UnitedHealth Group (UNH)
Health Care · $336B market cap · SEC CIK 0000731766
fundamentals score out of 100
Next reports on Oct 13, 2026, before the open, with analysts expecting $4.19 in earnings per share.
The case for UNH
- Has compounded revenue at 11.7% a year over five years.
- Moves less than the market (beta 0.54).
- Pays a modest 1.4% dividend.
The case against
- Earnings per share down 32.7%.
- Priced at 23.8× earnings while earnings per share are shrinking (-32.7%).
- Net margin of 3.1% leaves very little room for error.
- Current liabilities exceed current assets (ratio 0.74).
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 67 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 44 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 39 |
| Momentumhow the price has behaved lately | 52 |
| Stabilityhow violently it moves, what it owes and what it pays you | 56 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 23.8× |
|---|---|
| Price / book | 3.61× |
| Price / sales | 0.7× |
| Revenue growth (YoY) | +6.5% |
| EPS growth (YoY) | -32.7% |
| Gross margin | — |
| Operating margin | 5% |
| Net margin | 3% |
| Return on equity | 14% |
| Debt / equity | 0.70× |
| Current ratio | 0.74 |
| Dividend yield | 1.37% |
| Beta | 0.54 |
| 52-week range | $255.97 – $461.62 |
| Position in that range | 57% of the way up |
| 3-month return | -5.8% |
| 1-year return | +12.1% |
Five years of financials, as filed
Pulled from UnitedHealth Group's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $448B | $400B | $372B | $324B | $288B |
| Operating income | $19.0B | $32.3B | $32.4B | $28.4B | $24.0B |
| Net income | $12.1B | $14.4B | $22.4B | $20.1B | $17.3B |
| Operating cash flow | $19.7B | $24.2B | $29.1B | $26.2B | $22.3B |
| Capital expenditure | $3.6B | $3.5B | $3.4B | $2.8B | $2.5B |
| Total assets | $310B | $298B | $274B | $246B | $212B |
| Total liabilities | $208B | $196B | $175B | $159B | $136B |
| Cash | $24.4B | $25.3B | $25.4B | $23.4B | $21.4B |
| Long-term debt | $72.3B | $72.4B | $58.3B | $54.5B | $42.4B |
| Free cash flow | $16.1B | $20.7B | $25.7B | $23.4B | $19.9B |
| Operating margin | 4.2% | 8.1% | 8.7% | 8.8% | 8.3% |
| Net margin | 2.7% | 3.6% | 6.0% | 6.2% | 6.0% |
| Diluted shares | 911M | 929M | 938M | 950M | 956M |
Share count is down 4.7% over 4 years. Buybacks have been shrinking the pie.
What UnitedHealth Group says it does
OUR BUSINESSES Overview The terms "we," "our," "us," "its," "UnitedHealth Group," or the "Company" used in this report refer to UnitedHealth Group Incorporated and its subsidiaries. UnitedHealth Group Incorporated is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve. The ability to analyze complex data and apply deep health care expertise and insights allows us to serve patients, consumers, care providers, businesses, communities and governments with more innovative products and complete, end-to-end offerings for many of the biggest challenges facing health care today.…
Risk factors UNH lists in its 10-K
- Risks Related to Our Business and Our Industry
- If we fail to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers, our business could be materially and adversely affected
- If we fail to compete effectively to maintain or increase our market share, including by maintaining or increasing enrollments in businesses providing health benefits, our results of operations, financial position and cash flows
- could be materially and adversely affected
- Our increasing use of AI presents legal, regulatory and business risks to our operations, reputation and financial results
- Our sales performance will suffer if we do not adequately attract, retain and provide support to a network of independent producers and consultants
- Our businesses are subject to risks associated with unfavorable economic conditions
- Our failure to attract, develop, retain, and manage the succession of key employees and executives could adversely affect our business, results of operations and future performance
- Our investment and loan portfolio may sustain losses which could adversely affect our profitability
- If the value of our intangible assets is materially impaired, our results of operations, equity and credit ratings could be materially and adversely affected
- If we are not able to protect our proprietary rights to our databases, software and related products, or other intellectual property, our ability to market our knowledge and information-related businesses could suffer
- Any downgrades in our credit ratings could increase our borrowing and operating costs
- Risks Related to the Regulation of Our Business
- Our pharmacy care services businesses face regulatory and operational risks and uncertainties which may differ from the risks of our other businesses