UnitedHealth (UNH) stock
Health Care · Managed Health Care
UnitedHealth (UNH) is a Managed Health Care company in the Health Care sector, headquartered in Eden Prairie, Minnesota. As of October 23, 2026, UNH closed at $418.09, a market capitalization of $375.28 billion, the 28th largest company in the S&P 500. Over the last twelve months it generated $450.06 billion in revenue (-0% year over year) and $23.62 billion in free cash flow. The stock trades at 26.9x trailing earnings and 18.0x forward earnings.
- 1-year total return: +19.1% (dividends reinvested)
- 5-year return: +0.4% a year
- 52-week range: $255.97 – $461.62
- Gross margin 20.0%, operating margin 5.8%
- Dividend yield: 2.22%, 16 straight years of increases
- FI Handbook report card: C across 10 metrics
- 4th largest of 60 Health Care stocks in the S&P 500
UNH price chart
1Y price change: +16.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| UNH | +12.6% | +29.2% | +19.1% | -5.1% | +0.4% | +13.0% | +21.7% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1984.
UNH key statistics
- Market cap
- $375.3B
- #28 in S&P 500
- P/E (TTM)
- 26.9x
- Forward P/E
- 18.0x
- EPS (TTM)
- $15.55
- Revenue (TTM)
- $450.1B
- -0%
- Free cash flow
- $23.6B
- Gross margin
- 20.0%
- Operating margin
- 5.8%
- Return on equity
- 15.8%
- Dividend yield
- 2.22%
- 52-week range
- $255.97 – $461.62
- Beta
- 0.61
- Price / sales
- 0.8x
- EV / EBITDA
- 14.7x
- Debt / equity
- 0.70x
- Employees
- 390,000
UNH report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth-0.4%F
- Gross margin20.0%D
- Operating margin5.8%D
- FCF margin5.2%D
- Return on equity15.8%B
- Net debt / EBITDA1.6xC
- Forward P/E18.0xB
- PEG ratio1.0xB
- Shareholder yield3.7%B
- Share count change / yr-1.1%B
UnitedHealth financials
Revenue went from $184.8B in fiscal 2016 to $447.6B in fiscal 2025, growing 10.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $184.8B | $201.2B | $226.2B | $242.2B | $257.1B | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Gross profit | $160.4B | $177.0B | $199.2B | $214.0B | $226.4B | $256.6B | $290.5B | $332.9B | $353.6B | $396.9B |
| Operating income | $12.9B | $15.2B | $17.3B | $19.7B | $22.4B | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| Net income | $7.0B | $10.6B | $12.0B | $13.8B | $15.4B | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| EPS (diluted) | $7.25 | $10.72 | $12.19 | $14.33 | $16.03 | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Free cash flow | $8.1B | $11.6B | $13.7B | $16.4B | $20.1B | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| Buybacks | $1.3B | $1.5B | $4.5B | $5.5B | $4.3B | $5.0B | $7.0B | $8.0B | $9.0B | $5.5B |
| Dividends paid | $2.3B | $2.8B | $3.3B | $3.9B | $4.6B | $5.3B | $6.0B | $6.8B | $7.5B | $7.9B |
| Diluted shares | 968.0M | 985.0M | 983.0M | 966.0M | 961.0M | 956.0M | 950.0M | 938.0M | 929.0M | 911.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into UNH?
A reverse DCF asks what growth the current price requires. With an enterprise value of $421.1B and $23.6B of trailing free cash flow, UnitedHealth needs to grow free cash flow about 7.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -4.4% a year over the last five years.
P/E ratio history
Current 31.6x vs. median 20.7x (10th–90th percentile 10.8x–28.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
UNH dividend
- Dividend yield
- 2.22%
- Annual dividend
- $9.28
- Years of increases
- 16
- 5-yr dividend growth
- 12.6%
- per year
- Payout ratio
- 58%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
UNH earnings
Next report: January 12, 2027. UnitedHealth has beaten EPS estimates 5 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 13, 2026 | $4.14 | $4.69 | +13.3% |
| Jul 16, 2026 | $4.92 | $6.38 | +29.8% |
| Apr 21, 2026 | $6.60 | $7.23 | +9.5% |
| Jan 27, 2026 | $2.11 | $2.11 | +0.2% |
| Oct 28, 2025 | $2.81 | $2.92 | +4.0% |
| Jul 29, 2025 | $4.45 | $4.08 | -8.2% |
| Apr 17, 2025 | $7.29 | $7.20 | -1.3% |
| Jan 16, 2025 | $6.74 | $6.81 | +1.1% |
Stocks like UNH
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 ELV Elevance Health | -1.20% | +30% | $95.4B | 18.7x | Compare |
 HUM Humana | +0.26% | +46% | $50.7B | 39.9x | Compare |
 CNC Centene | -1.50% | +104% | $34.7B | — | Compare |
 LLY Eli Lilly and | -2.54% | +56% | $1.1T | 42.7x | Compare |
 JNJ Johnson & Johnson | -1.42% | +40% | $635.1B | 40.0x | Compare |
 ABBV AbbVie | +0.16% | +29% | $504.8B | 80.7x | Compare |
 MRK Merck & | -1.34% | +72% | $358.4B | 117.2x | Compare |
 TMO Thermo Fisher Scientific | -0.40% | +18% | $249.1B | 35.5x | Compare |
UNH news
- Is UnitedHealth Group (UNH) Still A Bargain After Raised Guidance? · Oct 24, 2026
- UnitedHealth Soars 11% in a Week After a Beat-and-Raise Quarter: “Discipline and Execution” · Oct 23, 2026
- What Will Decide UnitedHealth Group Stock Over The Next Six Months? · Oct 23, 2026
- UnitedHealth Climbs 9% Since Earnings as Optum Health Profit Surges to $735 Million · Oct 22, 2026
- UnitedHealth Group Incorporated (UNH) is Attracting Investor Attention: Here is What You Should Know · Oct 22, 2026
UNH stock FAQ
What is UNH's market cap?
UnitedHealth's market capitalization is $375.28 billion as of October 23, 2026, ranking 28th in the S&P 500.
What is UNH's P/E ratio?
UNH trades at a trailing price-to-earnings ratio of 26.9x and a forward P/E of 18.0x. Its median P/E over the period we track is 20.7x.
Does UNH pay a dividend?
Yes. UnitedHealth pays $9.28 per share a year, a 2.22% yield. It has raised its dividend 16 years in a row. Dividends grew 12.6% a year over the last five years.
How much has UNH stock returned?
Including reinvested dividends, UNH returned +19.1% over one year, +0.4% a year over five years, +13.0% a year over ten years through October 23, 2026.
Is UNH stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies UnitedHealth must grow free cash flow about 8% a year for the next decade. Its free cash flow fell 4% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does UNH report earnings?
UnitedHealth is expected to report earnings on January 12, 2027. It has beaten EPS estimates 5 quarters in a row.
How many employees does UnitedHealth have?
UnitedHealth has about 390,000 full-time employees, or $1.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology