Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
Doing some research...
From 2021 through 2024 UnitedHealth’s balance sheet shows clear scale-up: total assets rose from $212,206m to $298,278m (≈+40.6%), while total liabilities increased from $135,727m to $195,687m (≈+44.2%). Stockholders’ equity grew from $75,045m to $98,268m (≈+31.0%). Year-to-year, 2022 saw a notable step-up in assets and liabilities, 2023 delivered the strongest equity advance (equity +15.9% year-over-year), and 2024 continued asset growth but with liabilities (≈+12.0%) outpacing equity (≈+2.0%), which materially slowed equity accumulation. The balance-sheet mix implies a modest rise in leverage: the equity-to-assets ratio slipped from about 35.4% (2021) to ~33.0% (2024), and liabilities-to-equity moved from ~1.81x to ~1.99x. That pattern is consistent with scaling operations in the managed-care/health services industry where premium volume, claim reserves and financing for strategic investments or acquisitions can push both assets and liabilities higher; the 2024 slowdown in equity growth suggests more of the balance-sheet expansion was debt- or liability-driven. Note the 2025 row contains zeros and appears to be missing data; based on 2021–2024 trends, management and investors should watch claims reserves, debt levels and capital generation (earnings/stock actions) to ensure leverage stays within target ranges.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.