Elevance Health
ELV · Managed Health Care
$439.95
1.2%UnitedHealth
UNH · Managed Health Care
$418.09
1.6%The short version
- UnitedHealth is the larger business, with $447.6B of revenue in fiscal 2025 against $199.1B for Elevance Health, about 2.2 times as much.
- Elevance Health grew revenue faster (12.5%, against 11.8%).
- UnitedHealth kept more of each dollar of sales as operating profit (4.2% operating margin, against 3.6% operating margin).
- UnitedHealth turned more of its sales into free cash flow (3.6% FCF margin, against 1.6% FCF margin).
- Elevance Health earned a higher return on the capital invested in it (15.2%, against 11.2%).
- Investors pay more for each dollar of UnitedHealth’s earnings: a P/E of 26.9x against 18.7x for Elevance Health.
| Latest fiscal year | ELV · FY25 | UNH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.7B | $378.8B |
| Revenue | $199.1B | $447.6B |
| Free cash flow | $3.2B | $16.1B |
| Net income | $5.7B | $12.1B |
| Growth | ||
| Revenue growth | 12.5% | 11.8% |
| 5-year growth | 10.3% | 11.7% |
| Share count change | −3.6% | −1.9% |
| Profitability | ||
| Gross margin | — | 88.7% |
| Operating margin | 3.6% | 4.2% |
| Net margin | 2.8% | 2.7% |
| FCF margin | 1.6% | 3.6% |
| Return on capital | 15.2% | 11.2% |
| Return on equity | 13.3% | 12.2% |
| Balance sheet | ||
| Net debt | −$3.3B | $50.3B |
| Net debt / EBITDA | −0.4x | 2.2x |
| Dividends and buybacks | $4.1B | $13.5B |
| Valuation & quality | ||
| P/E | 18.7x | 26.9x |
| Piotroski F-score | 6 | 7 |
FY16
ELV $84.9B
UNH $184.8B
FY17
ELV $90.0B
UNH $201.2B
FY18
ELV $92.1B
UNH $226.2B
FY19
ELV $104.2B
UNH $242.2B
FY20
ELV $121.9B
UNH $257.1B
FY21
ELV $138.6B
UNH $287.6B
FY22
ELV $156.6B
UNH $324.2B
FY23
ELV $171.3B
UNH $371.6B
FY24
ELV $177.0B
UNH $400.3B
FY25
ELV $199.1B
UNH $447.6B
ELV
UNH
FY16
ELV 5.7%
UNH 7.0%
FY17
ELV 4.6%
UNH 7.6%
FY18
ELV 5.9%
UNH 7.7%
FY19
ELV 5.8%
UNH 8.1%
FY20
ELV 5.2%
UNH 8.7%
FY21
ELV 5.5%
UNH 8.3%
FY22
ELV 5.3%
UNH 8.8%
FY23
ELV 5.0%
UNH 8.7%
FY24
ELV 4.4%
UNH 8.1%
FY25
ELV 3.6%
UNH 4.2%
ELV
UNH
FY16
ELV $2.7B
UNH $8.1B
FY17
ELV $3.4B
UNH $11.6B
FY18
ELV $2.6B
UNH $13.7B
FY19
ELV $5.0B
UNH $16.4B
FY20
ELV $9.7B
UNH $20.1B
FY21
ELV $7.3B
UNH $19.9B
FY22
ELV $7.2B
UNH $23.4B
FY23
ELV $6.8B
UNH $25.7B
FY24
ELV $4.6B
UNH $20.7B
FY25
ELV $3.2B
UNH $16.1B
ELV
UNH
FY16
ELV 13.2%
UNH 13.9%
FY17
ELV 18.0%
UNH 19.0%
FY18
ELV 15.3%
UNH 18.9%
FY19
ELV 17.7%
UNH 19.1%
FY20
ELV 18.2%
UNH 19.0%
FY21
ELV 22.3%
UNH 20.1%
FY22
ELV 23.3%
UNH 21.4%
FY23
ELV 23.8%
UNH 21.6%
FY24
ELV 17.6%
UNH 17.9%
FY25
ELV 15.2%
UNH 11.2%
ELV
UNH
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