UnitedHealth Group Incorporated (UNH) Key Metrics
UNH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $360.32B
- Enterprise value
- $376.62B
- P/E (TTM)
- 25.8 10-yr median 22.1
- Forward P/E
- 16.6
- PEG ratio
- 1.01
- Price / sales
- 0.8 10-yr median 1.2
- Price / book
- 3.4 10-yr median 5.0
- EV / EBITDA
- 14.7 10-yr median 14.4
- Dividend yield
- 2.31% $9.28 a year
- Beta
- 0.61
UNH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsUNH valuation Price multiples at each fiscal year-end price.
UNH returns How much profit the business earns on the capital it uses.
UNH per-share figures Results divided by the shares outstanding at year-end.
UNH financial health Debt, liquidity and how easily interest is covered.
UNH efficiency & capital use Working capital cycle and where the cash goes.
UNH valuation history
UNH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
UNH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
UNH cash returned to shareholders
UNH price vs earnings per share
UNH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $300.40B | $469.94B | $493.83B | $503.67B | $480.05B | $337.00B | $283.98B | $244.88B | $217.15B | $154.92B |
| Enterprise value | $350.67B | $517.73B | $531.64B | $533.38B | $502.14B | $360.69B | $310.42B | $267.11B | $233.36B | $174.61B |
| P/E ratio | 24.9 | 32.6 | 22.1 | 25.0 | 27.8 | 21.9 | 20.5 | 20.4 | 20.6 | 22.1 |
| Price / sales | 0.7 | 1.2 | 1.3 | 1.6 | 1.7 | 1.3 | 1.2 | 1.1 | 1.1 | 0.8 |
| Price / book | 3.2 | 5.1 | 5.6 | 6.5 | 6.7 | 5.1 | 4.9 | 4.7 | 4.4 | 4.0 |
| Price / free cash flow | 18.7 | 22.7 | 19.2 | 21.5 | 24.1 | 16.7 | 17.3 | 17.9 | 18.8 | 19.1 |
| Price / operating cash flow | 15.3 | 19.4 | 17.0 | 19.2 | 21.5 | 15.2 | 15.4 | 15.6 | 16.0 | 15.8 |
| EV / sales | 0.8 | 1.3 | 1.4 | 1.6 | 1.7 | 1.4 | 1.3 | 1.2 | 1.2 | 0.9 |
| EV / EBITDA | 15.2 | 18.4 | 14.6 | 16.8 | 18.5 | 14.3 | 13.9 | 13.5 | 13.4 | 11.7 |
| EV / free cash flow | 21.8 | 25.0 | 20.7 | 22.8 | 25.2 | 17.9 | 18.9 | 19.6 | 20.2 | 21.6 |
| Earnings yield | 4.0% | 3.1% | 4.5% | 4.0% | 3.6% | 4.6% | 4.9% | 4.9% | 4.9% | 4.5% |
| Free cash flow yield | 5.4% | 4.4% | 5.2% | 4.6% | 4.1% | 6.0% | 5.8% | 5.6% | 5.3% | 5.2% |
| Dividend yield | 2.6% | 1.6% | 1.4% | 1.2% | 1.1% | 1.4% | 1.4% | 1.4% | 1.3% | 1.5% |
| Shareholder yield (dividends + buybacks) | 4.5% | 3.5% | 3.0% | 2.6% | 2.1% | 2.6% | 3.3% | 3.2% | 2.0% | 2.3% |
| Share price at fiscal year-end | $330.11 | $505.86 | $526.47 | $530.18 | $502.14 | $350.68 | $293.98 | $249.12 | $220.46 | $160.04 |
| Per share | ||||||||||
| Revenue per share | $491.83 | $430.87 | $396.19 | $341.22 | $300.83 | $267.58 | $250.68 | $230.16 | $204.22 | $190.95 |
| Earnings per share | $13.25 | $15.51 | $23.86 | $21.18 | $18.08 | $16.03 | $14.33 | $12.19 | $10.72 | $7.25 |
| Operating cash flow per share | $21.65 | $26.05 | $30.99 | $27.59 | $23.37 | $23.07 | $19.11 | $15.98 | $13.80 | $10.12 |
| Free cash flow per share | $17.66 | $22.29 | $27.38 | $24.64 | $20.80 | $20.94 | $16.97 | $13.89 | $11.75 | $8.36 |
| Cash per share | $30.90 | $31.34 | $31.59 | $29.38 | $25.01 | $20.58 | $14.75 | $14.57 | $15.73 | $13.71 |
| Book value per share | $103.42 | $99.74 | $94.62 | $81.87 | $75.06 | $68.15 | $59.64 | $52.59 | $50.59 | $39.67 |
| Tangible book value per share | −$40.51 | −$40.20 | −$32.16 | −$31.56 | −$14.73 | −$17.38 | −$19.04 | −$16.83 | −$13.41 | −$18.31 |
| Dividends per share | $8.70 | $8.11 | $7.21 | $6.31 | $5.52 | $4.77 | $4.07 | $3.38 | $2.82 | $2.34 |
| Capex per share | $3.98 | $3.77 | $3.61 | $2.95 | $2.57 | $2.13 | $2.14 | $2.10 | $2.05 | $1.76 |
| Debt per share | $86.14 | $82.78 | $71.89 | $60.66 | $48.12 | $45.23 | $42.11 | $37.19 | $32.17 | $34.06 |
| Shares outstanding | 910.0M | 929.0M | 938.0M | 950.0M | 956.0M | 961.0M | 966.0M | 983.0M | 985.0M | 968.0M |
| Change in shares outstanding | −2.0% | −1.0% | −1.3% | −0.6% | −0.5% | −0.5% | −1.7% | −0.2% | +1.8% | +0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.9% | 15.9% | 26.9% | 26.9% | 25.2% | 25.0% | 25.3% | 23.6% | 23.9% | 19.5% |
| Return on invested capital (ROIC) | 11.6% | 18.4% | 22.0% | 22.1% | 20.8% | 19.7% | 19.7% | 19.2% | 18.9% | 13.9% |
| Return on assets (ROA) | 4.0% | 5.0% | 8.6% | 8.8% | 8.4% | 8.3% | 8.5% | 8.2% | 8.1% | 6.0% |
| Return on tangible assets | 6.7% | 8.6% | 14.5% | 14.6% | 13.7% | 13.4% | 14.1% | 14.3% | 13.9% | 10.5% |
| Free cash flow margin | 3.6% | 5.2% | 6.9% | 7.2% | 6.9% | 7.8% | 6.8% | 6.0% | 5.8% | 4.4% |
| Income quality (OCF / net income) | 1.63 | 1.68 | 1.30 | 1.30 | 1.29 | 1.44 | 1.33 | 1.31 | 1.29 | 1.40 |
| Financial health | ||||||||||
| Total debt | $78.39B | $76.90B | $67.44B | $57.62B | $46.00B | $43.47B | $40.68B | $36.55B | $31.69B | $32.97B |
| Cash & short-term investments | $28.12B | $29.11B | $29.63B | $27.91B | $23.91B | $19.78B | $14.24B | $14.32B | $15.49B | $13.28B |
| Net debt | $50.27B | $47.79B | $37.81B | $29.71B | $22.10B | $23.69B | $26.43B | $22.23B | $16.20B | $19.70B |
| Debt / equity | 0.83 | 0.83 | 0.76 | 0.74 | 0.64 | 0.66 | 0.71 | 0.71 | 0.64 | 0.86 |
| Debt / assets | 0.25 | 0.26 | 0.25 | 0.23 | 0.22 | 0.22 | 0.23 | 0.24 | 0.23 | 0.27 |
| Net debt / EBITDA | 2.18 | 1.70 | 1.04 | 0.93 | 0.82 | 0.94 | 1.18 | 1.12 | 0.93 | 1.31 |
| Current ratio | 0.79 | 0.83 | 0.79 | 0.77 | 0.79 | 0.74 | 0.69 | 0.73 | 0.73 | 0.69 |
| Quick ratio | 0.79 | 0.83 | 1.48 | 0.77 | 0.79 | 0.74 | 0.69 | 0.73 | 0.73 | 0.69 |
| Interest coverage | 4.7 | 8.3 | 10.0 | 13.6 | 14.4 | 13.5 | 11.6 | 12.4 | 12.8 | 12.1 |
| Working capital | −$24.32B | −$17.99B | −$20.62B | −$20.17B | −$16.53B | −$18.70B | −$19.15B | −$14.52B | −$13.38B | −$15.47B |
| Invested capital | $144.38B | $140.45B | $126.56B | $107.48B | $93.86B | $89.18B | $84.05B | $73.93B | $66.03B | $58.09B |
| Tangible asset value | −$29.27B | −$27.41B | −$20.01B | −$21.41B | −$9.36B | −$11.65B | −$13.85B | −$12.01B | −$11.02B | −$15.72B |
| Net current asset value | −$117.30B | −$109.91B | −$96.36B | −$90.29B | −$73.97B | −$73.03B | −$69.09B | −$57.30B | −$49.95B | −$48.52B |
| Graham number | $175.58 | $186.54 | $225.39 | $197.51 | $174.75 | $156.77 | $138.66 | $120.12 | $110.46 | $80.43 |
| Graham net-net per share | −$154.09 | −$140.19 | −$160.18 | −$114.33 | −$94.94 | −$101.27 | −$91.73 | −$74.39 | −$65.35 | −$64.96 |
| Capital allocation | ||||||||||
| Dividends paid | $7.92B | $7.53B | $6.76B | $5.99B | $5.28B | $4.58B | $3.93B | $3.32B | $2.77B | $2.26B |
| Share buybacks (net) | $5.54B | $9.00B | $8.00B | $7.00B | $5.00B | $4.25B | $5.50B | $4.50B | $1.50B | $1.28B |
| Dividend payout ratio | 65.7% | 52.3% | 30.2% | 29.8% | 30.5% | 29.8% | 28.4% | 27.7% | 26.3% | 32.2% |
| Dividends + buybacks / free cash flow | 83.7% | 79.9% | 57.5% | 55.5% | 51.7% | 43.9% | 57.5% | 57.3% | 36.9% | 43.8% |
| Capex / revenue | 0.8% | 0.9% | 0.9% | 0.9% | 0.9% | 0.8% | 0.9% | 0.9% | 1.0% | 0.9% |
| Capex / operating cash flow | 18.4% | 14.5% | 11.6% | 10.7% | 11.0% | 9.2% | 11.2% | 13.1% | 14.9% | 17.4% |
| Capex / depreciation | 0.83 | 0.85 | 0.85 | 0.82 | 0.79 | 0.71 | 0.76 | 0.85 | 0.90 | 0.83 |
| Stock-based compensation / revenue | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% |
| SG&A / revenue | 13.3% | 13.2% | 14.7% | 14.7% | 14.8% | 16.2% | 14.5% | 15.1% | 14.7% | 15.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 41.3 | 39.9 | 34.1 | 33.0 | 26.0 | 17.5 | 17.5 | 16.9 | 16.1 | 14.5 |
| Days of inventory on hand | — | — | -89.2 | — | — | — | — | — | — | — |
| Days payables outstanding | 73.0 | 59.0 | 57.7 | 79.0 | 78.3 | 81.6 | 76.4 | 73.7 | 74.4 | 72.3 |
| Cash conversion cycle (days) | -31.8 | -19.1 | -112.8 | -46.1 | -52.3 | -64.1 | -58.9 | -56.8 | -58.3 | -57.9 |
| Receivables turnover | 8.85 | 9.16 | 10.71 | 11.08 | 14.05 | 20.83 | 20.87 | 21.59 | 22.70 | 25.19 |
| Payables turnover | 5.00 | 6.19 | 6.33 | 4.62 | 4.66 | 4.47 | 4.78 | 4.95 | 4.91 | 5.05 |
| Asset turnover | 1.47 | 1.40 | 1.43 | 1.42 | 1.40 | 1.39 | 1.49 | 1.55 | 1.54 | 1.58 |
| Average receivables | $50.58B | $43.71B | $34.71B | $29.27B | $20.48B | $12.35B | $11.61B | $10.48B | $8.86B | $7.34B |
| Average payables | $72.97B | $50.26B | $44.36B | $52.95B | $46.75B | $42.53B | $38.65B | $34.82B | $31.40B | $28.04B |
| Average inventory | — | — | −$68.60B | — | — | — | — | — | $0 | $0 |
| Intangibles / total assets | 42.3% | 43.6% | 43.4% | 43.9% | 40.5% | 41.7% | 43.7% | 44.8% | 45.3% | 45.7% |
Computed from UNH's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
UNH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), UnitedHealth traded at 24.9 times earnings, against a 10-year median of 22.1. Based on the latest twelve months, the trailing P/E is 25.8 and the forward P/E is 16.6. UnitedHealth earned a return on equity of 12.9% and a return on invested capital of 11.6% in fiscal 2025. It ended the year with $78.4 billion of debt and $28.1 billion in cash and short-term investments, net debt of $50.3 billion. It returned $13.5 billion to shareholders: $7.9 billion in dividends and $5.5 billion in share buybacks, 84% of free cash flow. The share count fell 6.0% from 968.0M to 910.0M over 9 years.
See the UNH income statement, the UNH chart for price history, or the UNH stock overview for the latest quote and news.
UNH key metrics FAQ
What is UnitedHealth's P/E ratio?
UnitedHealth's trailing P/E ratio is 25.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 16.6. At the end of fiscal 2025 it was 24.9, compared with a 10-year median of 22.1.
What is UnitedHealth's EV/EBITDA?
UnitedHealth's enterprise value was 15.2 times EBITDA at the end of fiscal 2025 (enterprise value $350.7 billion, EBITDA $23.1 billion); the current EV/EBITDA is 14.7.
What is UnitedHealth's return on equity?
UnitedHealth's return on equity (ROE) was 12.9% in fiscal 2025: net income of $12.1 billion on average shareholders' equity of $93.4 billion.
What is UnitedHealth's ROIC?
UnitedHealth's return on invested capital was 11.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does UnitedHealth have?
UnitedHealth had total debt of $78.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.83 and $50.3 billion of net debt (2.18 times EBITDA).
What is UnitedHealth's dividend yield?
UnitedHealth's forward dividend yield is 2.31%. UnitedHealth paid $7.9 billion in dividends in fiscal 2025 ($8.70 per share), a payout ratio of 65.7%.
Does UnitedHealth buy back its shares?
Yes. UnitedHealth spent $5.5 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.0% over the year, to 910.0M..
What is UnitedHealth's free cash flow yield?
UnitedHealth generated $16.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.4% on its market value at year-end ($300.4 billion).
What is UnitedHealth's current ratio?
UnitedHealth's current ratio was 0.79 at the end of fiscal 2025: current assets were 0.79 times current liabilities.