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UnitedHealth Group (UNH) stock

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NYSE: UNH NYSE Managed Health Care Next results ~January 12, 2027

B Fundamentals grade

UnitedHealth Group is a US-listed company in the managed health care industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$450

Cash-flow model

Base case. Range ~$330–$620 across our lower- and higher-growth cases (2.7%–12.7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 12% below our base value.

Price used: $400.44, November 2, 2026

UnitedHealth Group valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter UnitedHealth Group files

Where UnitedHealth stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $450.1bn, up 6.5% on a year earlier, slower than 9.7% a quarter earlier. Free-cash-flow margin held at 5.2%. Operating margin narrowed to 4.8% from 7.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $427 a share, against a share price of $422. At that price, our model says the market is pricing in about 7.4% a year of cash-flow growth for five years, close to the 9.4% a year revenue growth it has delivered.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 12, 2027 (estimated)

UnitedHealth Group's trailing-twelve-month revenue grew 6.5% year on year, with a free-cash-flow margin of 5.2%. Where it stands out: operating margin of 4.8% ranks 1 of 8 managed health care companies we cover.

Our discounted-cash-flow model values the business at ~$450 per share in the base case (~$330–$620 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 6.5% while net income fell 33.7%: a 27pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth easing. The growth rate is 3.2 points lower than a quarter earlier.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$4.69 against an average estimate of $4.14: beat by 13.3%
Revenue
$112.03bn, up 0.4% on a year earlier
Share reaction
+4.5% in the first session after the results on October 13, 2026, against -1.1% for the S&P 500
Guidance given
earnings Per Share (GAAP) $19.5 (full year 2026); adjusted Earnings Per Share $20.5 (full year 2026)
Next report
January 12, 2027; average EPS estimate $2.26

UnitedHealth Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.6%
  • 1 week-2.5%
  • 1 month+7.7%
  • This year+23.7%
  • 1 year+20.4%
  • 5 years-4.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$450B
Operating margin
4.8%
Net margin
3.1%
EPS (TTM, diluted)
$15.55

Growth

Revenue growth
+6.5%
Change in growth rate
−3.2 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$23.6B
FCF margin
5.2%
Stock pay % of revenue
0.2%

Earnings

Last results
October 13, 2026
Next results (est.)
January 12, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results

    UnitedHealth Group reports third quarter 2026 results

    UnitedHealth Group said it issued a press release on October 13, 2026, announcing its third quarter 2026 results. The company filed an 8-K with the SEC to furnish the release and a related PDF document as exhibits. No specific financial figures were included in the filing text.

    SEC 8-KRead source ↗
  3. Guidance
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

UnitedHealth Group valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$390
Price used
$398.32close November 3, 2026
Implied change
▼ 3%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like UnitedHealth Group (see the models table below and how they are combined) , with a 7.59% cost of equity. The models span ~$310–~$450; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of UnitedHealth Group's free cash flow after stock-based pay ( $21.7B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value UnitedHealth Group as a health plan, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.59 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$310 ~$270–$420 Primary model, counts double
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$450 ~$330–$620 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$410 ~$290–$600 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$440 ~$360–$560 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$390 ~$310–$450 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare UnitedHealth Group with health plans in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▼ −12%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $288$412$576$792$1073$1437
8.5% $207$297$415$569$770$1028
10% $158$227$318$437$589$785

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$98.28$136.03$190.22$217.84$261.42$316.97$460.25$492.17$496.09$484.13$323.71$400.44
Market value$95.0bn$131.7bn$187.4bn$214.1bn$252.5bn$304.6bn$440.0bn$467.6bn$465.3bn$449.8bn$294.9bn$363.6bn
+ Net debt (− = net cash)$21.0bn$22.5bn$19.7bn$25.7bn$29.7bn$26.5bn$24.6bn$34.3bn$37.1bn$51.6bn$54.0bn$44.7bn
Enterprise value$116.1bn$154.2bn$207.1bn$239.8bn$282.2bn$331.2bn$464.6bn$501.8bn$502.4bn$501.3bn$348.9bn$408.3bn
Multiples
Price / sales 0.6x0.7x0.9x0.9x1.0x1.2x1.5x1.4x1.3x1.1x0.7x0.8x
Price / earnings 16.3x18.8x17.7x17.9x18.2x19.8x25.5x23.2x20.8x31.2x24.5x25.7x
Price / free cash flow 11.6x16.3x16.2x15.7x15.4x15.1x22.1x20.0x18.1x21.7x18.3x15.4x
EV / EBITDA 9.1x10.3x11.9x12.1x12.6x13.1x17.2x15.8x13.8x13.8x15.0x15.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard UnitedHealth Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 99.1% of total assets over 9 years.

  • Pricing power 20 / 20

    Gross margin has been a median 88.6%, moving by 0.6 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 7.8%; its worst year was 4.8%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 6.6% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 5.3% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 12, 2027, before the open. Analysts expect revenue of $112.5bn and EPS of $2.26 (range $2.05 to $2.62) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $20.59 +26% $449.1bn +0%
Next $23.29 +13% $463.1bn +3%

Next year's EPS estimate has moved +3.8% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.9% on 90 days ago. In the last 30 days, 2 analysts raised UnitedHealth Group's forecast and 0 cut it.

Consensus EPS forecast UnitedHealth Group, last 90 days
$19.00 $20.00 $21.00 $22.00 $23.00 $24.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.81 Current fiscal year, 60 days ago: $19.81 Current fiscal year, 30 days ago: $19.87 Current fiscal year, 7 days ago: $20.59 Current fiscal year, Now: $20.59 $20.59 Next fiscal year, 90 days ago: $22.44 Next fiscal year, 60 days ago: $22.44 Next fiscal year, 30 days ago: $22.61 Next fiscal year, 7 days ago: $23.26 Next fiscal year, Now: $23.29 $23.29

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.81$22.44
60 days ago $19.81$22.44
30 days ago $19.87$22.61
7 days ago $20.59$23.26
Now $20.59$23.29

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.14 $4.69 +13.3%
Jun 2026 $4.92 $6.38 +29.8%
Mar 2026 $6.60 $7.23 +9.5%
Dec 2025 $2.11 $2.11 +0.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 13, 2026
  • Earnings Per Share (GAAP) full year 2026 about $19.50 GAAP Raised
    “Updated Full Year 2026 Earnings Outlook to At Least $19.50 Per Share; Adjusted Earnings of At Least $20.50 Per Share” source
  • Adjusted Earnings Per Share full year 2026 about $20.50 Non-GAAP Raised
    “The company now expects full year 2026 adjusted net earnings of at least $20.50 per share, incorporating experience through the third quarter 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows UnitedHealth Group's revenue by +3.2% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.3%, weight 70%) and the company's own record (+7.7%, weight 30%) . How the weights are set.

Analyst recommendations

26 analysts, Oct 2026
Buy2181%
Hold519%
Sell00%

Monthly trend

  1. Oct 2026615526
  2. Sep 2026715426
  3. Aug 2026716427
  4. Jul 2026616527

Counts of recommendations published by analysts covering UnitedHealth Group, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.7%
of tradable shares
Days to cover
2.43
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
0.2%
of shares
Employees
390,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +20.4%

$332.70 on October 31, 2025 to $400.44

ThenNowEffect
Revenue (last 12 months) $422.8bn $450.1bn +6.5%
Net margin 5.0% 3.1% −37.7%
P/E multiple 14.4x 25.7x +78.5%
Share count 924m 908m +1.7%

Biggest factor: p/e multiple.

Last 3 years −19.7%

$498.56 on November 3, 2023 to $400.44

ThenNowEffect
Revenue (last 12 months) $348.5bn $450.1bn +29.2%
Net margin 6.1% 3.1% −48.2%
P/E multiple 22.3x 25.7x +15.4%
Share count 945m 908m +4.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UNH+45%+7%+1%−2%−33%+24%
Industry peers (median)+37%−1%−7%−18%−3%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UNH58%42%42%50%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UNH−11%−17%−15%−22%−60%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 61% from November 11, 2024 to August 1, 2025. Getting back needed a 159% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$255.97 – $433.68
From 52-week high
−7.7%
vs 50-day average
+2.7%
vs 200-day average
+11.2%
Volatility (1 year)
35%
Beta vs S&P 500
0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±8.5%
After a week
5 up, 7 down
typical move ±10.3%
After a month
5 up, 6 down
typical move ±13.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 13, 2026 +4.5% −1.1% +10.8% —
July 16, 2026 +1.8% −1.5% +1.2% −4.0%
April 21, 2026 +9.3% +0.4% +13.4% +18.5%
January 27, 2026 −16.4% +0.4% −19.2% −18.5%
October 28, 2025 −2.9% +0.3% −9.6% −9.9%
July 29, 2025 −5.7% −0.4% −11.0% +7.7%
April 17, 2025 −27.3% −2.2% −28.4% −46.0%
January 16, 2025 −6.2% +0.8% −2.0% −7.9%
October 15, 2024 −5.6% −0.3% −5.9% +0.1%
July 16, 2024 +11.2% −0.8% +7.6% +12.5%
April 16, 2024 +7.5% −0.8% +9.1% +16.1%
January 12, 2024 −3.8% −0.3% −4.9% −4.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How UnitedHealth Group’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.52× the last 60 days’ realised volatility , richer than 95% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

UNH UnitedHealth Group Grade B $399.89

Own 100 shares, sell the $420 call expiring December 4, 2026 (32 days) for $8.25 a share — $825 per contract.

Previous session · Bid $8.25, ask $10.00, quoted Mon 2 Nov, 17:38 New York time with UNH at $399.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If UNH ends below $420: you keep your shares and the $825 — 2.1% extra on the position, 23.5% a year at that pace.
  • If it ends above $420: your shares are sold at $420, a total return of 7.1% including the premium — at or above our value of ~$380.
$2.8k $0 −$7.8k Our value $380 Break-even $391.64 Price $399.89
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$825
Annualised
23.5%
Break-even
$391.64
Max gain
$2,836.5
Chance of selling
~36%

Collar

Own the shares, buy the $370 put and sell the $420 call, both expiring December 4, 2026 (32 days).

  • Net credit of $2.00 a share ($200 per contract of 100 shares).
  • Worst case at expiry: -7.0%, if the shares fall below $370 (-7.5% from today).
  • Best case at expiry: +5.5%, if the shares rise above $420 (+5.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $380: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

UnitedHealth Group in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) UnitedHealth Group
$350B $400B $450B $500B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $360B Revenue (TTM), FY23 Q4: $371.6B Revenue (TTM), FY24 Q1: $379.5B Revenue (TTM), FY24 Q2: $385.4B Revenue (TTM), FY24 Q3: $393.9B Revenue (TTM), FY24 Q4: $400.3B Revenue (TTM), FY25 Q1: $410.1B Revenue (TTM), FY25 Q2: $422.8B Revenue (TTM), FY25 Q3: $435.2B Revenue (TTM), FY25 Q4: $447.6B Revenue (TTM), FY26 Q1: $449.7B Revenue (TTM), FY26 Q2: $450.1B $450.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $360B
FY23 Q4 $371.6B
FY24 Q1 $379.5B
FY24 Q2 $385.4B
FY24 Q3 $393.9B
FY24 Q4 $400.3B
FY25 Q1 $410.1B
FY25 Q2 $422.8B
FY25 Q3 $435.2B
FY25 Q4 $447.6B
FY26 Q1 $449.7B
FY26 Q2 $450.1B
Revenue growth, TTM YoY UnitedHealth Group
5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 14.2% Revenue growth, TTM YoY, FY23 Q4: 14.6% Revenue growth, TTM YoY, FY24 Q1: 13.0% Revenue growth, TTM YoY, FY24 Q2: 10.6% Revenue growth, TTM YoY, FY24 Q3: 9.4% Revenue growth, TTM YoY, FY24 Q4: 7.7% Revenue growth, TTM YoY, FY25 Q1: 8.1% Revenue growth, TTM YoY, FY25 Q2: 9.7% Revenue growth, TTM YoY, FY25 Q3: 10.5% Revenue growth, TTM YoY, FY25 Q4: 11.8% Revenue growth, TTM YoY, FY26 Q1: 9.7% Revenue growth, TTM YoY, FY26 Q2: 6.5% 6.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 14.2%
FY23 Q4 14.6%
FY24 Q1 13.0%
FY24 Q2 10.6%
FY24 Q3 9.4%
FY24 Q4 7.7%
FY25 Q1 8.1%
FY25 Q2 9.7%
FY25 Q3 10.5%
FY25 Q4 11.8%
FY26 Q1 9.7%
FY26 Q2 6.5%
Operating margin (TTM) UnitedHealth Group
4% 6% 8% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 8.8% Operating margin (TTM), FY23 Q4: 8.7% Operating margin (TTM), FY24 Q1: 8.5% Operating margin (TTM), FY24 Q2: 8.3% Operating margin (TTM), FY24 Q3: 8.2% Operating margin (TTM), FY24 Q4: 8.1% Operating margin (TTM), FY25 Q1: 8.2% Operating margin (TTM), FY25 Q2: 7.3% Operating margin (TTM), FY25 Q3: 6.1% Operating margin (TTM), FY25 Q4: 4.2% Operating margin (TTM), FY26 Q1: 4.2% Operating margin (TTM), FY26 Q2: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 8.8%
FY23 Q4 8.7%
FY24 Q1 8.5%
FY24 Q2 8.3%
FY24 Q3 8.2%
FY24 Q4 8.1%
FY25 Q1 8.2%
FY25 Q2 7.3%
FY25 Q3 6.1%
FY25 Q4 4.2%
FY26 Q1 4.2%
FY26 Q2 4.8%
FCF margin (TTM) UnitedHealth Group
0% 2% 4% 6% 8% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 7.3% FCF margin (TTM), FY23 Q4: 6.9% FCF margin (TTM), FY24 Q1: 2.8% FCF margin (TTM), FY24 Q2: 1.6% FCF margin (TTM), FY24 Q3: 3.3% FCF margin (TTM), FY24 Q4: 5.2% FCF margin (TTM), FY25 Q1: 6.1% FCF margin (TTM), FY25 Q2: 6.0% FCF margin (TTM), FY25 Q3: 4.0% FCF margin (TTM), FY25 Q4: 3.6% FCF margin (TTM), FY26 Q1: 4.4% FCF margin (TTM), FY26 Q2: 5.2% 5.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 7.3%
FY23 Q4 6.9%
FY24 Q1 2.8%
FY24 Q2 1.6%
FY24 Q3 3.3%
FY24 Q4 5.2%
FY25 Q1 6.1%
FY25 Q2 6.0%
FY25 Q3 4.0%
FY25 Q4 3.6%
FY26 Q1 4.4%
FY26 Q2 5.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar UnitedHealth Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $448B
  2. Cost of revenue $50.7B · 11.3%
  3. Gross profit $397B · 88.7%
  4. Selling, general and admin $59.6B · 13.3%
  5. Other operating costs $318B · 71.1%
  6. Operating income $19B · 4.2%
  7. Interest and other $5B · 1.1%
  8. Net income $12.1B · 2.7%

Shares of revenue. Source: UnitedHealth Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 87.1 94.2 101.9 110.6 122.5 130.5 157.1 184.8 201.2 226.2 242.2 257.1 287.6 324.2 371.6 400.3 447.6 450.1
Gross profit — — — — — — — 160.4 177.0 199.2 214.0 226.4 256.6 290.5 332.9 353.6 396.9 398.7
EBITDA 7.4 8.9 9.6 10.6 11.0 11.8 12.7 15.0 17.5 19.8 22.4 25.3 27.1 31.8 36.3 36.4 23.3 26.0
Operating income 6.4 7.9 8.5 9.3 9.6 10.3 11.0 12.9 15.2 17.3 19.7 22.4 24.0 28.4 32.4 32.3 19.0 21.7
Net income 3.8 4.6 5.1 5.5 5.6 5.6 5.8 7.0 10.6 12.0 13.8 15.4 17.3 20.1 22.4 14.4 12.1 14.1
Diluted EPS $3.24 $4.10 $4.73 $5.28 $5.50 $5.70 $6.01 $7.25 $10.72 $12.19 $14.33 $16.03 $18.08 $21.18 $23.86 $15.51 $13.23 $15.55
Growth (year on year)
Revenue +7.3% +8.1% +8.2% +8.6% +10.7% +6.5% +20.4% +17.7% +8.8% +12.5% +7.0% +6.2% +11.8% +12.7% +14.6% +7.7% +11.8% +6.5%
EBITDA +17.7% +21.5% +7.4% +10.2% +4.1% +6.9% +8.2% +17.9% +16.5% +13.3% +13.3% +12.9% +7.0% +17.6% +14.1% +0.2% −35.9% −25.8%
Operating income +20.8% +23.7% +7.6% +9.3% +4.0% +6.8% +7.3% +17.3% +17.6% +14.0% +13.5% +13.8% +7.0% +18.6% +13.8% −0.2% −41.3% −29.5%
Net income +28.4% +21.2% +11.0% +7.5% +1.8% −0.1% +3.5% +20.7% +50.5% +13.5% +15.5% +11.3% +12.2% +16.4% +11.2% −35.6% −16.3% −33.7%
Diluted EPS +35.0% +26.5% +15.4% +11.6% +4.2% +3.6% +5.4% +20.6% +47.9% +13.7% +17.6% +11.9% +12.8% +17.1% +12.7% −35.0% −14.7% −32.6%
Margins
Gross margin — — — — — — — 86.8% 88.0% 88.1% 88.4% 88.0% 89.2% 89.6% 89.6% 88.3% 88.7% 88.6%
EBITDA margin 8.4% 9.5% 9.4% 9.5% 9.0% 9.0% 8.1% 8.1% 8.7% 8.7% 9.3% 9.8% 9.4% 9.8% 9.8% 9.1% 5.2% 5.8%
Operating margin 7.3% 8.4% 8.3% 8.4% 7.9% 7.9% 7.0% 7.0% 7.6% 7.7% 8.1% 8.7% 8.3% 8.8% 8.7% 8.1% 4.2% 4.8%
Net margin 4.4% 4.9% 5.0% 5.0% 4.6% 4.3% 3.7% 3.8% 5.2% 5.3% 5.7% 6.0% 6.0% 6.2% 6.0% 3.6% 2.7% 3.1%
Free-cash-flow margin 5.6% 5.7% 5.8% 5.5% 4.6% 5.0% 5.2% 4.4% 5.8% 6.0% 6.8% 7.8% 6.9% 7.2% 6.9% 5.2% 3.6% 5.2%
Cash flow
Cash from operations 5.6 6.3 7.0 7.2 7.0 8.1 9.7 9.8 13.6 15.7 18.5 22.2 22.3 26.2 29.1 24.2 19.7 27.0
Capital spending 0.7 0.9 1.1 1.1 1.3 1.5 1.6 1.7 2.0 2.1 2.1 2.1 2.5 2.8 3.4 3.5 3.6 3.4
Free cash flow 4.9 5.4 5.9 6.1 5.7 6.5 8.2 8.1 11.6 13.7 16.4 20.1 19.9 23.4 25.7 20.7 16.1 23.6
Stock-based pay 0.3 0.3 0.4 0.4 0.3 0.4 0.4 0.5 0.6 0.6 0.7 0.7 0.8 0.9 1.1 1.0 1.0 1.0
Free cash flow after stock pay 4.6 5.1 5.5 5.7 5.4 6.2 7.8 7.6 11.0 13.0 15.7 19.4 19.1 22.5 24.6 19.7 15.1 22.6
Balance sheet
Cash 9.8 9.1 9.4 8.4 7.3 7.5 10.9 10.4 12.0 10.9 11.0 16.9 21.4 23.4 25.4 25.3 24.4 28.6
Total debt 11.2 11.1 11.6 16.8 16.9 17.4 32.0 33.0 31.7 36.6 40.7 43.5 46.0 57.6 62.5 76.9 78.4 73.3
Net debt (negative = net cash) 1.4 2.0 2.2 8.3 9.6 9.9 21.0 22.5 19.7 25.7 29.7 26.5 24.6 34.3 37.1 51.6 54.0 44.7
Diluted shares 1,179m 1,131m 1,087m 1,046m 1,023m 986m 967m 968m 985m 983m 966m 961m 956m 950m 938m 929m 911m 908m
Returned to shareholders
Dividends 0.0 0.4 0.7 0.8 1.1 1.4 1.8 2.3 2.8 3.3 3.9 4.6 5.3 6.0 6.8 7.5 7.9 8.1
Buybacks 1.8 2.5 3.0 3.1 3.2 4.0 1.2 1.3 1.5 4.5 5.5 4.3 5.0 7.0 8.0 9.0 5.5 1.6
Total returned 1.8 3.0 3.6 3.9 4.2 5.4 3.0 3.5 4.3 7.8 9.4 8.8 10.3 13.0 14.8 16.5 13.5 9.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $309.7bn
Short-term assets $86.9bnLonger-term assets $222.9bn
What it owes, and who funded it · $308.3bn
Short-term liabilities $111.8bnLonger-term liabilities $92.0bnShareholders' equity $104.5bn
  • Short-term assets cover short-term liabilities $86.9bn of assets due within a year against $111.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $86.9bn short-term assets against $92.0bn of longer-dated liabilities.
  • More cash than debt $28.6bn of cash against $73.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 56% to 70% over five years.
  • A year's operating cash flow covers at least 20% of debt $27.0bn of operating cash flow against $73.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $21.7bn against $3.9bn of interest.

From UnitedHealth Group's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.6B
Dividends (TTM)
$8.1B
Returned to shareholders
41%
of free cash flow
Buybacks, last 3 fiscal years
$22.5B
Diluted share count
−1.7%
year over year
Total shareholder yield
2.7%
dividends 2.2% + buybacks 0.5% of market value
Dividend payout ratio
57%
of net income paid out
Sales & admin spending
13.7%
of revenue
Days sales outstanding
17 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in managed health care
Last 12 months unless stated UNH CNC ELV HUM MOH OSCR Median
Revenue, last 12 months $450.1bn $203.9bn $201.8bn $145.7bn $44.1bn $15.3bn $94.9bn
Revenue growth, last 12 months 6.5% 9.7% 3.6% 18.3% −0.9% 42.8% 14.0%
Revenue growth, 3-year average 8.9% 10.7% 6.2% 13.8% 9.9% 45.6% 12.3%
Revenue growth, latest quarter 0.4% 1.9% 1.4% 26.2% −3.4% 70.4% 14.1%
Gross margin 88.6% 7.9% 89.0% — 12.6% — 24.9%
Operating margin 4.8% 0.5% 2.7% 1.9% 0.4% 4.1% 1.4%
Operating margin, 3-year average 6.8% −0.3% 3.8% 2.5% 2.5% 1.2% 1.8%
Net margin 3.1% 0.7% 2.5% 0.9% −0.1% 3.6% 0.8%
Cash from operations / revenue 6.0% 2.3% 3.8% 1.7% 0.8% 28.8% 2.7%
Free-cash-flow margin 5.2% 1.9% 3.2% 1.3% 0.5% 28.6% 2.5%
Free-cash-flow margin, 3-year average 4.3% 1.3% 1.9% −0.4% −0.2% 14.4% 0.6%
Stock pay / revenue 0.2% 0.1% 0.1% 0.2% 0.2% 0.5% 0.2%
Change in share count −1.7% −0.4% −3.3% 0.1% −6.1% 12.1% −0.2%

Median of all 8 companies we cover in managed health care. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

8 managed health care companies
Measure Company Peer median Rank
Revenue growth Growth 6.5% 18.3% 6 of 8
Change in growth rate Growth -3.2pp -1.3pp 6 of 8
Operating margin Profitability 4.8% 1.9% 1 of 8
Net margin Profitability 3.1% 0.9% 2 of 8
Stock pay as % of revenue Cash generation 0.2% 0.2% 4 of 8
Long-term debt as % of assets Balance sheet 22.4% 22.4% 4 of 7
Change in share count Balance sheet -1.7% 0.1% 3 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $53.4B ▲ 6.3%
Services $38B ▲ 5.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From UnitedHealth Group's 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$325B
Institutions reporting
3,338
Shares held vs prior quarter
▲ 5.1%
Positions opened / closed
478 / 140

Top buyers and sellers, Q2 2026: 1,769 institutions bought and 1,380 sold ; the biggest buyer was FMR LLC (+16.0M shares) and the biggest seller Capital Research Global Investors (−6.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $31.9B 76.9M 9.8% ▲ 4.6%
Vanguard Capital Management LLC $24.7B 59.3M 7.6% ▲ 0.7%
State Street Corp $19B 45.6M 5.8% ▲ 0.7%
Capital World Investors $12.4B 29.9M 3.8% ▲ 7.6%
FMR LLC $11.6B 28.0M 3.6% ▲ 132.9%
Vanguard Portfolio Management LLC $10.2B 24.5M 3.1% ▲ 1.9%
Price T Rowe Associates Inc $9.6B 23.2M 3.0% ▲ 10.9%
Geode Capital Management, LLC $9B 21.8M 2.8% ▼ 4.5%
Jpmorgan Chase & Co $8.5B 20.2M 2.6% ▲ 6.0%
Charles Schwab Investment Management Inc $8.2B 19.8M 2.5% ▼ 4.7%
Morgan Stanley $6.1B 14.8M 1.9% ▼ 1.1%
Norges Bank $5.3B 12.7M 1.6% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not UnitedHealth Group's complete shareholder register. Values are as reported by the filers ; 22 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $944,910 3 trades by 1 insider · 0% under pre-set plans
Net ▼ $944,910 net selling
Insider Date Trade Shares Price Value
Conway Patrick Hugh Chief Executive Officer, Optum August 21, 2026 Sell 1,169 $390.00 $455,910
Conway Patrick Hugh Chief Executive Officer, Optum August 5, 2026 Sell 500 $410.00 $205,000
Conway Patrick Hugh Chief Executive Officer, Optum April 23, 2026 Sell 800 $355.00 $284,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 272 trades and filings

In the last 12 months, 7 members of Congress disclosed 9 purchases and 13 sales of UnitedHealth Group shares.

  • Maria Elvira Salazar(R-FL 27):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed October 7, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 23, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 10, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 12, 2027 estimated from the company's past filing pattern, not announced

  • October 13, 2026
  • July 16, 2026
  • April 21, 2026
  • January 27, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on UnitedHealth Group was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

UnitedHealth Group in brief

What does UnitedHealth Group do?
UnitedHealth Group is a US-listed company in the managed health care industry. Its financial year ends in December.
What is UnitedHealth Group's stock ticker?
UnitedHealth Group trades under the ticker UNH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is UnitedHealth Group's revenue, and how fast is it growing?
Over its most recent trailing twelve months, UnitedHealth Group reported revenue of $450B, 6.5% higher than a year earlier, according to its SEC filings.
What is UnitedHealth Group's free cash flow?
UnitedHealth Group's free-cash-flow margin is 5.2% of revenue over the trailing twelve months.
What is UnitedHealth Group's fair value (intrinsic value) per share?
Our discounted-cash-flow model of UnitedHealth Group's free cash flow after stock-based pay gives ~$450 per share in the base case, and ~$330–$620 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are UnitedHealth Group's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is UnitedHealth Group buying back stock, and does it pay a dividend?
UnitedHealth Group spent $1.6B on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is UnitedHealth Group's market cap?
On November 2, 2026, UnitedHealth Group's market capitalisation was about $364B, with a price-to-earnings ratio of 25.7 and net debt of $44.7B. Market figures come from third-party market data and may be delayed.
Does UnitedHealth Group pay a dividend?
Yes: UnitedHealth Group paid $8.1B in dividends over the trailing twelve months, a dividend yield of 2.23% and a payout ratio of 57.3%.
How much debt does UnitedHealth Group have?
UnitedHealth Group's debt-to-equity ratio is 70.2%, from its latest balance sheet (56.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are UnitedHealth Group's competitors?
In our Managed Health Care peer group, the companies closest to UnitedHealth Group are Centene Corporation, Elevance Health, Humana, Molina Healthcare, Inc. and Oscar Health, Inc. The side-by-side comparison below sets their revenue, margins and growth against UnitedHealth Group's.
Are insiders buying or selling UnitedHealth Group stock?
Over the last 12 months, UnitedHealth Group's directors and officers reported 0 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is UnitedHealth Group's next earnings date?
Around January 12, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — UnitedHealth Group announces its own schedule.