UNITEDHEALTH GROUP INC

UNH

UnitedHealth Group Incorporated operates as a health care company in the United States and internationally. It operates through four segments: Optum Health, Optum Insight, Optum Rx; and UnitedHealthcare.

Country: United StatesPrice: $401.73Market Cap: $360.6B

Company Profile

Industry: Insurance

SIC Sector: Insurance Carriers

Size: Mega Cap($360.6B)

Revenue: $447.6B+11.8% YoY

Net Income: $12.1B-16.3% YoY

Financial Snapshot

Operating Margin4.2%

Return on Equity12.0%

Debt / Equity0.78

Current Ratio0.79

EPS (Diluted)$13.23−14.7%

Buybacks (1y)$5.5B

Buybacks (2y)$14.5B

Shares Retired1.0% / 1.9% 2y

Similar Companies

PGRPROGRESSIVE CORP/OH/

$121.9B

ELVElevance Health, Inc.

Shareholder Return

Fiscal 2025

Retired 1.0% of shares last year, 1.9% over two.

Buybacks: $5.5B
Dividends: $2.0B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

17.1% = 16.4% + 0.6%

FY23

12.7% = 11.2% + 1.3%

FY24

−35.0% = −35.6% + 1.0%

FY25

−14.7% = −16.3% + 1.9%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Market Cap	$360.6B	$480.7Best.	$450.9Best.	$438.0Best.	$412.4Best.
Revenue	$447.6B↑12%	$400.3B↑8%	$371.6B↑15%	$324.2B↑13%	$287.6B
Operating Income	$19.0B↓41%	$32.3B	$32.4B↑14%	$28.4B↑19%	$24.0B
Net Income	$12.1B↓16%	$14.4B↓36%	$22.4B↑11%	$20.1B↑16%	$17.3B
EPS (Diluted)	$13.23↓15%	$15.51↓35%	$23.86↑13%	$21.18↑17%	$18.08
Gross Margin	88.7%	88.3%↓1%	89.6%	89.6%	89.2%
Operating Margin	4.2%↓47%	8.1%↓7%	8.7%↓1%	8.8%↑5%	8.3%
ROE	12.0%↓18%	14.7%↓38%	23.7%↓4%	24.7%↑7%	23.0%
Total Debt	$78.4B↑2%	$76.9B↑23%	$62.5B↑9%	$57.6B↑25%	$46.0B
Shareholders' Equity	$100.1B↑2%	$98.3B↑4%	$94.4B↑16%	$81.5B↑9%	$75.0B
Current Ratio	0.79↓5%	0.83↑4%	0.79↑2%	0.77↓2%	0.79
Debt / Equity	0.78	0.78↑18%	0.66↓6%	0.71↑15%	0.61
Operating Cash Flow	$19.7B↓19%	$24.2B↓17%	$29.1B↑11%	$26.2B↑17%	$22.3B
Free Cash Flow	$16.1B↓22%	$20.7B↓19%	$25.7B↑10%	$23.4B↑18%	$19.9B

Scored from 10-K1d ago

Metric	Marks Risk-Aware Value	Akre Three-Legged Stool	Druckenmiller Macro-Enhanced Growth	Spier Value Checklist	Pabrai Dhandho Framework	Munger Quality Focus	Ackman Activist Value	Piotroski F-Score	Greenblatt Magic Formula	Lynch GARP	Buffett Quality Compounder	Graham Defensive Value
Verdict	HOLD	PASS	BUY	BUY	HOLD	HOLD	HOLD	HOLD	Not ranked	FAIL	HOLD	FAIL
Score
Analysis
Intrinsic Value										N/A
Margin of Safety	-75.8%	+31.5%	-307.8%	-57.3%	-67.2%	-40.4%	+19.9%	-263.7%	-65.3%	N/A	-140.7%	-121.5%
Data As Of	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)	10-K (2026-08-15)

Where They Agree

Where They Disagree

Profitability
1 of 11 pass — Marks, Akre, Spier +7 more object
Discount to Intrinsic Value-2.9% (IV=$263.00 vs Price=$270.59)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency26/26 years positive
✓MarksPositive net income in >= 7 of last 10 years
Return on Equity16.8% (3-yr avg)
✗AkreROE > 20% (3-year avg)
EPS Growth AccelerationLatest: -14.7%, Prior: -35.0%
✓DruckenmillerAccelerating EPS growth
Show 19 more metrics ▾Show fewer ▴
Margin of SafetyP/E=20.5x, P/B=2.4x
✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
Operating Income / Revenue4.2%
✗Ackman>= 15%
Net Income / Shareholders Equity12.0%
✗Ackman>= 15%
Net Income / Total Assets3.89%
✓PiotroskiROA > 0
ROA Change YoY4.83% -> 3.89% (delta: -0.94%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=6.36%, ROA=3.89%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY88.3% -> 88.7%
✓PiotroskiImproved YoY
EBIT / Enterprise Value6.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.3%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
3-5 Year EPS CAGR-3.8%
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE12.0%
✗Lynch> 15%
Net Income Positive (10+ years)26/26 years positive
✓BuffettPositive every year for 10+ years
ROE (5-yr avg)19.6%
✓Buffett> 15% (5-yr avg)
Operating Margin (10-yr trend)4.2% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$12.8B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness-3.88x
✗Buffett$1 retained -> > $1 market value created
Positive EPS (10 years)26/26 years positive
✓GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Debt & Leverage
3 of 8 pass — Akre, Munger, Lynch +2 more object
Interest Coverage & Debt/EBITDAIC=4.7x, D/EBITDA=3.4x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Debt Levels0.78
✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
Total Debt / Shareholders Equity0.78
✓Ackman<= 1.0
LT Debt / Total Assets Change24.26% -> 23.36%
✓PiotroskiDecreased YoY
Show 4 more metrics ▾Show fewer ▴
Total Debt / Equity0.78
✗Lynch< 0.33
Cash - Long-term Debt$-48.0B
✗LynchPositive preferred
Debt/Equity & Interest CoverageD/E: 0.78, IC: 4.7x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
LT Debt vs Net Current AssetsLT Debt $72.3B vs NCA $-24.3B
✗GrahamLT Debt <= Net Current Assets
Valuation
3 of 9 pass — Marks, Spier, Pabrai +3 more object
P/B or P/E vs. Historical AverageP/E=20.5x, P/B=2.4x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-2.9% (IV=$263.00 vs Price=$270.59)
✗Marks>= 20% below intrinsic value
Price vs. 200-day MAQualitative
✓DruckenmillerPrice above 200-day moving average
Margin of SafetyP/E=20.5x, P/B=2.4x
✗SpierP/E < 15 AND P/B < 2.0
Show 9 more metrics ▾Show fewer ▴
P/E or FCF YieldP/E=20.5x, FCF Yield=6.6%
✗PabraiP/E < 15 or FCF Yield > 10%
Valuation ReasonablenessP/E=20.5x, OE Yield=5.2%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
Price / FCF per Share15.3x
✓Ackman<= 25
EBIT / Enterprise Value6.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.3%, ROC=N/A (invested capital <= 0)
✗GreenblattBoth EY > 10% and ROC > 25%
P/E / EPS Growth RateP/E 20.5x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
Price / 3-yr avg EPS15.4x
✗Graham<= 15x
Price-to-Book Ratio2.4x
✗Graham<= 1.5x
P/E x P/B37.80
✗Graham<= 22.5
Cash Flow
4 of 6 pass — Pabrai and Lynch object
FCF Positive18/18 years FCF positive
✓MarksPositive FCF in majority of recent years
P/E or FCF YieldP/E=20.5x, FCF Yield=6.6%
✗PabraiP/E < 15 or FCF Yield > 10%
(OCF - CapEx) / Market Cap6.6%
✓Ackman>= 4%
Price / FCF per Share15.3x
✓Ackman<= 25
Show 4 more metrics ▾Show fewer ▴
Operating Cash Flow$19.7B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=6.36%, ROA=3.89%
✓PiotroskiCFO/Assets > ROA
FCF Positive and Growing$16.1B
✗LynchPositive and growing
Free Cash Flow Proxy$12.8B
✓BuffettPositive and growing
Growth
3 of 5 pass — Lynch and Graham object
Positive Net Income Frequency26/26 years positive
✓MarksPositive net income in >= 7 of last 10 years
EPS Growth AccelerationLatest: -14.7%, Prior: -35.0%
✓DruckenmillerAccelerating EPS growth
Revenue Growth RateLatest: 11.8%, Prior: 7.7%
✓DruckenmillerRevenue growth accelerating
3yr Median Revenue Growth11.8%
✓Ackman>= 5%
Show 5 more metrics ▾Show fewer ▴
Positive EPS Growth Frequency3/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
P/E / EPS Growth RateP/E 20.5x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR-3.8%
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -13.2% vs Rev: 11.8%
✓LynchInventory growth < Revenue growth
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Efficiency
1 of 6 pass — Akre, Munger, Piotroski +2 more object
ROIC (high and growing)11/18 years ROIC > 15% (latest: 8.4%)
✓AkreROIC > 15% for 3+ years
Reinvestment Rate x ROIC7.0% (RR=83% x ROIC=8.4%)
✗AkreReinvestment Rate * ROIC > 10%
Return on Invested Capital8.4%
✗Munger> 15%
Current Ratio Change YoY0.83 -> 0.79
✗PiotroskiIncreased YoY
Show 5 more metrics ▾Show fewer ▴
Revenue / Total Assets Change YoY1.34x -> 1.45x
✓PiotroskiImproved YoY
EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
✗Greenblatt> 25%
ROIC (3-5 yr avg)16.9%
✓Buffett> 10%
ROIC - WACC+6.9%
✓BuffettPositive (WACC = 10%)
Current Ratio0.79
✗Graham>= 2.0
Verdicts
Split decision: 6 HOLD · 2 BUY · 2 FAIL · 1 PASS
Overall verdict
•MarksHOLD (6/8)✓AkrePASS (3/7)✓DruckenmillerBUY (6/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)•MungerHOLD (5/7)•AckmanHOLD (7/9)•PiotroskiHOLD (F-Score 7)•GreenblattNot ranked✗LynchFAIL (1/7)•BuffettHOLD (6/9)✗GrahamFAIL (3/9)
Valuation models
Models split on UNH at $401.73 — fair values range $98.52–$586.77
Marks fair value$228.57
✗Marks-75.8% margin vs $401.73
Akre fair value$586.77
✓Akre+31.5% margin vs $401.73
Druckenmiller fair value$98.52
✗Druckenmiller-307.8% margin vs $401.73
Spier fair value$255.32
✗Spier-57.3% margin vs $401.73
Show 7 more metrics ▾Show fewer ▴
Pabrai fair value$240.30
✗Pabrai-67.2% margin vs $401.73
Munger fair value$286.20
✗Munger-40.4% margin vs $401.73
Ackman fair value$501.81
✓Ackman+19.9% margin vs $401.73
Piotroski fair value$110.47
✗Piotroski-263.7% margin vs $401.73
Greenblatt fair value$243.01
✗Greenblatt-65.3% margin vs $401.73
Buffett fair value$166.89
✗Buffett-140.7% margin vs $401.73
Graham fair value$181.34
✗Graham-121.5% margin vs $401.73

Historical Score Timeline

Industry Peers

Similar companies in Insurance

UNH vs Peers — Financial Grading

Revenue$447.6BTop 25%

Net Income$12.1BTop 25%

ROE12.0%Median

D/E0.78Bottom 25%

Op. Margin4.2%Median

Curr. Ratio0.79Bottom 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski
PROGRESSIVE CORP/OH/PGR	$121.9B	$209.60	$87.7B	$11.3B	37.3%	0.00	—	—	3/9	3/9	6/7	0/3	F-Score 6
Elevance Health, Inc.ELV	$86.8B	$400.32	$199.1B	$5.7B	12.9%	0.75	3.6%	1.54	5/9	5/9	2/7	1/3	F-Score 6
Cigna GroupCI	$74.7B	$282.56	$274.9B	$6.0B	14.3%	0.01	3.3%	0.85	1/9	4/9	3/7	1/3	F-Score 8
AEGON LTD.AEFC	$28.5B	$18.36	—	$1.1B	10.4%	—	—	—	0/9	1/9	1/7	0/3	F-Score 5
PRINCIPAL FINANCIAL GROUP INCPFG	$24.4B	$113.98	$15.6B	$1.2B	10.0%	0.33	—	—	2/9	3/9	3/7	0/3	F-Score 5
MARKEL GROUP INC.MKL	$22.9B	$1847.24	$15.5B	$2.1B	11.3%	0.23	20.6%	—	4/9	6/9	5/7	1/3	F-Score 5
Fidelity National Financial, Inc.FNF	$13.3B	$49.47	$14.4B	$602.0M	8.1%	0.59	—	—	2/9	2/9	2/7	0/3	F-Score 5
Enact Holdings, Inc.ACT	$6.9B	$49.94	$1.2B	$674.2M	12.6%	0.14	—	—	5/9	1/9	4/7	0/3	F-Score 5