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UNITEDHEALTH GROUP INC (UNH) USD

UnitedHealthcare insurance plus Optum services—care delivery, pharmacy benefits, and analytics.

Sector: Health care

US_UNH

Price chart

418.09 USDDay -1.62%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
418.09 USD · -1.62%
Market cap
378.7 bn USD

Growth

Δ revenue y/y
-0.4%
Δ EBITDA y/y
21.2%

Multiples

P/E (LTM)
23.8x
3y avg: 26.0x
P/B (FY)
3.8x
P/E (ann.)
23.0x
EV/EBITDA (LTM)
15.4x
3y avg: 14.4x
EV/EBITDA (ann.)
15.9x

Cash return

Dividend yield
2.2%
FCF yield (LTM)
4.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+20.3%
↓ details

Liquidity

Daily turnover (US listing)
1.6 bln USD

Shares: yahoo_fundamentals_timeseries/UNH

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)PARTIAL112.7
y/y -0.4%
6.6
y/y 52.1%
—
y/y —
6.6
y/y 21.2%
4.1
y/y 75.0%
5.1—312.8
y/y -0.8%
104.1
y/y 2.5%
5.3%≈ 39.0SEC EDGAR
2026-06-30Q2 2026 (3M)OK112.0
y/y 0.4%
8.0
y/y 55.2%
1.0
y/y -4.1%
9.0
y/y 44.9%
5.5
y/y 61.0%
11.1-0.8309.7
y/y 0.4%
104.5
y/y 4.0%
21.1%39.0SEC EDGAR
2026-03-31Q1 2026 (3M)OK111.7
y/y 2.0%
9.0
y/y -1.4%
1.0
y/y -3.0%
10.0
y/y -1.6%
6.3
y/y -0.2%
8.9-0.8312.6
y/y 0.9%
103.9
y/y 3.1%
24.6%46.7Link
2025-12-31Q4 2025 (3M)OK113.2
y/y 12.3%
0.4
y/y -95.1%
1.1
y/y 7.3%
1.5
y/y -83.0%
0.0
y/y -99.8%
1.1-1.0309.6
y/y 3.8%
100.1
y/y 1.9%
12.0%50.3Link
2025-09-30Q3 2025 (3M)OK113.2
y/y 12.2%
4.3
y/y -50.4%
1.1
y/y 5.6%
5.4
y/y -44.5%
2.3
y/y -61.2%
5.9-4.6315.3
y/y 5.3%
101.6
y/y 1.7%
3.1%49.5Link
2025-06-30Q2 2025 (3M)OK111.6
y/y 12.9%
5.2
y/y -34.6%
1.1
y/y 6.3%
6.2
y/y -29.9%
3.4
y/y -19.2%
7.2-0.9308.6
y/y 7.9%
100.5
y/y 6.1%
13.5%47.2Link
2025-03-31Q1 2025 (3M)OK109.6
y/y 9.8%
9.1
y/y 15.0%
1.1
y/y 6.4%
10.2
y/y 14.0%
6.3
y/y —
5.5-1.6309.8
y/y 9.0%
100.8
y/y 9.1%
25.3%47.0Link
2024-12-31Q4 2024 (3M)OK100.8
y/y 6.8%
7.8
y/y 1.1%
1.0
y/y 6.9%
8.8
y/y 1.7%
5.5
y/y 1.6%
2.4-2.6298.3
y/y 9.0%
98.3
y/y 4.1%
14.5%47.8Link
2024-09-30Q3 2024 (3M)OK100.8
y/y 9.2%
8.7
y/y 2.1%
1.0
y/y 3.4%
9.7
y/y 2.3%
6.1
y/y 3.7%
13.9-9.6299.3
y/y 6.1%
99.9
y/y 11.5%
8.3%40.9Link
2024-06-30Q2 2024 (3M)OK98.9
y/y 6.4%
7.9
y/y -2.3%
1.0
y/y -0.1%
8.9
y/y -2.0%
4.2
y/y -23.0%
6.7-0.9286.1
y/y 2.1%
94.7
y/y 8.4%
18.0%43.8Link
2024-03-31Q1 2024 (3M)OK99.8
y/y 8.6%
7.9
y/y -1.9%
1.0
y/y 2.8%
8.9
y/y -1.4%
-1.4
y/y -125.1%
1.1-3.7284.2
y/y 0.2%
92.4
y/y 7.6%
-6.0%40.9Link
2023-12-31Q4 2023 (3M)OK94.4
y/y —
7.7
y/y —
1.0
y/y —
8.7
y/y —
5.5
y/y —
-5.2-2.7273.7
y/y —
94.4
y/y —
24.3%32.9Link
2023-09-30Q3 2023 (3M)OK92.4
y/y —
8.5
y/y —
1.0
y/y —
9.5
y/y —
5.8
y/y —
6.9-1.1282.1
y/y —
89.6
y/y —
8.8%19.3Link
2023-06-30Q2 2023 (3M)OK92.9
y/y —
8.1
y/y —
1.0
y/y —
9.1
y/y —
5.5
y/y —
11.0-1.2280.2
y/y —
87.4
y/y —
25.3%19.3Link
2023-03-31Q1 2023 (3M)OK91.9
y/y —
8.1
y/y —
1.0
y/y —
9.1
y/y —
5.6
y/y —
16.3-8.6283.7
y/y —
85.8
y/y —
—24.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)3 827
Long-term debt (incl. LT leases)69 501
− Cash & equivalents31 468
Net debt41 860

Net debt / LTM EBITDA: 1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

025 00050 00075 000100 000125 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-100%-50%0%50%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-5 00005 00010 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

020 00040 00060 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.30x of reported net profit; after capex, 1.16x.
year20212022202320242025
cash flow / profit1.29x1.30x1.30x1.68x1.63x
accruals, % of assets-2.4%-2.5%-2.4%-3.3%-2.5%
Last twelve months (to 2026-09-30): 1.65x of profit came back as operating cash flow.
net debt / EBITDA 2.2x · EBIT covers interest 4.7x · capex 0.8x of depreciation · dividends 32% of free cash flow · share count -1.2% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +20.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (6 563 − 5 414) × 4.13
4 746
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (378 722 + 38 977) ÷ 27 110
15.4x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (15.4 + 12) ÷ 2
13.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 10 545 + 2 005 + 0 − 231
12 550
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.2% × 378 722
−834
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 746 × 13.7 + 12 550 − 834) ÷ 378 722
+20.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-09-30)
  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 0.2%/yr (valued at market: -834)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +12% vs +8% the year before — a +4.1 pp move. 3-year CAGR +11%.
revenue growth by year: 2023 +15% · 2024 +8% · 2025 +12%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 14.2x · 3-year 75th pct 15.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Health care. Each peer is shown as it trades and re-priced onto this company's market (US) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
HapvidaBrazil0.83.2x9.4x
Merck & Co., Inc.US364.215.3x15.3x
AMGEN INCUS238.117.5x17.5x
NetcareSouth Africa1.24.9x20.1x
Life HealthcareSouth Africa1.15.8x23.8x
AbbVie Inc.US506.424.4x24.4x
JOHNSON & JOHNSONUS635.225.2x25.2x
THERMO FISHER SCIENTIFIC INC.US253.526.3x26.3x
ELI LILLY & CoUS1139.533.2x33.2x
Mitra Keluarga KaryasehatIndonesia1.19.2x34.7x
PromomedRussia1.16.3x34.8x
MD MedicalRussia1.27.2x39.5x
Group median12.2x24.8x
Group average14.9x25.4x
This companyUS378.715.4x15.4x

Group median 12.2x as traded, 24.8x adjusted; this company 15.4x — a 38% discount.

Group average 14.9x as traded, 25.4x adjusted; against the average this company is at a 39% discount.

At the adjusted group median the market cap would be +70% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-142.32 USDEx-dividend: 2.32 USD per sharePaidYahoo Finance (ex-div)
2026-06-152.32 USDEx-dividend: 2.32 USD per sharePaidYahoo Finance (ex-div)
2026-03-092.21 USDEx-dividend: 2.21 USD per sharePaidYahoo Finance (ex-div)
2025-12-082.21 USDEx-dividend: 2.21 USD per sharePaidYahoo Finance (ex-div)
2025-09-152.21 USDEx-dividend: 2.21 USD per sharePaidYahoo Finance (ex-div)
2025-06-162.21 USDEx-dividend: 2.21 USD per sharePaidYahoo Finance (ex-div)
2025-03-102.1 USDEx-dividend: 2.1 USD per sharePaidYahoo Finance (ex-div)
2024-12-092.1 USDEx-dividend: 2.1 USD per sharePaidYahoo Finance (ex-div)
2024-09-162.1 USDEx-dividend: 2.1 USD per sharePaidYahoo Finance (ex-div)
2024-06-172.1 USDEx-dividend: 2.1 USD per sharePaidYahoo Finance (ex-div)
2024-03-081.88 USDEx-dividend: 1.88 USD per sharePaidYahoo Finance (ex-div)
2023-12-011.88 USDEx-dividend: 1.88 USD per sharePaidYahoo Finance (ex-div)
2023-09-081.88 USDEx-dividend: 1.88 USD per sharePaidYahoo Finance (ex-div)
2023-06-151.88 USDEx-dividend: 1.88 USD per sharePaidYahoo Finance (ex-div)
2023-03-101.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-12-021.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-09-091.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-06-161.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-03-111.45 USDEx-dividend: 1.45 USD per sharePaidYahoo Finance (ex-div)
2021-12-031.45 USDEx-dividend: 1.45 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of UNITEDHEALTH GROUP INC (UNH) — from primary filings.

Frequently asked questions

What is UNITEDHEALTH GROUP INC (UNH)'s P/E ratio?
UNITEDHEALTH GROUP INC (UNH) trades at a P/E of 23.8x (price to trailing 12-month earnings).
What is UNITEDHEALTH GROUP INC (UNH)'s EV/EBITDA?
UNITEDHEALTH GROUP INC (UNH) trades at 15.4x EV/EBITDA.
What is UNITEDHEALTH GROUP INC (UNH)'s P/B ratio?
UNITEDHEALTH GROUP INC (UNH) trades at a P/B of 3.8x.
What is UNITEDHEALTH GROUP INC (UNH)'s dividend yield?
UNITEDHEALTH GROUP INC (UNH)'s trailing 12-month dividend yield is 2.2%.
What is UNITEDHEALTH GROUP INC (UNH)'s return on equity (ROE)?
UNITEDHEALTH GROUP INC (UNH)'s ROE is 5.3%.
What is UNITEDHEALTH GROUP INC (UNH)'s market capitalization?
UNITEDHEALTH GROUP INC (UNH)'s market cap is 378.7 bn USD.

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