UnitedHealth
UNH NYSE Managed Health Care Financials FY2016–FY2025
UnitedHealth's revenue rose 11.8% to $447.6 billion in fiscal 2025. Its operating margin was 4.2%, down from 8.1% a year earlier. Free cash flow was $16.1 billion, down 22.4%. It paid out $13.5 billion in dividends and buybacks, 84% of free cash flow. The diluted share count fell 1.9%.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.
What UnitedHealth does
UnitedHealth runs two businesses. UnitedHealthcare sells health insurance to employers, individuals, people on Medicare and people in state Medicaid programs. Optum provides health care, data and technology services, and pharmacy services to patients, doctors and hospitals, other health plans, employers, governments and drug companies.
It reports four segments: Optum Health, which delivers primary, specialty and other care and runs Optum Bank; Optum Insight, which sells data, software and consulting to hospitals, health plans and states; Optum Rx, which manages prescription drug benefits and runs pharmacies; and UnitedHealthcare. Premiums from insurance products, where it takes on the cost of members' care, make up nearly 80% of revenue. Premiums from the Centers for Medicare & Medicaid Services (CMS), which administers the Medicare Advantage program, were 44% of 2025 revenue, mostly through its Medicare plans. UnitedHealth says its competitors range from startups to large global companies, both for-profit and non-profit.
At the end of 2025 UnitedHealthcare served 29.7 million people through employer and individual plans, 8.4 million through Medicare Advantage plans and nearly 7.4 million through Medicaid and other state programs. Optum Rx managed $188 billion in drug spending in 2025. The company had more than 390,000 employees, nearly 165,000 of them clinical professionals. On January 1, 2026, it moved Optum Financial, including Optum Bank, from Optum Health into Optum Insight.
- Legal name
- UnitedHealth Group Incorporated
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0000731766-26-000062
0000731766
Revenue and margins
UnitedHealth had $447.6B of revenue in fiscal 2025, up 11.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 6.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $16.1B in fiscal 2025, 3.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
UnitedHealth returned $13.5B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 1.9%.
Value UnitedHealth 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 −$50.3B and divides by 911.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.9x · peers 28.1x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably UnitedHealth can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $23.9B | $27.9B | $29.6B | $29.1B | $28.1B |
| Debt incl. finance leases | $46.0B | $57.6B | $62.5B | $76.9B | $78.4B |
| Net debt / EBITDA | 0.8x | 0.9x | 0.9x | 1.3x | 2.2x |
| Debt / equity | 0.6x | 0.7x | 0.7x | 0.8x | 0.8x |
| Interest coverage | 14.4x | 13.6x | 10.0x | 8.3x | 4.7x |
| Current ratio | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x |
| Quick ratio | 0.8x | 0.7x | 0.8x | 0.8x | 0.8x |
| Total assets | $212.2B | $245.7B | $273.7B | $298.3B | $309.6B |
| Total liabilities | $135.7B | $159.4B | $174.8B | $195.7B | $207.9B |
| Shareholders' equity | $75.0B | $81.5B | $94.4B | $98.3B | $100.1B |
| Net debt (− = net cash) | $22.1B | $29.7B | $32.9B | $47.8B | $50.3B |
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
$0.0M
0 insiders
Sold, 12 months
$0.9M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Patrick Hugh ConwayChief Executive Officer, Optum | Sold | 1,169 | $390.00 | $0.5M | Form 4 |
| Aug 5, 2026 | Patrick Hugh ConwayChief Executive Officer, Optum | Sold | 500 | $410.00 | $0.2M | Form 4 |
| Apr 23, 2026 | Patrick Hugh ConwayChief Executive Officer, Optum | Sold | 800 | $355.00 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| 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 / 9 | 5 / 9 | 7 / 9 |
| Accruals ratio | −2.6% | −3.4% | −2.5% |
| Altman Z'' | 2.01 | 1.91 | 1.41 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| UnitedHealth UNH | $378.8B | 11.8% | 4.2% | 3.6% | 11.2% | 26.9x | 7 | |
| HCA Healthcare HCA | $106.3B | 7.1% | — | 10.2% | 22.3% | 16.2x | 6 | Compare → |
| Johnson & Johnson JNJ | $646.0B | 6.1% | — | 20.9% | 28.6% | 40.0x | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $184.8B | $201.2B | $226.2B | $242.2B | $257.1B | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Gross profit | $160.4B | $177.0B | $199.2B | $214.0B | $226.4B | $256.6B | $290.5B | $332.9B | $353.6B | $396.9B |
| Operating income | $12.9B | $15.2B | $17.3B | $19.7B | $22.4B | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| Interest expense | $1.1B | $1.2B | $1.4B | $1.7B | $1.7B | $1.7B | $2.1B | $3.2B | $3.9B | $4.0B |
| Pretax income | $11.9B | $14.0B | $15.9B | $18.0B | $20.7B | $22.3B | $26.3B | $29.1B | $20.1B | $14.7B |
| Income tax | $4.8B | $3.2B | $3.6B | $3.7B | $5.0B | $4.6B | $5.7B | $6.0B | $4.8B | $1.9B |
| Net income | $7.0B | $10.6B | $12.0B | $13.8B | $15.4B | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Diluted EPS | $7.25 | $10.72 | $12.19 | $14.33 | $16.03 | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Diluted shares | 0.97B | 0.99B | 0.98B | 0.97B | 0.96B | 0.96B | 0.95B | 0.94B | 0.93B | 0.91B |
| Cash flow | ||||||||||
| Cash from operations | $9.8B | $13.6B | $15.7B | $18.5B | $22.2B | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Capital expenditure | $1.7B | $2.0B | $2.1B | $2.1B | $2.1B | $2.5B | $2.8B | $3.4B | $3.5B | $3.6B |
| Free cash flow | $8.1B | $11.6B | $13.7B | $16.4B | $20.1B | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Depreciation and amortization | $2.1B | $2.2B | $2.4B | $2.7B | $2.9B | $3.1B | $3.4B | $4.0B | $4.1B | $4.4B |
| Stock-based compensation | $485M | $597M | $638M | $697M | $679M | $800M | $925M | $1.1B | $1.0B | $971M |
| Acquisitions | $1.8B | $2.1B | $6.0B | $8.3B | $7.1B | $4.8B | $21.5B | $10.1B | $13.4B | $4.5B |
| Share buybacks | $1.3B | $1.5B | $4.5B | $5.5B | $4.3B | $5.0B | $7.0B | $8.0B | $9.0B | $5.5B |
| Dividends paid | $2.3B | $2.8B | $3.3B | $3.9B | $4.6B | $5.3B | $6.0B | $6.8B | $7.5B | $7.9B |
| Dividends and buybacks | $3.5B | $4.3B | $7.8B | $9.4B | $8.8B | $10.3B | $13.0B | $14.8B | $16.5B | $13.5B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $13.3B | $15.5B | $14.3B | $14.2B | $19.8B | $23.9B | $27.9B | $29.6B | $29.1B | $28.1B |
| Total debt | $33.0B | $31.7B | $36.6B | $40.7B | $43.5B | $46.0B | $57.6B | $62.5B | $76.9B | $78.4B |
| 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 | $33.9B | $37.1B | $38.7B | $42.6B | $53.7B | $61.8B | $69.1B | $78.4B | $85.8B | $90.6B |
| Current liabilities | $49.3B | $50.5B | $53.2B | $61.8B | $72.4B | $78.3B | $89.2B | $99.1B | $103.8B | $114.9B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.9B | $3.5B | $2.8B | $3.8B | $3.3B |
| Property and equipment, net | $5.9B | $7.0B | $8.5B | $8.7B | $8.6B | $9.0B | $10.1B | $11.5B | $10.6B | $10.8B |
| Total assets | $122.8B | $139.1B | $152.2B | $173.9B | $197.3B | $212.2B | $245.7B | $273.7B | $298.3B | $309.6B |
| Total liabilities | $82.6B | $87.0B | $96.0B | $111.7B | $126.8B | $135.7B | $159.4B | $174.8B | $195.7B | $207.9B |
| Shareholders' equity | $38.2B | $49.8B | $54.3B | $60.4B | $68.3B | $75.0B | $81.5B | $94.4B | $98.3B | $100.1B |
| Margins | ||||||||||
| Gross margin | 86.8% | 88.0% | 88.1% | 88.4% | 88.0% | 89.2% | 89.6% | 89.6% | 88.3% | 88.7% |
| Operating margin | 7.0% | 7.6% | 7.7% | 8.1% | 8.7% | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| EBITDA margin | 8.1% | 8.7% | 8.7% | 9.3% | 9.8% | 9.4% | 9.8% | 9.8% | 9.1% | 5.2% |
| Net margin | 3.8% | 5.3% | 5.3% | 5.7% | 6.0% | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
| FCF margin | 4.4% | 5.8% | 6.0% | 6.8% | 7.8% | 6.9% | 7.2% | 6.9% | 5.2% | 3.6% |
| Returns | ||||||||||
| Return on capital | 13.9% | 19.0% | 18.9% | 19.1% | 19.0% | 20.1% | 21.4% | 21.6% | 17.9% | 11.2% |
| Return on capital employed | 18.2% | 18.8% | 18.5% | 18.7% | 18.9% | 18.5% | 19.6% | 19.5% | 17.5% | 9.8% |
| Return on equity | 19.5% | 24.0% | 23.0% | 24.1% | 23.9% | 24.1% | 25.7% | 25.5% | 15.0% | 12.2% |
| Return on assets | 6.0% | 8.1% | 8.2% | 8.5% | 8.3% | 8.4% | 8.8% | 8.6% | 5.0% | 4.0% |
| Growth | ||||||||||
| Revenue growth | 17.7% | 8.8% | 12.5% | 7.0% | 6.2% | 11.8% | 12.7% | 14.6% | 7.7% | 11.8% |
| Net income growth | 20.7% | 50.5% | 13.5% | 15.5% | 11.3% | 12.2% | 16.4% | 11.2% | −35.6% | −16.3% |
| EPS growth | 20.6% | 47.9% | 13.7% | 17.6% | 11.9% | 12.8% | 17.2% | 12.7% | −35.0% | −14.7% |
| FCF growth | −1.2% | 43.1% | 18.0% | 20.1% | 22.8% | −1.2% | 17.7% | 9.7% | −19.4% | −22.4% |
| Share count change | 0.1% | 1.8% | −0.2% | −1.7% | −0.5% | −0.5% | −0.6% | −1.3% | −1.0% | −1.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.3x | 0.9x | 1.1x | 1.2x | 0.9x | 0.8x | 0.9x | 0.9x | 1.3x | 2.2x |
| Debt / equity | 0.9x | 0.6x | 0.7x | 0.7x | 0.6x | 0.6x | 0.7x | 0.7x | 0.8x | 0.8x |
| Interest coverage | 12.1x | 12.8x | 12.4x | 11.6x | 13.5x | 14.4x | 13.6x | 10.0x | 8.3x | 4.7x |
| Current ratio | 0.7x | 0.7x | 0.7x | 0.7x | 0.7x | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x |
| Quick ratio | 0.7x | 0.7x | 0.7x | 0.7x | 0.7x | 0.8x | 0.7x | 0.8x | 0.8x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 1.0% | 0.9% | 0.9% | 0.8% | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% |
| Payouts / FCF | 43.8% | 36.9% | 57.3% | 57.5% | 43.9% | 51.7% | 55.5% | 57.5% | 79.9% | 83.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 7.0 | 6.0 | 7.0 | 6.0 | 7.0 | 7.0 | 6.0 | 5.0 | 7.0 |
| Altman Z'' | 1.5 | 1.9 | 1.9 | 1.8 | 1.9 | 2.0 | 1.9 | 2.0 | 1.9 | 1.4 |
| Accruals ratio | −2.4% | −2.3% | −2.6% | −2.8% | −3.7% | −2.5% | −2.7% | −2.6% | −3.4% | −2.5% |
Source: SEC EDGAR XBRL filings (CIK 0000731766). 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.