— Know what they know.
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Not Investment Advice

UNH

NYSE · USD
UnitedHealth Group Incorporated
Healthcare · Medical - Healthcare Plans
CEO Stephen J. Hemsley Employees 390,000 R&D / revenue 0.0%
Last price
$401.43−1.29%last session
Market cap
$360.3B
P/E (TTM)
22.9x
From 52w high
−13.0%
From 52w low
+56.8%
1-year return
+13.3%
RSI 14 · vs SMA200
63.1 · +11.9%
IS score
50.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

UNH   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116UNH 113

Score DNA

Each bar is a 0-100 score within the scored universe
30
Profitability
35
Growth
54
Value
66
Momentum
65
Risk (safety)
69
Quality
59
Balance sheet
89
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
None of the computed warning flags fires for UNH (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 7 / 9Altman Z 2.5Beta 0.623 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
3 open-market sales, $944,910
Form 144 notices (12m): 3, $944,910 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
6
Last disclosed purchase 2026-06-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+340
528 new holders, 142 closed
3,377 filers hold 89.1% · 1,305 added, 1,262 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+278
1,622 funds adding shares
1,344 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.6%
20-day avg 44.0%, 50-day avg 40.2%
Latest 11.6 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$447.6B
Revenue growth YoY+11.8%
Gross margin18.5%
Operating income$19.0B
Operating margin4.2%
Net income$12.1B
Net margin2.7%
EPS (diluted)$13.23
Cash flow
Operating cash flow$19.7B
Capital expenditure$3.6B
Free cash flow$16.1B
FCF conversion (FCF / OCF)81.6%
Stock-based compensation$971.0M
FCF less SBC$15.1B
Buybacks$5.5B
Dividends$7.9B
Balance sheet & returns
Cash & short-term investments$28.1B
Total debt$78.4B
Net debt$50.3B
Shareholders' equity$101.7B
Goodwill & intangibles$131.0B
Debt / equity0.71
ROE (TTM)16.1%
ROIC (TTM)10.0%
Operating margin by fiscal year
8.3%FY20218.8%FY20228.7%FY20238.1%FY20244.2%FY2025
Revenue $287.6B (FY2021) to $447.6B (FY2025), a 11.7% CAGR.

Valuation

P/E (TTM)22.9x
EV / EBITDA14.6x
Price / sales0.80x
Price / FCF15.8x
FCF yield6.33%
Buyback yield1.54%
SBC / revenue0.2%
Price / book3.48x
Forward P/E FY202619.7x
Forward P/E FY202717.3x
Forward P/E FY202814.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $477.46 across 13 analysts last quarter is theirs, not ours.

UNH vs industry median

19 companies in Medical - Healthcare Plans
Gross margin 22.8% 22.4% Operating margin 5.3% 3.8% Net margin 3.5% 2.6% ROIC 10.0% 11.8%
UNH (TTM)Industry median Asset turnover 1.44 vs industry 1.74 · financial leverage 3.00

Earnings delivery

Next report 2027-01-20 · consensus EPS $2.27
83%
beat rate, 10 of 12 quarters
+2.6%
median EPS surprise
5
longest beat streak
+3+5+2+2+1-1-8+4+0+10+29+13
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2024-01-12 to 2026-10-13. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
UNH UnitedHealth Group Incorpora $360.3B22.9x16.1%3.5%+11.8% +13.3%
CVS CVS Health Corp. $118.1B24.1x6.2%2.8%+7.4% +14.4%
ELV Elevance Health Inc. $92.9B19.0x11.2%2.9%+6.3% +23.6%
CI Cigna Corporation $79.9B12.5x15.5%2.3%+7.7% +4.5%
HUM Humana Inc. $49.6B38.8x6.8%1.7%+18.3% +54.6%
MRK Merck & Co., Inc. $360.1B115.8x7.0%-8.0%+4.5% —
NVS Novartis AG $286.3B22.9x30.6%22.7%+0.8% —
ABBV AbbVie Inc. $504.4B80.4x-206.4%21.3%+10.4% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-10-13Earnings Release; Exhibits
2026-09-08Regulation FD
2026-07-16Earnings Release; Exhibits
2026-06-05Shareholder Vote
2026-04-21Earnings Release; Exhibits
2026-03-09Regulation FD Disclosure

Context

Shares outstanding897,595,000
Free float99.8%
Institutional ownership89.1%
Beta0.62
Dividend yield2.26%
Last dividend$2.32 on 2026-09-14
50 / 200-day average$387.35 / $358.75
Mega-cap Healthcare median P/E20.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where UNH sits among 11 scored companies in Medical - Healthcare Plans (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureUNHIndustry medianIndustry percentileSector median
P/E (TTM) 22.7x 23.4x
43rd		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.8x 0.4x
80th		 3.7x
Price / book 3.5x 2.6x
60th		 3.6x
Price / tangible book 3.2x 5.5x
0th		 5.8x
Price / free cash flow 15.8x 9.8x
78th		 21.2x
Price / operating cash flow 13.8x 8.4x
70th		 17.1x
Enterprise value $406.1B $23.2B
100th		 $2.5B
EV / sales 0.9x 0.4x
90th		 3.8x
EV / EBITDA 14.5x 13.5x
62nd		 16.2x
EV / EBIT 17.1x 17.1x
50th		 23.0x
EV / free cash flow 17.8x 12.7x
78th		 24.6x
Earnings yield 4.4% 3.8%
70th		 -0.3%
FCF yield 6.3% 10.0%
30th		 1.7%
Operating cash flow yield 7.3% 11.8%
30th		 2.9%
Graham number (per share) $213.87 $133.77
71st		 $26.70

Profitability (TTM)

MeasureUNHIndustry medianIndustry percentileSector median
Gross margin 22.8% 16.1%
70th		 65.1%
EBITDA margin 6.2% 3.2%
90th		 6.6%
Operating margin 5.3% 2.0%
90th		 3.5%
EBIT margin 5.3% 2.1%
90th		 2.4%
Net margin 3.5% 1.2%
80th		 0.3%
NOPAT margin 4.5% 1.7%
90th		 2.7%
FCF margin 5.1% 3.2%
80th		 4.3%
Operating cash flow margin 5.8% 3.7%
80th		 7.1%
R&D / revenue 0.0% 0.0%
0th		 12.4%
SG&A / revenue 3.4% 6.8%
30th		 37.9%
Stock comp / revenue 0.2% 0.2%
60th		 4.5%
Effective tax rate 15.5% 17.8%
20th		 21.0%

Returns on capital

MeasureUNHIndustry medianIndustry percentileSector median
ROE (on average equity) 15.9% 11.2%
70th		 0.8%
ROA 5.1% 3.6%
80th		 -0.3%
ROIC 13.5% 4.9%
70th		 5.5%
ROCE 12.1% 7.5%
80th		 2.3%
Return on tangible assets 7.6% 4.8%
90th		 1.7%
Cash ROIC (OCF / invested capital) 17.5% 18.5%
43rd		 9.7%
Gross profitability (GP / assets) 32.8% 37.6%
30th		 29.9%
ROIC, 3-yr average 11.4% 7.5%
67th		 2.6%
ROIC, 5-yr average 16.0% 6.3%
71st		 3.2%
ROE, 5-yr average 20.1% 12.6%
100th		 -4.9%
Incremental ROIC 210.9% 71.5%
90th		 17.2%

Growth

MeasureUNHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.3% 7.7%
10th		 10.5%
Revenue growth (QoQ) 0.6% 3.1%
30th		 7.2%
Revenue CAGR, 3 yr 7.7% 10.9%
30th		 10.7%
Revenue CAGR, 5 yr 10.0% 12.6%
20th		 12.1%
Gross profit CAGR, 3 yr 4.5% 10.9%
40th		 10.6%
Operating income CAGR, 3 yr -8.8% -5.4%
33rd		 11.7%
Net income growth (TTM YoY) -9.7% 0.4%
20th		 17.5%
Net income CAGR, 3 yr -9.9% -4.7%
20th		 11.3%
EPS growth (TTM YoY) -8.7% 1.6%
20th		 19.2%
EPS CAGR, 3 yr -8.7% -1.4%
20th		 14.0%
EPS CAGR, 5 yr 1.7% 1.2%
60th		 8.1%
FCF growth (TTM YoY) 31.4% 131.1%
38th		 18.6%
FCF CAGR, 3 yr -4.8% 0.3%
44th		 15.4%
Operating cash flow CAGR, 3 yr -4.1% -4.1%
50th		 11.9%
Book value CAGR, 3 yr 8.5% 5.7%
70th		 2.1%
Dividend CAGR, 3 yr 2.6% 2.6%
75th		 2.2%
Sustainable growth rate 7.7% 9.7%
29th		 12.2%

Margin history & stability

MeasureUNHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 21.8% 21.2%
60th		 62.6%
Operating margin, 3-yr average 6.5% 2.6%
90th		 1.0%
Net margin, 3-yr average 3.7% 1.4%
90th		 -2.6%
FCF margin, 3-yr average 4.1% 2.1%
80th		 3.2%
Revenue stability (0-1) 0.98 0.97
80th		 0.80
Earnings stability (0-1) 0.04 0.24
20th		 0.37
Margin stability (0-1) 0.91 0.83
90th		 0.93

Liquidity (latest quarter)

MeasureUNHIndustry medianIndustry percentileSector median
Cash & short-term investments $28.5B $8.9B
90th		 $330.9M
Net cash (− = net debt) −$45.8B $371.2M
10th		 $8.4M
Working capital −$30.2B $477.0M
0th		 $381.1M
Current ratio 0.74 1.50
0th		 3.02
Quick ratio 0.74 1.50
10th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.25 0.98
20th		 1.43
Defensive interval (days) 228 days 521 days
0th		 415 days

Leverage & solvency (latest quarter)

MeasureUNHIndustry medianIndustry percentileSector median
Total debt $74.3B $14.2B
90th		 $289.1M
Debt / equity 0.71 0.71
50th		 0.45
Net debt / equity 0.44 −0.49
80th		 −0.13
Debt / assets 23.8% 23.8%
50th		 24.4%
Debt / capital 41.7% 41.7%
50th		 31.1%
Debt / EBITDA 2.66 3.76
38th		 2.62
Net debt / EBITDA 1.64 −1.65
75th		 1.42
Interest coverage (EBIT / interest) 6.2x 3.4x
62nd		 2.1x
Cash interest coverage 6.8x 6.8x
50th		 3.6x
Debt payback (years of OCF) 2.8 yrs 2.8 yrs
50th		 2.7 yrs
Liabilities / assets 66.3% 68.5%
30th		 49.8%
IS credit model rating A+ — —
Implied credit spread (bps) 125 150
30th		 225

Efficiency

MeasureUNHIndustry medianIndustry percentileSector median
Asset turnover 1.43 1.83
0th		 0.56
Fixed asset turnover —
Inventory turnover —
Receivables turnover 20.8 15.8
80th		 6.4
Days sales outstanding 18 days 23 days
20th		 57 days
Days inventory outstanding —
Days payables outstanding 61 days 35 days
90th		 59 days
Cash conversion cycle (days) −43 days 2 days
10th		 70 days
Capex / revenue 0.7% 0.4%
90th		 2.6%
Capex / depreciation 0.79 0.76
60th		 0.55
Operating expense ratio 13.7% 13.7%
50th		 56.5%

Cash flow & earnings quality

MeasureUNHIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.65 2.33
43rd		 1.61
FCF / net income 1.44 1.92
43rd		 1.36
FCF / operating cash flow 87.1% 88.0%
40th		 81.2%
Capex / operating cash flow 12.9% 12.0%
60th		 18.8%
Accruals ratio -3.3% -3.9%
60th		 -5.4%
Sloan accruals ratio -4.5% 0.9%
10th		 -1.3%
Earnings quality score (0-1) 1.00 0.88
57th		 0.75

Dividends & buybacks

MeasureUNHIndustry medianIndustry percentileSector median
Dividend yield 2.3% 0.0%
90th		 0.0%
Dividend per share (TTM) $9.06 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 51.4% 27.8%
86th		 0.0%
Dividends / FCF 35.8% 0.0%
100th		 0.0%
Dividend growth (YoY) 5.3% 2.6%
100th		 4.5%
Buyback yield 2.7% 0.6%
70th		 0.0%
Shareholder yield (dividends + buybacks) 5.0% 2.9%
90th		 0.0%
Share count change (YoY) -1.1% 0.1%
40th		 2.0%
Buybacks, last 5 years $25.3B $772.4M
100th		 $0

Scores & forensic checks

MeasureUNHIndustry medianIndustry percentileSector median
IS score 51 55
30th		 46
IS profitability 30 27
70th		 22
IS growth 35 50
10th		 60
IS value 54 45
80th		 39
IS momentum 66 79
30th		 67
IS risk (safety) 65 80
10th		 80
IS quality 69 67
60th		 49
IS balance sheet 59 62
30th		 55
IS earnings quality 89 65
100th		 56
IS cash flow 65 61
70th		 41
Piotroski F-score (0-9) 7 7
50th		 5
Altman Z-score 2.5 3.1
20th		 3.2
Beneish M-score −3.21 −2.82
30th		 −2.62
Ohlson O-score −8.18 −7.59
20th		 −7.16
IS credit score 76 74
60th		 62

Per share

MeasureUNHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $17.61 $1.65
80th		 −$0.03
Book value per share $115.44 $62.12
70th		 $7.10
Tangible book per share $117.01 $6.80
100th		 $1.91
Revenue per share $498.52 $389.31
60th		 $9.38
FCF per share $25.31 $9.16
80th		 $0.46
Operating cash flow per share $29.04 $11.52
80th		 $0.93
Cash per share $31.65 $25.66
60th		 $3.51

Size (TTM)

MeasureUNHIndustry medianIndustry percentileSector median
Market cap $360.3B $34.2B
100th		 $2.4B
Revenue $449.7B $145.7B
100th		 $770.2M
EBITDA $28.0B $633.7M
100th		 $56.1M
Net income $15.9B $550.7M
100th		 −$3.3M
Free cash flow $22.8B $4.3B
100th		 $41.2M
Total assets $312.8B $57.2B
100th		 $1.3B
Shareholders' equity $104.1B $19.2B
100th		 $568.4M
Employees 390,000 61,100
100th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Noseworthy John H
Director
 Award / grant 240——7,902
2026-10-01Montgomery Rice Valerie Md
Director
 Award / grant 257——8,180
2026-10-01Mcnabb Frederick William Iii
Director
 Award / grant 291——15,810
2026-10-01Gottlieb Scott
Director
 Award / grant 257——921
2026-10-01Gil Kristen
Director
 Award / grant 240——2,867
2026-10-01Garcia Paul R
Director
 Award / grant 155——4,077
2026-10-01Garcia Paul R
Director
 Award / grant 103——4,180
2026-10-01Flynn Timothy Patrick
Director
 Award / grant 262——11,205
2026-10-01Baker Charles D.
Director
 Award / grant 257——2,668
2026-09-22Mcnabb Frederick William Iii
Director
 Award / grant 57——15,519
2026-09-22Stankiewicz Dennis Andrew
Chief Accounting Officer
 Award / grant 51——10,109
2026-09-22Baker Charles D.
Director
 Award / grant 15——2,411

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired485,291—
Open-market saleDisposed32,469$944,910
Tax withholdingDisposed52,467$978,953
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 2,469 shares · $944,910
FiledFilerShares proposedEst. proceeds
2026-08-21Conway Patrick Hugh1,169$455,910
2026-08-05Conway Patrick Hugh500$205,000
2026-04-23Conway Patrick Hugh800$284,000
2025-09-11James P Schadt Trust Fbo Lauren C S Baker Uad 12-16-1527$9,363
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 56 trades (25 purchases) · Senate 3 (3 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-24Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2026-09-23Kevin HernHouseSale$15,001 - $50,0002026-10-14
2026-09-23Kevin HernHouseSale (Full)$15,001 - $50,0002026-10-13
2026-09-10Kevin HernHouseSale$15,001 - $50,0002026-09-28
2026-06-04John BoozmanSenatePurchase$1,001 - $15,0002026-07-13
2026-03-27Alan ArmstrongSenatePurchase$15,001 - $50,0002026-07-21
2026-02-25Markwayne MullinSenatePurchase$50,001 - $100,0002026-03-10
2025-09-24Markwayne MullinSenatePurchase$15,001 - $50,0002025-10-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.76,863,061$31.9B8.56%
VANGUARD CAPITAL MANAGEMENT LLC59,311,525$24.7B6.61%
STATE STREET CORP45,633,267$19.0B5.08%
Capital World Investors29,887,932$12.4B3.33%
FMR LLC27,992,995$11.6B3.12%
VANGUARD PORTFOLIO MANAGEMENT LLC24,483,234$10.2B2.73%
PRICE T ROWE ASSOCIATES INC /MD/23,153,813$9.6B2.58%
GEODE CAPITAL MANAGEMENT, LLC21,751,937$9.0B2.42%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC19,784,379$8.2B2.20%
Sixth Street Partners Management Company, L.P.19,784,379$8.2B2.20%
JPMORGAN CHASE & CO15,723,838$6.6B1.75%
NORGES BANK12,736,973$5.3B1.42%
WELLINGTON MANAGEMENT GROUP LLP10,675,175$4.4B1.19%
Capital Research Global Investors10,534,177$4.4B1.17%
Bank of New York Mellon Corp10,158,455$4.2B1.13%

Institutional ownership by quarter

2023-092026-0689.1%
% of shares held by 13F filers
2023-092026-063,377
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,37789.1%5281,3051,262142
2026-03-313,03782.8%1961,1981,386391
2025-12-313,29083.1%4301,1081,484209
2025-09-303,14181.1%3331,2681,309297
2025-06-303,16285.6%2771,2821,426638
2025-03-313,57789.8%2081,4011,649217
2024-12-313,64989.5%4681,3721,476192
2024-09-303,44190.2%2441,4051,415128
2024-06-303,36889.5%2181,5001,325146
2024-03-313,34989.2%1871,5281,296168
2023-12-313,38589.8%4201,4131,22184
2023-09-303,10589.2%1801,4631,108132

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.0%45,684,412
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%68,122,483
2025-05-07SCHEDULE 13G/AThe Vanguard Group10.1%91,802,960
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.45%$10.5B
VTSAX0.45%$10.5B
VTI0.45%$10.5B
VSMPX0.45%$10.5B
VFIAX0.50%$8.7B
VFFSX0.50%$8.7B

Share structure

Shares outstanding897,595,000
Float895,446,158
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$287.6B$324.2B$371.6B$400.3B$447.6B
Cost of revenue$217.9B$244.5B$280.7B$310.9B$364.6B
Gross profit$69.7B$79.6B$91.0B$89.4B$82.9B
R&D$0$0$0$0$0
SG&A$0$0$0$0$0
Operating income$24.0B$28.4B$32.4B$32.3B$19.0B
EBITDA$27.1B$31.8B$36.3B$28.1B$23.1B
Pretax income$22.3B$26.3B$29.1B$20.1B$14.7B
Income tax$4.6B$5.7B$6.0B$4.8B$1.9B
Net income$17.3B$20.1B$22.4B$14.4B$12.1B
EPS, diluted$18.08$21.18$23.86$15.51$13.23
Diluted shares956.0M950.0M938.0M929.0M910.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$23.9B$27.9B$29.6B$29.1B$28.1B
Receivables$14.2B$17.7B$39.0B$48.5B$52.7B
Inventory$0$0$0$0$0
Total current assets$61.8B$69.1B$78.4B$85.8B$90.6B
PP&E, net$9.0B$10.1B$11.4B$10.6B$10.8B
Goodwill & intangibles$85.8B$107.8B$118.9B$130.0B$131.0B
Total assets$212.2B$245.7B$273.7B$298.3B$309.6B
Accounts payable$49.1B$56.8B$32.0B$68.6B$38.0B
Total current liabilities$78.3B$89.2B$99.1B$103.8B$114.9B
Long-term debt$42.4B$54.5B$58.3B$72.4B$72.3B
Total liabilities$135.7B$159.4B$174.8B$195.7B$207.9B
Shareholders' equity$76.5B$86.3B$98.9B$102.6B$101.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$17.3B$20.1B$22.4B$15.2B$12.8B
Depreciation & amortization$3.1B$3.4B$4.0B$4.1B$4.4B
Stock-based compensation$800.0M$925.0M$1.1B$1.0B$971.0M
Change in working capital$1.5B$2.2B$1.6B−$808.0M$2.3B
Operating cash flow$22.3B$26.2B$29.1B$24.2B$19.7B
Capital expenditure−$2.5B−$2.8B−$3.4B−$3.5B−$3.6B
Free cash flow$19.9B$23.4B$25.7B$20.7B$16.1B
Investing cash flow−$10.4B−$28.5B−$15.6B−$20.5B−$8.7B
Net debt issued / repaid$2.5B$12.5B$4.3B$14.7B$726.0M
Buybacks−$5.0B−$7.0B−$8.0B−$9.0B−$5.5B
Dividends paid−$5.3B−$6.0B−$6.8B−$7.5B−$7.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin24.2%24.6%24.5%22.3%18.5%
Operating margin8.3%8.8%8.7%8.1%4.2%
Net margin6.0%6.2%6.0%3.6%2.7%
FCF margin6.9%7.2%6.9%5.2%3.6%
ROE25.2%26.9%26.9%15.9%12.9%
ROIC20.3%20.7%20.3%17.5%11.4%
ROA8.4%8.8%8.6%5.0%4.0%
Debt / equity0.640.740.760.830.83
Interest coverage14.4x13.6x10.0x6.1x4.7x
Current ratio0.790.770.790.830.79
Revenue growth+11.8%+12.7%+14.6%+7.7%+11.8%
EPS growth+12.9%+17.4%+12.7%−35.1%−14.7%
P/E at year end25.9x23.6x21.1x31.8x24.9x
EV / EBITDA at year end17.4x15.9x14.1x18.0x15.2x
FCF yield at year end4.44%4.92%5.43%4.52%5.35%
Dividend payout30.5%29.8%30.2%52.3%65.7%

Revenue by segment

FY2021FY2022FY2024FY2025
Premiums———$352.2B
Unitedhealthcare$222.9B$249.7B$298.2B$332.4B
Optumrx$91.3B$99.8B$133.2B—
Optumhealth$54.1B$71.2B$105.4B$19.8B
Products———$53.4B
Services———$38.0B
Optuminsight$12.2B$14.6B$18.8B—
Investment and other income———$3.9B
Intersegment Eliminations−$90.9B−$108.3B−$150.9B—

Street estimates by fiscal year

Next report 2027-01-20 · consensus EPS $2.27 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$447.9B$442.1B – $452.2B$20.38$19.76 – $20.891719.7x
2027$463.0B$453.9B – $478.4B$23.15$21.35 – $24.491817.3x
2028$488.2B$474.4B – $508.4B$27.03$23.21 – $29.051514.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-10-13$4.14$4.69+13.3%$111.3B$112.7B+1.2%
2026-07-16$4.94$6.38+29.1%$110.8B$112.0B+1.1%
2026-04-21$6.58$7.23+9.9%$109.4B$111.7B+2.1%
2026-01-27$2.10$2.11+0.5%$113.8B$113.2B−0.5%
2025-10-28$2.80$2.92+4.3%$113.0B$113.2B+0.1%
2025-07-29$4.45$4.08−8.3%$111.5B$111.6B+0.1%
2025-04-17$7.29$7.20−1.2%$111.6B$109.6B−1.8%
2025-01-16$6.74$6.81+1.0%$101.6B$100.8B−0.8%
2024-10-15$7.00$7.15+2.1%$99.1B$99.2B+0.0%
2024-07-16$6.65$6.80+2.3%$98.8B$97.9B−0.9%
2024-04-16$6.61$6.91+4.5%$99.2B$98.8B−0.5%
2024-01-12$5.98$6.16+3.0%$92.1B$93.2B+1.2%
2023-10-13$6.32$6.56+3.8%$86.6B$91.4B+5.5%
2023-07-14$5.99$6.14+2.5%$82.9B$91.8B+10.7%
2023-04-14$6.13$6.26+2.1%$89.8B$91.9B+2.4%
2023-01-13$5.17$5.34+3.3%$82.5B$82.8B+0.4%
2022-10-14$5.42$5.79+6.8%$80.5B$80.9B+0.5%
2022-07-15$5.20$5.57+7.1%$79.7B$80.3B+0.8%
2022-04-14$5.38$5.49+2.0%$78.7B$80.1B+1.8%
2022-01-19$4.31$4.48+3.9%$78.7B$73.7B−6.3%
2021-10-14$4.41$4.52+2.5%$71.1B$72.3B+1.8%
2021-07-15$4.43$4.70+6.1%$69.6B$71.3B+2.5%
2021-04-15$4.38$5.31+21.2%$69.3B$70.2B+1.4%
2021-01-20$2.41$2.52+4.6%$62.1B$65.5B+5.5%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
2.206-153.506-221.906-292.307-064.207-132.507-202.307-272.008-031.608-102.108-171.508-241.508-31
Week ofNotionalSharesTrades
2026-08-31$1.5B3,674,868119,891
2026-08-24$1.5B3,746,530118,366
2026-08-17$2.1B5,469,246152,089
2026-08-10$1.6B3,852,838121,991
2026-08-03$2.0B4,927,501142,958
2026-07-27$2.3B5,412,072142,407

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.6%
DateShort shareShort volumeTotal volume
2026-10-1555.6%2,370,3564,261,848
2026-10-1443.6%1,450,2953,328,120
2026-10-1353.2%2,582,8534,855,425
2026-10-1244.5%909,4202,041,628
2026-10-0947.3%1,575,4263,333,484
2026-10-0843.1%709,6241,645,054
2026-10-0747.4%1,062,7672,243,787
2026-10-0634.5%623,2951,807,840
2026-10-0556.4%974,6311,728,742
2026-10-0246.1%585,4291,268,565
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.2Jan-2.8Feb+1.9Mar-0.3Apr+0.6May-0.1Jun+1.9Jul+2.8Aug-0.8Sep+3.2Oct+4.0Nov+2.5Dec
MonthAvg returnUp yearsYears
Jan−0.2%50%20
Feb−2.8%45%20
Mar+1.9%62%21
Apr−0.3%40%20
May+0.6%65%20
Jun−0.1%60%20
Jul+1.9%70%20
Aug+2.8%65%20
Sep−0.8%40%20
Oct+3.2%60%20
Nov+4.0%75%20
Dec+2.5%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1463.1
MFI63.9
ADX29.4
Stochastic %K / %D83.2 / 73.0
Williams %R-24.6
CCI228
TSI / signal7.1 / -10.2
Chaikin money flow0.00
ATR$12.09
Bollinger width10.9%
Volume vs 20-day avg1.34x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$378.57 (+6.0%)
SMA 50$386.86 (+3.8%)
SMA 200$358.77 (+11.9%)
EMA 21$383.59 (+4.7%)
EMA 50$386.88 (+3.8%)
EMA 200$374.34 (+7.2%)
Bollinger upper$399.29 (+0.5%)
Bollinger lower$357.86 (+12.2%)
Parabolic SAR$376.44 (+6.6%)
Open the live chart, 110+ indicators

About UnitedHealth Group Incorporated

UnitedHealth Group Incorporated (UNH) operates as a comprehensive healthcare enterprise across the United States, structuring its diverse services into four key divisions: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment provides a wide array of health benefit plans and consumer-focused services. These offerings cater to a broad spectrum of clients, including large national corporations, public sector employers, mid-sized and small businesses, and individual consumers. It also delivers specialized health coverage and wellness programs tailored for individuals aged 50 and older, addressing their needs for preventive and acute care, chronic disease management, and other age-specific health issues. This division further encompasses Medicaid plans, children's health insurance, dental benefits, and various hospital and clinical services. Optum Health focuses on delivering direct healthcare solutions and management services. It facilitates access to networks of specialist care providers, offers health management programs, direct care delivery, consumer engagement initiatives, and financial services. Its diverse clientele includes individuals (served directly through care systems), employers, insurance payers, and government organizations. Optum Insight specializes in providing technology, information, and consulting services to the healthcare industry. Its offerings include software and data products, advisory consulting arrangements, and outsourced managed services. Clients span hospital systems, physicians, health plans, governmental bodies, life sciences companies, and other relevant organizations. Finally, Optum Rx handles the company's pharmaceutical care services. This segment manages retail pharmacy networks, provides home prescription delivery, and offers specialty and compounding pharmacy capabilities. Leveraging its purchasing power and clinical expertise, Optum Rx also develops advanced programs related to step therapy, formulary management, medication adherence, and integrated disease and drug therapy management. UnitedHealth Group Incorporated, founded in 1977, has its corporate headquarters located in Minnetonka, Minnesota.

https://www.unitedhealthgroup.com

Key executives

NameTitlePayBorn
Timothy John NoelChief Executive Officer of UnitedHealthcare Business$3.2M1972
Wayne Scott DeVeydtChief Financial Officer$3.1M1970
Patrick Hugh ConwayChief Executive Officer of Optum$2.9M1975
Christopher R. ZaettaExecutive Vice President, Chief Legal Officer & Corporate Secretary$1.8M1972
Erin L. McSweeneyExecutive Vice President & Chief People Officer$1.8M1965
Stephen J. HemsleyChief Executive Officer & Non-Independent Non-Executive Chairman$1.3M1953
Jodeen Ann KozlakChief Administrative Officer—1963
Sandeep DadlaniExecutive Vice President and Chief Digital & Technology Officer—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Stephen Hemsley Chief Executive Officer2025$596,154$0$0$60.9M
Andrew Witty Former Chief Executive Officer2025$903,846$17.3M$0$24.6M
John Rex Former President and Chief Financial Officer2025$1.4M$11.3M$0$24.5M
Timothy Noel Chief Executive Officer, UnitedHealthcare2025$981,827$15.0M$1.8M$20.2M
Patrick Conway, M.D. Chief Executive Officer, Optum2025$980,577$15.0M$1.8M$19.9M
Christopher Zaetta Executive Vice President Chief Legal Officer and Corporate Secretary2025$845,192$12.3M$925,000$15.8M

Employees

260k2017300k2018325k2019330k2020350k2021400k2022400k2024390k2025

Dividends

Ex-dateAmountPaid
2026-09-14$2.322026-09-22
2026-06-15$2.322026-06-23
2026-03-09$2.212026-03-17
2025-12-08$2.212025-12-16
2025-09-15$2.212025-09-23
2025-06-16$2.212025-06-24
2025-03-10$2.12025-03-18
2024-12-09$2.12024-12-17

Moat model

None · Efficient Scale · 2026-09-30
Cost advantage30
Intangibles31
Switching costs12
Network effect55
Efficient scale95
Our component scores (0-100) and overall 39.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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