Health Care · Managed Health Care · US stock · price as of 16 Oct 2026
Key indicators
Price
$413.16
52-week range
$161.90 – $456.50
Market cap
$49.8B
P/E (trailing)
44.1×
EV / EBITDA
13.4×
Free-cash-flow yield
2.6%
Dividend yield
0.6%
Revenue (last 12 months)
$137.2B
Revenue growth (3y a year)
11.8%
Operating margin
1.8%
Return on invested capital
18.9%
Net debt / EBITDA
-2.6×
Fair value
Blended fair value$500.36 range $455 – $556
Versus priceFair+21% to fair value
Peer multiples
$253.58
Fundamentals-adjusted multiple
$490.49
10-year DCF (market-scaled)
$757.00
Earnings power value (floor, not blended)
$431.13
Model uncertainty
Medium
X-Ray Score
51/ 100 · High confidence · ahead of 50% of sector peers
Valuation58
Growth47
Profitability47
Financial health51
Dividends46
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Humana is a health insurer best known for its Medicare Advantage plans, which cover older Americans, and it also offers Medicaid, military and group plans. Its pharmacy and primary care clinic businesses support members. The company earns money from premiums paid mainly by government programmes, and profit depends on the gap between those premiums and the medical costs of its members.
The company reported trailing revenue of $137.2 billion and three-year growth of 11.8% a year. Profitability figures show an operating margin of 1.8% and a return on invested capital of 19%. On leverage, net debt to EBITDA is -2.6 times, so cash exceeds debt. The dividend yield is 0.6%. These figures describe past results and the present financial position only.
StocksXray gives Humana Inc an X-Ray Score of 51 out of 100 (high confidence), ahead of 50% of the S&P 500 stocks in its sector. Its strongest lens is valuation (58) and its weakest is dividends (46).
Our fair value blend is $500.36 (range $454.85 to $556.48). At $413.16 the stock trades 17% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Humana Inc (HUM)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$442.68
$492.05
$443.15
$248.36
$254.24
$413.16
Market cap
$57.3B
$62.5B
$55.1B
$30.0B
$30.7B
$49.8B
P/E
19.5×
22.3×
22.2×
24.9×
25.8×
44.1×
EV / revenue
0.6×
0.6×
0.4×
0.2×
0.2×
0.3×
EV / EBITDA
14.2×
12.1×
9.5×
6.3×
6.8×
13.4×
Price / free cash flow
62.3×
18.1×
18.5×
12.6×
81.9×
39.2×
Free-cash-flow yield
1.6%
5.5%
5.4%
8.0%
1.2%
2.6%
Price / book
3.6×
4.1×
3.4×
1.8×
1.7×
2.7×
Dividend yield
0.62%
0.62%
0.78%
1.43%
1.39%
0.64%
Fundamentals checklist ● 7 Good · ● 1 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.3%Bad
Free-cash-flow yield2.6%Bad
Risk models
Altman Z score4.6×Good
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−23.6%Bad
Free-cash-flow growth (3y)−52.3%Bad
Revenue growth (3y)11.8%Good
Growth consistency100%Good
Balance sheet
Current ratio1.8×Average
Net debt / EBITDA-2.6×Good
Interest cover3.7×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield5.8%Good
Profitability
Return on invested capital18.9%Good
Operating margin1.8%Bad
XStocksXray
Humana Inc (HUM)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
83,064
92,870
106,374
117,761
129,664
137,200
Gross profit
–
–
–
–
–
–
Operating income
3,148
3,800
4,013
2,562
2,704
2,444
Net income
2,933
2,806
2,489
1,207
1,188
1,130
Diluted EPS ($)
22.67
22.08
20.00
9.98
9.84
9.36
Free cash flow
920
3,450
2,977
2,391
375
1,272
Gross margin
–
–
–
–
–
–
Operating margin
3.8%
4.1%
3.8%
2.2%
2.1%
1.8%
Net margin
3.5%
3.0%
2.3%
1.0%
0.9%
0.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
44,358
43,055
47,065
46,479
48,909
55,280
Cash
3,394
5,061
4,694
2,221
4,200
4,951
Total debt
12,494
11,126
11,656
11,721
12,369
13,993
Equity
16,080
15,311
16,262
16,375
17,657
18,580
Dividend per share ($)
2.73
3.06
3.44
3.54
3.54
3.54
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.