UnitedHealth Group Incorporated UNH

Health CareHealthcare Providers & ServicesUnited States of America

Last close 406.97 USD on Nov 1, 2026, +25.7% year to date

Quant rating

Quant rating B Rank 88 of 565 in Health Care

Growth B 167 of 565
Valuation A 56 of 565
Quality B 219 of 565
Revisions A 59 of 565
Momentum C 261 of 565

Wall Street consensus Buy (1.89)Average target 469.77 USD +15.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 365.3B
Enterprise value: 412.5B
52-week range: 256.00 – 461.62
3-year range: 237.77 – 625.25
Dividend yield: 2.28%
Beta (5 years): 0.54
Shares outstanding: 898M
Next earnings: Jan 25, 2027

About the company

UnitedHealth Group Incorporated is a healthcare and well-being company. Its segments include Optum Health, Optum Insight, Optum Rx, and UnitedHealthcare, which includes UnitedHealthcare Employer & Individual, UnitedHealthcare Medicare & Retirement and UnitedHealthcare Community & State. Optum Health provides comprehensive and patient-centered care, addressing the physical, mental, and social well-being. Optum Health delivers primary, specialty and surgical care and helps patients and providers navigate and address complex, chronic and behavioral health needs. Optum Insight connects the healthcare system with services, analytics and platforms that make clinical, administrative and financial processes simpler and more efficient for all participants in the healthcare system. Optum Rx offers a range of pharmacy care services through retail pharmacies, through home delivery, specialty and community health pharmacies and the provision of in-home and community-based infusion services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	447,567	400,278	371,622	324,162	287,597	–
Revenue growth	11.8%	7.7%	14.6%	12.7%	11.8%	11.7%
EPS (basic, normalized)	16.35	27.66	25.12	22.19	19.02	–
EPS growth	−40.9%	10.1%	13.2%	16.7%	–	–
Gross margin	–	–	–	–	–	–
Net margin	2.7%	3.6%	6.0%	6.2%	6.0%	4.9%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	68,714
Net debt (mil)	–
Total equity (mil)	104,129
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	447,567	+11.8%	0.9x	24,464	−36.9%	16.9x	16.35	−40.9%	24.9x
2026	448,641	+0.2%	0.9x	31,078	+27.0%	13.3x	20.60	+26.0%	19.8x
2027	463,345	+3.3%	0.9x	34,222	+10.1%	12.1x	23.44	+13.8%	17.4x
2028	488,513	+5.4%	0.8x	38,284	+11.9%	10.8x	27.23	+16.2%	14.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	448,641	+0.5%	+0.5%	+1.0%	20.60	+3.7%	+3.7%	+12.2%
2027	463,345	+0.8%	+0.7%	+1.4%	23.44	+3.5%	+3.7%	+12.9%
2028	488,513	+0.4%	+0.4%	+0.5%	27.23	+2.8%	+3.0%	+11.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	98,855	100,820	100,807	109,575	111,616	113,161	113,215	111,721	112,032	112,694
Sales mean (mil)	98,836	99,279	101,759	111,601	111,522	113,064	113,817	109,574	110,854	111,403
Surprise	0.0%	+1.6%	−0.9%	−1.8%	+0.1%	+0.1%	−0.5%	+2.0%	+1.1%	+1.2%
EPS reported	6.80	7.15	6.81	7.20	4.08	2.92	2.11	7.23	6.38	4.69
EPS mean	6.66	7.00	6.72	7.29	4.48	2.79	2.10	6.57	4.90	4.14
Surprise	+2.1%	+2.1%	+1.3%	−1.2%	−9.0%	+4.5%	+0.4%	+10.0%	+30.1%	+13.3%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
UNH UnitedHealth Group Incorporated	365.3B	–	2.7%	3.51x	19.8x	17.4x	13.3x	12.1x
CVS CVS Health Corporation	115.4B	2.50x	0.4%	1.45x	11.2x	10.6x	8.3x	8.0x
HCA HCA Healthcare, Inc.	98.8B	3.41x	9.0%	−12.35x	15.7x	15.1x	9.6x	9.5x
ELV Elevance Health Inc	90.8B	–	2.8%	2.03x	14.5x	13.9x	10.1x	10.4x
CI The Cigna Group	78.8B	2.49x	2.2%	1.85x	9.8x	8.9x	7.8x	7.3x
HUM Humana Inc.	49.8B	–	0.9%	2.59x	45.3x	24.3x	20.1x	13.2x
Mean		2.80x	3.0%	−0.16x	19.4x	15.0x	11.5x	10.1x
Median		2.50x	2.4%	1.94x	15.1x	14.5x	9.8x	9.9x

Technical analysis

1M+7.7%
3M−4.5%
1Y+13.6%
3Y−17.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, UnitedHealth Group Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	447,567	400,278	371,622	324,162	287,597	257,141
Cost of revenue	–	–	–	–	–	–
Gross profit	447,567	400,278	371,622	324,162	287,597	257,141
Selling, general & administrative expenses	59,592	53,013	54,628	47,782	42,579	41,704
Research & development	–	–	–	–	–	–
Depreciation/amortization	4,361	4,099	3,972	3,400	3,103	2,891
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	265	8,310	–	–	–	–
Other operating expenses	364,650	310,879	280,664	244,545	217,945	190,141
Operating income	18,699	23,977	32,358	28,435	23,970	22,405
Net interest income (expense)	−4,002	−3,906	−3,246	−2,092	−1,660	−1,663
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	14,697	20,071	29,112	26,343	22,310	20,742
Provision for taxes	1,890	4,829	5,968	5,704	4,578	4,973
Minority interest	−751	−837	−763	−519	−447	−366
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	12,056	14,405	22,381	20,120	17,285	15,403
Extraordinary items	–	–	–	–	–	–
Net income	12,056	14,405	22,381	20,120	17,285	15,403
EBIT, normalized	–	–	–	–	–	–
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	16.35	27.66	25.12	22.19	19.02	–

Balance sheet in millions of USD, fiscal years

Balance sheet, UnitedHealth Group Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	–	–	–	–	–	–
Receivables	29,697	26,089	17,694	12,769	13,866	12,534
Total inventory	–	–	–	–	–	–
Prepaid expenses	9,746	8,212	6,084	6,621	5,320	4,447
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	10,762	10,553	11,450	10,128	8,969	8,626
Goodwill	110,499	106,734	103,732	93,352	75,795	71,337
Intangibles	20,474	23,268	15,194	14,401	10,044	10,856
Long-term investments	58,007	56,155	51,810	48,274	45,646	44,102
Note receivable	–	–	–	–	–	–
Other long-term assets	109,839	101,568	91,534	79,550	71,752	62,368
Total assets	309,581	298,278	273,720	245,705	212,206	197,289
Liabilities
Accounts payable	38,032	34,337	31,958	27,715	24,643	22,495
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	2,249	1,300	1,088	800	0	0
Current portion of long-term debt	3,820	3,245	3,186	2,310	3,620	4,819
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	72,320	72,359	58,263	54,513	42,383	38,648
Minority interest	7,588	9,933	10,163	8,575	4,719	5,048
Other liabilities	135,563	123,328	116,538	104,845	93,344	88,102
Total liabilities	215,471	205,620	184,964	167,933	140,446	131,798
Shareholders' equity
Preferred stock	0	–	0	0	0	0
Common stock	9.0	9.0	9.0	9.0	10.0	10.0
Additional paid-in capital	559	–	–	–	0	0
Retained earnings (accumulated deficit)	95,603	96,036	95,774	86,156	77,134	69,295
Treasury stock	–	–	–	–	–	–
Other equity	−2,061	−3,387	−7,027	−8,393	−5,384	−3,814
Total equity	94,110	92,658	88,756	77,772	71,760	65,491
Total liabilities & shareholders' equity	309,581	298,278	273,720	245,705	212,206	197,289

Cash flow statement in millions of USD, fiscal years

Cash flow statement, UnitedHealth Group Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	12,807	15,242	23,144	20,639	17,732	15,769
Depreciation, depletion & amortization	4,361	4,099	3,972	3,400	3,103	2,891
Deferred taxes	−1,752	−296	−245	−673	130	−8.0
Non-cash items	1,999	5,967	554	594	−144	627
Changes in working capital	1,927	−1,027	1,643	2,246	1,522	2,895
Cash from operations	19,342	23,985	29,068	26,206	22,343	22,174
Investing activities
Capital expenditures	−3,622	−3,499	−3,386	−2,802	−2,454	−2,051
Other investing cash flows	−5,063	−17,028	−12,188	−25,674	−7,918	−10,481
Cash from investing	−8,685	−20,527	−15,574	−28,476	−10,372	−12,532
Financing activities
Financing cash flow items	264	−3,485	−2,401	3,428	−1,011	1,218
Cash dividends paid	−7,916	−7,533	−6,761	−5,991	−5,280	−4,584
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,992	7,506	−2,367	6,789	−1,164	−224
Cash from financing	−11,644	−3,512	−11,529	4,226	−7,455	−3,590
Foreign exchange effects	40.0	−61.0	97.0	34.0	−62.0	−116
Net change in cash	−947	−115	2,062	1,990	4,454	5,936
Free cash flow	15,720	20,486	25,682	23,404	19,889	20,123

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.