Stock · UNH · Healthcare

UnitedHealth Group Incorporated

United States · Large Cap · listed since 1984 · Revenue 12 mo. $449.7B

Price as of 11/06/2026

StockScorer score
4.5
of 10 5 of 11 points Low Match To the score
Price
$394.15
1 Y +13.0%
Market cap
$359.6B
Phase
Growth
revenue growing, core business profitable
Revenue +11.4% a year (3 years)EBIT margin 4.2%Payout 70.1% of operating cash flow

Summary

UnitedHealth Group Incorporated is around the middle of the Healthcare sector overall

43.7 of 100

Mean of the six area values. Each area value is the mean of the stock's ranks among the companies in its sector. 50 is the middle of the sector, not a share of companies beaten.

Analysis

What the price requires

The price requires 9.8% FCF growth a year: more than over the last 5 years, less than over the last 10 years.

If free cash flow stays at €14.4B (2025), it supports €160.3B. The remaining €162.4B of the market value assume it grows 9.8% a year for 10 years and not at all afterwards.

Required FCF growth per year

9.8%

no growth afterwards

Market value breakdown€322.7B market value, price as of 11/06/2026

€160.3B without growth
€162.4B priced-in growth
  • 5 yrs achieved −0.5%
  • 10 yrs achieved 10.6%
  • priced in 9.8%

Valuation against its own history

Price to operating cash flow 13.6×, within its usual range.

Middle half of 20 quarters: 13.6× to 21.3×, median 16.4×.

Measures only against its own past, not against what the company is worth. Price as of 11/06/2026.

2 signs support the expectation, none speaks against it.

What supports it

with respect to the priced-in expectation

  • Low capital needs capex median 0.9% of revenue (10 years)
  • Steady FCF margin at least 3.6%, range 4.2 pp (10 years)

What speaks against it

with respect to the priced-in expectation

No anomaly in the stored figures.

AI summary of the 2025 annual report

The business of UnitedHealth Group Incorporated according to its report

A language model selected and condensed statements from the report. Each statement carries a verbatim quote. The selection is not complete and shows the state of the report. It gives no rating and does not feed into the score.

Form 10-K, fiscal year ended 12/31/2025, filed 03/02/2026. Open the report at the SEC

Business model according to the report

  • Optum Rx offers pharmacy care services through a network of approximately 64,000 retail pharmacies.

    Quote
    Optum Rx provides a full spectrum of pharmacy care services through its network of approximately 64,000 retail pharmacies
  • Optum Health offers arrangements in which it takes full responsibility for health care costs in exchange for a monthly premium.

    Quote
    Optum Health offerings include fully accountable value-based arrangements, where Optum Health assumes responsibility for health care costs in exchange for a monthly premium
  • Under Medicare Advantage, UnitedHealthcare Medicare & Retirement provides health benefits in exchange for a fixed monthly premium per member from CMS and, in some cases, monthly premiums from consumers.

    Quote
    Under the Medicare Advantage program, UnitedHealthcare Medicare & Retirement provides health benefits coverage in exchange for a fixed monthly premium per member from CMS plus, in some cases, monthly consumer premiums
  • Optum Insight links the health care system with services, analytics and platforms that make clinical, administrative and financial processes simpler and more efficient for all participants.

    Quote
    Optum Insight connects the health care system with services, analytics and platforms that make clinical, administrative and financial processes simpler and more efficient for all participants in the health care system

Customers according to the report

  • UnitedHealthcare Community & State's main customers are government programs that oversee Medicaid plans, including CHIP and long-term services and supports.

    Quote
    UnitedHealthcare Community & State’s primary customers oversee Medicaid plans, including Temporary Assistance to Needy Families; Children’s Health Insurance Programs (CHIP); Dual SNPs (DSNPs); Long-Term Services and Supports (LTSS); Aged, Blind and Disabled; and other federal, state and community health care programs
  • Optum Health sells mainly through its own sales force, partnerships and outside producers to employers and to payers, including health plans and third-party administrators.

    Quote
    Optum Health sells its products primarily through its direct sales force, strategic collaborations and external producers in three key areas: employers, including large, mid-sized and small employers; payers including health plans, third-party administrators (TPAs), underwriter/stop-loss carriers and individual product intermediaries
  • Optum Rx serves health benefit providers, large national employer plans, unions, trusts, purchasing coalitions and public bodies.

    Quote
    Optum Rx serves health benefits providers, large national employer plans, unions and trusts, purchasing coalitions and public-sector entities

Competition according to the report

  • The company's competitors range from startups to very sophisticated Fortune 50 global enterprises, for-profit and non-profit companies, and private and government-sponsored entities.

    Quote
    Our competitors include organizations ranging from startups to highly sophisticated Fortune 50 global enterprises, for-profit and non-profit companies, and private and government-sponsored entities
  • The company says it competes mainly on the quality and value it provides, including product and service innovation, use of technology, engagement and satisfaction, and sales, marketing and pricing.

    Quote
    We compete fundamentally on the quality and value we provide to those we serve, which can include elements such as product and service innovation; use of technology; consumer and provider engagement and satisfaction; and sales, marketing and pricing
  • Accountable Care Organizations and other provider structures may change the competitive landscape. Physician groups of this kind may compete directly with the company.

    Quote
    Accountable Care Organizations (ACOs), physician group management services organizations (which aggregate physician practices for administrative efficiency), and other organizational structures adopted by physicians, hospitals and other care providers may change the way in which these providers do business with us and may change the competitive landscape. Such organizations or groups of physicians may compete directly with us

Risks according to the report

  • Premium revenue from risk-based products makes up nearly 80% of the company's total consolidated revenues.

    Quote
    Premium revenues from risk-based products constitute nearly 80% of our total consolidated revenues
  • Cost increases above the company's forecasts typically cannot be recovered through higher premiums during the fixed premium period.

    Quote
    Cost increases in excess of our forecasts typically cannot be recovered in the fixed premium period through higher premiums
  • CMS has reduced or frozen Medicare Advantage benchmarks in the past, and further cuts to these benchmarks are possible.

    Quote
    For example, CMS in the past has reduced or frozen Medicare Advantage benchmarks, and additional cuts to Medicare Advantage benchmarks are possible
  • The company's Change Healthcare business, which it had acquired recently, was subject to a cyberattack in 2024. The data involved contained protected health or personal information.

    Quote
    For example, we previously reported that our Change Healthcare business, which we had recently acquired, was subject to a cyberattack in 2024, in which the data involved contained protected health information or personally identifiable information
  • In some markets, certain providers, such as hospitals or physician groups, may have significant market positions that could reduce the company's bargaining power.

    Quote
    In some markets, certain health care providers, particularly hospitals, physician and hospital organizations or multi-specialty physician groups, may have significant market positions which could diminish our bargaining power

Since the last quarter

Q2 → Q3 2026

A calm quarter: no figure moved noticeably.

8 more unchanged: Revenue, 12 mo., FCF, 12 mo., Gross margin, EBIT margin, FCF margin, Net debt, Shares outstanding, Return on equity

Derivation

How the sector comparison is derived

Each area value is the average of its metrics' ranks within the sector (0 to 100, 50 is the middle). For metrics where lower is better, the rank is mirrored. The overall value is the average of the area values.

Price as of 11/06/2026.

Profitability38.4below the middleEarns less than the sector: Gross margin 18.53%, sector 60.99%.
MetricStockSector medianPosition in sector
Return on equity12.81%11.52%Rank 59
Return on capital (Greenblatt)176.21%32.55%Rank 97
EBIT margin4.24%18.31%Rank 13
FCF margin3.59%14.12%Rank 15
Gross margin18.53%60.99%Rank 9
Growth29.8below the middleGrows more slowly than the sector: Sustainable growth (ROE × retained earnings) 0.81%, sector 3.66%.
MetricStockSector medianPosition in sector
Revenue growth, 1 year11.81%8.04%Rank 71
Earnings growth, 3 years per year−14.48%5.44%Rank 14
Earnings growth, 5 years per year−3.74%7.00%Rank 22
Sustainable growth (ROE × retained earnings)0.81%3.66%Rank 12
Valuation64.0above the middleValued lower than the sector: EV/sales 0.92, sector 4.03.
MetricStockSector medianPosition in sector
Earnings yield3.36%2.90%Rank 57
FCF yield4.47%3.63%Rank 62
EV/saleslower is better0.924.03Rank 87
EV/EBITlower is better21.6121.73Rank 52
Momentum33.6below the middleShare price doing worse than the sector: Share price, 3 months 1.96%, sector 15.42%.
MetricStockSector medianPosition in sector
Share price, 1 year12.97%8.66%Rank 54
Share price, 6 months4.21%24.27%Rank 21
Share price, 3 months1.96%15.42%Rank 19
Distance from 52-week high−9.67%−7.35%Rank 41
Quality67.2above the middleQuality above the sector: Dividend streak in years 35, sector 10.
MetricStockSector medianPosition in sector
Accruals (Sloan)lower is better0.34%0.30%Rank 49
Change in share countlower is better−2.05%0.00%Rank 78
Dividend streak in years3510Rank 97
Price reaction to results, market-adjusted−0.31%0.05%Rank 45
Balance sheet & risk29.0below the middleMore risk than the sector: Equity ratio 30.40%, sector 48.40%.
MetricStockSector medianPosition in sector
Equity ratio30.40%48.40%Rank 20
Net debt/EBITDAlower is better2.181.11Rank 28
Debt to equitylower is better0.830.48Rank 28
Volatility, 1 yearlower is better34.61%31.42%Rank 41

Ten years in figures

Revenue from $184.8B (2016) to $447.6B (2025), 10.3% a year.

Fiscal years, amounts in USD
YearRevenue, $BEBIT marginFCF, $BSharesNet debt, $B
2016184.87.0%8.1968M22.5
2017201.27.6%11.6985M19.7
2018226.27.7%13.7983M25.7
2019242.28.1%16.4966M29.7
2020257.18.7%20.1961M26.5
2021287.68.3%19.9956M24.6
2022324.28.8%23.4950M34.3
2023371.68.7%25.7938M42.0
2024400.38.1%20.7929M51.6
2025447.64.2%16.1910M54.0
4.5 / 10Low MatchStockScorer score5 of 11 points

3 of 7 StockScorer Score rules met · How the score is built

UnitedHealth Group Incorporated mainly meets criteria in the Valuation category. Result from 18 strategies checked.

This stock · Profitability: 67%This stock · Growth: 0%This stock · Valuation: 100%This stock · Momentum: 0%Median of all stocks · Profitability: 33%Median of all stocks · Growth: 0%Median of all stocks · Valuation: 0%Median of all stocks · Momentum: 0%50%100%ProfitabilityGrowthValuationMomentumThis stockMedian of all stocks

How UnitedHealth Group Incorporated's score is built

UnitedHealth Group Incorporated is rated here with the StockScorer Score strategy, the flagship rule set. It compares return and cash-flow metrics with the median of the company's own sector and checks growth and price trend.

3 of 7 rules met

5 of 11 points

  1. Free cash flow yield above the sector medianmet2 of 2 points
  2. Return on capital (Greenblatt ROC) above the sector medianmet2 of 2 points
  3. Return on equity above the sector medianmet1 of 1 point
  4. Free cash flow margin above the sector mediannot met0 of 2 points
  5. Revenue growth above 15%not met0 of 2 points
  6. 3-year earnings growth above 12% p.a.not met0 of 1 point
  7. 12-month share price more than 20 percentage points ahead of the marketnot met0 of 1 point
  8. Exclusion: financial and real estate stocksdoes not apply

Detail data

How does UnitedHealth Group Incorporated stock perform across 18 strategies?

Excerpt from 18 strategies checked. The full evaluation is visible after a free sign-up.

12 more strategies locked

With a free account, you can see the match across all strategies checked in one complete overview.

  • Undervalued Stocks: Multi-Factor Check
  • Defensive: Low Volatility
  • Dividend Aristocrats & Continuity
  • Mohanram G-Score: Growth Quality
  • Altman Z-Score: Stress Test
  • Acquirer's Multiple: EV/EBIT Deep Value
  • Moat Quality
  • Balanced GARP
  • High-Growth / Rule of 40
  • Levermann Strategy (13 Criteria)
  • PEG Strategy (inspired by Peter Lynch)
  • Trending Value: Value + Momentum

UnitedHealth Group Incorporated key metrics: P/E, P/B and equity ratio

Selected fundamental metrics for UnitedHealth Group Incorporated.

MetricStockSector
P/E ratio29.830.0
P/B ratio3.84.8
Return on equity (ROE)12.8%11.5%
Equity ratio30.4%48.4%
Debt-to-equity (D/E)0.830.48
Dividend yield2.3%1.3%

Similar stocks in Healthcare

How comparable stocks in the same sector score in the StockScorer model.

SymbolCompanyRating
UNHUnitedHealth Group Incorporatedthis page
CVSCVS Health CorpLow3.6
ELVElevance Health IncLow3.6
CIThe Cigna GroupLow4.5
HUMHumana Inclocked
CNCCentene Corplocked

Frequently asked questions about UnitedHealth Group Incorporated stock

How does UnitedHealth Group Incorporated stock (UNH) score in the StockScorer model?
UnitedHealth Group Incorporated stock reaches a StockScorer score of 4.5 out of 10, which is a low match with the rule-based strategies. 3 out of 7 flagship profile rules are met.
What is UnitedHealth Group Incorporated's P/E ratio?
UnitedHealth Group Incorporated's P/E ratio is 29.8. The Healthcare sector median is 30.0.
What sector is UnitedHealth Group Incorporated in?
UnitedHealth Group Incorporated is assigned to the Healthcare sector. Its rank within the sector is 43.7 out of 100: 100 means the stock leads its peer group of large and mid-cap sector stocks in every measured area.

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