Question 1

What is UnitedHealth Group's P/B ratio?

Accepted Answer

UnitedHealth Group (UNH) P/B ratio is 3.5× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for UnitedHealth Group?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For UnitedHealth Group specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

Is UnitedHealth Group's P/B ratio high or low?

Accepted Answer

UnitedHealth Group's P/B ratio of 3.5× is below its own 5-year average of 5.1× and above the sector median of 3.4×. That places the current reading at the 20th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is UnitedHealth Group's historical P/B ratio range?

Accepted Answer

In the available daily series, UnitedHealth Group (UNH) P/B ratio has ranged from a low of 1.2× in 2009 to a high of 7.3× in 2022. The 5-year average is 5.1× and the 5-year median is 5.4×.

Question 7

What was UnitedHealth Group's P/B ratio in 2025?

Accepted Answer

UnitedHealth Group (UNH) P/B ratio at the end of 2025 was 3.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does UnitedHealth Group's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$300.40B	$94.11B	3.2×	-1.9×	Dec 31, 2025
2024	$468.93B	$92.66B	5.1×	-0.4×	Dec 31, 2024
2023	$486.46B	$88.76B	5.5×	-0.9×	Dec 31, 2023
2022	$495.19B	$77.77B	6.4×	-0.2×	Dec 31, 2022
2021	$472.51B	$71.76B	6.6×	+1.5×	Dec 31, 2021
2020	$331.74B	$65.49B	5.1×	+0.2×	Dec 31, 2020
2019	$278.69B	$57.62B	4.8×	+0.2×	Dec 31, 2019
2018	$239.16B	$51.70B	4.6×	+0.2×	Dec 31, 2018
2017	$213.63B	$47.78B	4.5×	+0.5×	Dec 31, 2017
2016	$152.36B	$38.27B	4.0×	+0.7×	Dec 31, 2016
2015	$112.11B	$33.83B	3.3×	+0.3×	Dec 31, 2015
2014	$96.44B	$32.45B	3.0×	+0.7×	Dec 31, 2014
2013	$74.40B	$32.15B	2.3×	+0.5×	Dec 31, 2013
2012	$55.27B	$31.18B	1.8×	-0.1×	Dec 31, 2012
2011	$53.62B	$28.29B	1.9×	+0.4×	Dec 31, 2011
2010	$39.47B	$25.82B	1.5×	+0.0×	Dec 31, 2010
2009	$35.14B	$23.61B	1.5×	-0.0×	Dec 31, 2009
2008	$31.81B	$20.78B	1.5×	-2.2×	Dec 31, 2008
2007	$74.09B	$20.06B	3.7×	+0.2×	Dec 31, 2007
2006	$72.21B	$20.81B	3.5×	-1.0×	Dec 31, 2006
2005	$78.98B	$17.82B	4.4×	-0.9×	Dec 31, 2005
2004	$57.36B	$10.72B	5.4×	-1.3×	Dec 31, 2004
2003	$34.23B	$5.13B	6.7×	+1.0×	Dec 31, 2003
2002	$25.22B	$4.43B	5.7×	+0.1×	Dec 31, 2002
2001	$21.92B	$3.89B	5.6×	—	Dec 31, 2001


Align Technology (ALGN)	3.0×
Quest Diagnostics (DGX)	2.9×
Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Baxter International (BAX)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for UnitedHealth Group (UNH)

P/B Ratio daily chart for UnitedHealth Group (UNH)

Historical P/B Ratio for UnitedHealth Group (UNH) from 2001 to 2025

About P/B Ratio at UnitedHealth Group (UNH)

UnitedHealth Group P/B Ratio by Year

UnitedHealth Group P/B Ratio 2025: 3.2×

UnitedHealth Group P/B Ratio 2024: 5.1×

UnitedHealth Group P/B Ratio 2023: 5.5×

UnitedHealth Group P/B Ratio 2022: 6.4×

UnitedHealth Group P/B Ratio 2021: 6.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

UnitedHealth Group (UNH) Key Financials

P/B Ratio daily chart for UnitedHealth Group (UNH)

Historical P/B Ratio for UnitedHealth Group (UNH) from 2001 to 2025

About P/B Ratio at UnitedHealth Group (UNH)

UnitedHealth Group P/B Ratio by Year

UnitedHealth Group P/B Ratio 2025: 3.2×

UnitedHealth Group P/B Ratio 2024: 5.1×

UnitedHealth Group P/B Ratio 2023: 5.5×

UnitedHealth Group P/B Ratio 2022: 6.4×

UnitedHealth Group P/B Ratio 2021: 6.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is UnitedHealth Group's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for UnitedHealth Group?

+Is UnitedHealth Group's P/B ratio high or low?

+What is UnitedHealth Group's historical P/B ratio range?

+What was UnitedHealth Group's P/B ratio in 2025?

+Why does UnitedHealth Group's P/B ratio change over time?

UnitedHealth Group (UNH) Key Financials