Tearsheet

UnitedHealth (UNH)


Market Price (9/18/2025): $342.9 | Market Cap: $311.0 Bil
Sector: Health Care | Industry: Managed Health Care

UnitedHealth (UNH)


Market Price (9/18/2025): $342.9
Market Cap: $311.0 Bil
Sector: Health Care
Industry: Managed Health Care

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 8.2%
Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -93%
 
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%
  
2 Attractive cash flow generation
CFO LTM is 29 Bil, FCF LTM is 25 Bil
  
3 Low stock price volatility
Vol 12M is 49%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.4%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 8.2%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42%
2 Attractive cash flow generation
CFO LTM is 29 Bil, FCF LTM is 25 Bil
3 Low stock price volatility
Vol 12M is 49%
4 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -93%

Market Valuation

 9/18/252024202320222021
Share Price CYE$342.90$497.02$509.30$505.28$472.50
Market Cap CYE ($ Bil)311.0456.3469.6471.9444.2
Total Debt ($ Bil)79.276.962.557.646.0
Total Cash ($ Bil)32.029.129.627.923.9
Enterprise Value ($ Bil)358.2533.2532.1529.5490.2
Valuation Ratios     
P/S TTM0.71.21.31.51.6
P/EBIT TTM10.119.415.117.519.8
P/E TTM14.632.321.824.727.4
Sector Ratios     
P/S TTM (Sector)3.83.64.14.57.3
P/EBIT TTM (Sector)-1.6-1.3-1.4-1.3-2.9
P/E TTM (Sector)-1.8-1.5-1.5-1.3-2.9
 9/18/2520242023
Share Price CYE$342.90$497.02$509.30
Market Cap CYE ($ Bil)311.0456.3469.6
Total Debt ($ Bil)79.276.962.5
Total Cash ($ Bil)32.029.129.6
Enterprise Value ($ Bil)358.2533.2532.1
Valuation Ratios   
P/S TTM0.71.21.3
P/EBIT TTM10.119.415.1
P/E TTM14.632.321.8
Sector Ratios   
P/S TTM (Sector)3.83.64.1
P/EBIT TTM (Sector)-1.6-1.3-1.4
P/E TTM (Sector)-1.8-1.5-1.5

Business Description

UnitedHealth Group Incorporated operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; health care coverage and well-being services to individuals age 50 and older addressing their needs for preventive and acute health care services, as well as services dealing with chronic disease and other specialized issues for older individuals; Medicaid plans, children's health insurance and health care programs; health and dental benefits; and hospital and clinical services. Show more

Price Returns Compared

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 202020212022202320242025Total [1]
Returns
UNH Return21%45%7%1%-2%-31%31%
Peers Return12%34%11%-6%-26%-0%16%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CVS, CI, HUM, CNC, MOH. See UNH Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

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Financials

UNHCVSCIHUMCNCMOHMedian
NameUnitedHe.CVS Heal.Cigna Humana Centene Molina H. 
Mkt Price341.6174.00296.59269.3932.02176.32222.85
Mkt Cap309.893.380.332.515.89.556.4
Rev LTM422,818378,960254,465123,110178,19043,413216,328
Op Inc LTM30,75010,898--1,9711,6536,434
FCF LTM25,2715,9416,0102,4391,0804274,190
FCF 3Y Avg23,22410,4918,8033,1753,6646476,234
CFO LTM28,9588,7607,4432,9321,7305375,188
CFO 3Y Avg26,64413,23410,2413,9584,4197457,330

Growth & Margins

UNHCVSCIHUMCNCMOHMedian
NameUnitedHe.CVS Heal.Cigna Humana Centene Molina H. 
Rev Chg LTM9.7%5.0%24.6%9.9%13.0%16.1%11.4%
Rev Chg 3Y Avg11.3%8.1%13.2%11.3%8.9%12.8%11.3%
Rev Chg Q12.9%7.0%18.2%9.6%22.4%15.7%14.3%
QoQ Delta Rev Chg LTM3.1%1.6%4.1%2.4%5.3%3.7%3.4%
Op Mgn LTM7.3%2.9%--1.1%3.8%3.3%
Op Mgn 3Y Avg8.1%3.8%--1.9%4.2%4.0%
QoQ Delta Op Mgn LTM-0.9%0.2%---1.0%-0.3%-0.6%
CFO/Rev LTM6.8%2.3%2.9%2.4%1.0%1.2%2.3%
CFO/Rev 3Y Avg7.1%3.8%5.0%4.0%2.9%2.1%3.9%
FCF/Rev LTM6.0%1.6%2.4%2.0%0.6%1.0%1.8%
FCF/Rev 3Y Avg6.2%3.0%4.3%3.3%2.4%1.9%3.1%

Valuation

UNHCVSCIHUMCNCMOHMedian
NameUnitedHe.CVS Heal.Cigna Humana Centene Molina H. 
Mkt Cap309.893.380.332.515.89.556.4
P/S0.70.20.30.30.10.20.3
P/EBIT10.19.19.711.34.65.79.4
P/E14.517.716.020.67.78.415.3
P/CFO10.710.710.811.19.117.610.7
Total Yield9.4%9.3%8.2%6.2%13.0%12.0%9.3%
Dividend Yield2.5%3.6%2.0%1.3%0.0%0.0%1.6%
FCF Yield 3Y Avg6.3%12.5%9.9%6.3%10.4%3.8%8.1%
D/E0.30.90.40.41.10.40.4
Net D/E0.20.70.3-0.30.0-0.60.1

Returns

UNHCVSCIHUMCNCMOHMedian
NameUnitedHe.CVS Heal.Cigna Humana Centene Molina H. 
1M Rtn11.4%5.5%-0.1%-6.2%10.5%4.2%4.8%
3M Rtn11.9%11.9%-5.2%11.1%-41.9%-40.3%2.9%
6M Rtn-31.2%11.3%-6.6%1.5%-45.9%-44.0%-18.9%
12M Rtn-39.6%33.8%-15.2%-12.5%-57.5%-50.1%-27.4%
3Y Rtn-31.0%-18.9%7.7%-44.5%-62.0%-48.0%-37.8%
1M Excs Rtn9.1%3.1%-2.4%-8.5%8.1%1.9%2.5%
3M Excs Rtn1.0%1.2%-14.9%1.7%-52.0%-50.0%-7.0%
6M Excs Rtn-48.8%-5.7%-24.7%-17.0%-63.9%-61.9%-36.7%
12M Excs Rtn-58.4%16.2%-34.4%-32.4%-74.8%-68.1%-46.4%
3Y Excs Rtn-92.9%-80.2%-54.3%-103.5%-126.1%-110.1%-98.2%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
UnitedHealthcare281,360249,741222,899200,875193,842
Optum Rx116,08799,77391,31435,07832,195
Optum Health95,31971,17454,06517,32712,351
Optum Insight18,93214,58112,1993,8613,767
Optum Eliminations-3,703-2,760-2,013  
Corporate and Eliminations-136,373-108,347-90,867  
Total371,622324,162287,597257,141242,155


Operating Income by Segment
$ Mil20242023202220212020
UnitedHealthcare16,41514,37911,97512,35910,326
Optum Health6,5606,0324,4623,4342,963
Optum Rx5,1154,4364,1353,8873,902
Optum Insight4,2683,5883,3982,7252,494
Corporate and Eliminations000  
Optum Eliminations000  
Total32,35828,43523,97022,40519,685


Assets by Segment
$ Mil20242023202220212020
UnitedHealthcare110,943107,094102,96798,22988,250
Optum Health89,43268,95060,47452,07340,444
Optum Rx51,26647,47640,18139,28036,346
Optum Insight34,17331,09016,86815,42515,181
Optum Eliminations000  
Corporate and Eliminations-12,094-8,905-8,284-7,718-6,332
Total273,720245,705212,206197,289173,889


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity11,912,729
Short Interest: % Change Since 8152025-28.2%
Average Daily Volume16,542,042
Days-to-Cover Short Interest1
Basic Shares Quantity907,000,000
Short % of Basic Shares1.3%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2025-7.5%-14.6%6.5%
4/17/2025-22.4%-27.5%-50.1%
1/16/2025-6.0%-2.5%-3.7%
10/15/2024-8.1%-5.6%1.5%
7/16/20246.5%8.4%11.4%
4/16/20245.2%10.2%15.3%
1/12/2024-3.4%-6.7%-4.1%
10/13/20232.6%1.2%3.0%
...
SUMMARY STATS   
# Positive131216
# Negative11128
Median Positive4.1%5.2%6.3%
Median Negative-2.9%-2.5%-5.4%
Max Positive8.2%12.6%15.7%
Max Negative-22.4%-27.5%-50.1%

SEC Filings

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Report DateFiling DateFiling
6302025811202510-Q 6/30/2025
3312025507202510-Q 3/31/2025
12312024227202510-K 12/31/2024
93020241104202410-Q 9/30/2024
6302024809202410-Q 6/30/2024
3312024509202410-Q 3/31/2024
12312023228202410-K 12/31/2023
93020231106202310-Q 9/30/2023
6302023802202310-Q 6/30/2023
3312023503202310-Q 3/31/2023
12312022224202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021215202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Conway Patrick HughChief Executive Officer, Optum6122025Sell305.00589179,6453,171,528Form
1REX JOHN FPresident & CFO5162025Buy291.1217,1754,999,91959,328,308Form
2HEMSLEY STEPHEN JCEO, UHG5162025Buy288.5786,70025,019,019196,081,278Form
3FLYNN TIMOTHY PATRICK 5162025Buy320.801,533491,7861,935,386Form
4Gil Kristen 5162025Buy271.173,7001,003,3291,035,327Form