Unitedhealth Group
Unitedhealth Group returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
Not applicable to banks and insurers: these ratios use an industrial-company capital model.
ROCE
% · Annual / TTM
Not applicable to banks and insurers: these ratios use an industrial-company capital model.
ROIIC
% · Annual / TTM
Not applicable to banks and insurers: these ratios use an industrial-company capital model.
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Not applicable to banks and insurers: these ratios use an industrial-company capital model.
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | — | — | — | 4.57% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | — | — | — | 3.87% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | — | — | — | 3.97% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | — | — | — | 5.72% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | — | — | — | 7.16% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | — | — | — | 7.44% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | — | — | — | 5.04% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | — | — | — | 4.93% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | — | — | — | 4.98% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | — | — | — | 5.41% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | — | — | — | 8.62% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | — | — | — | 8.26% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | — | — | — | 8.27% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | — | — | — | 8.2% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | — | — | — | 8.79% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | — | — | — | 8.52% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | — | — | — | 8.29% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | — | — | — | 8.18% | — |
| FY 2021 Q4 | Dec 31, 2021 | — | — | — | — | 8.44% | — |
| FY 2021 Q3 | Sep 30, 2021 | — | — | — | — | 7.64% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | — | — | — | 7.21% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | — | — | — | 8.56% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | — | — | — | 8.3% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | — | — | — | 9.18% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | — | — | — | 9.51% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | — | — | — | 7.85% | — |
| FY 2019 Q4 | Dec 31, 2019 | — | — | — | — | 8.49% | — |
| FY 2019 Q3 | Sep 30, 2019 | — | — | — | — | 8.21% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | — | — | — | 8.07% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | — | — | — | 7.97% | — |
| FY 2018 Q4 | Dec 31, 2018 | — | — | — | — | 8.23% | — |
| FY 2018 Q3 | Sep 30, 2018 | — | — | — | — | 8.62% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | — | — | — | 8.1% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | — | — | — | 7.67% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | — | — | — | 8.06% | — |
| FY 2017 Q3 | Sep 30, 2017 | — | — | — | — | 6.53% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | — | — | — | 6.29% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | — | — | — | 5.94% | — |
| FY 2016 Q4 | Dec 31, 2016 | — | — | — | — | 5.99% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | — | — | — | 5.65% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | — | — | — | 5.86% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | — | — | — | 5.79% | — |
| FY 2015 Q4 | Dec 31, 2015 | — | — | — | — | 5.88% | — |
| FY 2015 Q3 | Sep 30, 2015 | — | — | — | — | 6.3% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | — | — | 18.53% | 6.91% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | — | — | 18.42% | 6.81% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | — | — | 17.4% | 6.68% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | — | — | 17.13% | 6.62% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | — | — | 17.12% | 6.64% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | — | — | 17.21% | 6.6% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | — | — | 17.76% | 6.91% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | — | — | 17.49% | 7.09% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | — | — | 17.87% | 7.07% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | — | — | 17.59% | 6.84% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | — | — | 18.58% | 7.43% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | — | — | 19.07% | 7.77% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | — | — | 18.52% | 7.53% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | 18.71% | 7.51% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | 19% | 7.85% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | 18.42% | 7.36% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | 18.9% | 7.8% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | 18.82% | 7.67% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | 18.75% | 7.59% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | 18.7% | 7.53% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | 18.51% | 7.38% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · UNH, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.