UNH
SP100NYSEUnitedHealth Group Incorporated
Healthcare · Healthcare Plans · United States
UnitedHealth Group Incorporated operates as a health care company in the United States and internationally. It operates through four segments: Optum Health, Optum Insight, Optum Rx; and UnitedHealthcare. The Optum Health segment provides care delivery, care management, wellness and consumer engagement, and health financial services with patients, consumers, care delivery systems, providers, employers, payers, and public-sector entities. The Optum Insight segment offers software and information products, advisory consulting arrangements, and managed services outsourcing contracts to hospital systems, physicians, health plans, public entities, life sciences companies and other organizations. The Optum Rx segment provides pharmacy care services and programs, including retail network contracting, home delivery, specialty and community health pharmacy services, infusion, and purchasing and clinical capabilities, as well as develops programs in the areas of step therapy, formulary management, drug adherence, and disease and drug therapy management. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; Medicaid plans, including Temporary Assistance to Needy Families; Children's Health Insurance Programs; Dual SNPs; Long-Term Services and Supports; Aged, Blind and Disabled; and other federal, state, and community health care programs. and health care benefits products and services to state programs caring for the economically disadvantaged, medically underserved, and those without the benefit of employer-funded health care coverage. UnitedHealth Group Incorporated was founded in 1974 and is based in Eden Prairie, Minnesota.
www.unitedhealthgroup.com ↗Shares trade at a premium 32.1× trailing earnings, easing to 20.3× on forward estimates. Profitability shows a net margin of 2.7% and return on equity of 12.2%. Leverage is elevated at 2.2× net debt/EBITDA. Revenue grew 2.0% year-on-year. It yields 2.2% in dividends. The mean analyst target of USD411.88 sits 3.2% below the current price (Buy, 26 analysts).
business model
UnitedHealth Group is a diversified health care company combining health insurance (UnitedHealthcare) with health services (Optum). It earns premiums from insured members and generates fees from pharmacy benefit management, care delivery, data/analytics and health technology services.
revenue segments
UnitedHealthcare provides employer/commercial, Medicare Advantage and Medicaid coverage. Optum spans OptumHealth (care delivery and provider services), OptumRx (pharmacy benefit management), and OptumInsight (data, analytics and technology services).
key dependencies
Depends on medical cost trends and the medical loss ratio, Medicare Advantage reimbursement rates and risk-adjustment rules, membership growth, regulatory and government-program policy, and integration of a large employed/affiliated physician network within Optum.
competitors
Competes with other managed-care insurers (Elevance Health, Cigna, CVS Health/Aetna, Humana, Centene) and, through Optum, with pharmacy benefit managers and health-services and care-delivery providers.
moat
Vast scale as the largest US health insurer, deep vertical integration between insurance and Optum services, extensive data and analytics assets, a large care-delivery footprint, and diversification across insurance and higher-growth services.
risks
Rising medical cost trends and utilization, Medicare Advantage rate and policy changes, regulatory and antitrust scrutiny (including PBM reform), cybersecurity exposure (e.g., the Change Healthcare breach), litigation, and political pressure on health-care pricing.
Financials & metrics
as of 23 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $447.57B | $400.28B | $371.62B | $324.16B | — |
| Cost of revenue | $364.65B | $310.88B | $280.66B | $244.54B | — |
| Gross profit | $82.92B | $89.40B | $90.96B | $79.62B | — |
| Operating expense | $63.95B | $57.11B | $58.60B | $51.18B | — |
| Operating income | $18.96B | $32.29B | $32.36B | $28.43B | — |
| Interest expense | $4.00B | $3.91B | $3.25B | $2.09B | — |
| Pretax income | $14.70B | $20.07B | $29.11B | $26.34B | — |
| Tax provision | $1.89B | $4.83B | $5.97B | $5.70B | — |
| Net income | $12.06B | $14.40B | $22.38B | $20.12B | — |
| EBITDA | $23.06B | $28.08B | $36.33B | $31.84B | — |
| Diluted EPS | $13.23 | $15.51 | $23.86 | $21.18 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $309.58B | $298.28B | $273.72B | $245.71B | — |
| Current assets | $90.58B | $85.78B | $78.44B | $69.07B | — |
| Cash & equivalents | $24.36B | $25.31B | $25.43B | $23.36B | — |
| Total liabilities | $207.88B | $195.69B | $174.80B | $159.36B | — |
| Current liabilities | $114.90B | $103.77B | $99.05B | $89.24B | — |
| Total debt | $78.39B | $76.90B | $62.54B | $57.62B | — |
| Long-term debt | $72.32B | $72.36B | $58.26B | $54.51B | — |
| Shareholders' equity | $94.11B | $92.66B | $88.76B | $77.77B | — |
| Retained earnings | $95.60B | $96.04B | $95.77B | $86.16B | — |
| Working capital | -$24.32B | -$17.99B | -$20.62B | -$20.17B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $19.70B | $24.20B | $29.07B | $26.21B | — |
| Investing cash flow | -$8.69B | -$20.53B | -$15.57B | -$28.48B | — |
| Financing cash flow | -$11.64B | -$3.51B | -$11.53B | $4.23B | — |
| Capital expenditure | -$3.62B | -$3.50B | -$3.39B | -$2.80B | — |
| Free cash flow | $16.07B | $20.70B | $25.68B | $23.40B | — |
| Dividends paid | -$7.92B | -$7.53B | -$6.76B | -$5.99B | — |
| Share buybacks | -$5.54B | -$9.00B | -$8.00B | -$7.00B | — |
| End cash position | $24.36B | $25.31B | $25.43B | $23.36B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 23 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
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