UnitedHealth Group Incorporated (UNH): net debt to ebitda, 10 filed years
Net debt/EBITDA at UnitedHealth Group Incorporated was 2.51x in FY2025, the newest filed year. Across the 6 computed years from FY2018 it ranged from 1.16x (FY2023) to 2.51x (FY2025), with a median of 1.42x.
Tonight's figure on the company page: 2.51x, recomputed 2026-10-16. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | Net debt/EBITDA | Read from |
|---|---|---|
| FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-02-08 |
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-02-13 |
| FY2018 | 1.33x | 10-K, filed 2019-02-12 |
| FY2019 | 1.50x | 10-K, filed 2020-02-14 |
| FY2020 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2021-03-01 |
| FY2021 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2022-02-15 |
| FY2022 | 1.23x | 10-K, filed 2023-02-24 |
| FY2023 | 1.16x | 10-K, filed 2024-02-28 |
| FY2024 | 1.55x | 10-K, filed 2025-02-27 |
| FY2025 | 2.51x | 10-K, filed 2026-03-02 |
How each year is computed
(Total debt - cash) / EBITDA
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.