OBJECTIVES: People with human immunodeficiency virus (HIV) have increased risk of cardiovascular disease (CVD), kidney disease, and low bone mineral density.  Some antiretroviral therapies (ART) further increase the risk of these events.    The purpose of this study was to estimate health state utilities associated with these risks so that the values may be used in cost-utility models. METHODS: Qualitative thematic analysis was conducted to examine 4,122 messages posted to the POZ/AIDSmeds Internet Community Forums from 2008 to 2014.  This analysis assessed member awareness of, concerns about, and treatment changes due to bone, kidney, and heart-related side effects and risks of HIV/AIDS medications.  Then, health state vignettes were drafted based on this qualitative analysis, literature review, and clinician interviews.  The health states (representing HIV, plus treatment-related risks) were valued in time trade-off (TTO) interviews with general population participants in the UK (London, Edinburgh). RESULTS: Quantitative analysis of the Internet forums documented patient concerns about ART risks, as well as treatment decisions made because of these risks.  A total of 208 participants completed utility interviews (51.4% female; mean age 44.6y).  The mean (SD) utility of the basic HIV health state (describing a virologically suppressed patient treated with ART) was 0.86 (0.14).  Adding a description of risk to this basic health state was associated with statistically significant disutility (i.e., utility decreases): risk of renal problems (disutility = -0.02), risk of bone problems (-0.03), and risk of myocardial infarction (-0.05).  Health states including the medical conditions themselves, rather than risk, had larger disutilities (e.g., stage 4 chronic kidney disease; disutility = -0.19). CONCLUSIONS: The vignette-based TTO method was feasible for quantifying the utility impact of ART-related risks, demonstrating small but consistent disutilities.  These disutilities may be used in cost-utility models comparing the value of treatments for patients with HIV.