations in the ratio indicate a cautious and stable approach to financing operations, which may help in maintaining financial flexibility and managing risk.