UnitedHealth Group has strong financial flexibility with material non-regulated operating cash flows from its Optum operations. Equity has shown consistent growth over the past five years, driven entirely by retained earnings despite large share repurchases and growing dividend programs. Strong liquidity is driven by favorable operating cash flows, parent company cash, a commercial paper program and a $21 billion revolving credit facility. Financial leverage at year-end 2024 was elevated at 43.7%, as measured by BCAR, and is above the company's long-term target of 40%. Additionally, earnings before interest and tax coverage remain good but declined in 2024 to about eight times. Furthermore, UnitedHealth Group had a large amount of goodwill and intangibles on the balance sheet totaling approximately 132% of equity.