Latest Ratios: P/E Ratio 28.3x · EV/EBITDA 16.9x · ROE 11.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $340.6B | $300.4B | $469.9B | $493.8B | $503.7B | $480.0B | $337.0B | $284.0B | $244.9B | $217.2B | $154.9B |
| Enterprise Value | $394.6B | $354.4B | $521.5B | $535.8B | $537.9B | $504.7B | $363.5B | $313.7B | $270.6B | $236.9B | $177.5B |
| P/E Ratio → | 28.35 | 24.95 | 32.62 | 22.06 | 25.03 | 27.77 | 21.88 | 20.52 | 20.44 | 20.57 | 22.07 |
| P/S Ratio | 0.76 | 0.67 | 1.17 | 1.33 | 1.55 | 1.67 | 1.31 | 1.17 | 1.08 | 1.08 | 0.84 |
| P/B Ratio | 3.36 | 2.95 | 4.58 | 4.99 | 5.83 | 6.28 | 4.78 | 4.57 | 4.36 | 4.17 | 3.83 |
| P/FCF | 21.19 | 18.69 | 22.70 | 19.23 | 21.52 | 24.14 | 16.75 | 17.32 | 17.94 | 18.76 | 19.15 |
| P/OCF | 17.29 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 16.92 | 15.20 | 14.33 | 14.75 | 16.90 | 18.64 | 14.37 | 14.00 | 13.68 | 13.57 | 11.84 |
| EV / EBIT | 20.81 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.3% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 4.0% | 3.1% | 4.5% | 4.0% | 3.6% | 4.6% | 4.9% | 4.9% | 4.9% | 4.5% |
| FCF Yield | 4.7% | 5.4% | 4.4% | 5.2% | 4.6% | 4.1% | 6.0% | 5.8% | 5.6% | 5.3% | 5.2% |
| Buyback Yield | 1.6% | 1.8% | 1.9% | 1.6% | 1.4% | 1.0% | 1.3% | 1.9% | 1.8% | 0.7% | 0.8% |
| Total Shareholder Yield | 3.9% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UNH stock.
UnitedHealth Group Incorporated's current P/E ratio is 28.3x. The historical average is 20.1x. This places it at the 97th percentile of its historical range.
UnitedHealth Group Incorporated's current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
UnitedHealth Group Incorporated's return on equity (ROE) is 11.8%. The historical average is 19.6%.
Based on historical data, UnitedHealth Group Incorporated is trading at a P/E of 28.3x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UnitedHealth Group Incorporated's current dividend yield is 2.32% with a payout ratio of 65.7%.
UnitedHealth Group Incorporated has 18.5% gross margin and 4.2% operating margin.
UnitedHealth Group Incorporated's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Medical cost inflation
Metrics are mathematically derived from official filings.
Underwriting Deterioration Amidst Cost Pressures
UNH's combined ratio worsened to 92.9% in 2026Q2 from 91.4% a year earlier, reflecting rising medical costs, as per quarterly filings. The loss ratio spiked to 83.7% in 2025Q4, signaling sustained pressure.
The combined ratio has deteriorated from a low of 91.4% in 2024Q3 to 92.9% in 2026Q2, with a notable spike to 99.7% in 2025Q4. This trend suggests that medical cost inflation is outpacing premium adjustments, eroding underwriting profitability. The loss ratio, which jumped to 83.7% in 2025Q4, indicates that claims costs are rising faster than revenue, and the modest improvement to 67.3% in 2026Q2 may be temporary, warranting close monitoring of reserve adequacy and pricing discipline.
ROE Volatility Reflects Underwriting Strain
ROE swung from -1.4% in 2024Q1 to 6.1% in 2025Q1, then collapsed to 0.0% in 2025Q4, as per UNH's financial statements. The 2026Q2 ROE of 5.2% remains below the 2024 average, indicating weakened earnings power.
UNH's ROE has been highly volatile, with a dramatic drop to 0.0% in 2025Q4 due to near-zero net income, followed by a partial recovery to 5.2% in 2026Q2. This volatility appears driven by underwriting results rather than investment income, as investment data is unavailable. The implied ROE from the current P/B of 3.71 and P/E of 31.32 suggests investors expect a rebound, but the recent strain in medical costs may challenge that expectation.
Expense Ratio Stability Masks Scale Benefits
UNH's expense ratio remained around 14-15% in recent quarters, with 2026Q2 at 25.6% due to a one-off, as per SEC filings. Excluding that, the ratio is stable, indicating consistent operating efficiency.
The expense ratio has been relatively stable, hovering near 14% in most quarters, which suggests that UNH is achieving scale benefits in its administrative operations. However, the 25.6% expense ratio in 2026Q2 is an outlier, likely due to a one-time charge or data anomaly, and should be viewed with caution. Compared to peers, UNH's expense ratio is competitive, but the stability may also reflect limited investment in growth initiatives, which could impact future competitiveness.
Underwriting Leverage Moderate, Debt Levels Manageable
UNH's debt-to-equity ratio has been stable around 0.75, with interest coverage averaging 6.5x, as per balance sheet data. Premium-to-surplus is not directly disclosed, but the equity base of $104.5B supports underwriting leverage.
UNH's debt-to-equity ratio of approximately 0.75 is in line with peers like ELV and CI, indicating a moderate capital structure. Interest coverage, though volatile (dropping to 0.26x in 2025Q4), has averaged above 6x, suggesting adequate debt servicing capacity. The equity base has grown to $104.5B, which, combined with stable premium levels, implies underwriting leverage is within acceptable bounds, though the 2025Q4 earnings dip highlights sensitivity to medical cost shocks.
Premium Valuation vs. Peer Group
UNH trades at a P/B of 3.71 and P/E of 31.32, versus peer averages of 1.98 and 26.1, respectively, as per market data. This premium reflects UNH's scale and diversified business model, but may be stretched given recent underwriting strain.
UNH's valuation multiples are significantly higher than its managed care peers, with a P/B of 3.71 versus CVS's 1.76 and ELV's 1.89. This premium appears justified by UNH's superior ROE (5.2% in 2026Q2 vs. peer average of 2.2%) and its dominant market position. However, the recent deterioration in underwriting performance, as evidenced by the combined ratio spike, suggests that the premium may be pricing in a recovery that has yet to materialize, making the stock vulnerable to earnings disappointments.
P/E Misleading Due to Earnings Volatility
UNH's P/E of 31.32 is distorted by the near-zero earnings in 2025Q4, as per reported figures. A more reliable metric is P/B, which at 3.71 reflects the company's book value stability and long-term earnings power.
The P/E ratio is commonly misapplied to insurers like UNH because earnings can be highly volatile due to reserve adjustments, catastrophe losses, or one-time items. In 2025Q4, net income collapsed to $10M, inflating the trailing P/E to 31.32, which does not reflect the company's normalized earnings capacity. Investors should instead focus on P/B, which is more stable and better captures the value of the insurance float and investment portfolio. Additionally, the combined ratio, adjusted for reserve development, provides a clearer picture of underwriting profitability than P/E alone.