A Business at a Glance
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UNITEDHEALTH GROUP INC
UNH
$383.4B
Mkt Cap
$420.74
-0.67%
UNITEDHEALTH GROUP INC (UNH) has a current P/E ratio of 31.8, compared to its historical median P/E of 20.5. The stock is currently considered Expensive based on its historical valuation range.
UNITEDHEALTH GROUP INC (UNH) has a 5-year average return on invested capital (ROIC) of 12.5%. This indicates solid capital allocation.
UNITEDHEALTH GROUP INC (UNH) has a market capitalization of $382.0B. It is classified as a mega-cap stock.
Yes, UNITEDHEALTH GROUP INC (UNH) pays a dividend with a trailing twelve-month yield of 2.10%. The company also returns capital through share buybacks, with a buyback yield of 0.67%.
Based on historical P/E analysis, UNITEDHEALTH GROUP INC (UNH) appears expensive. The current P/E of 31.8 is 55% above its historical median of 20.5. The estimated fair value CAGR (P/E method) is 5.6%.
UNITEDHEALTH GROUP INC (UNH) operates in the Hospital & Medical Service Plans industry, within the Financials sector.
UNITEDHEALTH GROUP INC (UNH) reported annual revenue of $447.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
UnitedHealth Group operates through four primary segments: UnitedHealthcare, which provides health insurance coverage including Medicare Advantage, Medicaid, commercial, and individual ACA plans; Optum Health, which delivers integrated value-based care through clinics, care management, and fully accountable arrangements with payers; Optum Rx, a pharmacy benefits manager serving employers, governments, and patients; and Optum Insight, which provides data analytics, software, and technology solutions to health systems and payers. The company earns revenue primarily through risk-based insurance premiums (nearly 80% of consolidated revenues), where it assumes medical and administrative costs in exchange for fixed monthly premiums, supplemented by fee-for-service care delivery, pharmacy services, and software licensing. Unit economics vary by segment: insurance operates on underwriting discipline and medical cost management, while value-based care depends on delivering higher-quality outcomes at lower costs; Optum Rx operates on volume and margin expansion through customer wins and rebate pass-through arrangements; and Optum Insight generates recurring revenue from software and data products. Distribution occurs through employer groups, government programs (Medicare and Medicaid), individual exchanges, and direct contracting with health systems and payers. Competitive advantages include scale in medical cost management, integrated care delivery capabilities, AI-enabled operational efficiencies, and a diversified portfolio spanning insurance, care delivery, pharmacy, and technology. The company serves millions of members across domestic markets, with particular strength in Medicare Advantage and commercial employer segments.
【Margin recovery and operational discipline】 Management is executing a strategic refocus on financial sustainability and margin expansion across all segments in 2026 and beyond. UnitedHealthcare is pursuing aggressive repricing and product repositioning to recover margins toward historical ranges, with particular emphasis on Medicare Advantage and commercial businesses, while acknowledging that Medicaid will face continued pressure through 2026 before modest improvements begin in 2027. Optum Health is returning to fundamentals of value-based care, narrowing its portfolio to high-performing partnerships and exiting lower-performing arrangements, with expectations for margin stabilization in 2026 followed by acceleration toward long-term targets in 2027. Across the enterprise, management is scaling AI-enabled cost reductions and operational efficiencies, targeting nearly $1 billion in cost savings in 2026, while balancing near-term performance with disciplined investment in technology, cybersecurity, and customer experience. Capital allocation priorities include share repurchases at current valuations and measured pursuit of strategic acquisitions that support long-term growth, with leverage expected to improve toward the 40% debt-to-capital target by year-end 2026.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 449.7B | 447.6B | 400.3B | 371.6B | 324.2B | 287.6B |
| Net Income | 12.0B | 12.1B | 14.4B | 22.4B | 20.1B | 17.3B |
| EPS | $13.28 | $13.23 | $15.51 | $23.86 | $21.18 | $18.08 |
| Free Cash Flow | 19.7B | 16.1B | 20.7B | 25.7B | 23.4B | 19.9B |
| ROIC | 10.8% | 7.0% | 8.9% | 15.5% | 15.9% | 15.4% |
| Gross Margin | - | 18.5% | 22.3% | 24.5% | 24.6% | 24.2% |
| Debt/Equity | 0.76 | 0.79 | 0.78 | 0.66 | 0.72 | 0.60 |
| Dividends/Share | $8.82 | $8.73 | $8.18 | $7.29 | $6.40 | $5.60 |
| Operating Income | 18.8B | 19.0B | 32.3B | 32.4B | 28.4B | 24.0B |
| Operating Margin | 4.2% | 4.2% | 8.1% | 8.7% | 8.8% | 8.3% |
| ROE | 11.6% | 12.2% | 15.0% | 25.5% | 25.7% | 24.1% |
| Shares Outstanding | 908M | 911M | 929M | 938M | 950M | 956M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 130.5B | 157.1B | 184.8B | 201.2B | 226.2B | 242.2B | 257.1B | 287.6B | 324.2B | 371.6B | 400.3B | 447.6B | 449.7B |
| Gross Margin | 25.3% | 23.6% | 23.5% | 23.4% | 23.8% | 23.8% | 26.1% | 24.2% | 24.6% | 24.5% | 22.3% | 18.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 21.3B | 24.3B | 28.4B | 29.6B | 34.1B | 35.2B | 41.7B | 42.6B | 47.8B | 54.6B | 53.0B | 59.6B | 61.4B |
| EBIT | 10.3B | 11.0B | 12.9B | 15.2B | 17.3B | 19.7B | 22.4B | 24.0B | 28.4B | 32.4B | 32.3B | 19.0B | 18.8B |
| Op. Margin | 7.9% | 7.0% | 7.0% | 7.6% | 7.7% | 8.1% | 8.7% | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% | 4.2% |
| Net Income | 5.6B | 5.8B | 7.0B | 10.6B | 12.0B | 13.8B | 15.4B | 17.3B | 20.1B | 22.4B | 14.4B | 12.1B | 12.0B |
| Net Margin | 4.3% | 3.7% | 3.8% | 5.2% | 5.3% | 5.7% | 6.0% | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% | 2.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 588M | 489M | 3.3B | 3.4B | 3.4B |
| Returns on Capital | |||||||||||||
| ROIC | 11.8% | 10.8% | 11.4% | 14.8% | 14.3% | 14.9% | 15.1% | 15.4% | 15.9% | 15.5% | 8.9% | 7.0% | 10.8% |
| ROE | 17.4% | 17.6% | 19.5% | 24.0% | 23.0% | 24.1% | 23.9% | 24.1% | 25.7% | 25.5% | 15.0% | 12.2% | 11.6% |
| ROA | 6.7% | 5.9% | 6.0% | 8.1% | 8.2% | 8.5% | 8.3% | 8.4% | 8.8% | 8.6% | 5.0% | 4.0% | 3.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 8.1B | 9.7B | 9.8B | 13.6B | 15.7B | 18.5B | 22.2B | 22.3B | 26.2B | 29.1B | 24.2B | 19.7B | 23.2B |
| Free Cash Flow | 6.5B | 8.2B | 8.1B | 11.6B | 13.7B | 16.4B | 20.1B | 19.9B | 23.4B | 25.7B | 20.7B | 16.1B | 19.7B |
| Owner Earnings | 4.7B | 6.2B | 5.6B | 9.3B | 10.9B | 12.8B | 16.3B | 15.6B | 18.4B | 21.0B | 16.2B | 11.2B | 14.7B |
| CapEx | 1.5B | 1.6B | 1.7B | 2.0B | 2.1B | 2.1B | 2.1B | 2.5B | 2.8B | 3.4B | 3.5B | 3.6B | 3.5B |
| Maint. CapEx | 3.0B | 3.2B | 3.7B | 3.7B | 4.1B | 5.0B | 5.2B | 6.0B | 6.9B | 7.0B | 7.0B | 7.5B | 7.5B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 3.0B | 3.2B | 3.7B | 3.7B | 4.1B | 5.0B | 5.2B | 6.0B | 6.9B | 7.0B | 7.0B | 7.5B | 7.5B |
| CapEx/OCF | 18.9% | 16.0% | 17.4% | 14.9% | 13.1% | 11.2% | 9.2% | 11.0% | 10.7% | 11.6% | 14.5% | 18.4% | 15.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.4B | 1.8B | 2.3B | 2.8B | 3.3B | 3.9B | 4.6B | 5.3B | 6.0B | 6.8B | 7.5B | 7.9B | 8.0B |
| Dividend Yield | 2.0% | 1.9% | 2.0% | 1.7% | 1.5% | 1.8% | 1.7% | 1.5% | 1.3% | 1.5% | 1.6% | 2.3% | 2.1% |
| Share Buybacks | 4.0B | 1.2B | 1.3B | 1.5B | 4.5B | 5.5B | 4.3B | 5.0B | 7.0B | 8.0B | 9.0B | 5.5B | 2.5B |
| Buyback Yield | 4.7% | 1.2% | 0.9% | 0.8% | 2.1% | 2.1% | 1.4% | 1.1% | 1.5% | 1.7% | 1.9% | 1.8% | 0.7% |
| Stock-Based Comp | 364M | 406M | 485M | 597M | 638M | 697M | 679M | 800M | 925M | 1.1B | 1.0B | 971M | 944M |
| Debt Repayment | 812M | 1.0B | 2.6B | 4.4B | 2.6B | 1.8B | 3.1B | 3.1B | 3.0B | 2.1B | 3.0B | 3.0B | 3.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 7.4B | 22.7B | 19.3B | 12.7B | 22.0B | 26.7B | 24.6B | 20.8B | 30.4B | 32.9B | 47.6B | 51.1B | 47.8B |
| Cash & Equiv. | 7.5B | 10.9B | 10.4B | 12.0B | 10.9B | 11.0B | 16.9B | 21.4B | 23.4B | 25.4B | 25.3B | 24.4B | 31.2B |
| Long-Term Debt | 16.0B | 25.3B | 25.8B | 28.8B | 34.6B | 36.8B | 38.6B | 42.4B | 54.5B | 58.3B | 72.4B | 72.3B | 71.4B |
| Debt/Equity | 0.51 | 1.06 | 0.85 | 0.57 | 0.67 | 0.68 | 0.65 | 0.60 | 0.72 | 0.66 | 0.78 | 0.79 | 0.76 |
| Interest Coverage | 16.6 | 14.0 | 12.1 | 12.8 | 12.4 | 11.6 | 13.5 | 14.4 | 13.6 | 10.0 | 8.3 | 4.7 | 4.8 |
| Equity | 32.5B | 33.7B | 38.2B | 49.8B | 54.3B | 60.4B | 68.3B | 75.0B | 81.5B | 94.4B | 98.3B | 100.1B | 103.9B |
| Total Assets | 86.3B | 111.3B | 122.8B | 139.1B | 152.2B | 173.9B | 197.3B | 212.2B | 245.7B | 273.7B | 298.3B | 309.6B | 312.6B |
| Total Liabilities | 52.5B | 75.8B | 82.6B | 87.0B | 96.0B | 111.7B | 126.8B | 135.7B | 159.4B | 174.8B | 195.7B | 207.9B | 207.3B |
| Intangibles | 3.7B | 8.4B | 8.5B | 8.5B | 9.3B | 10.3B | 10.9B | 10.0B | 14.4B | 15.2B | 23.3B | 20.5B | 20.1B |
| Retained Earnings | 33.8B | 37.1B | 40.9B | 48.7B | 55.8B | 61.2B | 69.3B | 77.1B | 86.2B | 95.8B | 96.0B | 95.6B | 99.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 5.70 | 6.01 | 7.25 | 10.72 | 12.19 | 14.33 | 16.03 | 18.08 | 21.18 | 23.86 | 15.51 | 13.23 | 13.28 |
| Owner EPS | 4.80 | 6.37 | 5.75 | 9.45 | 11.12 | 13.22 | 16.93 | 16.27 | 19.32 | 22.36 | 17.46 | 12.27 | 16.18 |
| Book Value | 32.92 | 34.87 | 39.44 | 50.60 | 55.24 | 62.58 | 71.11 | 78.50 | 85.74 | 100.66 | 105.81 | 109.84 | 114.42 |
| Cash Flow/Share | 8.17 | 10.07 | 10.12 | 13.80 | 15.98 | 19.12 | 23.08 | 23.37 | 27.59 | 30.99 | 26.06 | 21.62 | 21.54 |
| Dividends/Share | 1.41 | 1.88 | 2.38 | 2.88 | 3.45 | 4.14 | 4.83 | 5.60 | 6.40 | 7.29 | 8.18 | 8.73 | 8.82 |
| Shares Out. | 985.8M | 967.2M | 967.9M | 984.9M | 983.3M | 965.7M | 960.9M | 956.0M | 950.0M | 938.0M | 928.8M | 911.3M | 908.0M |
| Valuation | |||||||||||||
| P/E Ratio | 15.1 | 16.8 | 19.3 | 18.3 | 18.0 | 18.7 | 19.9 | 26.0 | 23.6 | 21.1 | 32.1 | 25.1 | 31.7 |
| P/FCF | 13.0 | 11.9 | 16.7 | 16.7 | 15.8 | 15.8 | 15.2 | 22.6 | 20.3 | 18.4 | 22.3 | 18.8 | 19.4 |
| EV/EBIT | 9.2 | 11.2 | 12.6 | 13.9 | 13.8 | 14.7 | 14.9 | 19.8 | 17.9 | 15.8 | 15.9 | 18.9 | 22.8 |
| Price/Book | 2.6 | 2.9 | 3.5 | 3.9 | 4.0 | 4.3 | 4.5 | 6.0 | 5.8 | 5.0 | 4.7 | 3.0 | 3.7 |
| Price/Sales | 0.5 | 0.6 | 0.6 | 0.8 | 1.0 | 0.9 | 1.0 | 1.2 | 1.4 | 1.2 | 1.2 | 0.8 | 0.8 |
| FCF Yield | 7.7% | 8.4% | 6.0% | 6.0% | 6.3% | 6.3% | 6.6% | 4.4% | 4.9% | 5.4% | 4.5% | 5.3% | 5.1% |
| Market Cap | 84.7B | 97.5B | 135.4B | 193.0B | 215.9B | 259.2B | 306.4B | 449.4B | 475.2B | 473.1B | 462.3B | 302.4B | 382.0B |
| Avg. Price | 69.07 | 98.18 | 115.95 | 162.13 | 219.64 | 223.84 | 274.71 | 372.59 | 479.32 | 476.14 | 516.44 | 377.21 | 420.74 |
| Year-End Price | 85.96 | 100.81 | 139.93 | 196.01 | 219.58 | 268.39 | 318.88 | 470.10 | 500.27 | 504.39 | 497.73 | 331.83 | 420.74 |
UNITEDHEALTH GROUP INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
UNITEDHEALTH GROUP INC trades at 31.8x trailing earnings, compared to its 15-year median P/E of 20.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 23.8x vs a median of 17.6x. The company's 5-year average ROIC is 12.5% with a gross margin of 22.8%. Total shareholder yield (dividends + buybacks) is 2.8%. At current prices, the estimated annualized return to fair value is +3.9%.
UNITEDHEALTH GROUP INC (UNH) has a net profit margin of 2.7%. This is a modest margin.
UNITEDHEALTH GROUP INC (UNH) generated $16.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UNITEDHEALTH GROUP INC (UNH) has a debt-to-equity ratio of 0.79. This indicates moderate leverage.
UNITEDHEALTH GROUP INC (UNH) reported earnings per share (EPS) of $13.23 in its most recent fiscal year.
UNITEDHEALTH GROUP INC (UNH) has a return on equity (ROE) of 12.2%. This indicates moderate shareholder returns.
UNITEDHEALTH GROUP INC (UNH) has a 5-year average gross margin of 22.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for UNITEDHEALTH GROUP INC (UNH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UNITEDHEALTH GROUP INC (UNH) has a book value per share of $109.84, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a strategic refocus on financial sustainability and margin expansion across all segments in 2026 and beyond. UnitedHealthcare is pursuing aggressive repricing and product repositioning to recover margins toward historical ranges, with particular emphasis on Medicare Advantage and commercial businesses, while acknowledging that Medicaid will face continued pressure through 2026 before modest improvements begin in 2027. Optum Health is returning to fundamentals of value-based care, narrowing its portfolio to high-performing partnerships and exiting lower-performing arrangements, with expectations for margin stabilization in 2026 followed by acceleration toward long-term targets in 2027. Across the enterprise, management is scaling AI-enabled cost reductions and operational efficiencies, targeting nearly $1 billion in cost savings in 2026, while balancing near-term performance with disciplined investment in technology, cybersecurity, and customer experience. Capital allocation priorities include share repurchases at current valuations and measured pursuit of strategic acquisitions that support long-term growth, with leverage expected to improve toward the 40% debt-to-capital target by year-end 2026.