UNITEDHEALTH GROUP INC
$407.46
+2.33 (+0.58%) · delayed · Nov 13, 2026
Five-year price
52w $255.97 to $461.62
- Market cap
- $365.1B
- Enterprise value
- $419.1B
- P/E
- 30.8×
- 23.2× on 3y avg EPS
- EV / EBIT
- 22.1×
- FCF yield
- 4.4%
- ROIC
- 10.7%
- Debt / equity
- 0.78
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 17.0%
- ●ROE > 15% (5y avg)5y avg ROE 19.6%
- ●Stable operating marginsMargin volatility 1.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 125% (5y avg)
- ●Growing revenueRevenue CAGR 5y 11.7%
- ●Shrinking share countDiluted shares -5.2% over 5y
Value
0
- ○P/E below 15P/E 30.8
- ○EV/EBIT below 12EV/EBIT 22.1
- ○FCF yield above 6%FCF yield 4.4%
- ○Price below Graham NumberGraham Number $182.35
- ○P/B below 3P/B 3.6
Safety
20
- ○Debt / equity below 0.5D/E 0.78
- ○Debt payable in < 4 yrs of earningsNet debt $54.0B
- ○Interest coverage > 8xCoverage 4.7x
- ○Current ratio > 1.5Current ratio 0.79
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $447.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.79
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 74%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 23.2
- ○P/E × P/B ≤ 22.5Product 84.8
Valuation lab
What do you have to believe?
At $407.46, the market is pricing in about 9.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $54.0B · 896M shares · 5y revenue CAGR 11.7%
Intrinsic value
$519.80
Price
$407.46
Margin of safety
22%
What the price implies
The market is paying for 9.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
64% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 184,840 | 201,159 | 226,247 | 242,155 | 257,141 | 287,597 | 324,162 | 371,622 | 400,278 | 447,567 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 12,930 | 15,209 | 17,344 | 19,685 | 22,405 | 23,970 | 28,435 | 32,358 | 32,287 | 18,964 |
| Operating margin | 7.0% | 7.6% | 7.7% | 8.1% | 8.7% | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Pre-tax income | 11,863 | 14,023 | 15,944 | 17,981 | 20,742 | 22,310 | 26,343 | 29,112 | 20,071 | 14,697 |
| Income tax | 4,790 | 3,200 | 3,562 | 3,742 | 4,973 | 4,578 | 5,704 | 5,968 | 4,829 | 1,890 |
| Net income | 7,017 | 10,558 | 11,986 | 13,839 | 15,403 | 17,285 | 20,120 | 22,381 | 14,405 | 12,056 |
| EPS (diluted) | 7.25 | 10.72 | 12.19 | 14.33 | 16.03 | 18.08 | 21.18 | 23.86 | 15.51 | 13.23 |
| Diluted shares | 968 | 985 | 983 | 966 | 961 | 956 | 950 | 938 | 929 | 911 |
Who owns it