Elevance Health vs UnitedHealth
UnitedHealth is the larger business, with $447.57bn of revenue in fiscal 2025 against $199.13bn for Elevance Health (2.2 times as much). Elevance Health grew faster (12.5% against 11.8%). Elevance Health kept more of each dollar of sales as profit: a net margin of 2.8% against 2.7%. Elevance Health carries less debt relative to equity (73.0% against 78.3%).
| Latest fiscal year | Elevance HealthELV, 2025 | UnitedHealthUNH, 2025 |
|---|---|---|
| Revenue | $199.13bn | $447.57bn |
| Revenue growth | 12.5% | 11.8% |
| Net income | $5.66bn | $12.06bn |
| Operating margin | 3.6% | 4.2% |
| Net margin | 2.8% | 2.7% |
| Return on equity | 13.3% | 12.2% |
| Free cash flow | $3.17bn | $16.07bn |
| Cash | $9.49bn | $24.36bn |
| Total debt | $32.05bn | $78.39bn |
| Debt to equity | 73.0% | 78.3% |
| Dividend per share | — | $8.73 |
| Dividend yield | 1.7% | 2.2% |
| Share buybacks | $2.60bn | $5.54bn |
| Employees | 98,200 | 390,000 |
| Market value | $89.31bn | $363.52bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 61 (Moderate) | 77 (Strong) |
| Insider trades, 12 months | 4 buys, 18 sales | 0 buys, 3 sales |