UnitedHealth Group Incorporated (UNH) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Healthcare Plans
EV/EBITDA
↓
16.61
+4% vs avg
5yr avg: 15.96
30Y Low4.8·High50.8
P/FCF
↓
20.74
-2% vs avg
5yr avg: 21.25
30Y Low7.4·High24.1
P/B Ratio
↓
3.29
↓-33% vs avg
5yr avg: 4.93
30Y Low1.5·High7.0
ROE
↓
11.8%
↑-40% vs avg
5yr avg: 19.7%
30Y Low-4%·High35%
Debt/EBITDA
↑
3.36
↑+55% vs avg
5yr avg: 2.17
30Y Low0.0·High5.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
UNH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
UnitedHealth Group Incorporated trades at 27.8x earnings, roughly in line with its 5-year average of 26.5x, sitting at the 90th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a premium of 25%. On a free-cash-flow basis, the stock trades at 20.7x P/FCF, roughly in line with the 5-year average of 21.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $333.4B | $300.4B | $469.9B | $493.8B | $503.7B | $480.0B | $337.0B | $284.0B | $244.9B | $217.2B | $154.9B |
| Enterprise Value | $387.4B | $354.4B | $521.5B | $535.8B | $537.9B | $504.7B | $363.5B | $313.7B | $270.6B | $236.9B | $177.5B |
| P/E Ratio → | 27.76 | 24.95 | 32.62 | 22.06 | 25.03 | 27.77 | 21.88 | 20.52 | 20.44 | 20.57 | 22.07 |
| P/S Ratio | 0.74 | 0.67 | 1.17 | 1.33 | 1.55 | 1.67 | 1.31 | 1.17 | 1.08 | 1.08 | 0.84 |
| P/B Ratio | 3.29 | 2.95 | 4.58 | 4.99 | 5.83 | 6.28 | 4.78 | 4.57 | 4.36 | 4.17 | 3.83 |
| P/FCF | 20.74 | 18.69 | 22.70 | 19.23 | 21.52 | 24.14 | 16.75 | 17.32 | 17.94 | 18.76 | 19.15 |
| P/OCF | 16.93 | 15.25 | 19.42 | 16.99 | 19.22 | 21.49 | 15.20 | 15.38 | 15.58 | 15.97 | 15.82 |
P/E links to full P/E history page with 30-year chart
UNH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
UnitedHealth Group Incorporated's enterprise value stands at 16.6x EBITDA, roughly in line with its 5-year average of 16.0x. The Healthcare sector median is 14.1x, placing the stock at a 18% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.79 | 1.30 | 1.44 | 1.66 | 1.75 | 1.41 | 1.30 | 1.20 | 1.18 | 0.96 |
| EV / EBITDA | 16.61 | 15.20 | 14.33 | 14.75 | 16.90 | 18.64 | 14.37 | 14.00 | 13.68 | 13.57 | 11.84 |
| EV / EBIT | 20.43 | 18.95 | 21.75 | 16.56 | 18.92 | 21.05 | 16.23 | 15.93 | 15.60 | 15.57 | 13.72 |
| EV / FCF | — | 22.05 | 25.19 | 20.86 | 22.98 | 25.37 | 18.07 | 19.14 | 19.82 | 20.47 | 21.94 |
UNH Profitability
Margins and return-on-capital ratios measuring operating efficiency
UnitedHealth Group Incorporated earns an operating margin of 4.2%. Operating margins have compressed from 8.7% to 4.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.8% is modest. ROIC of 9.2% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.5% | 18.5% | 22.3% | 24.5% | 24.6% | 24.2% | 26.1% | 23.8% | 23.8% | 23.4% | 23.5% |
| Operating Margin | 4.2% | 4.2% | 8.1% | 8.7% | 8.8% | 8.3% | 8.7% | 8.1% | 7.7% | 7.6% | 7.0% |
| Net Profit Margin | 2.7% | 2.7% | 3.6% | 6.0% | 6.2% | 6.0% | 6.0% | 5.7% | 5.3% | 5.2% | 3.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.8% | 11.8% | 14.3% | 24.2% | 24.7% | 23.5% | 23.2% | 23.4% | 22.1% | 22.8% | 18.5% |
| ROA | 4.0% | 4.0% | 5.0% | 8.6% | 8.8% | 8.4% | 8.3% | 8.5% | 8.2% | 8.1% | 6.0% |
| ROIC | 9.2% | 9.2% | 16.4% | 18.6% | 19.2% | 18.1% | 17.8% | 17.0% | 16.9% | 16.9% | 16.2% |
| ROCE | 9.7% | 9.7% | 17.5% | 19.5% | 19.6% | 18.5% | 18.9% | 18.6% | 18.5% | 18.8% | 18.2% |
UNH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
UnitedHealth Group Incorporated carries a Debt/EBITDA ratio of 3.4x, which is moderately leveraged (8% above the sector average of 3.1x). Net debt stands at $54.0B ($78.4B total debt minus $24.4B cash). Interest coverage of 4.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.75 | 0.68 | 0.67 | 0.60 | 0.62 | 0.65 | 0.65 | 0.61 | 0.82 |
| Debt / EBITDA | 3.36 | 3.36 | 2.11 | 1.86 | 1.81 | 1.70 | 1.72 | 1.82 | 1.85 | 1.82 | 2.20 |
| Net Debt / Equity | — | 0.53 | 0.50 | 0.42 | 0.40 | 0.32 | 0.38 | 0.48 | 0.46 | 0.38 | 0.56 |
| Net Debt / EBITDA | 2.32 | 2.32 | 1.42 | 1.16 | 1.08 | 0.91 | 1.05 | 1.33 | 1.30 | 1.13 | 1.50 |
| Debt / FCF | — | 3.36 | 2.49 | 1.64 | 1.46 | 1.24 | 1.32 | 1.81 | 1.88 | 1.70 | 2.79 |
| Interest Coverage | 4.67 | 4.67 | 6.14 | 9.97 | 13.59 | 14.44 | 13.47 | 11.55 | 12.39 | 12.82 | 12.12 |
UNH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.79x is below 1.0, meaning current liabilities exceed current assets — though the company's $24.4B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.83 | 0.79 | 0.77 | 0.79 | 0.74 | 0.69 | 0.73 | 0.73 | 0.69 |
| Quick Ratio | 0.79 | 0.79 | 0.83 | 0.79 | 0.77 | 0.79 | 0.74 | 0.69 | 0.73 | 0.73 | 0.69 |
| Cash Ratio | 0.24 | 0.24 | 0.28 | 0.30 | 0.31 | 0.31 | 0.27 | 0.23 | 0.27 | 0.31 | 0.27 |
| Asset Turnover | — | 1.45 | 1.34 | 1.36 | 1.32 | 1.36 | 1.30 | 1.39 | 1.49 | 1.45 | 1.51 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
UNH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
UnitedHealth Group Incorporated returns 4.0% to shareholders annually — split between a 2.4% dividend yield and 1.7% buyback yield. A payout ratio of 65.7% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 2.6% | 1.6% | 1.4% | 1.2% | 1.1% | 1.4% | 1.4% | 1.4% | 1.3% | 1.5% |
| Payout Ratio | 65.7% | 65.7% | 52.3% | 30.2% | 29.8% | 30.5% | 29.8% | 28.4% | 27.7% | 26.3% | 32.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 4.0% | 3.1% | 4.5% | 4.0% | 3.6% | 4.6% | 4.9% | 4.9% | 4.9% | 4.5% |
| FCF Yield | 4.8% | 5.4% | 4.4% | 5.2% | 4.6% | 4.1% | 6.0% | 5.8% | 5.6% | 5.3% | 5.2% |
| Buyback Yield | 1.7% | 1.8% | 1.9% | 1.6% | 1.4% | 1.0% | 1.3% | 1.9% | 1.8% | 0.7% | 0.8% |
| Total Shareholder Yield | 4.0% | 4.5% | 3.5% | 3.0% | 2.6% | 2.1% | 2.6% | 3.3% | 3.2% | 2.0% | 2.3% |
| Shares Outstanding | — | $910M | $929M | $938M | $950M | $956M | $961M | $966M | $983M | $985M | $968M |
Peer Comparison
Compare UNH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 UNHYou | $333B | 27.8 | 16.6 | 20.7 | 18.5% | 4.2% | 11.8% | 9.2% | 3.4 |
 CVS | $110B | 62.5 | 13.0 | 14.1 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
 ELV | $81B | 14.9 | 10.9 | 25.6 | 25.6% | 4.1% | 13.3% | 9.1% | 3.4 |
 CI | $74B | 12.7 | 8.3 | 8.9 | 9.5% | 3.3% | 14.3% | 10.4% | 2.7 |
 HUM | $30B | 25.0 | 16.8 | 78.9 | 14.5% | 1.1% | 7.0% | 4.1% | 5.7 |
 CNC | $27B | -4.1 | — | 6.3 | 12.2% | -3.9% | -28.7% | -21.6% | — |
 MOH | $10B | 22.1 | 10.2 | — | 9.0% | 1.7% | 11.0% | 17.4% | 4.0 |
 HCSG | $2B | 27.2 | 22.1 | 11.4 | 13.0% | 2.6% | 11.7% | 9.0% | 0.4 |
 OSCR | $5B | -11.7 | — | 4.9 | 14.4% | -3.4% | -44.4% | — | — |
 CLOV | $1B | -15.8 | — | — | 103.6% | -4.4% | -26.3% | -34.0% | — |
 ALHC | $4B | -4902.7 | 76.6 | 32.8 | 12.4% | 0.4% | -0.5% | — | 7.5 |
| Healthcare Median | — | 22.2 | 14.1 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonUNH — Frequently Asked Questions
Quick answers to the most common questions about buying UNH stock.
What is UnitedHealth Group Incorporated's P/E ratio?
UnitedHealth Group Incorporated's current P/E ratio is 27.8x. The historical average is 20.1x. This places it at the 90th percentile of its historical range.
What is UnitedHealth Group Incorporated's EV/EBITDA?
UnitedHealth Group Incorporated's current EV/EBITDA is 16.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
What is UnitedHealth Group Incorporated's ROE?
UnitedHealth Group Incorporated's return on equity (ROE) is 11.8%. The historical average is 19.6%.
Is UNH stock overvalued?
Based on historical data, UnitedHealth Group Incorporated is trading at a P/E of 27.8x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is UnitedHealth Group Incorporated's dividend yield?
UnitedHealth Group Incorporated's current dividend yield is 2.37% with a payout ratio of 65.7%.
What are UnitedHealth Group Incorporated's profit margins?
UnitedHealth Group Incorporated has 18.5% gross margin and 4.2% operating margin.
How much debt does UnitedHealth Group Incorporated have?
UnitedHealth Group Incorporated's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.