# UnitedHealth Group Incorporated (UNH)

> Source: Nexqual · https://nexqual.com/UNH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, UnitedHealth Group Incorporated (UNH), nexqual.com/UNH" · informational, not investment advice.

**Price:** USD 424.98 (+1.91% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 417 · day 417.13–426.55 · 52w 255.97–461.62 · market cap $381B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $450B, net income $14.1B (3.1% margin), free cash flow $23.6B (SEC filings).
- Valuation: P/E 27.0x (avg 26.5x at the last 3 fiscal year-ends), EV/EBITDA 16.3x, net debt $41.9B.
- 17 of 80 tracked superinvestors hold UNH (13F, Q2 2026): 2 new, 6 added, 9 reduced, 0 unchanged.
- Analysts: Buy (mean 1.96 on a 1–5 scale) (26 analysts), mean target USD 478.12 (range 380–529).
- Total return with dividends: 1Y +21.0% vs S&P 500 +14.9%; 5Y +3.6% vs S&P 500 +80.3%.
- Next earnings: 2027-01-12, EPS estimate USD 2.26, revenue estimate $112B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $288B | $324B | $372B | $400B | $448B | $450B |
| Gross profit | $257B | $290B | $333B | $354B | $397B | — |
| Operating income | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B | $21.7B |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B | $14.1B |
| EPS (diluted) | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 | — |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B | $23.6B |
| Gross margin | 89.2% | 89.6% | 89.6% | 88.3% | 88.7% | — |
| 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% |
| Revenue growth | +11.8% | +12.7% | +14.6% | +7.7% | +11.8% | — |
| Cash + short-term investments | $23.9B | $27.9B | $29.6B | $29.1B | $28.1B | — |
| Total debt | $46.0B | $57.6B | $62.5B | $76.9B | $78.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.0x · P/S 0.8x · EV/EBITDA 16.3x · EV/Sales 0.9x · P/FCF 16.2x · P/B 3.6x · FCF yield 6.19% · Earnings yield 3.70% · Dividend yield (paid, TTM) 2.12% · Buyback yield (TTM) 0.43% · Net debt $41.9B · EV $423B
P/E at fiscal year-ends: Dec 2025 24.9x, Dec 2024 32.6x, Dec 2023 22.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
17 of 80 tracked investors hold UNH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Samantha McLemore | Patient Capital Management | 6.05% | $182M | Added +0.1% |
| Ruane Cunniff | Ruane Cunniff LP | 4.56% | $293M | Reduced -3.1% |
| Van Den Berg Management I |  | 2.43% | $11.5M | Reduced -4.2% |
| Christopher Davis | Davis Advisors | 2.28% | $530M | Added +2.2% |
| Mairs & Power | Mairs & Power Funds | 2.14% | $233M | Reduced -24.4% |
| Dodge & Cox Funds | Dodge & Cox | 1.97% | $3.77B | Reduced -4.2% |
| Hillman Capital | Hillman Capital Management | 1.63% | $2.2M | Reduced -27.0% |
| Yacktman Asset Management |  | 0.88% | $71.4M | Added +2.0% |
| Duan Yongping | H&H International Investment | 0.87% | $166M | Reduced -33.6% |
| Vulcan Value Partners |  | 0.85% | $28.0M | Reduced -92.6% |
| Chase Coleman | Tiger Global Management | 0.52% | $124M | Reduced -15.1% |
| Sarah Ketterer | Causeway Capital Management | 0.39% | $36.3M | Added +21.7% |
| Tweedy Browne |  | 0.13% | $1.7M | Added +11.5% |
| Torray Funds |  | 0.04% | $284K | New position |
| First Eagle Investment | First Eagle Investment Management | 0.03% | $17.6M | Added +3.8% |
| Jensen Investment Management |  | 0.01% | $357K | Reduced -42.4% |
| Glenn Greenberg | Brave Warrior Advisors | <0.01% | $207K | New position |

## Analysts
Consensus Buy (mean 1.96 on a 1–5 scale), 26 analysts; mean target USD 478.12 (low 380, high 529).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Mizuho | Target raised | Outperform | $493 → $500 |
| 2026-10-20 | RBC Capital | Target raised | Outperform | $478 → $498 |
| 2026-10-16 | Bernstein | Target lowered | Outperform | $512 → $500 |
| 2026-10-16 | JP Morgan | Target raised | Overweight | $516 → $524 |
| 2026-10-15 | TD Cowen | Reiterated | Hold | $402 |
| 2026-10-14 | Piper Sandler | Target raised | Overweight | $502 → $504 |
| 2026-10-14 | Barclays | Target lowered | Overweight | $441 → $440 |
| 2026-10-14 | Baird | Target lowered | Neutral | $453 → $427 |
| 2026-10-09 | TD Cowen | Target lowered | Hold | $430 → $402 |
| 2026-07-21 | JP Morgan | Target raised | Overweight | $466 → $516 |
| 2026-07-21 | Mizuho | Target raised | Outperform | $470 → $493 |
| 2026-07-20 | Barclays | Target raised | Overweight | $429 → $441 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +21.0% | +3.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +21.1% | +0.7% |
| Volatility (annualized) | 36.0% | 35.0% |
| Max drawdown | -28.6% (Oct 2025→Mar 2026) | -60.8% (Nov 2024→Jul 2025) |

## Peers (Healthcare Plans)
CVS (CVS Health Corporation) USD 94.48 +1.10% · ELV (Elevance Health, Inc.) USD 445.28 +2.57% · CI (The Cigna Group) USD 315.88 +3.78% · HUM (Humana Inc.) USD 420.97 -1.05% · CNC (Centene Corporation) USD 71.24 +1.42% · MOH (Molina Healthcare Inc) USD 216.64 +0.81%

## More
Full page: https://nexqual.com/UNH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name UNH in their own reports (relationship from UNH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | CREDICORP LTD (BAP) | 20-F 2026-04-27 | "In 2018, UnitedHealth Group, one of the world's largest healthcare companies, acquired Banmédica, becoming Pacífico's new partner in Peru." |
| partner | DarioHealth Corp. (DRIO) | 10-K 2026-03-19 | "Prior to Chicago Pacific Partners, Mr. Leisure held senior management roles at Accenture, PricewaterhouseCoopers, Towers Perrin, Kaiser Foundation Health Plans and UnitedHealth Group." |
| competitor | HEALTHEQUITY, INC. (HQY) | 10-K 2026-03-17 | "Some of our direct competitors (including well-known retail investment companies, such as Fidelity Investments, and healthcare service companies such as UnitedHealth Group's Optum and Webster Bank) ar…" |
| competitor | Astrana Health, Inc. (ASTH) | 10-K 2026-03-12 | "In the greater Los Angeles area, such competitors include Regal Medical Group and Lakeside Medical Group, which are part of Heritage Provider Network ("Heritage"), as well as Optum, a subsidiary of Un…" |
| partner | BrightSpring Health Services, Inc. (BTSG) | 10-K 2026-02-27 | "The Company entered into a purchase agreement with Amedisys, Inc., UnitedHealth Group Incorporated and certain of their respective subsidiaries, to purchase certain Amedisys home health and hospice ca…" |
| competitor | Option Care Health, Inc. (OPCH) | 10-K 2026-02-24 | "The Company's competitors within the home infusion market include Optum Infusion Pharmacy (a unit of UnitedHealth Group), Coram CVS/specialty infusion services (a division of CVS Health), Amerita Spec…" |
| competitor | AdaptHealth Corp. (AHCO) | 10-K 2026-02-24 | "In addition, pharmacy benefit managers, including CVS Health Corporation and the Optum business of UnitedHealth Group Incorporated, have entered the HME market and compete with AdaptHealth." |
| competitor | IQVIA HOLDINGS INC. (IQV) | 10-K 2026-02-17 | "Our offerings compete with various firms, including Accenture, Aetion (a Datavant company), Panalgo (a Norstella company), Cognizant Technology Solutions, Deloitte, Pharmaceutical Product Development,…" |
| competitor | CVS HEALTH Corp (CVS) | 10-K 2026-02-10 | "The Health Services segment has a significant number of competitors offering PBM services, including large, national PBM companies (e.g., Prime Therapeutics and MedImpact), PBMs owned by large nationa…" |
| competitor | MOLINA HEALTHCARE, INC. (MOH) | 10-K 2026-02-10 | "Our primary competitors in the Medicaid managed care industry include Centene Corporation, CVS Health Corporation, Elevance Health, Inc., UnitedHealth Group Inc., and large not-for-profit healthcare o…" |
| competitor | DLH Holdings Corp. (DLHC) | 10-K 2025-12-10 | "Our competitors include operating units within: Accenture Federal Services LLC, BAE Systems plc, Booz Allen Hamilton Holding Corp., CACI International, Inc., Deloitte, ECS Federal, LLC, The Emmes Comp…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| UnitedHealthcare | $86.02B | 76.8% | -0.1% | $3.94B | 4.6% |
| Optum | $65.66B | 58.6% | -2.3% | $4.05B | 6.2% |
| Optum Rx | $38.29B | 34.2% | -0.4% | $1.49B | 3.9% |
| Optum Health | $23.47B | 21.0% | -5.1% | $1.19B | 5.1% |
| Optum Insight | $5.40B | 4.8% | +3.2% | $1.37B | 25.3% |
| Corporate costs (not allocated) | — | — | — | $0 | — |
| Total revenue | $112.03B | 100% | — | $7.99B | 7.1% |
The lines above cover 195.3% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $13.84B | 12.3% | +2.0% |
| Service | $10.02B | 8.9% | +10.8% |
| Total revenue | $112.03B | 100% | — |
The lines above cover 21.3% of total revenue.

## Company outlook (8-K filed 2026-10-13)

- "Outlook to At Least $19.50 Per Share;"
- "The company now expects full year 2026 adjusted net earnings of at least $20.50 per share, incorporating experience through the third quarter 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.26 | $2.17 | +4.1% | $112.34B | 22 |
| Next quarter (ends 2027-03-31) | $8.18 | $8.12 | +0.6% | $113.70B | 16 |
| Current fiscal year (ends 2026-12-31) | $20.59 | $19.81 | +3.9% | $448.95B | 24 |
| Next fiscal year (ends 2027-12-31) | $23.27 | $22.44 | +3.7% | $463.61B | 26 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2027-01-12): ±11.2%; earnings reaction alone ±3.3%; last 8 reports averaged ±9.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 26.8% | ±3.2% |
| 2026-11-06 | 14 | 27.1% | ±4.4% |
| 2026-11-13 | 21 | 27.7% | ±5.5% |
| 2026-11-20 | 28 | 27.4% | ±6.2% |
| 2026-11-27 | 35 | 27.6% | ±6.9% |
| 2026-12-04 | 42 | 27.5% | ±7.6% |
| 2026-12-18 | 56 | 27.9% | ±8.8% |
| 2027-01-15 | 84 | 29.0% | ±11.2% |