Pricing Log in Create free account
Wednesday 14 October 2026 Export UNH’s income statement to Excel — free account

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. In the quarter to June 2026, revenue was flat, EPS grew 61.5%, free cash flow grew 62.7% and total debt fell 5.43%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years, revenue growth for ten.

377.76 0.76 −0.20%
Market cap
$339.8B
P/E
24.3×
Fwd P/E
23.3×
Dividend yield
2.40%
F-score
6/9
Altman Z
2.84
Beneish M
−2.41
Dividend safety
76/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.94
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — 2 — —
Insider Ownership 0.73%

Capital & Financial Ratios $m

Market Cap 339,760.00
Revenue 450,129.00
Net Income 14,912.00
Free Cash Flow 23,617.00
Net Debt 38,033.00
Current Ratio 0.78 (below 1: weak)
Debt/Equity 0.67
P/E ratio 24.31
Fwd P/E 23.30
P/S ratio 0.76
P/B ratio 3.26
Past 5Y EPS Growth (3.77%) (below 0%: weak)
This Y EPS Growth 21.13% (at or above 15%: strong)
Next Y EPS Growth 14.20%
Next Y revenue growth (0.11%) (below 0%: weak)
Next 5Y EPS Growth 17.26% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, 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 71.22%
10-year low 10-year high
P/S against its own 10 years 13.91%
10-year low 10-year high
P/B against its own 10 years 10.66%
10-year low 10-year high
EV/Sales against its own 10 years 13.58%
10-year low 10-year high
EV/FCF against its own 10 years 23.76%
10-year low 10-year high

Dividends

Payout Ratio 0.58
Annual Dividend Rate 9.06
Annual Dividend Yield 2.40%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 9.19
2.21
2.32
2.32
2025 8.73
2.10
2.21
2.21
2.21
2024 8.18
1.88
2.10
2.10
2.10
2023 7.29
1.65
1.88
1.88
1.88
2022 6.40
1.45
1.65
1.65
1.65
2021 5.60
1.25
1.45
1.45
1.45
2020 4.83
1.08
1.25
1.25
1.25
2019 4.14
0.90
1.08
1.08
1.08
2018 3.45
0.75
0.90
0.90
0.90
2017 2.88
0.63
0.75
0.75
0.75
2016 2.38
0.50
0.63
0.63
0.63
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 29,628 29,113 28,121 31,468
Receivables 38,970 48,454 52,715 46,295
Inventory — — — —
Other 3,755 34,301 39,443 33,819
78,437 85,779 90,582 86,860
2023 2024 2025 Q'26
Payables 31,958 34,337 38,032 39,741
ST’ Debt — — — —
Other 27,072 27,346 28,046 26,336
99,054 103,769 114,897 111,820

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%

Revenue $m

Mar Jun Sep Dec Year
’26 111,721 112,032 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 6.90 6.04 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 107.51 156.09 208.48 208.07 187.72 320.35 445.74 445.68 436.38 234.60

Analyst estimates 2026–2028

Powerpack
High 164.00 231.77 287.94 300.00 367.95 509.23 558.10 554.70 630.73 606.36
People
People Employees 230,000 260,000 300,000 325,000 330,000 350,000 400,000 440,000 400,000 390,000
Revenue/emp, $m 0.80 0.77 0.75 0.75 0.78 0.82 0.81 0.84 1.00 1.15
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
Gross margin, % 23.47 23.37 23.80 23.79 26.06 24.22 24.56 24.48 22.33 18.53
EBT 11,863 14,023 15,944 17,981 20,742 22,310 26,343 29,112 20,071 14,697
EBT margin, % 6.42 6.97 7.05 7.43 8.07 7.76 8.13 7.83 5.01 3.28
Net income 7,073 10,823 12,382 14,239 15,769 17,732 20,639 23,144 15,242 12,807
Depreciation 2,055 2,245 2,428 2,720 2,891 3,103 3,400 3,972 4,099 4,361
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
Earnings 7.48 10.72 12.19 14.33 16.03 18.08 21.18 23.86 15.51 13.23
Cash flow 10.29 14.10 16.32 19.41 23.37 23.69 27.97 31.32 26.28 21.69
Capex (1.79) (2.10) (2.14) (2.18) (2.16) (2.60) (2.99) (3.65) (3.80) (3.99)
Free cash flow 8.50 12.01 14.17 17.24 21.20 21.09 24.98 27.67 22.48 17.70
Book value 40.10 51.69 56.41 63.55 72.00 79.58 86.93 101.75 106.70 110.23
Shares, m 952 964 963 951 949 943 937 928 921 908
Valuation, ×
Valuation, × P/E 21.61 20.65 20.44 20.52 21.88 27.77 24.48 22.62 32.64 25.03
P/S 0.83 1.06 1.06 1.15 1.29 1.65 1.50 1.35 1.16 0.67
P/B 4.03 4.28 4.42 4.63 4.87 6.31 5.97 5.30 4.74 2.99
EV/Sales 0.90 1.13 1.15 1.25 1.37 1.71 1.58 1.42 1.27 0.77
EV/FCF 20.54 19.58 19.06 18.43 17.48 24.74 21.90 20.60 24.59 21.40
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
Capex (1,705) (2,023) (2,063) (2,071) (2,051) (2,454) (2,802) (3,386) (3,499) (3,622)
Free cash flow 8,090 11,573 13,650 16,392 20,123 19,889 23,404 25,682 20,705 16,075
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)
Total debt 25,777 28,835 34,581 36,808 38,648 42,383 54,513 58,263 72,359 72,320
Net debt 12,502 13,345 20,257 22,563 18,867 18,476 26,602 28,635 43,246 44,199
Shareholders’ equity 38,177 49,833 54,319 60,436 68,328 75,045 81,450 94,421 98,268 100,090
Returns, %
Returns, % ROA 6.00 8.06 8.23 8.49 8.30 8.44 8.79 8.62 5.04 3.97
ROIC 15.95 15.05 14.54 14.82 16.06 16.02 16.45 16.43 14.26 8.21
ROE 19.52 23.99 23.02 24.12 23.92 24.11 25.71 25.45 14.95 12.16
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $339.8B 24.3× 23.3× +0.37% (above 0%: growing) +61.50% (above 0%: growing) +62.69% (above 0%: growing) 20.80% 7.13%
CVS CVS Health Corporation $112.2B 22.9× 15.4× +7.26% (above 0%: growing) +187.65% (above 0%: growing) +338.29% (above 0%: growing) 44.52% 4.43% Compare
ELV Elevance Health, Inc. $91.5B 18.8× 20.3× +1.40% (above 0%: growing) −13.08% (below 0%: shrinking) −9.01% (below 0%: shrinking) 15.77% 4.56% Compare
CI Cigna Group $74.9B 11.7× 11.4× +6.68% (above 0%: growing) +10.16% (above 0%: growing) +66.93% (above 0%: growing) 88.24% 3.73% Compare
HUM Humana Inc. $52.1B 39.5× 42.9× +26.18% (above 0%: growing) +27.88% (above 0%: growing) +58.51% (above 0%: growing) 13.45% 3.33% Compare
CNC Centene Corporation $33.1B — (loss-making) 24.8× +9.92% (above 0%: growing) n/m +116.61% (above 0%: growing) 8.59% 2.24% Compare
MOH Molina Healthcare, Inc $10.7B — (loss-making) 55.0× −4.84% (below 0%: shrinking) −74.95% (below 0%: shrinking) +5.81% (above 0%: growing) 13.19% 1.33% Compare
OSCR Oscar Health, Inc. $10.5B 19.8× 29.7× +70.40% (above 0%: growing) n/m +316.29% (above 0%: growing) 22.25% 7.96% Compare
CLOV Clover Health Investments, Corp. $2.5B — (loss-making) 292× +55.60% (above 0%: growing) n/m +406.43% (above 0%: growing) 20.59% 3.77% Compare
Median of peers $42.6B 19.8× 27.3× +8.59% +10.16% +91.77% 18.18% 3.75%

All 12 Healthcare Plans stocks →

UNH metrics, ten years each

UnitedHealth Group Incorporated (UNH) key facts

  • Concern: Net income was $12.8 billion, or $13.23 per share (basic), a net margin of 2.69%.
  • Strength: UnitedHealth Group Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $447.6 billion, up 11.8% from fiscal 2024.
  • UnitedHealth Group Incorporated (UNH) is a Healthcare Plans company in the Healthcare sector, listed on the New York Stock Exchange.
  • As of October 13, 2026, UNH traded at $377.76, a market capitalization of $339.8 billion.
  • At that price the stock trades at 24.3× trailing-twelve-month earnings and 0.8× sales; its P/E is higher than 71% of its own readings over the past ten years.
  • UnitedHealth Group Incorporated pays an annual dividend of $9.06 per share, a yield of 2.40%, with a payout ratio of 58.3%.
  • Return on equity was 12.2% and debt-to-equity 0.66.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.84 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

UnitedHealth Group reported revenue of $447.6 billion in FY2025, up 11.8% in FY2025 against FY2024, while net income was $12.8 billion in FY2025. Revenue reached $112.0 billion in Q2 FY2026, and diluted EPS was $6.04 in Q2 FY2026.

Profitability measures declined in FY2025 relative to earlier years, while Q2 FY2026 margins were higher than Q2 FY2025 but lower than Q1 FY2026. Net debt was $38.0 billion in Q2 FY2026, and free cash flow was $10.3 billion in Q2 FY2026.

UnitedHealth Group Incorporated (UNH) Latest News

10 Jun

Impact 5 ·

21 May

Impact 5 ·

16 May

Impact 5 ·

15 May

Impact 5 ·
Impact 5 ·
stockrow.com/UNH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com