UNH Healthcare

UnitedHealth Group Incorporated

$404.44+1.00%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Healthcare Plans
Country: United States
Market cap: 363.0B USD
Enterprise value: 402.2B USD
Full-time employees: 390,000

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.78 vs a peer median of 2.59) and more debt relative to equity (0.70× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 0.78 vs peers 2.59) and more debt vs equity (0.70× vs peers 0.22×)

Ranks #689 of 1,157 healthcare companies (bottom 41%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. 4.2% in 2025, the weakest of the last 6 years.
UnitedHealth's operating margin fell to 4.2% in 2025, its lowest in the 6 years of filings we have.
Sales growing faster than profits. Since 2022: revenue +38%, operating profit −33%.
Since 2022, UnitedHealth's revenue changed +38% while operating profit fell 33%: costs rose faster than sales.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $257.1B in 2020 to $447.6B in 2025.
UnitedHealth's fiscal-year revenue rose in each of the five years to 2025, from $257.1B to $447.6B.
Profit is backed by cash. Free cash flow is 167% of reported profit.
UnitedHealth's free cash flow is 167% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

47/ 100

Oct 5 48 → Nov 4 47 (-1)

Valuation

Is the price right?

65/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 1.63Sector median: 0.0148 · MAD: 0.0148

EBITDA yield6.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.60Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield6.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield28.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

38/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-33.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.43Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth8.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.36Sector median: 0.0584 · MAD: 0.0840

Revenue growth6.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.04Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

61/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin4.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.18Sector median: 0.0706 · MAD: 0.1217

Return on assets4.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.54Sector median: 0.0166 · MAD: 0.0537

Return on invested capital11.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.67Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity13.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.61

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.03Sector median: 0.6250 · MAD: 0.3380

Current ratio0.78×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.29Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.35Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about UnitedHealth

Is UnitedHealth getting weaker?: Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is UnitedHealth valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 65/100 against 1,393 healthcare peers. Earnings yield 3.9% vs a peer median of 1.5% (stronger than 70% of peers).Earnings yield 3.9% vs peers 1.5% (stronger than 70% of peers).
Is UnitedHealth growing?: More slowly than most of its peers. Growth scores 38/100 against 1,393 healthcare peers. Earnings per share growth -33.1% vs a peer median of 9.8% (weaker than 86% of peers).Earnings per share growth -33.1% vs peers 9.8% (weaker than 86% of peers).
How profitable is UnitedHealth?: More profitable than most of its peers. Profitability scores 61/100 against 1,393 healthcare peers. Return on invested capital 11.5% vs a peer median of 4.7% (stronger than 71% of peers).Return on invested capital 11.5% vs peers 4.7% (stronger than 71% of peers).
How risky is UnitedHealth?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 0.78× vs a peer median of 2.59× (weaker than 100% of peers).Current ratio 0.78× vs peers 2.59× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	449.7B USD	450.1B USD	+0.1%
Net income (12 months)	12.0B USD	14.1B USD	+17.3%
Operating margin	4.2%	4.8%	+0.6 pts
Free cash flow (12 months)	19.7B USD	23.6B USD	+20.1%
Debt	77.9B USD	73.3B USD	−5.9%
Cash	28.0B USD	28.6B USD	+2.1%
Shares outstanding	908.1M	897.6M	−1.2%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Healthcare · 301 companies

Valuations in Healthcare are within their usual range since 2016.

52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.

2016Shaded: most expensive fifth of its range2026

Shown for Healthcare: too few Healthcare Plans companies have a long enough history of their own.

Earnings-based measures are left out for now because many companies in Healthcare are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	8.3%	8.8%	8.7%	8.1%	4.2%	▼ 3.8 pts
Net margin	6.0%	6.2%	6.0%	3.6%	2.7%	▼ 0.9 pts
Return on assets (ROA)	8.1%	8.2%	8.2%	4.8%	3.9%	▼ 0.9 pts
Return on equity (ROE)	23.0%	24.7%	23.7%	14.7%	12.0%	▼ 2.6 pts
Debt to equity	0.61×	0.71×	0.66×	0.78×	0.78×	▲ 0.1%
Interest coverage	14.44×	13.59×	9.97×	8.27×	4.74×	▼ 43%

UNH price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.78 vs a peer median of 2.59) and more debt relative to equity (0.70× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 0.78 vs peers 2.59) and more debt vs equity (0.70× vs peers 0.22×)

Ranks #689 of 1,157 healthcare companies (bottom 41%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year low. 4.2% in 2025, the weakest of the last 6 years.

UnitedHealth's operating margin fell to 4.2% in 2025, its lowest in the 6 years of filings we have.

Sales growing faster than profits. Since 2022: revenue +38%, operating profit −33%.

Since 2022, UnitedHealth's revenue changed +38% while operating profit fell 33%: costs rose faster than sales.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $257.1B in 2020 to $447.6B in 2025.

UnitedHealth's fiscal-year revenue rose in each of the five years to 2025, from $257.1B to $447.6B.

Profit is backed by cash. Free cash flow is 167% of reported profit.

UnitedHealth's free cash flow is 167% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about UnitedHealth

Is UnitedHealth getting weaker?

Its latest SEC filing (Aug 10, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is UnitedHealth valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 65/100 against 1,393 healthcare peers. Earnings yield 3.9% vs a peer median of 1.5% (stronger than 70% of peers).Earnings yield 3.9% vs peers 1.5% (stronger than 70% of peers).

Is UnitedHealth growing?

More slowly than most of its peers. Growth scores 38/100 against 1,393 healthcare peers. Earnings per share growth -33.1% vs a peer median of 9.8% (weaker than 86% of peers).Earnings per share growth -33.1% vs peers 9.8% (weaker than 86% of peers).

How profitable is UnitedHealth?

More profitable than most of its peers. Profitability scores 61/100 against 1,393 healthcare peers. Return on invested capital 11.5% vs a peer median of 4.7% (stronger than 71% of peers).Return on invested capital 11.5% vs peers 4.7% (stronger than 71% of peers).

How risky is UnitedHealth?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 0.78× vs a peer median of 2.59× (weaker than 100% of peers).Current ratio 0.78× vs peers 2.59× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

449.7B USD

450.1B USD

+0.1%

Net income (12 months)

12.0B USD

14.1B USD

+17.3%

Operating margin

4.2%

4.8%

+0.6 pts

Free cash flow (12 months)

19.7B USD

23.6B USD

+20.1%

Debt

77.9B USD

73.3B USD

−5.9%

Cash

28.0B USD

28.6B USD

+2.1%

Shares outstanding

908.1M

897.6M

−1.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

8.3%

8.8%

8.7%

8.1%

4.2%

▼ 3.8 pts

Net margin

6.0%

6.2%

6.0%

3.6%

2.7%

▼ 0.9 pts

Return on assets (ROA)

8.1%

8.2%

4.8%

3.9%

▼ 0.9 pts

Return on equity (ROE)

23.0%

24.7%

23.7%

14.7%

12.0%

▼ 2.6 pts

Debt to equity

0.61×

0.71×

0.66×

0.78×

▲ 0.1%

Interest coverage

14.44×

13.59×

9.97×

8.27×

4.74×

▼ 43%