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Humana

HUM NYSE Managed Health Care Financials FY2016–FY2025

Humana's revenue rose 10.1% to $129.7 billion in fiscal 2025. Its operating margin was 2.1%, down from 2.2% a year earlier. Free cash flow was $375 million, down 84.3%. It paid out $581 million in dividends and buybacks, 155% of free cash flow.

Last close · Oct 23, 2026

$422.07

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$129.7B
10.1% vs prior year
Operating margin Operating income as a share of revenue.
2.1%
0.1 pts
Net income Profit after all expenses, interest and tax.
$1.2B
1.6%
Free cash flow Cash from operations minus capital spending.
$375M
84.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
25.7%
5.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$50.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
45.0x
On $9.37 EPS (TTM)

What Humana does

No business description yet.

Legal name
HUMANA INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000049071-26-000009
0000049071

Revenue and margins

Humana had $129.7B of revenue in fiscal 2025, up 10.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $375M in fiscal 2025, 0.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Humana returned $581M to shareholders in fiscal 2025, 155% of free cash flow. The diluted share count fell 0.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Humana yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $7.5B and divides by 120.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 45.0x · peers 22.8x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Humana can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $16.6B$18.9B$21.3B$20.4B$19.9B
Debt incl. finance leases $10.5B$9.0B$10.2B$11.1B$12.4B
Net debt / EBITDA −1.6x−2.2x−2.3x−2.7x−2.2x
Debt / equity 0.7x0.6x0.6x0.7x0.7x
Interest coverage 9.7x9.5x8.1x3.9x4.3x
Current ratio 1.6x1.5x1.6x1.8x2.0x
Quick ratio 1.6x1.5x1.6x1.8x2.0x
Total assets $44.4B$43.1B$47.1B$46.5B$48.9B
Total liabilities $28.3B$27.7B$30.7B$30.0B$31.2B
Shareholders' equity $16.1B$15.3B$16.3B$16.4B$17.7B
Net debt (− = net cash) −$6.0B−$9.9B−$11.1B−$9.3B−$7.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Feb 23, 2026 Sanjay K ShettyPresident, CenterWell Bought 810 $185.21 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 86 / 85 / 8
Accruals ratio −3.3%−3.8%0.6%
Altman Z'' 4.594.755.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Humana HUM $50.9B 10.1% 2.1% 0.3% 25.7% 45.0x 5
Centene CNC $34.9B 19.4% −3.9% 2.2% −26.4% — 5 Compare →
Elevance Health ELV $95.7B 12.5% 3.6% 1.6% 15.2% 18.7x 6 Compare →
Molina Healthcare MOH $10.8B 11.8% 1.7% −1.4% — — 4 Compare →
UnitedHealth UNH $378.8B 11.8% 4.2% 3.6% 11.2% 26.9x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $54.4B $53.8B $56.9B $64.9B $77.2B $83.1B $92.9B $106.4B $117.8B $129.7B
Operating income $1.7B $4.3B $3.1B $3.2B $5.0B $3.1B $3.8B $4.0B $2.6B $2.7B
Interest expense $189M $242M $218M $242M $283M $326M $401M $493M $660M $631M
Pretax income $1.6B $4.0B $2.1B $3.5B $4.7B $3.4B $3.6B $3.3B $1.6B $1.4B
Income tax $938M $1.6B $391M $763M $1.3B $485M $762M $836M $413M $250M
Net income $614M $2.4B $1.7B $2.7B $3.4B $2.9B $2.8B $2.5B $1.2B $1.2B
Diluted EPS $4.07 $16.81 $12.16 $20.10 $25.31 $22.67 $22.08 $20.00 $9.98 $9.84
Diluted shares 0.15B 0.15B 0.14B 0.13B 0.13B 0.13B 0.13B 0.12B 0.12B 0.12B
Cash flow
Cash from operations $1.9B $4.1B $2.2B $5.3B $5.6B $2.3B $4.6B $4.0B $3.0B $921M
Capital expenditure $527M $524M $612M $736M $964M $1.3B $1.1B $1.0B $575M $546M
Free cash flow $1.4B $3.5B $1.6B $4.5B $4.7B $920M $3.5B $3.0B $2.4B $375M
Depreciation and amortization $388M $410M $444M $575M $616M $596M $709M $779M $839M $698M
Stock-based compensation $115M $157M $137M $163M $181M $180M $216M $175M $207M $241M
Acquisitions $7.0M $31.0M $354M $0.0M $709M $4.2B $337M $233M $89.0M $81.0M
Share buybacks $104M $3.4B $1.1B $1.1B $1.8B $79.0M $2.1B $1.6B $817M $151M
Dividends paid $177M $220M $265M $291M $323M $90.0M $98.0M $431M $431M $430M
Dividends and buybacks $281M $3.6B $1.4B $1.4B $2.1B $169M $2.2B $2.0B $1.2B $581M
Balance sheet
Cash and short-term investments $11.5B $13.6B $12.4B $15.0B $17.2B $16.6B $18.9B $21.3B $20.4B $19.9B
Total debt $4.1B $4.9B $6.1B — $6.1B $10.5B $9.0B $10.2B $11.1B $12.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $16.2B $17.4B $16.9B $19.9B $23.6B $24.9B $26.2B $30.0B $29.8B $32.7B
Current liabilities $7.8B $9.4B $10.1B $10.9B $13.4B $15.3B $17.2B $18.9B $16.9B $16.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.5B $1.6B $1.7B $2.0B $2.4B $3.1B $3.2B $3.0B $2.5B $2.2B
Total assets $25.4B $27.2B $25.4B $29.1B $35.0B $44.4B $43.1B $47.1B $46.5B $48.9B
Total liabilities $14.7B $17.3B $15.3B $17.0B $21.2B $28.3B $27.7B $30.7B $30.0B $31.2B
Shareholders' equity $10.7B $9.8B $10.2B $12.0B $13.7B $16.1B $15.3B $16.3B $16.4B $17.7B
Margins
Operating margin 3.2% 7.9% 5.5% 4.9% 6.5% 3.8% 4.1% 3.8% 2.2% 2.1%
EBITDA margin 3.9% 8.7% 6.2% 5.8% 7.3% 4.5% 4.9% 4.5% 2.9% 2.6%
Net margin 1.1% 4.6% 3.0% 4.2% 4.4% 3.5% 3.0% 2.3% 1.0% 0.9%
FCF margin 2.6% 6.6% 2.7% 7.0% 6.1% 1.1% 3.7% 2.8% 2.0% 0.3%
Returns
Return on capital 22.0% — — — — 42.8% 38.5% 56.3% 30.9% 25.7%
Return on capital employed 10.2% 24.1% 18.7% 19.1% 25.1% 12.4% 13.8% 14.8% 8.9% 8.7%
Return on equity 5.8% 23.9% 16.8% 24.4% 26.1% 19.7% 17.9% 15.8% 7.4% 7.0%
Return on assets 2.5% 9.3% 6.4% 9.9% 10.5% 7.4% 6.4% 5.5% 2.6% 2.5%
Growth
Revenue growth 0.2% −1.1% 5.9% 14.0% 18.9% 7.7% 11.8% 14.5% 10.7% 10.1%
Net income growth −51.9% 298.7% −31.3% 60.8% 24.4% −12.9% −4.3% −11.3% −51.5% −1.6%
EPS growth −51.8% 313.0% −27.7% 65.3% 25.9% −10.4% −2.6% −9.4% −50.1% −1.4%
FCF growth 308.4% 150.3% −55.7% 191.4% 2.8% −80.3% 275.0% −13.7% −19.7% −84.3%
Share count change −0.2% −3.5% −4.9% −2.7% −1.3% −2.7% −1.8% −2.1% −2.9% −0.0%
Financial health
Net debt / EBITDA −3.5x −1.9x −1.8x — −2.0x −1.6x −2.2x −2.3x −2.7x −2.2x
Debt / equity 0.4x 0.5x 0.6x — 0.4x 0.7x 0.6x 0.6x 0.7x 0.7x
Interest coverage 9.2x 17.6x 14.2x 13.2x 17.6x 9.7x 9.5x 8.1x 3.9x 4.3x
Current ratio 2.1x 1.9x 1.7x 1.8x 1.8x 1.6x 1.5x 1.6x 1.8x 2.0x
Quick ratio 2.1x 1.9x 1.7x 1.8x 1.8x 1.6x 1.5x 1.6x 1.8x 2.0x
Capital allocation
Capex / revenue 1.0% 1.0% 1.1% 1.1% 1.3% 1.6% 1.2% 0.9% 0.5% 0.4%
Stock comp / revenue 0.2% 0.3% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Payouts / FCF 19.9% 101.6% 86.8% 29.9% 45.8% 18.4% 63.6% 67.3% 52.2% 154.9%
Quality scores
Piotroski F-score 6.0 5.0 4.0 — — 3.0 5.0 6.0 6.0 5.0
Altman Z'' 4.9 5.2 5.2 5.5 5.5 4.2 4.5 4.6 4.8 5.1
Accruals ratio −5.3% −6.1% −1.9% −9.5% −7.1% 1.7% −4.1% −3.3% −3.8% 0.6%

Source: SEC EDGAR XBRL filings (CIK 0000049071). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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