Last 48 quarters of trend data · Healthcare · Medical - Healthcare Plans
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
UnitedHealth Group Incorporated's quarterly P/E stands at 34.4x, up 62.9% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 296.6% YoY to 58.6x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 18.82 | 34.45 | 33.33 | 20.85 | 19.11 | 21.15 | 22.45 | 28.04 | — | 22.58 | 20.20 | 20.65 | 19.86 |
| — | +62.9% | +48.4% | -25.6% | — | -6.3% | +11.2% | +35.8% | — | -14.3% | -11.2% | -14.1% | -17.9% | |
| P/S Ratio | 0.59 | 0.66 | 0.70 | 0.64 | 1.10 | 1.16 | 1.35 | 1.20 | 1.14 | 1.30 | 1.28 | 1.22 | 1.21 |
| — | -43.0% | -48.4% | -46.8% | -4.0% | -10.8% | +5.6% | -1.7% | -5.7% | -14.0% | -13.7% | -19.9% | -20.1% | |
| P/B Ratio | 2.62 | 2.95 | 2.98 | 2.71 | 4.57 | 4.57 | 5.21 | 4.76 | 4.71 | 4.98 | 5.02 | 4.90 | 4.92 |
| — | -35.4% | -42.8% | -43.1% | -2.9% | -8.1% | +3.7% | -2.9% | -4.3% | -14.4% | -13.0% | -18.5% | -21.5% | |
| P/FCF | 8.30 | 4.67 | 15.57 | 11.26 | 26.37 | 80.46 | 10.49 | 20.05 | 284.36 | — | 19.46 | 11.07 | 7.16 |
| — | -94.2% | +48.4% | -43.8% | -90.7% | — | -46.1% | +81.1% | +3873.2% | — | +189.7% | -43.6% | -72.0% | |
| EV / EBITDA | 13.54 | 58.56 | 16.99 | 13.41 | 13.05 | 14.76 | 15.11 | 14.65 | 14.04 | 15.42 | 13.02 | 13.10 | 13.09 |
| — | +296.6% | +12.4% | -8.5% | -7.0% | -4.2% | +16.1% | +11.9% | +7.2% | -9.5% | -11.7% | -19.2% | -20.3% | |
| EV / EBIT | 16.66 | 345.15 | 21.73 | 16.37 | 14.59 | 16.70 | 16.96 | 19.60 | 148.32 | 17.37 | 14.55 | 14.76 | 14.67 |
| — | +1967.2% | +28.1% | -16.5% | -90.2% | -3.9% | +16.5% | +32.8% | +911.4% | -10.7% | -11.1% | -18.2% | -19.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
UnitedHealth Group Incorporated's operating margin was 0.3% in Q4 2025, down 3.5 pp QoQ and down 7.4 pp YoY. This marks the 4th consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 4.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 22.7% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.5% | 16.3% | 18.2% | 17.9% | 21.7% | 21.1% | 22.8% | 22.3% | 23.1% | 23.3% | 25.3% | 24.6% | 24.7% |
| — | -22.7% | -20.2% | -19.6% | -5.9% | -9.3% | -9.8% | -9.4% | -6.6% | -7.6% | +2.7% | +0.7% | +3.3% | |
| Operating Margin | 4.2% | 0.3% | 3.8% | 4.6% | 8.3% | 7.7% | 8.6% | 8.0% | 7.9% | 8.1% | 9.2% | 8.7% | 8.8% |
| — | -95.6% | -55.9% | -42.1% | +4.7% | -5.3% | -6.4% | -8.1% | -9.6% | -2.2% | +0.1% | -2.3% | +1.4% | |
| Net Margin | 3.2% | 1.9% | 2.1% | 3.1% | 5.7% | 5.5% | 6.0% | 4.3% | -1.4% | 5.8% | 6.3% | 5.9% | 6.1% |
| — | -65.0% | -65.5% | -28.4% | +506.7% | -4.8% | -5.0% | -27.6% | -123.1% | +0.5% | -2.8% | -6.6% | -2.7% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.9% | 2.1% | 2.2% | 3.2% | 6.1% | 5.4% | 5.9% | 4.3% | -1.4% | 5.7% | 6.3% | 6.0% | 6.3% |
| — | -60.8% | -62.5% | -24.5% | +520.9% | -5.3% | -5.3% | -28.2% | -122.7% | +0.5% | -2.2% | -6.2% | -2.8% | |
| ROA | 4.7% | 0.7% | 0.8% | 1.1% | 2.1% | 1.9% | 2.1% | 1.5% | -0.5% | 2.0% | 2.1% | 1.9% | 2.1% |
| — | -62.4% | -63.6% | -25.5% | +509.7% | -5.5% | -0.4% | -23.9% | -123.8% | +0.8% | -6.6% | -13.6% | -8.6% | |
| ROIC | 9.3% | 0.2% | 2.1% | 2.5% | 4.4% | 3.8% | 4.4% | 4.1% | 4.2% | 4.4% | 5.5% | 5.1% | 5.1% |
| — | -95.2% | -53.0% | -39.0% | +5.0% | -13.8% | -19.7% | -20.8% | -16.9% | -8.2% | -2.2% | -0.3% | -2.6% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
UnitedHealth Group Incorporated's Debt/EBITDA ratio is 52.4x, up from 14.8x last quarter — elevated, raising questions about debt serviceability. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.76 | 0.76 | 0.77 | 0.75 | 0.75 | 0.76 | 0.76 | 0.68 | 0.67 | 0.71 | 0.78 |
| — | +2.8% | +1.4% | -0.1% | +1.7% | +10.0% | +10.8% | +6.3% | -2.5% | +2.2% | +14.9% | +12.4% | +27.3% | |
| Debt / EBITDA | 3.36 | 52.36 | 14.80 | 12.70 | 7.98 | 8.73 | 8.00 | 8.44 | 8.25 | 7.78 | 6.65 | 7.23 | 7.79 |
| — | +500.1% | +85.0% | +50.5% | -3.2% | +12.1% | +20.4% | +16.9% | +5.8% | +6.4% | +13.2% | +11.5% | +27.0% | |
| Current Ratio | 0.79 | 0.79 | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 |
| — | -4.6% | -9.4% | -3.8% | -0.4% | +4.4% | +12.9% | +10.5% | +5.7% | +2.3% | -2.0% | +3.2% | +3.0% | |
| Quick Ratio | 0.79 | 0.79 | 0.82 | 0.85 | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 |
| — | -4.6% | -9.4% | -3.8% | -0.4% | +4.4% | +12.9% | +10.5% | +5.7% | +2.3% | -2.0% | +3.2% | +3.0% | |
| Interest Coverage | 4.74 | 0.39 | 4.30 | 5.01 | 9.14 | 7.75 | 8.11 | 7.99 | 9.40 | 9.26 | 10.22 | 9.73 | 10.72 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonUnitedHealth Group Incorporated's current P/E is 18.8x. The average P/E over the last 4 quarters is 26.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
UnitedHealth Group Incorporated's current operating margin is 4.2%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking UnitedHealth Group Incorporated's business trajectory between earnings reports.