Humana vs UnitedHealth
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The short version
- UnitedHealth is the larger business, with $447.6B of revenue in fiscal 2025 against $129.7B for Humana, about 3.5 times as much.
- UnitedHealth grew revenue faster (11.8%, against 10.1%).
- UnitedHealth kept more of each dollar of sales as operating profit (4.2% operating margin, against 2.1%).
- UnitedHealth turned more of its sales into free cash flow (3.6% FCF margin, against 0.3%).
- Humana earned a higher return on the capital invested in it (25.7%, against 11.2%).
- Investors pay more for each dollar of Humana’s earnings: a P/E of 45.0x against 26.9x for UnitedHealth.
| Latest fiscal year | HUM · FY25 | UNH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $50.9B | $378.8B |
| Revenue | $129.7B | $447.6B |
| Free cash flow | $375M | $16.1B |
| Net income | $1.2B | $12.1B |
| Growth | ||
| Revenue growth | 10.1% | 11.8% |
| 5-year growth | 10.9% | 11.7% |
| Share count change | −0.0% | −1.9% |
| Profitability | ||
| Gross margin | — | 88.7% |
| Operating margin | 2.1% | 4.2% |
| Net margin | 0.9% | 2.7% |
| FCF margin | 0.3% | 3.6% |
| Return on capital | 25.7% | 11.2% |
| Return on equity | 7.0% | 12.2% |
| Balance sheet | ||
| Net debt | −$7.5B | $50.3B |
| Net debt / EBITDA | −2.2x | 2.2x |
| Dividends and buybacks | $581M | $13.5B |
| Valuation & quality | ||
| P/E | 45.0x | 26.9x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
HUM $54.4B
UNH $184.8B
FY17
HUM $53.8B
UNH $201.2B
FY18
HUM $56.9B
UNH $226.2B
FY19
HUM $64.9B
UNH $242.2B
FY20
HUM $77.2B
UNH $257.1B
FY21
HUM $83.1B
UNH $287.6B
FY22
HUM $92.9B
UNH $324.2B
FY23
HUM $106.4B
UNH $371.6B
FY24
HUM $117.8B
UNH $400.3B
FY25
HUM $129.7B
UNH $447.6B
HUM
UNH
Operating margin
FY16
HUM 3.2%
UNH 7.0%
FY17
HUM 7.9%
UNH 7.6%
FY18
HUM 5.5%
UNH 7.7%
FY19
HUM 4.9%
UNH 8.1%
FY20
HUM 6.5%
UNH 8.7%
FY21
HUM 3.8%
UNH 8.3%
FY22
HUM 4.1%
UNH 8.8%
FY23
HUM 3.8%
UNH 8.7%
FY24
HUM 2.2%
UNH 8.1%
FY25
HUM 2.1%
UNH 4.2%
HUM
UNH
Free cash flow
FY16
HUM $1.4B
UNH $8.1B
FY17
HUM $3.5B
UNH $11.6B
FY18
HUM $1.6B
UNH $13.7B
FY19
HUM $4.5B
UNH $16.4B
FY20
HUM $4.7B
UNH $20.1B
FY21
HUM $920M
UNH $19.9B
FY22
HUM $3.5B
UNH $23.4B
FY23
HUM $3.0B
UNH $25.7B
FY24
HUM $2.4B
UNH $20.7B
FY25
HUM $375M
UNH $16.1B
HUM
UNH
Return on capital
FY16
HUM 22.0%
UNH 13.9%
FY17
HUM —
UNH 19.0%
FY18
HUM —
UNH 18.9%
FY19
HUM —
UNH 19.1%
FY20
HUM —
UNH 19.0%
FY21
HUM 42.8%
UNH 20.1%
FY22
HUM 38.5%
UNH 21.4%
FY23
HUM 56.3%
UNH 21.6%
FY24
HUM 30.9%
UNH 17.9%
FY25
HUM 25.7%
UNH 11.2%
HUM
UNH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.