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Largest US health insurer, combining UnitedHealthcare health plans with Optum's pharmacy benefit, care-delivery and data/analytics businesses.
Largest US health insurer, combining UnitedHealthcare health plans with Optum's pharmacy benefit, care-delivery and data/analytics businesses.
Earns premiums from health plans, mainly employers and Medicare Advantage, and pays out medical claims, so profit depends on keeping claims below premiums. Its Optum arm sells pharmacy benefit management, owns physician groups and sells data and analytics, giving it revenue from several sides of care.
Moat: wide (scale, network effects, data). Largest US health-plan enrollment combined with Optum's PBM/care-delivery scale is hard to replicate.
Headquarters: Minnetonka, Minnesota, USA · Founded: 1977 · Employees: 390,000
Size UnitedHealth (UNH) is a United States Health Care company (Managed Health Care) with a market value of $353B, the 29th largest of 3,117 United States companies the cockpit tracks. Shares closed at $394.15 on 6 Nov 2026.
Performance Over six months the shares gained 4.3%, against +13.0% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 8 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +9.7%); the operating margin is 5.3% (peer median 1.9%).
Valuation It trades at 17.4× forward earnings against a peer median of 14.8× (4th most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -7 pp: the price already allows for a slowdown.
Backlog Backlog (remaining performance obligations) was $10.2B at 30 Sep 2026, down 12% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit UnitedHealth has 63 bonds outstanding ($72.8B), rated A+ by the agencies and trading like A at a weighted spread of 75 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $450B | $448B | $400B | $372B | $324B |
| Revenue growth | — | +12% | +8% | +15% | — |
| Net income | $15.9B | $12.1B | $14.4B | $22.4B | $20.1B |
| Free cash flow | $22.8B | $16.1B | $20.7B | $25.7B | $23.4B |
| Capital expenditure | $3.37B | $3.62B | $3.50B | $3.39B | $2.80B |
| Total debt | $74.3B | $83.0B | $81.8B | $67.4B | $62.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| UnitedHealth UNH | $353B | +4% | +3% | 5% | 17.4× | 4.3% |
| Elevance Health ELV | $92.0B | +13% | +4% | 4% | 14.8× | 4.7% |
| CVS Health CVS | $107B | -7% | +7% | 4% | 9.9× | -3.9% |
| Cigna CI | $77.6B | +3% | +8% | 4% | 9.0× | -5.3% |
| Humana HUM | $52.1B | +58% | +18% | 2% | 32.9× | 15.2% |
| Centene CNC | $34.5B | +25% | +10% | 1% | 13.3× | 1.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UNH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | +6.2% | 4th highest of 8 |
| 6-month return | +4.3% | +13.0% | 3rd lowest of 8 |
| Distance from 52-week high | -14.6% | -10.7% | 4th lowest of 8 |
| Revenue growth (TTM) | +3.3% | +9.7% | 2nd lowest of 8 |
| Operating margin | 5.3% | 1.9% | highest of 8 |
| Forward P/E | 17.4× | 14.8× | 4th most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 4.7% | 4th least demanding of 8 |
| Growth delivered (Del g) | +11.7% | +11.9% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | -7.4 pp | -10.8 pp | 4th most demanding of 8 |
| Bond spread | 75 bp | 108 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| UnitedHealth UNH | United States | $353B | +4% | +3% | 5% | 17.4× | 4.3% | +11.7% |
| Elevance Health ELV | United States | $92.0B | +13% | +4% | 4% | 14.8× | 4.7% | +10.3% |
| Cigna CI | United States | $77.6B | +3% | +8% | 4% | 9.0× | -5.3% | +11.4% |
| Humana HUM | United States | $52.1B | +58% | +18% | 2% | 32.9× | 15.2% | +10.9% |
| Centene CNC | United States | $34.5B | +25% | +10% | 1% | 13.3× | 1.1% | +11.9% |
| Molina Healthcare MOH | United States | $10.9B | +12% | -1% | 1% | 25.0× | 26.9% | +18.7% |
| Oscar Health OSCR | United States | $8.38B | +44% | +43% | 4% | 14.0× | -19.1% | +90.8% |
| Alignment Healthcare ALHC | United States | $1.54B | -59% | +36% | 1% | 1,052.5× | 13.2% | +32.7% |
UnitedHealth has 63 bonds outstanding with $72.8B face value. The agencies rate it A+; its bonds trade like A. Weighted yield 5.68%, a spread of 75 bp over government bonds.
UnitedHealth reported $10.2B of remaining performance obligations at 30 Sep 2026, down 12% from a year earlier and down 5% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.