XStocksXray

Research report · 16 October 2026

Unitedhealth Group Inc (UNH)

Health Care · Managed Health Care · US stock · price as of 16 Oct 2026

Key indicators

Price	$401.43
52-week range	$252.96 – $458.79
Market cap	$363.7B
P/E (trailing)	25.8×
EV / EBITDA	15.6×
Free-cash-flow yield	6.5%
Dividend yield	2.3%
Revenue (last 12 months)	$450.1B
Revenue growth (3y a year)	11.4%
Operating margin	4.8%
Return on invested capital	12.7%
Net debt / EBITDA	1.6×

Fair value

Blended fair value$554.74 range $524 – $594

Versus priceFair+38% to fair value

Peer multiples	$530.44
Fundamentals-adjusted multiple	$573.63
10-year DCF (market-scaled)	$560.17
Earnings power value (floor, not blended)	$343.38
Model uncertainty	Medium

X-Ray Score

59/ 100 · High confidence · ahead of 70% of sector peers

Valuation76

Growth52

Profitability59

Financial health43

Dividends64

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

UnitedHealth Group is a health care and insurance company with two main parts. UnitedHealthcare provides health benefit plans to employers, individuals and government programs such as Medicare and Medicaid. Optum offers pharmacy benefit services, care delivery, data analytics and financial services to health systems and payers. The company earns money from premiums paid for insurance coverage and from fees for services, and medical costs strongly influence its profit.

Looking at the top line, revenue was $450.1 billion for the latest twelve months and it grew by 11.4% a year over three years. Operating margin was 4.8%, and return on invested capital is 13%. Its net debt to EBITDA ratio is 1.6 times. Shareholders receive a dividend with a yield of 2.3%.

StocksXray gives Unitedhealth Group Inc an X-Ray Score of 59 out of 100 (high confidence), ahead of 70% of the S&P 500 stocks in its sector. Its strongest lens is valuation (76) and its weakest is financial health (43).

Our fair value blend is $554.74 (range $524.00 to $594.12). At $401.43 the stock trades 28% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Unitedhealth Group Inc (UNH)

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	$460.25	$492.17	$496.09	$484.13	$323.71	$401.43
Market cap	$440.0B	$467.6B	$465.3B	$449.8B	$294.9B	$363.7B
P/E	25.5×	23.2×	20.8×	31.2×	24.5×	25.8×
EV / revenue	1.6×	1.5×	1.4×	1.3×	0.8×	0.9×
EV / EBITDA	17.2×	15.7×	13.9×	13.8×	15.1×	15.9×
Price / free cash flow	22.1×	20.0×	18.1×	21.7×	18.3×	15.4×
Free-cash-flow yield	4.5%	5.0%	5.5%	4.6%	5.5%	6.5%
Price / book	5.9×	5.7×	4.9×	4.6×	2.9×	3.5×
Dividend yield	1.22%	1.30%	1.47%	1.69%	2.70%	2.26%

Fundamentals checklist ● 6 Good · ● 4 Average · ● 6 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−4.2%Average

Free-cash-flow yield6.5%Good

Risk models

Altman Z score1.5×Bad

Piotroski F-Score7 of 9Average

Growth

EPS growth (3y)−14.5%Bad

Free-cash-flow growth (3y)−11.8%Bad

Revenue growth (3y)11.4%Good

Growth consistency100%Good

Balance sheet

Current ratio0.8×Bad

Net debt / EBITDA1.6×Average

Interest cover5.6×Bad

Valuation

Fair value vs price1.4×Good

EBIT / EV yield5.3%Good

Profitability

Return on invested capital12.7%Average

Operating margin4.8%Bad

Gross profitability128.7%Good

XStocksXray

Unitedhealth Group Inc (UNH)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	287,597	324,162	371,622	400,278	447,567	450,129
Gross profit	256,563	290,459	332,852	353,584	396,912	398,685
Operating income	23,970	28,435	32,358	32,287	18,964	21,676
Net income	17,285	20,120	22,381	14,405	12,056	14,122
Diluted EPS ($)	18.08	21.18	23.86	15.51	13.23	15.54
Free cash flow	19,889	23,404	25,682	20,705	16,075	23,617
Gross margin	89.2%	89.6%	89.6%	88.3%	88.7%	88.6%
Operating margin	8.3%	8.8%	8.7%	8.1%	4.2%	4.8%
Net margin	6.0%	6.2%	6.0%	3.6%	2.7%	3.1%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	212,206	245,705	273,720	298,278	309,581	309,727
Cash	21,375	23,365	25,427	25,312	24,365	28,585
Total debt	46,003	57,623	62,537	76,904	78,389	73,328
Equity	75,045	81,450	94,421	98,268	100,090	104,513
Dividend per share ($)	5.60	6.40	7.29	8.18	8.73	8.95

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	109,575	111,616	113,161	113,215	111,721	112,032
Growth vs a year earlier	+9.8%	+12.9%	+12.2%	+12.3%	+2.0%	+0.4%
Net income ($M)	6,292	3,406	2,348	10	6,280	5,484
Diluted EPS ($)	6.85	3.74	2.59	–	6.90	6.04

XStocksXray

Unitedhealth Group Inc (UNH)

Peers in Managed Health Care

Company	X-Ray
UNH · Unitedhealth Group Inc	59
ELV · Elevance Health, Inc.	62
HUM · Humana Inc	51
CNC · Centene Corp	46

Market Compass outlook for Health Care: Neutral (51/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+5.8%
1 month	+7.0%
3 months	−4.2%
6 months	+25.1%
1 year	+14.1%
3 years	−18.4%
5 years	+7.6%

Technical summary

DailyStrongly bullish12 bullish · 3 neutral · 1 bearish

WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish

MonthlyBullish5 bullish · 1 neutral · 2 bearish

50-day / 200-day average	$386.09 / $355.62
52-week low / high	$252.96 / $458.79
Classic pivot, support and resistance	S2 386.26 · S1 393.84 · P – · R1 410.69 · R2 419.96

Recent dividends

Ex-dividend date	Amount per share
14 Sep 2026	$2.3200
15 Jun 2026	$2.3200
9 Mar 2026	$2.2100
8 Dec 2025	$2.2100
15 Sep 2025	$2.2100
16 Jun 2025	$2.2100

XStocksXray

Unitedhealth Group Inc (UNH)

Strengths

Revenue growth of 11.4% a year over three years is ahead of 81% of its sector peers.
Free-cash-flow yield of 6.5% is ahead of 72% of its sector peers.
Piotroski F-Score of 7 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Altman Z score is weak against Health Care peers (1.5×).
EPS growth (3y) is weak against Health Care peers (−14.5%).
Free-cash-flow growth (3y) is weak against Health Care peers (−11.8%).
Current ratio is weak against Health Care peers (0.8×).
Interest cover is weak against Health Care peers (5.6×).
Operating margin is weak against Health Care peers (4.8%).
The Altman Z score of 1.5× is in the distress zone.

Latest SEC filings

Date	Form	Items
13 Oct 2026	8-K	2.02,9.01
8 Sep 2026	8-K	7.01
10 Aug 2026	10-Q
16 Jul 2026	8-K	2.02,9.01
5 Jun 2026	8-K	5.07
11 May 2026	8-K	7.01
5 May 2026	10-Q
21 Apr 2026	DEF 14A

How to read this report

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.