UnitedHealth
UNH NYSE· Managed Health Care
Last close · Oct 26, 2026
$410.70
KIRA · Stoqly’s AI analyst, in plain words
- UnitedHealth had $447.6B of revenue in fiscal 2025, up 11.8% on the year before. Over five years, revenue changed +11.7% a year on average.
- Its operating margin was 4.2%, down 3.8 pts: of every 100 in sales, about 4 is left after running the business.
- UnitedHealth made $12.1B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 6.9% a year.
- Free cash flow was $16.1B in fiscal 2025, 3.6% of revenue.
- UnitedHealth returned $13.5B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 1.9%.
- UnitedHealth owes $50.3B more than it holds in cash, about 2.2 years of operating profit.
Market cap
$372.1B
P/E
26.4x
Revenue
$447.6B
Net income
$12.1B
Free cash flow
$16.1B
Operating margin
4.2%
UnitedHealth in 30 seconds · fiscal 2025
Are sales growing?
+11.8%
Yes. Sales grew 11.8% last year.
Does it make a profit?
2.7%
A little. It keeps 2.7% of every sale as profit.
Does profit turn into cash?
3.6%
Partly. 3.6% of sales ends up as free cash.
Is debt under control?
2.2x
Keep an eye on it. Repaying its debt would take 2.2 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
26.4x
One share costs 26.4 times its yearly profit per share. Typical for its sector: 28.4x.
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.
Biggest risks, in its own words
- Misjudging or failing to manage medical costs, which could cut the profit on its insurance products.
- Its reliance on government health programs, which brings risks from funding changes, payment adjustments, audits and investigations.
- Failing to keep good relationships with doctors, hospitals and other providers.
- Frequent lawsuits and government investigations over how it designs and delivers its products and services.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Legal name
- UnitedHealth Group Incorporated
- CIK
- 0000731766
UnitedHealth · UNH
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Revenue growth | 11.8% | 12.7% | 14.6% | 7.7% | 11.8% |
| Gross margin | 89.2% | 89.6% | 89.6% | 88.3% | 88.7% |
| Operating margin | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Net margin | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
| Diluted EPS | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Cash | |||||
| Cash from operations | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| Capital expenditure | $2.5B | $2.8B | $3.4B | $3.5B | $3.6B |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| FCF margin | 6.9% | 7.2% | 6.9% | 5.2% | 3.6% |
| Dividends paid | $5.3B | $6.0B | $6.8B | $7.5B | $7.9B |
| Share buybacks | $5.0B | $7.0B | $8.0B | $9.0B | $5.5B |
| Share count change | −0.5% | −0.6% | −1.3% | −1.0% | −1.9% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $75.0B | $81.5B | $94.4B | $98.3B | $100.1B |
| Net debt / EBITDA | 0.8x | 0.9x | 0.9x | 1.3x | 2.2x |
| Current ratio | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x |
| Interest coverage | 14.4x | 13.6x | 10.0x | 8.3x | 4.7x |
| Returns and quality | |||||
| Return on capital | 20.1% | 21.4% | 21.6% | 17.9% | 11.2% |
| Return on equity | 24.1% | 25.7% | 25.5% | 15.0% | 12.2% |
| Piotroski F-score | 7 | 7 | 6 | 5 | 7 |
| Altman Z'' | 2.0 | 1.9 | 2.0 | 1.9 | 1.4 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.9M
1 insider
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
UnitedHealth · UNH
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $372.1B | 11.8% | 4.2% | 3.6% | 11.2% | 26.4x | 7 |
| HCA Healthcare HCA | $105.5B | 7.1% | — | 10.2% | 22.3% | 16.0x | 6 |
| Johnson & Johnson JNJ | $652.1B | 6.1% | — | 20.9% | 28.6% | 40.4x | 4 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $410.70 a share, the company is worth $372.1B: 26.4 times its earnings of the last four quarters.
UnitedHealth grew sales faster than 2 of its 2 similar companies. Its P/E is higher than 1 of 2.
Source: SEC EDGAR XBRL filings (CIK 0000731766). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.