Stocks · Health Care

UnitedHealth Group Incorporated (UNH)

$409.07

−0.40% last session

Market value

$368.6bn

P/E ratio

23.3

Dividend yield

1.37%

52-week range

$256–$462

What UnitedHealth Group Incorporated does

UnitedHealth Group Incorporated is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses – Optum and UnitedHealthcare – are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve. The ability to analyze complex data and apply deep health care expertise and insights allows us to serve patients, consumers, care providers, businesses, communities and governments with more innovative products and complete, end-to-end offerings for many of the biggest challenges facing health care today.

Health Care · based in the US · listed since 1984Biggest source of revenue: Products (12%) · breakdownCompany website ↗From the annual report ↗

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tap a grade for the details

DGrowthBarely growing

Sales growth, last 12 months3.3% · 43/100

Sales growth a year, 5 years11.7% · 74/100

Earnings per share growth a year, 5 years−3.8% · 21/100

CProfitabilityAveragely profitable

Net profit margin3.5% · 38/100

Return on equity16% · 73/100

Return on capital, 10-year average17.1% · 80/100

DFinancial strengthStretched

Net debt ÷ operating profit2.7× · 47/100

Interest cover5× · 52/100

Current ratio (short-term assets ÷ debts)0.78 · 43/100

BValuationReasonably priced

P/E against its own 10-year history64th percentile · 36/100

Free cash flow yield6.2% · 87/100

Our base-case value vs price39% · 98/100

CMomentumFlat

Share price, last 12 months16.0% · 71/100

Share price, last 3 months−0.6% · 48/100

Price

+11.8% over 1Y

27 Oct 2026$409.03

Daily closing prices. Source: Twelve Data.

If you'd invested £1,000

in pounds, including currency moves

Invested	Worth now	Per year	+ dividends received	Same in the S&P 500
1 year ago Oct 2025	£1,182	+18.2%	+£25	£1,115 UNH ahead
3 years ago Oct 2023	£698	−11.3%	+£41	£1,683 index ahead
5 years ago Oct 2021	£921	−1.6%	+£82	£1,739 index ahead
10 years ago Oct 2016	£2,656	+10.3%	+£350	£3,326 index ahead

Over 10 years, £1,000 became £3,006 including dividends. Past returns don't predict future ones.

Bull vs bear

The numbers lean bullish (10 vs 5)

The bull case

A proven grower●●○

Revenue up 11.0% a year for 10 years.

Very high returns on capital●●○

Averages 17% after tax, a sign of a durable advantage (a 'moat').

Shareholder-friendly management●●○

Passes 5 of 7 capital-allocation checks.

Our cash-flow model sees value●●○

Base case 39% above today's price.

Analysts see upside●○○

Average target 18% above the price.

Reliable dividend grower●○○

Raised its dividend 10 years in a row.

The bear case

Growth is slowing●●○

Revenue growth over the last 12 months (3%) is well below its 5-year average (12%).

Margins shrinking●●○

Operating margin down from 8.8% to 4.2% in three years: competition or costs biting.

Recoveries can take years●○○

Took 397 months to recover after the 1970 fall.

Can you answer every bear point? Put your answers in your thesis under risks.

See the full picture on UnitedHealth Group Incorporated

Ten years of results, revenue by product and region, a management scorecard, bear/base/bull valuations, analyst targets, every SEC filing explained, and a thesis that checks itself after each report. Free.

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UnitedHealth Group Incorporated (UNH)

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Bull vs bear

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If you'd invested £1,000