Debt burden is moderate, so it can be affected by the economic cycle.
Metrics · D/E ~80% · Current Ratio 0.80
💲Is the price expensive now?
On the expensive side
Even accounting for growth expectations, the price is set high.
Metrics · P/E 32.3 · P/B 4.1
💡Largest U.S. health insurer with an Optum moat, but a 2024-25 MLR spike and regulatory shocks cut operating income 41% and ROE from 25% to 12%. Recovery is key.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: TradingView (margins, debt, liquidity, P/B are TTM), as of 2026-06-26
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.
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. It is a period of compounding shocks: the CEO's killing, a DOJ investigation, and a management change (Hemsley's return) (source: SEC EDGAR 10-K · company IR).
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)
32.3
~11
~13
Vertical integration
Best (Optum)
Limited
Limited
P/E = TTM · sources: TradingView · company filings, 2026-06-26. 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 $427.89 +2.97% · as of 2026-06-26
Q. What are UnitedHealth's (UNH) key value-investing metrics?P/E (TTM) 32.3, ROE 12.5% (down from 25% to 12%), operating margin 4.2%, net margin 2.7%, TTM revenue +9.7%, and a 9-year revenue CAGR of +10.3% (sources: TradingView · company IR, as of 2026-06-26).
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.