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Tuesday 13 October 2026 Export HUM’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 26.2%, EPS grew 27.9%, free cash flow grew 58.5% and total debt rose 13.2%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.

420.38 13.12 −3.03%
Market cap
$52.1B
P/E
39.5×
Fwd P/E
42.9×
Dividend yield
0.84%
F-score
6/9
Altman Z
4.66
Beneish M
−2.29
Dividend safety
61/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Humana Inc. (HUM) Beneish M-score

Alert me on Beneish M-score

Humana Inc.'s Beneish M-score for fiscal 2025 is −2.29; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.

Beneish M-score, annual

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Annual newest first

Period Beneish M-score Change (points)
FY2025 −2.29 0.01
FY2024 −2.29 0.14
FY2023 −2.43 0.43
FY2022 −2.86 (1.25)
FY2021 −1.62 1.15
FY2020 −2.77 0.02
FY2019 −2.78 (0.29)
FY2018 −2.49 0.67
FY2017 −3.16 (0.59)
FY2016 −2.58 (0.38)

How fiscal 2025’s score is made up

Component This year Year before Result Points
Days’ sales in receivables index 1.10 — 1.01
Gross margin index 1.00 — 0.53
Asset quality index 0.94 — 0.38
Sales growth index 1.10 — 0.98
Depreciation index 1.03 — 0.12
SG&A index SG&A not reported — index set to 1 1.00 — Set to 1 −0.17
Total accruals to total assets 0.01 — 0.03
Leverage index 0.97 — −0.32
Beneish M-score Low — no pattern the model associates with manipulation −2.29

How the Beneish M-score works

M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.

below −2.22Low — no pattern the model associates with manipulation
−2.22 to −1.78Elevated
above −1.78Flagged by the model

−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.

When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.

Beneish M-score against peers

Company Beneish M-score
CNC Centene Corporation compare −3.1×
CVS CVS Health Corporation compare −2.6×
CI Cigna Group compare −2.5×
UNH UnitedHealth Group Incorporated compare −2.4×
HUM Humana Inc. −2.3×
ELV Elevance Health, Inc. compare −2.3×
OSCR Oscar Health, Inc. compare −2.2×
MOH Molina Healthcare, Inc compare −2.0×
CLOV Clover Health Investments, Corp. compare −1.7×

What Beneish M-score is

The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.

−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI

The full definition of Beneish M-score →

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