Unitedhealth Group Inc (UNH)
Health Care · Managed Health Care · US stock · S&P 500 component
$424.98
▲ +7.98 (1.91%)
Fair valueFair
$484 +13.9% to fair value
$242fair band $412–$587$726
Day's range
$417.13 – $426.55
52-week range
$255.97 – $461.62
About Unitedhealth Group Inc
UnitedHealth Group is a health care and insurance company with two main parts. UnitedHealthcare provides health benefit plans to employers, individuals and government programs such as Medicare and Medicaid. Optum offers pharmacy benefit services, care delivery, data analytics and financial services to health systems and payers. The company earns money from premiums paid for insurance coverage and from fees for services, and medical costs strongly influence its profit.
Looking at the top line, revenue was $450.1 billion for the latest twelve months and it grew by 11.4% a year over three years. Operating margin was 4.8%, and return on invested capital is 13%. Its net debt to EBITDA ratio is 1.6 times. Shareholders receive a dividend with a yield of 2.1%. The overall X-Ray Score is 58 out of 100.
Price chart
52-wk range $255.97 – $461.62Volume 5,417,260Daily, split-adjusted
Vitals
Market cap$385.0B
52-week range$255.97 – $461.62
Volume (last day)5,417,260
P/E (TTM)27.3
EBIT / EV yield5.0%
Free-cash-flow yield6.1%
Dividend yield2.1%
Revenue (TTM)$450.1B
Net income (TTM)$14.1B
Operating margin4.8%
Return on capital12.7%
Debt incl. leases$73.3B
Cash & securities$31.5B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$484middle half of models $454 – $517
Fair
+13.9% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $425
Undervalued < $412Fair $412 – $587Overvalued > $587
P/E multiple
$419
P/B multiple
$508
P/S multiple
$466
Dividend discount, stable
$543
Dividend discount, multi-stage · not used
$998
Growth the price implies
11.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
71/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.0%
Free-cash-flow yield6.1%
Fair value vs price1.1×
Growth
Fair
52/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)11.4%
EPS growth (3y)-14.5%
Growth consistency100%
Profitability
Fair
59/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital12.7%
Operating margin4.8%
Gross profitability128.7%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA1.6×
Interest cover5.6×
Dividends
Fair
65/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.1%
Dividends vs free cash flow35%
Dividend growth9.7%
Quarterly results: last 6 quarters
+9.8%
Mar '25
+12.9%
Jun '25
+12.2%
Sep '25
+12.3%
Dec '25
+2.0%
Mar '26
+0.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $112.0B, diluted EPS $6.04.
Compare with peers
ELV Elevance Health, Inc.60 HUM Humana Inc47 CNC Centene Corp42Other Managed Health Care companies by X-Ray Score.
SWOT analysis: Unitedhealth Group Inc
Strengthsinside the company
- Revenue has grown 11.4% a year over three years (median 10.5% for industry peers).
- Free cash flow equals 6.1% of the market value, which funds dividends, buybacks or debt paydown.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Earnings per share have declined 14.5% a year over three years.
- Altman Z-score of 1.5 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Dividends use only 35% of free cash flow, which leaves room to raise them.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare UNH with peers and sector
Medians of 3 Managed Health Care peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ELV 60, HUM 47, CNC 42.
| Metric | UNH | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 47 | 49 |
| Valuation | 71 | 58 | 52 |
| Growth | 52 | 53 | 47 |
| Profitability | 59 | 47 | 49 |
| Financial health | 43 | 51 | 48 |
| Dividends | 65 | – | 50 |
Sector leaders: highest X-Ray Score in Health Care
UNH ranks #19 of 60 in Health Care and #2 of 4 in Managed Health Care by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for UNH
Each factor is rated by where UNH stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 8 Average · 7 Bad of 22
Growth: 2 · 0 · 1
Profitability: 1 · 2 · 2
Financial strength: 0 · 2 · 2
Valuation: 2 · 3 · 0
Cash flow: 1 · 1 · 2
Efficiency: 1 · 0 · 0
| Factor | UNH | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +11.4% | Good beats 81% | +5.5% | – | – |
| Revenue growth, last year | +11.8% | Good beats 81% | +7.1% | +11.8% | ≈ In line |
| EPS growth, 3 years a year | −14.5% | Bad beats 14% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 88.6% | Good beats 95% | 65.0% | 89.2% | ≈ In line |
| Operating margin | 4.8% | Bad beats 23% | 16.4% | 8.3% | ▼ Worse |
| Net margin | 3.1% | Bad beats 25% | 11.1% | 6.0% | ▼ Worse |
| Return on invested capital | 12.7% | Average beats 53% | 12.2% | – | – |
| Return on equity | 13.5% | Average beats 48% | 13.7% | 23.0% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 1.6x | Average beats 66% | 2.0x | 0.9x | ▼ Worse |
| Interest cover | 5.6x | Bad beats 31% | 9.4x | 10.0x | ▼ Worse |
| Current ratio | 0.78 | Bad beats 3% | 1.52 | 0.79 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 62% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 27.3x | Average beats 58% | 28.2x | 25.0x | ≈ In line |
| Price / book | 3.7x | Average beats 50% | 3.7x | 5.2x | ▲ Better |
| Price / sales | 0.9x | Good beats 83% | 3.7x | 1.3x | ▲ Better |
| EV / EBITDA | 16.7x | Average beats 57% | 17.6x | 15.0x | ▼ Worse |
| Free cash flow yield | 6.1% | Good beats 70% | 4.4% | 4.6% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 5.2% | Bad beats 22% | 16.3% | 6.9% | ▼ Worse |
| Cash from operations / net income | 1.91 | Good beats 79% | 1.61 | 1.30 | ▲ Better |
| Free cash flow growth, 3 years a year | −11.8% | Bad beats 11% | +4.3% | – | – |
| Accruals (lower is better) | −4.2% | Average beats 60% | −3.9% | – | – |
| Efficiency | |||||
| Days sales outstanding | 17 days | Good beats 95% | 62 days | 20 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 4 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 53/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Operating income | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Operating cash flow | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Operating margin | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Diluted EPS | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 400.7 | Bullish |
| EMA 10 | 404.5 | Bullish |
| SMA 20 | 387.1 | Bullish |
| EMA 20 | 394.8 | Bullish |
| SMA 50 | 387.2 | Bullish |
| EMA 50 | 390.8 | Bullish |
| SMA 100 | 399.3 | Bullish |
| EMA 100 | 385.8 | Bullish |
| SMA 200 | 357.3 | Bullish |
| EMA 200 | 373.3 | Bullish |
Oscillators (daily)
| RSI (14) | 72.32 | Bearish |
| MACD (12, 26) | 9.14 | Bullish |
| Momentum (12) | 12.93 | Bullish |
| Stochastic %K (14) | 97.32 | Bearish |
| Williams %R (14) | -2.68 | Bearish |
| CCI (20) | 154.5 | Bearish |
Pivot points (classic, last session)
S3 409.8 | S2 413.5 | S1 419.2 | Pivot 422.9 | R1 428.6 | R2 432.3 | R3 438.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
9.06 USD
Yield on today's price
2.13%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 2.3200 | |
| 2.3200 | |
| 2.2100 | |
| 2.2100 | |
| 2.2100 | |
| 2.2100 | |
| 2.1000 | |
| 2.1000 | |
| 2.1000 | |
| 2.1000 | |
| 1.8800 | |
| 1.8800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold UNH
| ETF | Share of the fund |
|---|---|
| IHF iShares U.S. Healthcare Providers | 21.91% |
| EAGL The 2023 ETF Series | 6.89% |
| XLV Health Care Select Sector SPDR | 6.57% |
| IYH iShares U.S. Healthcare | 6.16% |
| VHT Vanguard Health Care | 5.45% |
| FHLC Fidelity MSCI Health Care Index | 5.44% |
| SCHD Schwab U.S. Dividend Equity | 5.09% |
| IXJ iShares Global Healthcare | 4.40% |
The eight funds with the largest weight in UNH among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
UNH stock splits
UNH has split its stock 5 times since 1992. The latest was a 2-for-1 split on 31 May 2005.
Full UNH stock split history →UNH SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
DEF 14ASEC EDGAR
Proxy statement
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.