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Humana Inc.

HUM Healthcare Healthcare Plans

Humana Inc.’s revenue for fiscal 2025 (year ended December 2025) was $129.7 billion, up 10.1% from fiscal 2024.

Revenue
+26.1%
EPS
−16.7%
Free cash flow
+158.7%
Total debt
−0.82%

Quarter to September 2026, against a year earlier

433.74 21.95 +5.33%
Market cap
$49.5B
P/E
41.9×
Fwd P/E
64.4×
Dividend yield
0.81%
F-score
6/9
Altman Z
4.66
Beneish M
−2.29
Dividend safety
61/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Insurance
  • CenterWell

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.29%

Capital & Financial Ratios $m

Size
Market Cap 49,450.00
Revenue ttm 154,185.00
Net income ttm 1,262.00
Free cash flow ttm 3,731.00
Net debt Q (12,605.00)
Valuation
P/E 41.91 (above 35: high)
Forward P/E 64.40 (above 35: high)
Price / sales 0.34
Forward P/S Powerpack
Price / FCF 16.51
Price / book 2.77
Financial health
Current ratio Q 1.65 (at or above 1.5: strong)
Debt / equity Q 0.66
Interest coverage Q 0.35
Growth
Revenue growth Q +26.05% (above 0%: growing)
Operating income growth Q −81.25% (below 0%: shrinking)
EPS, this year −46.55% (below 0%: weak)
EPS, next year A +90.21% (at or above 15%: strong)
Revenue, next year A +25.56% (at or above 10%: strong)
EPS, past 5 yrs −17.22% (below 0%: weak)
EPS, next 5 yrs A +21.24% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, against a ten-year median of 0.5×; over the ten years it ranged from 0.1× in 2026 to 0.7× in 2021.
P/E against its own 10 years 97.76%
10-year low 10-year high
P/S against its own 10 years 19.76%
10-year low 10-year high
P/B against its own 10 years 34.02%
10-year low 10-year high
EV/Sales against its own 10 years 18.48%
10-year low 10-year high
EV/FCF against its own 10 years 55.95%
10-year low 10-year high

Dividends

Yield
0.81%
Annual rate
3.54
Payout ratio
34.4%
Growth, 2017–25
+8.16%/yr
  1. 1.89 ’17
  2. 2.00 ’18 +6
  3. 2.20 ’19 +10
  4. 2.50 ’20 +14
  5. 2.80 ’21 +12
  6. 3.15 ’22 +13
  7. 3.54 ’23 +12
  8. 3.54 ’24 +0
  9. 3.54 ’25 +0
  10. 3.55 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 21,320 20,435 19,903 25,109
Receivables 2,035 2,704 3,270 2,865
Inventory — — — —
Other 6,631 6,676 9,560 11,635
29,986 29,815 32,733 39,609
2023 2024 2025 Q'26
Payables 6,569 5,259 5,717 9,390
ST’ Debt 1,443 577 — 949
Other — — — —
18,872 16,939 16,346 24,052

Compound Annual Growth %

10y 5y 3y
Sales 9.10% 10.94% 11.77%
Cash Flow 0.59% (30.40%) (41.44%)
Earnings (0.71%) (18.81%) (24.91%)
Book Value 5.54% 5.26% 4.89%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −1.03 Actual −0.70

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −4.01 −3.96 Beat by 0.05
Q1 FY26 9.97 10.31 Beat by 0.34
Q2 FY26 6.22 7.61 Beat by 1.39
Q3 FY26 −1.03 −0.70 Beat by 0.33
Q4 FY26 −8.09 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 9.83 5.73 1.33 — —
’25 10.30 4.51 1.62 (6.61) 9.84
’24 6.11 5.62 3.98 (5.76) 9.98
’23 9.87 7.66 6.71 (4.42) 20.00
’22 7.29 5.48 9.39 (0.12) 22.08
’21 6.39 4.55 11.84 (0.11) 22.67
’20 3.56 13.75 10.05 (2.07) 25.31
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 39,648 40,867 41,155 — —
’25 32,112 32,388 32,649 32,515 129,664
’24 29,611 29,540 29,397 29,213 117,761
’23 26,742 26,747 26,423 26,462 106,374
’22 23,970 23,662 22,799 22,439 92,870
’21 20,668 20,645 20,697 21,054 83,064
’20 18,935 19,083 20,075 19,062 77,155
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,254 1,966 2,163 — —
’25 331 1,271 971 (1,652) 921
’24 423 1,213 1,858 (528) 2,966
’23 6,687 3,176 1,252 (7,134) 3,981
’22 302 959 8,453 (5,127) 4,587
’21 (837) 360 2,835 (96) 2,262
’20 474 3,067 1,815 283 5,639
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,133 1,834 2,163 — —
’25 236 1,157 836 (1,831) 398
’24 246 1,099 1,728 (675) 2,398
’23 6,464 2,912 1,018 (7,207) 3,187
’22 7 680 8,165 (5,385) 3,467
’21 (1,127) 31 2,509 (467) 946
’20 282 2,841 1,565 (13) 4,675
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −1.8% a year for ten years. It grew 4.9% a year over the last ten.

Implied
−1.8%
10 years, reported
4.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 54,379 53,767 56,912 64,888 77,155 83,064 92,870 106,374 117,761 129,664 154,185 +10.1% 162,803 168,689 181,336 +11.8%
Gross margin, % 17.23 19.10 19.38 17.00 20.12 16.69 18.50 16.90 14.52 14.54 13.01 (2.7) pt
EBT 1,552 4,020 2,063 3,456 4,600 3,354 3,568 3,383 1,721 1,555 1,752 0.0%
EBT margin, % 2.85 7.48 3.62 5.33 5.96 4.04 3.84 3.18 1.46 1.20 1.14 (1.7) pt
Net income 614 2,448 1,683 2,707 3,367 2,934 2,802 2,484 1,214 1,203 1,262 +7.8%
Per share, $
Per share, $ Revenue 364.04 372.11 413.95 484.04 583.63 645.47 734.62 858.78 976.69 1,076.46 1,283.87 +12.8%
Earnings 4.11 16.94 12.24 20.20 25.47 22.79 22.20 20.09 10.01 9.87 10.38 +10.2%
Cash flow 12.96 28.04 15.81 39.42 42.66 17.58 36.28 32.14 24.60 7.65 31.07 (5.7%)
Capex (3.53) (3.63) (4.45) (5.49) (7.29) (10.23) (8.86) (6.41) (4.71) (4.34) 0.00 +2.3%
Free cash flow 9.43 24.41 11.35 33.93 35.36 7.35 27.42 25.73 19.89 3.30 31.07 (11.0%)
Book value 71.53 68.11 73.91 89.79 103.84 125.13 121.58 131.74 136.39 147.25 157.28 +8.4%
Shares, m 149 144 137 134 132 129 126 124 121 120 120 (2.4%)
Valuation, ×
Valuation, × P/E 49.65 14.99 23.41 18.16 16.11 20.35 22.60 23.59 25.40 26.03 41.91 24.0
P/S 0.54 0.68 0.69 0.76 0.70 0.72 0.68 0.55 0.26 0.24 0.34 0.6
P/B 2.76 3.69 3.88 4.08 3.95 3.71 4.12 3.57 1.86 1.74 2.77 3.3
EV/Sales 0.41 0.51 0.58 0.61 0.57 0.67 0.60 0.46 0.19 0.18 0.26 0.5
EV/FCF 15.71 7.85 21.20 8.75 9.34 58.78 16.00 15.24 9.12 60.04 12.53 22.2
Cash, $m
Cash, $m Operating cash flow 1,936 4,051 2,173 5,284 5,639 2,262 4,587 3,981 2,966 921 3,731 (7.9%)
Capex (527) (524) (612) (736) (964) (1,316) (1,120) (794) (568) (523) (567) (0.1%)
Free cash flow 1,409 3,527 1,561 4,548 4,675 946 3,467 3,187 2,398 398 3,731 (13.1%)
Balance, $m
Balance, $m Working capital 8,368 7,996 6,871 8,959 10,247 9,562 9,005 11,114 12,876 16,387 15,557 +7.8%
Net debt (7,380) (8,679) (6,300) (9,360) (10,567) (4,092) (7,816) (9,664) (8,714) (7,534) (12,605) +0.2%
Shareholders’ equity 10,685 9,842 10,161 12,037 13,728 16,103 15,370 16,318 16,445 17,737 18,888 +5.8%
Returns, %
Returns, % ROA 2.45 9.31 6.40 9.94 10.51 7.39 6.42 5.52 2.58 2.49 2.33 0.0 pt
ROIC 32.92 229.04 50.18 74.52 98.58 16.38 31.44 37.69 20.71 16.56 23.68 (16.4) pt
ROE 5.84 23.85 16.83 24.39 26.14 19.66 17.83 15.71 7.37 6.95 6.65 +1.1 pt
People
People Employees 51,600 45,900 41,600 46,000 48,700 95,500 67,100 67,600 65,680 67,060 — +3.0%
Revenue/emp, $m 1.05 1.17 1.37 1.41 1.58 0.87 1.38 1.57 1.79 1.93 — +7.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Humana is a health insurance and health care services company headquartered in Louisville, Kentucky. Founded in 1961, it is led by President and Chief Executive Officer James A. Rechtin. Its businesses serve Medicare and Medicaid participants, individuals, employers, military personnel and their families.

The Insurance segment sells Medicare Advantage plans, which are private alternatives to traditional Medicare, as well as prescription drug plans, Medicare supplement coverage and specialty benefits such as dental and vision insurance. It also serves Medicaid members under state contracts and administers health care services for military beneficiaries under a federal contract.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Insurance 124,563 96.07%
CenterWell 22,473 17.33%
Gross margin 14.54%
Operating margin 2.09%
Pre-tax margin 1.20%

Revenue by segment since 2009

Humana Inc. vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNH UnitedHealth Group Incorporated $354.6B 22.5× 20.4× −0.41% (below 0%: shrinking) +76.06% (above 0%: growing) −15.65% (below 0%: shrinking) 19.53% 5.82% Compare
CVS CVS Health Corporation $104.0B 9.6× 11.8× +5.37% (above 0%: growing) n/m +3,886.73% (above 0%: growing) 43.56% 3.29% Compare
ELV Elevance Health, Inc. $93.3B 18.2× 19.0× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $79.7B 12.9× 11.9× +5.64% (above 0%: growing) −21.63% (below 0%: shrinking) −18.12% (below 0%: shrinking) 88.47% 3.25% Compare
HUM Humana Inc. $49.5B 41.9× 64.4× +26.05% (above 0%: growing) −16.67% (below 0%: shrinking) +158.73% (above 0%: growing) 11.74% 0.18%
CNC Centene Corporation $36.7B 23.5× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $11.3B — (loss-making) 60.8× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $10.2B 11.0× 15.9× +72.11% (above 0%: growing) n/m −24.47% (below 0%: shrinking) 17.64% 3.46% Compare
PGNY Progyny, Inc. $2.6B 30.1× 26.4× +8.91% (above 0%: growing) +115.25% (above 0%: growing) +2.72% (above 0%: growing) 24.54% 10.31% Compare
Median of peers $58.2B 18.2× 18.2× +3.65% +17.86% −16.88% 18.59% 3.38%

All 12 Healthcare Plans stocks →

From the latest earnings call

Updated

  • CEO James Rechtin said early enrollment performance was ahead of initial expectations and Humana anticipated membership growth in 2027, although retention remained uncertain.
  • CFO Celeste Mellet said cost trends supported a higher 2026 adjusted earnings outlook, while Humana expects higher medical and Part D trends in 2027.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Baird Oct 9, 2026 Upgrade Outperform 390.00 → 596.00
Raymond James Oct 9, 2026 Downgrade Hold —
Oppenheimer Oct 9, 2026 Target raised — 475.00
Barclays Oct 9, 2026 Target raised — 582.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.97%
Held by the ten largest 54.14%
Holder Shares Stake Change
Vanguard 14.95m 12.45% +41.97k
Dodge & Cox 10.94m 9.11% −440.29k
BlackRock 10.42m 8.68% +218.75k
State Street 5.46m 4.54% +4.08k
Capital Group 4.57m 3.80% +1.35m
PZENA INVESTMENT MANAGEMENT LLC 4.33m 3.61% −1.14m
EAGLE CAPITAL MANAGEMENT LLC 3.85m 3.20% +879.69k
Sessa Capital IM, L.P. 3.73m 3.10% 0.00
MFS Investment Management 3.40m 2.83% −1.08m
Geode Capital Management 3.37m 2.81% +43.06k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 6 March 2026

Ownership

Directors and executive officers, together 0.20%
Pre-Tax Earnings 50.00%
Stars Performance 20.00%
Integrated Health 15.00%
Clinical Innovations 15.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Humana Inc. (HUM) Latest News

6 Nov

Impact 4 · · Investing.com
Impact 4 · · healthcaredive.com
Impact 3 · · GuruFocus.com
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Impact 3 · · Associated Press
Impact 3 · · Business Wire

5 Nov

Impact 3 · · Insider Monkey

29 Oct

Impact 4 · · Moneywise

27 Oct

Impact 4 · · Barchart
Impact 3 · · Simply Wall St.

23 Oct

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22 Oct

Impact 3 · · StockStory
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21 Oct

Impact 4 · · Trefis
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20 Oct

Impact 4 · · Zacks
Impact 3 · · TMX Newsfile

15 Oct

Impact 4 · · 24/7 Wall St.

14 Oct

Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · 24/7 Wall St.

13 Oct

Impact 4 · · Insider Monkey

HUM metrics, ten years each

stockrow.com/HUM · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com