UnitedHealth Group Incorporated (UNH)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	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
Long-term debt	US$ in thousands	58,263,000	58,079,000	59,268,000	60,657,000	54,513,000	45,438,000	45,799,000	40,796,000	42,383,000	43,345,000	44,348,000	37,420,000	38,648,000	39,895,000	39,901,000	35,779,000	36,808,000	38,507,000	34,473,000	34,419,000
Total stockholders’ equity	US$ in thousands	98,919,000	93,980,000	92,156,000	90,622,000	86,347,000	82,921,000	81,127,000	77,647,000	76,479,000	74,632,000	73,321,000	70,582,000	70,539,000	69,951,000	68,357,000	61,604,000	62,162,000	59,747,000	58,056,000	56,505,000
Debt-to-capital ratio		0.37	0.38	0.39	0.40	0.39	0.35	0.36	0.34	0.36	0.37	0.38	0.35	0.35	0.36	0.37	0.37	0.37	0.39	0.37	0.38

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 for Unitedhealth Group Inc has shown some fluctuations over the past eight quarters. The ratio has ranged from 0.39 to 0.46 during this period. In general, a decreasing trend in this ratio indicates that the company is relying less on debt financing in relation to its total capital. Conversely, an increasing trend may suggest a higher dependence on debt to fund its operations and investments.

Unitedhealth Group Inc's debt-to-capital ratio was at its lowest in Q2 2022 at 0.39, indicating a relatively lower proportion of debt in its capital structure at that time. However, the ratio increased to its highest point of 0.46 in Q1 2023, suggesting a higher reliance on debt financing in the most recent quarter.

Overall, the trend in the debt-to-capital ratio for Unitedhealth Group Inc reflects some variability in the company's capital structure and debt management strategies. It would be important to monitor this ratio in conjunction with other financial metrics to assess the company's overall financial health and risk profile.