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

UNH • • Insurance & Managed Care

HealthcareHealth InsuranceVertically Integrated Payer-PBM Platforms

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 $447.57B +11.8%
Combined Ratio 95.76% +4.2%
Net Income $14.23B -1.2%
Return on Equity 13.93% -2.6%
Medical Cost Ratio 81.47% +4.9%
Operating Margin 4.24% -47.5%
Net Margin 3.18% -11.7%
ROA 4.68% -7.1%
Equity / Assets 32.85% -4.5%
Book Value per Share 111.76 +1.2%
Tangible BV/Share 111.76 +478.8%
Debt/Equity 0.77 +2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 25 years of consecutive increases
✓Good 3Y average ROE of 17.5%
✓Healthy dividend yield of 5.2%
✓Share count reduced 2.0% through buybacks

✗Weaknesses

✗High loss ratio of 81.5%
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y11.04%

5Y11.72%

3Y11.35%

TTM11.81%

Profit (Net Income) CAGR

10Y9.36%

5Y-1.58%

3Y-10.91%

TTM-1.24%

EPS CAGR

10Y9.99%

5Y-0.57%

3Y-9.73%

TTM0.49%

ROCE

10Y Avg17.79%

5Y Avg16.98%

3Y Avg15.59%

Latest9.75%

Peer Comparison

Vertically Integrated Payer-PBM Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVSCVS Health Corporation	101.55B	79.90	57.48	7.85%	0.44%	2.35%	7.69%	1.24
CICigna Corporation	76.36B	289.82	23.91	26.56%	2.29%	14.63%	11.73%	0.78
UNHUnitedHealth Group Incorporated	265.66B	293.27	18.82	11.81%	3.18%	13.99%	12.04%	0.77

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	184.84B	201.16B	226.25B	242.16B	257.14B	287.6B	324.16B	371.62B	400.28B	447.57B
Revenue Growth %	17.65%	8.83%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%	11.81%
Medical Costs & Claims+	141.45B	154.15B	172.4B	184.56B	190.14B	217.94B	244.54B	280.66B	310.88B	364.65B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	43.39B	47.01B	53.85B	57.6B	67B	69.65B	79.62B	90.96B	89.4B	82.92B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	17.18%	8.36%	14.54%	6.97%	16.32%	3.96%	14.31%	14.24%	-1.71%	-7.25%
Operating Expenses+	30.46B	31.8B	36.5B	37.91B	44.59B	45.68B	51.18B	58.6B	57.11B	63.95B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.06B	2.25B	2.43B	2.72B	2.89B	3.1B	3.4B	3.97B	4.1B	4.36B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	12.93B	15.21B	17.34B	19.68B	22.41B	23.97B	28.43B	32.36B	32.29B	18.96B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	17.32%	17.63%	14.04%	13.5%	13.82%	6.98%	18.63%	13.8%	-0.22%	-41.26%
EBITDA+	14.98B	17.45B	19.77B	22.41B	25.3B	27.07B	31.84B	36.33B	36.39B	23.32B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.07B	1.19B	1.4B	1.7B	1.66B	1.66B	2.09B	3.25B	3.91B	4B
Non-Operating Income	0	0	0	0	0	0	0	0	8.31B	265M
Pretax Income+	11.86B	14.02B	15.94B	17.98B	20.74B	22.31B	26.34B	29.11B	20.07B	14.7B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.79B	3.2B	3.56B	3.74B	4.97B	4.58B	5.7B	5.97B	4.83B	-280M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.02B	10.56B	11.99B	13.84B	15.4B	17.29B	20.12B	22.38B	14.4B	14.23B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	20.71%	50.46%	13.53%	15.46%	11.3%	12.22%	16.4%	11.24%	-35.64%	-1.24%
EPS (Diluted)+	7.25	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51	15.58
EPS Growth %	20.63%	47.86%	13.71%	17.56%	11.86%	12.79%	17.15%	12.65%	-35%	0.45%
EPS (Basic)	7.37	10.95	12.45	14.55	16.28	18.33	21.54	24.12	15.64	15.66
Diluted Shares Outstanding	968M	985M	983M	966M	961M	956M	950M	938M	929M	910M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	122.68B	139.06B	152.22B	173.89B	197.29B	212.21B	245.71B	273.72B	298.28B	309.58B
Asset Growth %	10.14%	13.35%	9.47%	14.23%	13.46%	7.56%	15.79%	11.4%	8.97%	3.79%
Total Investment Assets+	26.71B	31.85B	35.97B	40.47B	44.1B	45.65B	48.27B	4.2B	56.16B	54.25B
Long-Term Investments	23.87B	28.34B	32.51B	37.21B	41.24B	43.11B	43.73B	0	52.35B	54.25B
Short-Term Investments	2.85B	3.51B	3.46B	3.26B	2.86B	2.53B	4.55B	4.2B	3.8B	0
Total Current Assets+	33.75B	37.08B	38.69B	42.63B	53.72B	61.76B	69.07B	78.44B	85.78B	90.58B
Cash & Equivalents	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B	28.12B
Receivables	8.15B	9.57B	11.39B	11.82B	12.87B	14.22B	17.68B	38.97B	48.45B	23.02B
Other Current Assets	12.32B	12.03B	12.98B	16.57B	21.07B	23.64B	23.48B	9.84B	8.21B	39.44B
Goodwill & Intangibles+	56.13B	63.05B	68.23B	76.01B	82.19B	85.84B	107.75B	118.93B	130B	0
Goodwill	47.58B	54.56B	58.91B	65.66B	71.34B	75.8B	93.35B	103.73B	106.73B	0
Intangible Assets	8.54B	8.49B	9.32B	10.35B	10.86B	10.04B	14.4B	15.19B	23.27B	0
PP&E (Net)	5.9B	7.01B	8.46B	8.7B	8.63B	8.97B	10.13B	11.45B	10.55B	0
Other Assets	276M	1.39B	81.02B	94.05B	102.33B	107.33B	12.26B	64.91B	19.59B	164.75B
Total Liabilities	82.27B	87.03B	95.99B	111.73B	126.75B	135.73B	159.36B	174.8B	195.69B	207.88B
Total Debt+	32.97B	31.69B	36.55B	40.68B	43.47B	46B	57.62B	67.44B	76.9B	78.39B
Net Debt	22.54B	19.71B	25.69B	29.69B	26.55B	24.63B	34.26B	42.01B	51.59B	50.27B
Long-Term Debt	25.78B	28.84B	34.58B	36.81B	38.65B	42.38B	54.51B	58.26B	72.36B	72.32B
Short-Term Debt	7.19B	2.86B	1.97B	3.87B	4.82B	3.62B	3.11B	5.31B	4.54B	6.07B
Total Current Liabilities+	49.22B	50.46B	53.21B	61.78B	72.42B	78.29B	89.24B	99.05B	103.77B	114.9B
Accounts Payable	29.75B	33.05B	36.6B	40.7B	44.37B	49.13B	56.77B	31.96B	68.56B	39.34B
Deferred Revenue	1.97B	2.27B	2.4B	2.62B	2.84B	2.57B	3.08B	3.35B	3.32B	0
Other Current Liabilities	10.3B	12.29B	12.24B	14.6B	20.39B	22.98B	26.28B	58.43B	27.35B	69.49B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	7.28B	7.74B	8.2B	13.14B	15.68B	15.05B	12.84B	11.94B	15.94B	20.67B
Total Equity+	40.41B	52.02B	56.23B	62.16B	70.54B	76.48B	86.35B	98.92B	102.59B	101.7B
Equity Growth %	13.95%	28.74%	8.08%	10.56%	13.48%	8.42%	12.9%	14.56%	3.71%	-0.87%
Shareholders Equity	38.4B	49.83B	51.7B	57.62B	65.49B	71.76B	77.77B	88.76B	92.66B	100.09B
Minority Interest	2.01B	2.19B	4.53B	4.55B	5.05B	4.72B	8.57B	10.16B	9.93B	1.61B
Retained Earnings	40.95B	48.73B	55.85B	61.18B	69.3B	77.13B	86.16B	95.77B	96.04B	0
Common Stock	10M	10M	10M	9M	10M	10M	9M	9M	9M	0
Accumulated OCI	-2.68B	-2.67B	-4.16B	-3.58B	-3.81B	-5.38B	-8.39B	-7.03B	-3.39B	0
Return on Equity (ROE)	18.5%	22.85%	22.15%	23.38%	23.21%	23.51%	24.71%	24.16%	14.3%	13.93%
Return on Assets (ROA)	6%	8.07%	8.23%	8.49%	8.3%	8.44%	8.79%	8.62%	5.04%	4.68%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.82x	0.61x	0.65x	0.65x	0.62x	0.60x	0.67x	0.68x	0.75x	0.77x
Book Value per Share	41.74	52.81	57.20	64.35	73.40	80.00	90.89	105.46	110.43	111.76
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	9.79B	13.6B	15.71B	18.46B	22.17B	22.34B	26.21B	29.07B	24.2B	38.29B
Operating CF Growth %	0.56%	38.81%	15.57%	17.5%	20.1%	0.76%	17.29%	10.92%	-16.73%	58.18%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	7.02B	10.56B	11.99B	13.84B	15.77B	17.29B	20.12B	22.38B	15.24B	25.4B
Depreciation & Amortization	2.06B	2.25B	2.43B	2.72B	2.89B	3.1B	3.4B	3.97B	4.1B	7.61B
Stock-Based Compensation	485M	597M	638M	697M	679M	800M	925M	1.06B	1.02B	1.77B
Deferred Taxes	81M	-748M	42M	230M	-60M	-814M	-673M	-245M	-296M	-2.01B
Other Non-Cash Items	-26M	265M	325M	294M	0	447M	188M	258M	4.95B	107M
Working Capital Changes	183M	679M	294M	683M	2.9B	1.52B	2.25B	1.64B	-808M	5.42B
Cash from Investing+	-9.36B	-8.6B	-12.38B	-12.7B	-12.53B	-10.37B	-28.48B	-15.57B	-20.53B	-14.76B
Capital Expenditures	-1.71B	-2.02B	-2.06B	-2.07B	-2.05B	-2.45B	-2.8B	-3.39B	-3.5B	-6.3B
Acquisitions	-1.76B	-2.13B	-6B	-8.34B	-7.14B	-4.82B	-21.46B	-10.14B	-13.41B	-8.95B
Purchase of Investments	-5.93B	-4.32B	-4.1B	-2.5B	-16.58B	-1.84B	-18.82B	-18.31B	-27.31B	-12.8B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-11.58B	-10.39B	-10.14B	-15.41B	-506M	-16.55B	2.62B	-275M	-4.14B	-1.54B
Cash from Financing+	-1.01B	-3.44B	-4.37B	-5.63B	-3.59B	-7.46B	4.23B	-11.53B	-3.51B	-22.26B
Dividends Paid	-2.26B	-2.77B	-3.32B	-3.93B	-4.58B	-5.28B	-5.99B	-6.76B	-7.53B	-13.83B
Share Repurchases	-1.28B	-1.5B	-4.5B	-5.5B	-4.25B	-5B	-7B	-8B	-9B	-6.35B
Stock Issued	429M	688M	838M	1.04B	1.44B	1.35B	1.25B	1.35B	1.85B	803M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	1.54B	3.45B	-679M	-187M	2.66B	344M	3.43B	-2.4B	-3.48B	-7.08B
Net Change in Cash+	-493M	1.55B	-1.11B	119M	5.94B	4.45B	1.99B	2.06B	-115M	980M
Exchange Rate Effect	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K	-1000K
Cash at Beginning	10.92B	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B
Cash at End	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B	26.29B
Free Cash Flow+	8.09B	11.57B	13.65B	16.39B	20.12B	19.89B	23.4B	25.68B	20.7B	31.99B
FCF Growth %	-1.15%	43.05%	17.95%	20.09%	22.76%	-1.16%	17.67%	9.73%	-19.38%	54.5%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.36	11.75	13.89	16.97	20.94	20.8	24.64	27.38	22.29	35.15

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Combined Ratio	93%	92.44%	92.33%	91.87%	91.29%	91.67%	91.23%	91.29%	91.93%	95.76%
Medical Cost Ratio	76.53%	76.63%	76.2%	76.21%	73.94%	75.78%	75.44%	75.52%	77.67%	81.47%
Return on Equity (ROE)	18.5%	22.85%	22.15%	23.38%	23.21%	23.51%	24.71%	24.16%	14.3%	13.93%
Return on Assets (ROA)	6%	8.07%	8.23%	8.49%	8.3%	8.44%	8.79%	8.62%	5.04%	4.68%
Equity / Assets	32.94%	37.41%	36.94%	35.75%	35.75%	36.04%	35.14%	36.14%	34.39%	32.85%
Book Value / Share	41.74	52.81	57.2	64.35	73.4	80	90.89	105.46	110.43	111.76
Debt / Equity	0.82x	0.61x	0.65x	0.65x	0.62x	0.60x	0.67x	0.68x	0.75x	0.77x
Revenue Growth	17.65%	8.83%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%	11.81%

US Stock Screener

...

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

UNH • • Insurance & Managed Care

HealthcareHealth InsuranceVertically Integrated Payer-PBM Platforms

Revenue $447.57B +11.8%
Combined Ratio 95.76% +4.2%
Net Income $14.23B -1.2%
Return on Equity 13.93% -2.6%
Medical Cost Ratio 81.47% +4.9%
Operating Margin 4.24% -47.5%
Net Margin 3.18% -11.7%
ROA 4.68% -7.1%
Equity / Assets 32.85% -4.5%
Book Value per Share 111.76 +1.2%
Tangible BV/Share 111.76 +478.8%
Debt/Equity 0.77 +2.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 25 years of consecutive increases
✓Good 3Y average ROE of 17.5%
✓Healthy dividend yield of 5.2%
✓Share count reduced 2.0% through buybacks

✗Weaknesses

✗High loss ratio of 81.5%
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y11.04%

5Y11.72%

3Y11.35%

TTM11.81%

Profit (Net Income) CAGR

10Y9.36%

5Y-1.58%

3Y-10.91%

TTM-1.24%

EPS CAGR

10Y9.99%

5Y-0.57%

3Y-9.73%

TTM0.49%

ROCE

10Y Avg17.79%

5Y Avg16.98%

3Y Avg15.59%

Latest9.75%

Peer Comparison

Vertically Integrated Payer-PBM Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVSCVS Health Corporation	101.55B	79.90	57.48	7.85%	0.44%	2.35%	7.69%	1.24
CICigna Corporation	76.36B	289.82	23.91	26.56%	2.29%	14.63%	11.73%	0.78
UNHUnitedHealth Group Incorporated	265.66B	293.27	18.82	11.81%	3.18%	13.99%	12.04%	0.77

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	184.84B	201.16B	226.25B	242.16B	257.14B	287.6B	324.16B	371.62B	400.28B	447.57B
Revenue Growth %	17.65%	8.83%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%	11.81%
Medical Costs & Claims+	141.45B	154.15B	172.4B	184.56B	190.14B	217.94B	244.54B	280.66B	310.88B	364.65B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	43.39B	47.01B	53.85B	57.6B	67B	69.65B	79.62B	90.96B	89.4B	82.92B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	17.18%	8.36%	14.54%	6.97%	16.32%	3.96%	14.31%	14.24%	-1.71%	-7.25%
Operating Expenses+	30.46B	31.8B	36.5B	37.91B	44.59B	45.68B	51.18B	58.6B	57.11B	63.95B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	2.06B	2.25B	2.43B	2.72B	2.89B	3.1B	3.4B	3.97B	4.1B	4.36B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	12.93B	15.21B	17.34B	19.68B	22.41B	23.97B	28.43B	32.36B	32.29B	18.96B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	17.32%	17.63%	14.04%	13.5%	13.82%	6.98%	18.63%	13.8%	-0.22%	-41.26%
EBITDA+	14.98B	17.45B	19.77B	22.41B	25.3B	27.07B	31.84B	36.33B	36.39B	23.32B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.07B	1.19B	1.4B	1.7B	1.66B	1.66B	2.09B	3.25B	3.91B	4B
Non-Operating Income	0	0	0	0	0	0	0	0	8.31B	265M
Pretax Income+	11.86B	14.02B	15.94B	17.98B	20.74B	22.31B	26.34B	29.11B	20.07B	14.7B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.79B	3.2B	3.56B	3.74B	4.97B	4.58B	5.7B	5.97B	4.83B	-280M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	7.02B	10.56B	11.99B	13.84B	15.4B	17.29B	20.12B	22.38B	14.4B	14.23B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	20.71%	50.46%	13.53%	15.46%	11.3%	12.22%	16.4%	11.24%	-35.64%	-1.24%
EPS (Diluted)+	7.25	10.72	12.19	14.33	16.03	18.08	21.18	23.86	15.51	15.58
EPS Growth %	20.63%	47.86%	13.71%	17.56%	11.86%	12.79%	17.15%	12.65%	-35%	0.45%
EPS (Basic)	7.37	10.95	12.45	14.55	16.28	18.33	21.54	24.12	15.64	15.66
Diluted Shares Outstanding	968M	985M	983M	966M	961M	956M	950M	938M	929M	910M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	122.68B	139.06B	152.22B	173.89B	197.29B	212.21B	245.71B	273.72B	298.28B	309.58B
Asset Growth %	10.14%	13.35%	9.47%	14.23%	13.46%	7.56%	15.79%	11.4%	8.97%	3.79%
Total Investment Assets+	26.71B	31.85B	35.97B	40.47B	44.1B	45.65B	48.27B	4.2B	56.16B	54.25B
Long-Term Investments	23.87B	28.34B	32.51B	37.21B	41.24B	43.11B	43.73B	0	52.35B	54.25B
Short-Term Investments	2.85B	3.51B	3.46B	3.26B	2.86B	2.53B	4.55B	4.2B	3.8B	0
Total Current Assets+	33.75B	37.08B	38.69B	42.63B	53.72B	61.76B	69.07B	78.44B	85.78B	90.58B
Cash & Equivalents	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B	28.12B
Receivables	8.15B	9.57B	11.39B	11.82B	12.87B	14.22B	17.68B	38.97B	48.45B	23.02B
Other Current Assets	12.32B	12.03B	12.98B	16.57B	21.07B	23.64B	23.48B	9.84B	8.21B	39.44B
Goodwill & Intangibles+	56.13B	63.05B	68.23B	76.01B	82.19B	85.84B	107.75B	118.93B	130B	0
Goodwill	47.58B	54.56B	58.91B	65.66B	71.34B	75.8B	93.35B	103.73B	106.73B	0
Intangible Assets	8.54B	8.49B	9.32B	10.35B	10.86B	10.04B	14.4B	15.19B	23.27B	0
PP&E (Net)	5.9B	7.01B	8.46B	8.7B	8.63B	8.97B	10.13B	11.45B	10.55B	0
Other Assets	276M	1.39B	81.02B	94.05B	102.33B	107.33B	12.26B	64.91B	19.59B	164.75B
Total Liabilities	82.27B	87.03B	95.99B	111.73B	126.75B	135.73B	159.36B	174.8B	195.69B	207.88B
Total Debt+	32.97B	31.69B	36.55B	40.68B	43.47B	46B	57.62B	67.44B	76.9B	78.39B
Net Debt	22.54B	19.71B	25.69B	29.69B	26.55B	24.63B	34.26B	42.01B	51.59B	50.27B
Long-Term Debt	25.78B	28.84B	34.58B	36.81B	38.65B	42.38B	54.51B	58.26B	72.36B	72.32B
Short-Term Debt	7.19B	2.86B	1.97B	3.87B	4.82B	3.62B	3.11B	5.31B	4.54B	6.07B
Total Current Liabilities+	49.22B	50.46B	53.21B	61.78B	72.42B	78.29B	89.24B	99.05B	103.77B	114.9B
Accounts Payable	29.75B	33.05B	36.6B	40.7B	44.37B	49.13B	56.77B	31.96B	68.56B	39.34B
Deferred Revenue	1.97B	2.27B	2.4B	2.62B	2.84B	2.57B	3.08B	3.35B	3.32B	0
Other Current Liabilities	10.3B	12.29B	12.24B	14.6B	20.39B	22.98B	26.28B	58.43B	27.35B	69.49B
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Liabilities	7.28B	7.74B	8.2B	13.14B	15.68B	15.05B	12.84B	11.94B	15.94B	20.67B
Total Equity+	40.41B	52.02B	56.23B	62.16B	70.54B	76.48B	86.35B	98.92B	102.59B	101.7B
Equity Growth %	13.95%	28.74%	8.08%	10.56%	13.48%	8.42%	12.9%	14.56%	3.71%	-0.87%
Shareholders Equity	38.4B	49.83B	51.7B	57.62B	65.49B	71.76B	77.77B	88.76B	92.66B	100.09B
Minority Interest	2.01B	2.19B	4.53B	4.55B	5.05B	4.72B	8.57B	10.16B	9.93B	1.61B
Retained Earnings	40.95B	48.73B	55.85B	61.18B	69.3B	77.13B	86.16B	95.77B	96.04B	0
Common Stock	10M	10M	10M	9M	10M	10M	9M	9M	9M	0
Accumulated OCI	-2.68B	-2.67B	-4.16B	-3.58B	-3.81B	-5.38B	-8.39B	-7.03B	-3.39B	0
Return on Equity (ROE)	18.5%	22.85%	22.15%	23.38%	23.21%	23.51%	24.71%	24.16%	14.3%	13.93%
Return on Assets (ROA)	6%	8.07%	8.23%	8.49%	8.3%	8.44%	8.79%	8.62%	5.04%	4.68%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.82x	0.61x	0.65x	0.65x	0.62x	0.60x	0.67x	0.68x	0.75x	0.77x
Book Value per Share	41.74	52.81	57.20	64.35	73.40	80.00	90.89	105.46	110.43	111.76
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	9.79B	13.6B	15.71B	18.46B	22.17B	22.34B	26.21B	29.07B	24.2B	38.29B
Operating CF Growth %	0.56%	38.81%	15.57%	17.5%	20.1%	0.76%	17.29%	10.92%	-16.73%	58.18%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	7.02B	10.56B	11.99B	13.84B	15.77B	17.29B	20.12B	22.38B	15.24B	25.4B
Depreciation & Amortization	2.06B	2.25B	2.43B	2.72B	2.89B	3.1B	3.4B	3.97B	4.1B	7.61B
Stock-Based Compensation	485M	597M	638M	697M	679M	800M	925M	1.06B	1.02B	1.77B
Deferred Taxes	81M	-748M	42M	230M	-60M	-814M	-673M	-245M	-296M	-2.01B
Other Non-Cash Items	-26M	265M	325M	294M	0	447M	188M	258M	4.95B	107M
Working Capital Changes	183M	679M	294M	683M	2.9B	1.52B	2.25B	1.64B	-808M	5.42B
Cash from Investing+	-9.36B	-8.6B	-12.38B	-12.7B	-12.53B	-10.37B	-28.48B	-15.57B	-20.53B	-14.76B
Capital Expenditures	-1.71B	-2.02B	-2.06B	-2.07B	-2.05B	-2.45B	-2.8B	-3.39B	-3.5B	-6.3B
Acquisitions	-1.76B	-2.13B	-6B	-8.34B	-7.14B	-4.82B	-21.46B	-10.14B	-13.41B	-8.95B
Purchase of Investments	-5.93B	-4.32B	-4.1B	-2.5B	-16.58B	-1.84B	-18.82B	-18.31B	-27.31B	-12.8B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-11.58B	-10.39B	-10.14B	-15.41B	-506M	-16.55B	2.62B	-275M	-4.14B	-1.54B
Cash from Financing+	-1.01B	-3.44B	-4.37B	-5.63B	-3.59B	-7.46B	4.23B	-11.53B	-3.51B	-22.26B
Dividends Paid	-2.26B	-2.77B	-3.32B	-3.93B	-4.58B	-5.28B	-5.99B	-6.76B	-7.53B	-13.83B
Share Repurchases	-1.28B	-1.5B	-4.5B	-5.5B	-4.25B	-5B	-7B	-8B	-9B	-6.35B
Stock Issued	429M	688M	838M	1.04B	1.44B	1.35B	1.25B	1.35B	1.85B	803M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	1.54B	3.45B	-679M	-187M	2.66B	344M	3.43B	-2.4B	-3.48B	-7.08B
Net Change in Cash+	-493M	1.55B	-1.11B	119M	5.94B	4.45B	1.99B	2.06B	-115M	980M
Exchange Rate Effect	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K	-1000K
Cash at Beginning	10.92B	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B
Cash at End	10.43B	11.98B	10.87B	10.98B	16.92B	21.38B	23.36B	25.43B	25.31B	26.29B
Free Cash Flow+	8.09B	11.57B	13.65B	16.39B	20.12B	19.89B	23.4B	25.68B	20.7B	31.99B
FCF Growth %	-1.15%	43.05%	17.95%	20.09%	22.76%	-1.16%	17.67%	9.73%	-19.38%	54.5%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.36	11.75	13.89	16.97	20.94	20.8	24.64	27.38	22.29	35.15

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Combined Ratio	93%	92.44%	92.33%	91.87%	91.29%	91.67%	91.23%	91.29%	91.93%	95.76%
Medical Cost Ratio	76.53%	76.63%	76.2%	76.21%	73.94%	75.78%	75.44%	75.52%	77.67%	81.47%
Return on Equity (ROE)	18.5%	22.85%	22.15%	23.38%	23.21%	23.51%	24.71%	24.16%	14.3%	13.93%
Return on Assets (ROA)	6%	8.07%	8.23%	8.49%	8.3%	8.44%	8.79%	8.62%	5.04%	4.68%
Equity / Assets	32.94%	37.41%	36.94%	35.75%	35.75%	36.04%	35.14%	36.14%	34.39%	32.85%
Book Value / Share	41.74	52.81	57.2	64.35	73.4	80	90.89	105.46	110.43	111.76
Debt / Equity	0.82x	0.61x	0.65x	0.65x	0.62x	0.60x	0.67x	0.68x	0.75x	0.77x
Revenue Growth	17.65%	8.83%	12.47%	7.03%	6.19%	11.84%	12.71%	14.64%	7.71%	11.81%

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

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare UNH vs Peers

vs CVS

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