UnitedHealth Group Incorporated (UNH) 10-Year Financial Performance & Capital Metrics

UNH • • Insurance & Managed Care

HealthcareHealth InsuranceDiversified Health Insurance & ServicesIntegrated Healthcare Giants

AboutUnitedHealth Group Incorporated operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; health care coverage and well-being services to individuals age 50 and older addressing their needs for preventive and acute health care services, as well as services dealing with chronic disease and other specialized issues for older individuals; Medicaid plans, children's health insurance and health care programs; health and dental benefits; and hospital and clinical services. The OptumHealth segment provides access to networks of care provider specialists, health management services, care delivery, consumer engagement, and financial services. This segment serves individuals directly through care delivery systems, employers, payers, and government entities. The OptumInsight segment offers software and information products, advisory consulting arrangements, and managed services outsourcing contracts to hospital systems, physicians, health plans, governments, life sciences companies, and other organizations. The OptumRx segment provides pharmacy care services and programs, including retail network contracting, home delivery, specialty and compounding pharmacy, and purchasing and clinical capabilities, as well as develops programs in the areas of step therapy, formulary management, drug adherence, and disease/drug therapy management. UnitedHealth Group Incorporated was incorporated in 1977 and is based in Minnetonka, Minnesota.Show more

Revenue $400.28B +7.7%
Combined Ratio 91.93% +0.7%
Net Income $14.4B -35.6%
Return on Equity 14.3% -40.8%
Medical Cost Ratio 77.67% +2.8%
Operating Margin 8.07% -7.4%
Net Margin 3.6% -40.2%
ROA 5.04% -41.6%
Equity / Assets 34.39% -4.8%
Book Value per Share 110.43 +4.7%
Tangible BV/Share -29.51 -38.3%
Debt/Equity 0.75 +10.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 91.9% combined ratio
✓Excellent 3Y average ROE of 21.1%
✓24 consecutive years of dividend growth
✓Healthy dividend yield of 2.4%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.86%

5Y10.57%

3Y11.65%

TTM10.47%

Profit (Net Income) CAGR

10Y9.87%

5Y0.8%

3Y-5.89%

TTM22.85%

EPS CAGR

10Y10.53%

5Y1.6%

3Y-4.98%

TTM24.82%

ROCE

10Y Avg18.59%

5Y Avg18.81%

3Y Avg18.87%

Latest17.49%

Peer Comparison

Integrated Healthcare Giants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVSCVS Health Corporation	102.42B	80.68	22.04	4.2%	0.12%	0.64%	6.18%	1.09
UNHUnitedHealth Group Incorporated	302.49B	333.93	21.53	7.71%	4.04%	16.62%	6.84%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	157.11B	184.83B	201.16B	226.25B	242.16B	257.14B	287.6B	324.16B	371.62B	400.28B
Revenue Growth %	0.2%	0.18%	0.09%	0.12%	0.07%	0.06%	0.12%	0.13%	0.15%	0.08%
Medical Costs & Claims+	120.08B	141.45B	154.15B	172.4B	184.56B	190.14B	217.94B	244.54B	280.66B	310.88B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	37.03B	43.37B	47.01B	53.85B	57.6B	67B	69.65B	79.62B	90.96B	89.4B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.11%	0.17%	0.08%	0.15%	0.07%	0.16%	0.04%	0.14%	0.14%	-0.02%
Operating Expenses+	26B	30.09B	31.8B	36.5B	37.91B	44.59B	45.68B	51.18B	58.6B	57.11B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	1.69B	2.06B	2.25B	2.43B	2.72B	2.89B	3.1B	3.4B	3.97B	4.1B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	11.02B	12.93B	15.21B	17.34B	19.68B	22.41B	23.97B	28.43B	32.36B	32.29B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.07%	0.17%	0.18%	0.14%	0.13%	0.14%	0.07%	0.19%	0.14%	-0%
EBITDA+	12.71B	14.98B	17.45B	19.77B	22.41B	25.3B	27.07B	31.84B	36.33B	36.39B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	790M	1.07B	1.19B	1.4B	1.7B	1.66B	1.66B	2.09B	3.25B	3.91B
Non-Operating Income	0	0	0	0	0	0	0	0	0	8.31B
Pretax Income+	10.23B	11.86B	14.02B	15.94B	17.98B	20.74B	22.31B	26.34B	29.11B	20.07B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.36B	4.79B	3.2B	3.56B	3.74B	4.97B	4.58B	5.7B	5.97B	4.83B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.81B	7.02B	10.56B	11.99B	13.84B	15.4B	17.29B	20.12B	22.38B	14.4B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.03%	0.21%	0.5%	0.14%	0.15%	0.11%	0.12%	0.16%	0.11%	-0.36%
EPS (Diluted)+	6.01	7.25	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51
EPS Growth %	0.05%	0.21%	0.48%	0.14%	0.18%	0.12%	0.13%	0.17%	0.13%	-0.35%
EPS (Basic)	6.10	7.37	10.95	12.45	14.55	16.28	18.33	21.54	24.12	15.64
Diluted Shares Outstanding	967M	968M	985M	983M	966M	961M	956M	950M	938M	929M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	111.38B	122.68B	139.06B	152.22B	173.89B	197.29B	212.21B	245.71B	273.72B	298.28B
Asset Growth %	0.29%	0.1%	0.13%	0.09%	0.14%	0.13%	0.08%	0.16%	0.11%	0.09%
Total Investment Assets+	20.78B	26.71B	31.85B	35.97B	40.47B	44.1B	45.65B	48.27B	4.2B	56.16B
Long-Term Investments	18.79B	23.87B	28.34B	32.51B	37.21B	41.24B	43.11B	43.73B	0	52.35B
Short-Term Investments	1.99B	2.85B	3.51B	3.46B	3.26B	2.86B	2.53B	4.55B	4.2B	3.8B
Total Current Assets+	31.64B	33.75B	37.08B	38.69B	42.63B	53.72B	61.76B	69.07B	78.44B	85.78B
Cash & Equivalents	10.92B	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	12.21B	12.32B	12.03B	12.98B	16.57B	21.07B	23.64B	23.48B	9.84B	8.21B
Goodwill & Intangibles+	52.84B	56.13B	63.05B	68.23B	76.01B	82.19B	85.84B	107.75B	118.93B	130B
Goodwill	44.45B	47.58B	54.56B	58.91B	65.66B	71.34B	75.8B	93.35B	103.73B	106.73B
Intangible Assets	8.39B	8.54B	8.49B	9.32B	10.35B	10.86B	10.04B	14.4B	15.19B	23.27B
PP&E (Net)	4.86B	5.9B	7.01B	8.46B	8.7B	8.63B	8.97B	10.13B	11.45B	10.55B
Other Assets	2.39B	276M	1.39B	81.02B	94.05B	102.33B	107.33B	12.26B	64.91B	19.59B
Total Liabilities	75.92B	82.27B	87.03B	95.99B	111.73B	126.75B	135.73B	159.36B	174.8B	195.69B
Total Debt+	32.09B	32.97B	31.69B	36.55B	40.68B	43.47B	46B	57.62B	67.44B	76.9B
Net Debt	21.17B	22.54B	19.71B	25.69B	29.69B	26.55B	24.63B	34.26B	42.01B	51.59B
Long-Term Debt	25.33B	25.78B	28.84B	34.58B	36.81B	38.65B	42.38B	54.51B	58.26B	72.36B
Short-Term Debt	6.63B	7.19B	2.86B	1.97B	3.87B	4.82B	3.62B	3.11B	5.31B	4.54B
Total Current Liabilities+	42.9B	49.22B	50.46B	53.21B	61.78B	72.42B	78.29B	89.24B	99.05B	103.77B
Accounts Payable	26.32B	29.75B	33.05B	36.6B	40.7B	44.37B	49.13B	56.77B	31.96B	68.56B
Deferred Revenue	2.14B	1.97B	2.27B	2.4B	2.62B	2.84B	2.57B	3.08B	3.35B	3.32B
Other Current Liabilities	7.8B	10.3B	12.29B	12.24B	14.6B	20.39B	22.98B	26.28B	58.43B	27.35B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	4.11B	7.28B	7.74B	8.2B	13.14B	15.68B	15.05B	12.84B	11.94B	15.94B
Total Equity+	35.46B	40.41B	52.02B	56.23B	62.16B	70.54B	76.48B	86.35B	98.92B	102.59B
Equity Growth %	0.05%	0.14%	0.29%	0.08%	0.11%	0.13%	0.08%	0.13%	0.15%	0.04%
Shareholders Equity	33.73B	38.4B	49.83B	51.7B	57.62B	65.49B	71.76B	77.77B	88.76B	92.66B
Minority Interest	1.74B	2.01B	2.19B	4.53B	4.55B	5.05B	4.72B	8.57B	10.16B	9.93B
Retained Earnings	37.13B	40.95B	48.73B	55.85B	61.18B	69.3B	77.13B	86.16B	95.77B	96.04B
Common Stock	10M	10M	10M	10M	9M	10M	10M	9M	9M	9M
Accumulated OCI	-3.33B	-2.68B	-2.67B	-4.16B	-3.58B	-3.81B	-5.38B	-8.39B	-7.03B	-3.39B
Return on Equity (ROE)	0.17%	0.18%	0.23%	0.22%	0.23%	0.23%	0.24%	0.25%	0.24%	0.14%
Return on Assets (ROA)	0.06%	0.06%	0.08%	0.08%	0.08%	0.08%	0.08%	0.09%	0.09%	0.05%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.91x	0.82x	0.61x	0.65x	0.65x	0.62x	0.60x	0.67x	0.68x	0.75x
Book Value per Share	36.67	41.74	52.81	57.20	64.35	73.40	80.00	90.89	105.46	110.43
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	9.74B	9.79B	13.6B	15.71B	18.46B	22.17B	22.34B	26.21B	29.07B	24.2B
Operating CF Growth %	0.21%	0.01%	0.39%	0.16%	0.18%	0.2%	0.01%	0.17%	0.11%	-0.17%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	5.81B	7.02B	10.56B	11.99B	13.84B	15.77B	17.29B	20.12B	22.38B	15.24B
Depreciation & Amortization	1.69B	2.06B	2.25B	2.43B	2.72B	2.89B	3.1B	3.4B	3.97B	4.1B
Stock-Based Compensation	406M	485M	597M	638M	697M	679M	800M	925M	1.06B	1.02B
Deferred Taxes	-308M	81M	-748M	42M	230M	-60M	-814M	-673M	-245M	-296M
Other Non-Cash Items	55M	-26M	265M	325M	294M	0	447M	188M	258M	4.95B
Working Capital Changes	2.08B	183M	679M	294M	683M	2.9B	1.52B	2.25B	1.64B	-808M
Cash from Investing+	-18.39B	-9.36B	-8.6B	-12.38B	-12.7B	-12.53B	-10.37B	-28.48B	-15.57B	-20.53B
Capital Expenditures	-1.56B	-1.71B	-2.02B	-2.06B	-2.07B	-2.05B	-2.45B	-2.8B	-3.39B	-3.5B
Acquisitions	-16.16B	-1.76B	-2.13B	-6B	-8.34B	-7.14B	-4.82B	-21.46B	-10.14B	-13.41B
Purchase of Investments	-531M	-5.93B	-4.32B	-4.1B	-2.5B	-16.58B	-1.84B	-18.82B	-18.31B	-27.31B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-9.55B	-11.58B	-10.39B	-10.14B	-15.41B	-506M	-16.55B	2.62B	-275M	-4.14B
Cash from Financing+	12.24B	-1.01B	-3.44B	-4.37B	-5.63B	-3.59B	-7.46B	4.23B	-11.53B	-3.51B
Dividends Paid	-1.79B	-2.26B	-2.77B	-3.32B	-3.93B	-4.58B	-5.28B	-5.99B	-6.76B	-7.53B
Share Repurchases	-1.2B	-1.28B	-1.5B	-4.5B	-5.5B	-4.25B	-5B	-7B	-8B	-9B
Stock Issued	402M	429M	688M	838M	1.04B	1.44B	1.35B	1.25B	1.35B	1.85B
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	618M	1.54B	3.45B	-679M	-187M	2.66B	344M	3.43B	-2.4B	-3.48B
Net Change in Cash+	3.43B	-493M	1.55B	-1.11B	119M	5.94B	4.45B	1.99B	2.06B	-115M
Exchange Rate Effect	-1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Cash at Beginning	7.5B	10.92B	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B
Cash at End	10.92B	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B
Free Cash Flow+	8.18B	8.09B	11.57B	13.65B	16.39B	20.12B	19.89B	23.4B	25.68B	20.7B
FCF Growth %	0.24%	-0.01%	0.43%	0.18%	0.2%	0.23%	-0.01%	0.18%	0.1%	-0.19%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.46	8.36	11.75	13.89	16.97	20.94	20.8	24.64	27.38	22.29

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	92.99%	92.81%	92.44%	92.33%	91.87%	91.29%	91.67%	91.23%	91.29%	91.93%
Medical Cost Ratio	76.43%	76.53%	76.63%	76.2%	76.21%	73.94%	75.78%	75.44%	75.52%	77.67%
Return on Equity (ROE)	16.78%	18.5%	22.85%	22.15%	23.38%	23.21%	23.51%	24.71%	24.16%	14.3%
Return on Assets (ROA)	5.88%	6%	8.07%	8.23%	8.49%	8.3%	8.44%	8.79%	8.62%	5.04%
Equity / Assets	31.84%	32.94%	37.41%	36.94%	35.75%	35.75%	36.04%	35.14%	36.14%	34.39%
Book Value / Share	36.67	41.74	52.81	57.2	64.35	73.4	80	90.89	105.46	110.43
Debt / Equity	0.91x	0.82x	0.61x	0.65x	0.65x	0.62x	0.60x	0.67x	0.68x	0.75x
Revenue Growth	20.41%	17.64%	8.84%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2024
Unitedhealthcare	245.48B	268.91B	304.07B	333.75B	8.37B	8.92B	200.88B	222.9B	249.74B	298.21B
Unitedhealthcare Growth	-	9.54%	13.07%	9.76%	-97.49%	6.65%	2151.46%	10.96%	12.04%	19.41%
Optumrx	68.19B	114.09B	147.93B	154.27B	612M	689M	87.5B	91.31B	99.77B	133.23B
Optumrx Growth	-	67.32%	29.66%	4.29%	-99.60%	12.58%	12599.27%	4.36%	9.26%	33.53%
Optumhealth	23.24B	30.11B	36.15B	44.86B	4.92B	5.73B	39.81B	54.06B	71.17B	105.36B
Optumhealth Growth	-	29.56%	20.09%	24.07%	-89.02%	16.39%	594.49%	35.81%	31.65%	48.03%
Optuminsight	12.77B	14.89B	17.44B	19.12B	3.28B	3.63B	10.8B	12.2B	14.58B	18.76B
Optuminsight Growth	-	16.57%	17.12%	9.67%	-82.85%	10.67%	197.58%	12.93%	19.53%	28.64%
Intersegment Eliminations	-	-	-	-	-	-	-	-90.87B	-108.35B	-150.89B
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-19.24%	-39.26%
Total Optum	103.22B	157.51B	199.35B	215.8B	8.82B	10.05B	-	-	-	-
Total Optum Growth	-	52.59%	26.56%	8.25%	-95.91%	14.00%	-	-	-	-

Frequently Asked Questions

Valuation & Price

UnitedHealth Group Incorporated (UNH) has a price-to-earnings (P/E) ratio of 21.5x. This is roughly in line with market averages.

Growth & Financials

UnitedHealth Group Incorporated (UNH) grew revenue by 7.7% over the past year. This is steady growth.

Yes, UnitedHealth Group Incorporated (UNH) is profitable, generating $17.59B in net income for fiscal year 2024 (3.6% net margin).

Dividend & Returns

Yes, UnitedHealth Group Incorporated (UNH) pays a dividend with a yield of 2.43%. This makes it attractive for income-focused investors.

UnitedHealth Group Incorporated (UNH) has a return on equity (ROE) of 14.3%. This is reasonable for most industries.

Industry Metrics

UnitedHealth Group Incorporated (UNH) has a combined ratio of 91.9%. A ratio below 100% indicates underwriting profitability.

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