30 years of historical data (1996–2025) · Healthcare · Medical - Healthcare Plans
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
UnitedHealth Group Incorporated trades at 18.8x earnings, 27% below its 5-year average of 25.7x, sitting at the 34th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a discount of 21%. On a free-cash-flow basis, the stock trades at 8.3x P/FCF, 57% below the 5-year average of 19.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $265.7B | $300.4B | $469.9B | $493.8B | $503.7B | $480.0B | $337.0B | $284.0B | $244.9B | $217.2B | $154.9B |
| Enterprise Value | $315.9B | $350.7B | $521.5B | $535.8B | $537.9B | $504.7B | $363.5B | $313.7B | $270.6B | $236.9B | $177.5B |
| P/E Ratio → | 18.82 | 21.19 | 32.62 | 22.06 | 25.03 | 27.77 | 21.88 | 20.52 | 20.44 | 20.57 | 22.07 |
| P/S Ratio | 0.59 | 0.67 | 1.17 | 1.33 | 1.55 | 1.67 | 1.31 | 1.17 | 1.08 | 1.08 | 0.84 |
| P/B Ratio | 2.62 | 2.95 | 4.58 | 4.99 | 5.83 | 6.28 | 4.78 | 4.57 | 4.36 | 4.17 | 3.83 |
| P/FCF | 8.30 | 9.39 | 22.70 | 19.23 | 21.52 | 24.14 | 16.75 | 17.32 | 17.94 | 18.76 | 19.15 |
| P/OCF | 6.94 | 7.85 | 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
UnitedHealth Group Incorporated's enterprise value stands at 13.5x EBITDA, 15% below its 5-year average of 15.9x. This is roughly in line with the Healthcare sector median of 13.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.78 | 1.30 | 1.44 | 1.66 | 1.75 | 1.41 | 1.30 | 1.20 | 1.18 | 0.96 |
| EV / EBITDA | 13.54 | 15.03 | 14.33 | 14.75 | 16.90 | 18.64 | 14.37 | 14.00 | 13.68 | 13.57 | 11.84 |
| EV / EBIT | 16.66 | 18.75 | 21.75 | 16.56 | 18.92 | 21.05 | 16.23 | 15.93 | 15.60 | 15.57 | 13.72 |
| EV / FCF | — | 10.96 | 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
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 13.9% is modest. ROIC of 9.3% represents adequate returns on invested capital.
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 | 3.2% | 3.2% | 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 | 13.9% | 13.9% | 14.3% | 24.2% | 24.7% | 23.5% | 23.2% | 23.4% | 22.1% | 22.8% | 18.5% |
| ROA | 4.7% | 4.7% | 5.0% | 8.6% | 8.8% | 8.4% | 8.3% | 8.5% | 8.2% | 8.1% | 6.0% |
| ROIC | 9.3% | 9.3% | 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
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 $50.3B ($78.4B total debt minus $28.1B 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 | — | 0.49 | 0.50 | 0.42 | 0.40 | 0.32 | 0.38 | 0.48 | 0.46 | 0.38 | 0.56 |
| Net Debt / EBITDA | 2.16 | 2.16 | 1.42 | 1.16 | 1.08 | 0.91 | 1.05 | 1.33 | 1.30 | 1.13 | 1.50 |
| Debt / FCF | — | 1.57 | 2.49 | 1.64 | 1.46 | 1.24 | 1.32 | 1.81 | 1.88 | 1.70 | 2.79 |
| Interest Coverage | 4.74 | 4.74 | 8.27 | 9.97 | 13.59 | 14.44 | 13.47 | 11.55 | 12.39 | 12.82 | 12.12 |
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 $28.1B 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
UnitedHealth Group Incorporated returns 7.6% to shareholders annually — split between a 5.2% dividend yield and 2.4% buyback yield. The payout ratio of 97.2% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 5.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 5.2% | 4.6% | 1.6% | 1.4% | 1.2% | 1.1% | 1.4% | 1.4% | 1.4% | 1.3% | 1.5% |
| Payout Ratio | 97.2% | 97.2% | 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 | 5.3% | 4.7% | 3.1% | 4.5% | 4.0% | 3.6% | 4.6% | 4.9% | 4.9% | 4.9% | 4.5% |
| FCF Yield | 12.0% | 10.6% | 4.4% | 5.2% | 4.6% | 4.1% | 6.0% | 5.8% | 5.6% | 5.3% | 5.2% |
| Buyback Yield | 2.4% | 2.1% | 1.9% | 1.6% | 1.4% | 1.0% | 1.3% | 1.9% | 1.8% | 0.7% | 0.8% |
| Total Shareholder Yield | 7.6% | 6.7% | 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 |
Compare UNH with 2 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| UNHYou | $266B | 18.8 | 13.5 | 8.3 | 18.5% | 4.2% | 13.9% | 9.3% | 3.4 |
| CVS | $102B | 57.5 | 12.4 | 13.0 | 13.8% | 2.6% | 2.3% | 5.0% | 6.2 |
| CI | $76B | 23.9 | 9.0 | 8.5 | 10.5% | 3.8% | 7.8% | 10.5% | 2.9 |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how UNH stacks up against sector leader CVS Health Corporation.
Start ComparisonUnitedHealth Group Incorporated's current P/E ratio is 18.8x. The historical average is 20.0x. This places it at the 34th percentile of its historical range.
UnitedHealth Group Incorporated's current EV/EBITDA is 13.5x. 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 13.9%. The historical average is 19.7%.
Based on historical data, UnitedHealth Group Incorporated is trading at a P/E of 18.8x. This is at the 34th 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 5.18% with a payout ratio of 97.2%.
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.