UnitedHealth Group Incorporated (UNH)

Financial leverage ratio

		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	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Total assets	US$ in thousands	298,278,000	299,309,000	286,056,000	284,210,000	278,415,000	282,063,000	280,164,000	283,679,000	245,705,000	243,064,000	230,172,000	221,238,000	212,206,000	213,045,000	210,292,000	205,171,000	197,289,000	190,969,000	192,483,000	189,067,000
Total stockholders’ equity	US$ in thousands	92,658,000	99,881,000	84,801,000	86,688,000	88,756,000	84,494,000	82,353,000	81,312,000	77,772,000	74,646,000	72,820,000	72,766,000	71,760,000	70,278,000	69,014,000	66,404,000	65,491,000	65,231,000	63,624,000	56,977,000
Financial leverage ratio		3.22	3.00	3.37	3.28	3.14	3.34	3.40	3.49	3.16	3.26	3.16	3.04	2.96	3.03	3.05	3.09	3.01	2.93	3.03	3.32

December 31, 2024 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $298,278,000K ÷ $92,658,000K
= 3.22

The financial leverage ratio of UnitedHealth Group Incorporated has shown some fluctuations over the period under consideration. The ratio increased from 3.32 as of March 31, 2020, to a peak of 3.49 as of March 31, 2023, indicating an increase in financial leverage during this period. Subsequently, the ratio declined to 3.22 as of December 31, 2024.

The ratio remained above 3 for most quarters, suggesting that the company has been relying more on debt financing to support its operations and growth. A higher financial leverage ratio implies higher financial risk as the company has more debt in its capital structure.

Investors and creditors should closely monitor the trend in the financial leverage ratio to assess the company's ability to meet its debt obligations and manage its financial risk effectively. A consistent upward trend in the ratio may indicate a higher reliance on debt, while a declining trend may signal improved financial health and reduced risk.