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UNITEDHEALTH GROUP INC

UNH· NYSE· Hospital & Medical Service Plans

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
3.6%
ROIC, 5 yr avg
18.0%
Revenue, 5 yr CAGR
+11.7%
We record prices for the companies we cover; UNH is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
911.0M
Revenue
$447.6B
Free cash flow
$16.1B
Owner earnings
$15.1B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
4.2%
Net
2.7%
Free cash flow
3.6%
Owner earnings
3.4%
Stock pay
0.2%

Returns

ROIC, FY2025
11.5%
ROIC, 5 yr avg
18.0%
ROE, FY2025
12.0%
ROE, 5 yr avg
19.6%

Growth (CAGR)

Revenue, 3 yr
11.4%
Revenue, 5 yr
11.7%
Revenue, 9 yr
10.3%
Diluted EPS, 3 yr
-14.5%
Diluted EPS, 5 yr
-3.8%
Diluted EPS, 9 yr
6.9%
Free cash flow, 3 yr
-11.8%
Free cash flow, 5 yr
-4.4%
Free cash flow, 9 yr
7.9%

Financial health · FY2025

Cash and investments
$28.1B
Total debt
$72.3B
Net debt
$44.2B
Debt/Equity
0.7x
Debt/FCF
4.5x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
65.7%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.1%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$447.6B

+10.3% a year over 9 years

FY2016: Revenue $184.8BFY2017: Revenue $201.2BFY2018: Revenue $226.2BFY2019: Revenue $242.2BFY2020: Revenue $257.1BFY2021: Revenue $287.6BFY2022: Revenue $324.2BFY2023: Revenue $371.6BFY2024: Revenue $400.3BFY2025: Revenue $447.6B
FY2016FY2025

Margins

Operating4.2%Net2.7%

FY2025

FY2016: Operating 7.0%, Net 3.8%FY2017: Operating 7.6%, Net 5.2%FY2018: Operating 7.7%, Net 5.3%FY2019: Operating 8.1%, Net 5.7%FY2020: Operating 8.7%, Net 6.0%FY2021: Operating 8.3%, Net 6.0%FY2022: Operating 8.8%, Net 6.2%FY2023: Operating 8.7%, Net 6.0%FY2024: Operating 8.1%, Net 3.6%FY2025: Operating 4.2%, Net 2.7%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$16.1BOwner earnings$15.1B

Free cash flow +7.9% a year

FY2016: Free cash flow $8.1B, Owner earnings $7.6BFY2017: Free cash flow $11.6B, Owner earnings $11.0BFY2018: Free cash flow $13.7B, Owner earnings $13.0BFY2019: Free cash flow $16.4B, Owner earnings $15.7BFY2020: Free cash flow $20.1B, Owner earnings $19.4BFY2021: Free cash flow $19.9B, Owner earnings $19.1BFY2022: Free cash flow $23.4B, Owner earnings $22.5BFY2023: Free cash flow $25.7B, Owner earnings $24.6BFY2024: Free cash flow $20.7B, Owner earnings $19.7BFY2025: Free cash flow $16.1B, Owner earnings $15.1B
FY2016FY2025

Diluted shares

911.0M

-5.9% over 9 years, net buybacks

FY2016: Diluted shares 968.0MFY2017: Diluted shares 985.0MFY2018: Diluted shares 983.0MFY2019: Diluted shares 966.0MFY2020: Diluted shares 961.0MFY2021: Diluted shares 956.0MFY2022: Diluted shares 950.0MFY2023: Diluted shares 938.0MFY2024: Diluted shares 929.0MFY2025: Diluted shares 911.0M
FY2016FY2025

Return on invested capital

11.5%

FY2025

FY2016: ROIC 13.3%FY2017: ROIC 17.8%FY2018: ROIC 17.6%FY2019: ROIC 17.9%FY2020: ROIC 18.5%FY2021: ROIC 19.6%FY2022: ROIC 20.6%FY2023: ROIC 20.9%FY2024: ROIC 17.3%FY2025: ROIC 11.5%
FY2016FY2025

Net debt (below zero)

-$44.2B

$44.2B more debt than cash

FY2016: Net cash -$19.7BFY2017: Net cash -$16.2BFY2018: Net cash -$22.2BFY2019: Net cash -$26.4BFY2020: Net cash -$23.7BFY2021: Net cash -$22.1BFY2022: Net cash -$26.6BFY2023: Net cash -$28.6BFY2024: Net cash -$43.2BFY2025: Net cash -$44.2B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$184.8B$201.2B$226.2B$242.2B$257.1B$287.6B$324.2B$371.6B$400.3B$447.6B
Revenue growth17.7%8.8%12.5%7.0%6.2%11.8%12.7%14.6%7.7%11.8%
Gross margin––––––––––
Operating margin7.0%7.6%7.7%8.1%8.7%8.3%8.8%8.7%8.1%4.2%
Net income$7.0B$10.6B$12.0B$13.8B$15.4B$17.3B$20.1B$22.4B$14.4B$12.1B
Net margin3.8%5.2%5.3%5.7%6.0%6.0%6.2%6.0%3.6%2.7%
Diluted EPS$7.25$10.72$12.19$14.33$16.03$18.08$21.18$23.86$15.51$13.23
Return on invested capital?13.3%17.8%17.6%17.9%18.5%19.6%20.6%20.9%17.3%11.5%
Cash
Operating cash flow$9.8B$13.6B$15.7B$18.5B$22.2B$22.3B$26.2B$29.1B$24.2B$19.7B
Capital expenditure$1.7B$2.0B$2.1B$2.1B$2.1B$2.5B$2.8B$3.4B$3.5B$3.6B
Free cash flow$8.1B$11.6B$13.7B$16.4B$20.1B$19.9B$23.4B$25.7B$20.7B$16.1B
Stock-based compensation$485.0M$597.0M$638.0M$697.0M$679.0M$800.0M$925.0M$1.1B$1.0B$971.0M
Owner earnings?$7.6B$11.0B$13.0B$15.7B$19.4B$19.1B$22.5B$24.6B$19.7B$15.1B
Free cash flow per share$8.36$11.75$13.89$16.97$20.94$20.80$24.64$27.38$22.29$17.65
Capital allocation
Dividends paid$2.3B$2.8B$3.3B$3.9B$4.6B$5.3B$6.0B$6.8B$7.5B$7.9B
Share repurchases$1.3B$1.5B$4.5B$5.5B$4.3B$5.0B$7.0B$8.0B$9.0B$5.5B
Diluted shares968.0M985.0M983.0M966.0M961.0M956.0M950.0M938.0M929.0M911.0M
Share count change?0.1%1.8%-0.2%-1.7%-0.5%-0.5%-0.6%-1.3%-1.0%-1.9%
Balance sheet
Cash and equivalents$10.4B$12.0B$10.9B$11.0B$16.9B$21.4B$23.4B$25.4B$25.3B$24.4B
Short-term investments$2.8B$3.5B$3.5B$3.3B$2.9B$2.5B$4.5B$4.2B$3.8B$3.8B
Total debt$33.0B$31.7B$36.6B$40.7B$43.5B$46.0B$54.5B$58.3B$72.4B$72.3B
Net debt$19.7B$16.2B$22.2B$26.4B$23.7B$22.1B$26.6B$28.6B$43.2B$44.2B
Shareholders' equity$38.2B$49.8B$54.3B$60.4B$68.3B$75.0B$81.5B$94.4B$98.3B$100.1B

Latest filings

All on EDGAR
2026-10-138-KEarnings release
2026-08-1010-QQuarterly report
2026-07-168-KEarnings release
2026-05-0510-QQuarterly report
2026-04-218-KEarnings release
2026-04-21DEF 14AProxy statement
2026-03-0210-KAnnual report
2026-01-278-KEarnings release
2025-10-2810-QQuarterly report
2025-10-288-KEarnings release

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