Debt burden is moderate, so it can be affected by the economic cycle.
Metrics · D/E ~70% · Current Ratio 0.80
💲Is the price expensive now?
Not cheap (fair to slightly pricey)
Because it is a good, popular company, those expectations are already priced in.
Metrics · P/E 27.4 · P/B 3.7
💡Largest U.S. health insurer with an Optum moat; the 2024-25 MLR spike cut ROE from 25% to 12%, but Q2 2026 operating income rose 55% YoY as recovery begins.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: stockanalysis (margins, debt, liquidity, P/B are TTM), as of 2026-07-17
Business Summary · Key Value Metrics
A vertically integrated group combining the largest U.S. private health insurer (UnitedHealthcare) with health services, data, and pharmacy benefit management (Optum). At $449.7B in TTM revenue, it is the No. 1 U.S. healthcare company. A 2024-25 spike in the medical-cost ratio hit profitability.
Current Price
$426.09
+0.64%+$2.71· Close 2026-07-17
Analyst Consensus Target (external reference)
$471.65
Avg. of 27 external analysts · stockanalysis (27-analyst consensus, Buy)
P/E (TTM)
27.4x
TTM · down on Q2 2026 rebound
ROE
14.2%
TTM · recovering from 12% low
Operating Margin
4.8%
TTM · recovering from the low
Net Margin
3.1%
TTM
Revenue Growth
+6.5%
TTM YoY (Q2 2026 +0.4%)
Market Cap
$386.9B
As of 2026-07-17
Economic Moat · Key Business Segments
UnitedHealth is the largest U.S. private health insurer, with $449.7B in TTM revenue. Its key differentiator is a vertically integrated model that runs insurance (UHC), health services (Optum Health), data and IT (Optum Insight), and pharmacy benefit management as a single ecosystem. That said, a 2024-25 spike in the Medicare Advantage medical-cost ratio caused profitability to fall sharply (source: company IR · TradingView).
Economies of scale
The largest U.S. private health insurer at $449.7B in revenue, with superior bargaining power.
Optum vertical integration
Insurance + health services + IT/data + PBM in one ecosystem — a differentiator versus rivals.
Switching costs
Long-term contracts with employers and providers, plus data lock-in.
Regulatory barriers
State-by-state licensing and a complex regulatory environment block new entrants.
10-Year Financial Trends
Revenue grew steadily at a 9-year CAGR of +10.3% (to $447.6B in 2025), but a 2024-25 spike in the Medicare Advantage medical-cost ratio slashed operating income from $32.4B in 2023 to $19.0B in 2025. Diluted EPS also fell from $23.86 in 2023 to $13.23 in 2025. In Q2 2026, however, operating income rebounded to $8.0B (+55% vs. $5.2B a year earlier) with diluted EPS of $6.04 — a recovery in progress. The shocks of the CEO's killing, the DOJ investigation, and the management change (Hemsley's return) are receding (source: SEC EDGAR 10-K/10-Q · company IR · stockanalysis).
10-Year Growth
Revenue$448B · CAGR +10.3%
Operating Income$19.0B · CAGR +4.4%
EPS$13.23 · CAGR +6.9%
10-Year Valuation
P/E (year-end)25.0x · avg 26.5x
ROE12.5% · avg 20.4%
Operating Margin4.2% · avg 7.7%
📊 Annual Data Table (UNH) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2016
184.8
12.9
7.25
—
—
7
2017
201.2
15.2
10.72
—
—
7.6
2018
226.2
17.3
12.45
—
—
7.6
2019
242.2
19.7
14.55
—
—
8.1
2020
257.1
22.4
16.03
—
—
8.7
2021
287.6
24
18.08
27.8
24.1
8.3
2022
324.2
28.4
21.18
25
25.4
8.8
2023
371.6
32.4
24.12
22.1
25
8.7
2024
400.3
32.3
15.51
32.6
15.1
8.1
2025
447.6
19
13.23
25
12.5
4.2
— = no data for that year/metric (P/E omitted before EPS turned positive)
9-Year CAGR: Revenue +10.3% · Operating Income +4.4% · Net Income +6.3% · EPS +6.7%
Sources: SEC EDGAR 10-K · stockanalysis · company IR. Fiscal-year (December) GAAP; EPS is diluted. P/E and ROE cover the last 5 years (stockanalysis); revenue, operating income, EPS, and operating margin cover 10 years.
Mega-Cap Value Metric Comparison
The Medicare Advantage (MA) shock is common across the industry, but UNH's Optum vertical-integration model is a long-term differentiator. Cigna, with lower MA exposure, held up relatively well. UNH dwarfs peers on revenue scale (sources: TradingView · company filings).
Metric
★ UNH
CI
ELV
Revenue (TTM)
$449.7B
~$230B
~$174B
P/E (TTM)
27.4
~11
~13
Vertical integration
Best (Optum)
Limited
Limited
P/E = TTM · sources: TradingView · company filings, 2026-07-17. UNH's P/E is temporarily elevated by the 2025 earnings drop.
Key Risk Factors (from 10-K)
●
Medical-loss ratio (MLR) spike— A surge in Medicare Advantage utilization plus CMS rate cuts slashed operating income 41%; whether it stabilizes is the key question.Source: Company IR
●
DOJ and regulatory risk— A DOJ investigation into alleged Medicare Advantage fraud, plus antitrust pressure on the vertical-integration model.Source: Regulators
●
Limited margin of safety— Fairly valued on a forward basis, but the earnings decline is ongoing, and after rebounding from the 52-week low ($234) the margin of safety is limited.Source: TradingView
✦ ValueCrab Dashboard PreviewUNH $426.09 +0.64% · as of 2026-07-17
Q. What are UnitedHealth's (UNH) key value-investing metrics?P/E (TTM) 27.4, ROE 14.2% (recovering from a 12% low), operating margin 4.8%, net margin 3.1%, TTM revenue +6.5%, and a 9-year revenue CAGR of +10.3% (sources: TradingView · company IR, as of 2026-07-17).
Q. What happened in 2025?A spike in the Medicare Advantage medical-loss ratio (MLR) cut operating income -41%, from $32.4B in 2023 to $19.0B in 2025. The CEO's killing, a DOJ investigation, and a management change hit profitability and trust at the same time.
Q. Can it recover?The MA rate problem is industry-wide, but UNH's scale and Optum moat are advantages. The 2026-27 MA rate resets and resolution of the DOJ risk are the turning points. We do not offer a definitive judgment.