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UnitedHealth Group Incorporated

UNH Healthcare Healthcare Plans

UnitedHealth Group Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $447.6 billion, up 11.8% from fiscal 2024.

Revenue
−0.41%
EPS
+76.1%
Free cash flow
−15.7%
Total debt
−5.09%

Quarter to September 2026, against a year earlier

400.24 6.73 −1.65%
Market cap
$359.4B
P/E
22.9×
Fwd P/E
21.1×
Dividend yield
2.26%
F-score
6/9
Altman Z
2.84
Beneish M
−2.41
Dividend safety
76/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions last twelve months

Sold, $m 0.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — — — 2 — — —
Insider Ownership 0.73%

Capital & Financial Ratios $m

Size
Market Cap 359,430.00
Revenue ttm 449,662.00
Net income ttm 16,669.00
Free cash flow ttm 22,826.00
Net debt Q 40,165.00
Valuation
P/E 22.86
Forward P/E 21.10
Price / sales 0.80
Forward P/S Powerpack
Price / FCF 15.82
Price / book 3.45
Financial health
Current ratio Q 0.25 (below 1: weak)
Debt / equity Q 0.66
Interest coverage Q 6.82
Growth
Revenue growth Q −0.41% (below 0%: shrinking)
Operating income growth Q +52.10% (above 0%: growing)
EPS, this year +26.01% (at or above 15%: strong)
EPS, next year A +13.67%
Revenue, next year A +0.34%
EPS, past 5 yrs −3.77% (below 0%: weak)
EPS, next 5 yrs A +18.47% (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 0.9×, against a ten-year median of 1.2×; over the ten years it ranged from 0.6× in 2025 to 1.7× in 2022.
P/E against its own 10 years 63.00%
10-year low 10-year high
P/S against its own 10 years 19.49%
10-year low 10-year high
P/B against its own 10 years 13.44%
10-year low 10-year high
EV/Sales against its own 10 years 20.63%
10-year low 10-year high
EV/FCF against its own 10 years 42.91%
10-year low 10-year high

Dividends raised every year since 2016

Yield
2.26%
Annual rate
9.06
Payout ratio
51.7%
Growth, 2016–25
+15.6%/yr
  1. 2.38 ’16
  2. 2.88 ’17 +21%
  3. 3.45 ’18 +20%
  4. 4.14 ’19 +20%
  5. 4.83 ’20 +17%
  6. 5.60 ’21 +16%
  7. 6.40 ’22 +14%
  8. 7.29 ’23 +14%
  9. 8.18 ’24 +12%
  10. 8.73 ’25 +7%
  11. 9.02 ’26e +3%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 29,628 29,113 28,121 28,549
Receivables 38,970 48,454 52,715 20,543
Inventory — — — —
Other 3,755 34,301 39,443 36,503
78,437 85,779 90,582 28,549
2023 2024 2025 Q'26
Payables 31,958 34,337 38,032 —
ST’ Debt — — — —
Other 27,072 27,346 28,046 70,866
99,054 103,769 114,897 115,835

Compound Annual Growth %

10y 5y 3y
Sales 11.04% 11.72% 11.35%
Cash Flow 7.30% (2.34%) (9.08%)
Earnings 7.57% (4.78%) (15.69%)
Book Value 11.49% 7.93% 7.11%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.12 Actual 4.69

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.09 2.11 Beat by 0.02
Q1 FY26 6.46 7.23 Beat by 0.77
Q2 FY26 4.94 6.38 Beat by 1.44
Q3 FY26 4.12 4.69 Beat by 0.57
Q4 FY26 2.28 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 6.90 6.04 4.56 — —
’25 6.85 3.74 2.59 0.01 13.23
’24 (1.53) 4.54 6.51 5.98 15.51
’23 5.95 5.82 6.24 5.83 23.86
’22 5.27 5.34 5.55 5.03 21.18
’21 5.08 4.46 4.28 4.26 18.08
’20 3.52 6.91 3.30 2.30 16.03
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 111,721 112,032 112,694 — —
’25 109,575 111,616 113,161 113,215 447,567
’24 99,796 98,855 100,820 100,807 400,278
’23 91,931 92,903 92,361 94,427 371,622
’22 80,149 80,332 80,894 82,787 324,162
’21 70,196 71,321 72,337 73,743 287,597
’20 64,421 62,138 65,115 65,467 257,141
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8,912 11,052 5,123 — —
’25 5,456 7,188 5,945 1,108 19,697
’24 1,144 6,746 13,945 2,369 24,204
’23 16,327 11,032 6,902 (5,193) 29,068
’22 5,319 6,871 18,549 (4,533) 26,206
’21 6,005 5,540 7,580 3,218 22,343
’20 2,943 10,003 3,127 6,101 22,174
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 8,149 10,253 4,264 — —
’25 4,558 6,302 5,055 160 16,075
’24 401 5,893 12,954 1,457 20,705
’23 15,567 10,203 6,064 (6,152) 25,682
’22 4,764 6,214 17,825 (5,399) 23,404
’21 5,437 4,978 6,951 2,523 19,889
’20 2,474 9,552 2,570 5,527 20,123
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
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 184,840 201,159 226,247 242,155 257,141 287,597 324,162 371,622 400,278 447,567 449,662 +10.3% 449,096 463,101 489,194 +3.0%
Gross margin, % 23.47 23.37 23.80 23.79 26.06 24.22 24.56 24.48 22.33 18.53 40.01 (4.9) pt
EBT 11,863 14,023 15,944 17,981 20,742 22,310 26,343 29,112 20,071 14,697 19,735 +2.4%
EBT margin, % 6.42 6.97 7.05 7.43 8.07 7.76 8.13 7.83 5.01 3.28 4.39 (3.1) pt
Net income 7,073 10,823 12,382 14,239 15,769 17,732 20,639 23,144 15,242 12,807 16,669 +6.8%
Per share, $
Per share, $ Revenue 194.16 208.67 234.94 254.63 270.96 304.98 345.96 400.45 434.61 492.92 0.00 +10.9%
Earnings 7.48 10.72 12.19 14.33 16.03 18.08 21.18 23.86 15.51 13.23 17.51 +6.5%
Cash flow 10.29 14.10 16.32 19.41 23.37 23.69 27.97 31.32 26.28 21.69 0.00 +8.6%
Capex (1.79) (2.10) (2.14) (2.18) (2.16) (2.60) (2.99) (3.65) (3.80) (3.99) 0.00 +9.3%
Free cash flow 8.50 12.01 14.17 17.24 21.20 21.09 24.98 27.67 22.48 17.70 0.00 +8.5%
Book value 40.10 51.69 56.41 63.55 72.00 79.58 86.93 101.75 106.70 110.23 0.00 +11.9%
Shares, m 952 964 963 951 949 943 937 928 921 908 906 (0.5%)
Valuation, ×
Valuation, × P/E 21.61 20.65 20.44 20.52 21.88 27.77 24.48 22.62 32.64 25.03 22.86 23.8
P/S 0.83 1.06 1.06 1.15 1.29 1.65 1.50 1.35 1.16 0.67 0.80 1.2
P/B 4.03 4.28 4.42 4.63 4.87 6.31 5.97 5.30 4.74 2.99 3.45 4.8
EV/Sales 0.90 1.13 1.15 1.25 1.37 1.71 1.58 1.42 1.27 0.77 0.89 1.3
EV/FCF 20.54 19.58 19.06 18.43 17.48 24.74 21.90 20.60 24.59 21.40 17.58 20.8
Cash, $m
Cash, $m Operating cash flow 9,795 13,596 15,713 18,463 22,174 22,343 26,206 29,068 24,204 19,697 26,195 +8.1%
Capex (1,705) (2,023) (2,063) (2,071) (2,051) (2,454) (2,802) (3,386) (3,499) (3,622) (3,369) +8.7%
Free cash flow 8,090 11,573 13,650 16,392 20,123 19,889 23,404 25,682 20,705 16,075 22,826 +7.9%
Balance, $m
Balance, $m Working capital (15,373) (13,379) (14,517) (19,148) (18,702) (16,534) (20,168) (20,617) (17,990) (24,315) (87,286) +5.2%
Net debt 12,502 13,345 20,257 22,563 18,867 18,476 26,602 28,635 43,246 44,199 40,165 +15.1%
Shareholders’ equity 38,177 49,833 54,319 60,436 68,328 75,045 81,450 94,421 98,268 100,090 104,129 +11.3%
Returns, %
Returns, % ROA 6.00 8.06 8.23 8.49 8.30 8.44 8.79 8.62 5.04 3.97 5.06 (2.0) pt
ROIC 15.95 15.05 14.54 14.82 16.06 16.02 16.45 16.43 14.26 8.21 10.36 (7.7) pt
ROE 19.52 23.99 23.02 24.12 23.92 24.11 25.71 25.45 14.95 12.16 0.00 (7.4) pt
People
People Employees 230,000 260,000 300,000 325,000 330,000 350,000 400,000 440,000 400,000 390,000 — +6.0%
Revenue/emp, $m 0.80 0.77 0.75 0.75 0.78 0.82 0.81 0.84 1.00 1.15 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

UnitedHealth Group is a health care and well-being company built around two complementary businesses: UnitedHealthcare and Optum. UnitedHealthcare sells health benefits that help employers, individuals, seniors and people enrolled in public programs pay for and access care. It arranges discounted access to physicians, hospitals and other providers through care networks, and uses Optum services to help coordinate care, manage pharmacy benefits and analyze costs.

Optum is the services side of the company. Optum Health delivers primary, specialty and surgical care, care management, home and virtual care, wellness services and health financial services. Optum Insight sells health-care technology, data, analytics, consulting and managed services to hospitals, doctors, health plans, governments and life-sciences companies. Optum Rx manages prescription-drug benefits and provides pharmacy services through retail, home-delivery, specialty and community pharmacies, infusion services and direct-to-consumer offerings.

UnitedHealth Group Incorporated 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 $359.4B 22.9× 21.1× −0.41% (below 0%: shrinking) +76.06% (above 0%: growing) −15.65% (below 0%: shrinking) 100.00% 5.82%
CVS CVS Health Corporation $113.2B 23.2× 13.1× +7.26% (above 0%: growing) +187.65% (above 0%: growing) +338.29% (above 0%: growing) 44.52% 4.43% Compare
ELV Elevance Health, Inc. $89.4B 17.7× 18.7× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $78.0B 12.2× 12.0× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $49.3B 38.4× 56.8× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $32.9B 22.4× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $10.9B — (loss-making) 59.6× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $9.6B 18.2× 15.8× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.3B — (loss-making) 80.8× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
Median of peers $41.1B 20.3× 18.0× +6.97% +17.86% +62.72% 18.08% 3.75%

All 12 Healthcare Plans stocks →

From the latest earnings call

Updated

  • UnitedHealth executives said commercial medical-cost trends were modestly above 11%, with provider billing practices, pharmacy costs and utilization contributing to pressure.
  • Tim Noel said Medicare medical-cost trends were below planning assumptions but remained elevated, while commercial and Medicaid trends followed different patterns.

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

Firm Date Action Rating Target
Raymond James Oct 23, 2026 Target cut — 475.00 → 450.00
Baird Oct 23, 2026 Target cut — 453.00 → 427.00
Jefferies Oct 23, 2026 Target cut — 490.00 → 453.00
RBC Oct 23, 2026 Target raised Outperform 478.00 → 498.00
Barclays Oct 19, 2026 Target cut Outperform 441.00 → 440.00
Mizuho Oct 14, 2026 Reiterated Outperform —
Morgan Stanley Oct 14, 2026 Target raised Outperform 468.00 → 529.00
JPMorgan Oct 8, 2026 Target raised Outperform 466.00 → 516.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.70%
Held by the ten largest 43.43%
Holder Shares Stake Change
Vanguard 93.52m 10.33% +1.11m
BlackRock 76.86m 8.49% +3.40m
Capital Group 48.61m 5.37% −5.75m
State Street 45.63m 5.04% +301.08k
Fidelity (FMR) 27.99m 3.09% +15.97m
T. Rowe Price 23.84m 2.63% −490.13k
Geode Capital Management 21.75m 2.40% −1.02m
JPMorgan Chase 20.25m 2.24% +1.14m
Charles Schwab 19.83m 2.19% −987.17k
Morgan Stanley 14.80m 1.63% −168.11k
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 21 April 2026

Ownership

Directors and executive officers, together 0.19%
The Vanguard Group 10.11%
BlackRock, Inc. 7.99%
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

UnitedHealth Group Incorporated (UNH) Latest News

2 Nov

Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

29 Oct

Impact 4 · · TheStreet

28 Oct

Impact 3 · · Insider Monkey

27 Oct

Impact 3 · · Business Wire

26 Oct

Impact 3 · · StockStory
Impact 3 · · Zacks

24 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · TIKR
Impact 4 · · TIKR
Impact 4 · · Trefis

22 Oct

Impact 4 · · TIKR
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Business Wire

21 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Insider Monkey
Impact 3 · · Zacks

19 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · Trefis
Impact 4 · · Zacks
Impact 3 · · The Motley Fool

17 Oct

Impact 4 · · The Motley Fool

16 Oct

Impact 4 · · Zacks
Impact 4 · · Trefis
Impact 4 · · Simply Wall St.

15 Oct

Impact 4 · · Zacks
Impact 3 · · 24/7 Wall St.
Impact 3 · · Trefis

UNH metrics, ten years each

stockrow.com/UNH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com