UNITEDHEALTH GROUP INC UNH
UnitedHealth Group Incorporated is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone. Our two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve.
The ability to analyze complex data and apply deep health care expertise and insights allows us to serve patients, consumers, care providers, businesses, communities and governments with more innovative products and complete, end-to-end offerings for many of the biggest challenges facing health care today.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $447.57B | $400.28B | $371.62B | $324.16B | $287.60B | $257.14B | $242.16B | $226.25B | $201.16B | $184.84B |
| Cost of revenue | $50.66B | $46.69B | $38.77B | $33.70B | $31.03B | $30.75B | $28.12B | $27.00B | $24.11B | $24.42B |
| Gross profit | $396.91B | $353.58B | $332.85B | $290.46B | $256.56B | $226.40B | $214.04B | $199.25B | $177.05B | $160.42B |
| SG&A | $59.59B | $53.01B | $54.63B | $47.78B | $42.58B | $41.70B | $35.19B | $34.07B | $29.56B | $28.40B |
| Total operating expenses | $428.60B | $367.99B | $339.26B | $295.73B | $263.63B | $234.74B | $222.47B | $208.90B | $185.95B | $171.91B |
| Operating income | $18.96B | $32.29B | $32.36B | $28.43B | $23.97B | $22.41B | $19.68B | $17.34B | $15.21B | $12.93B |
| Interest expense | $4.00B | $3.91B | $3.25B | $2.09B | $1.66B | $1.66B | $1.70B | $1.40B | $1.19B | $1.07B |
| Pre-tax income | $14.70B | $20.07B | $29.11B | $26.34B | $22.31B | $20.74B | $17.98B | $15.94B | $14.02B | $11.86B |
| Income tax | $1.89B | $4.83B | $5.97B | $5.70B | $4.58B | $4.97B | $3.74B | $3.56B | $3.20B | $4.79B |
| Net income | $12.81B | $15.24B | $23.14B | $20.64B | $17.73B | $15.40B | $13.84B | $11.99B | $10.56B | $7.02B |
| EPS, basic | 13.28 | 15.64 | 24.12 | 21.47 | 18.33 | 16.23 | 14.55 | 12.45 | 10.95 | 7.37 |
| EPS, diluted | 13.23 | 15.51 | 23.86 | 21.18 | 18.08 | 16.03 | 14.33 | 12.19 | 10.72 | 7.25 |
| Shares, diluted (wtd. avg.) | $911.0M | $929.0M | $938.0M | $950.0M | $956.0M | $961.0M | $966.0M | $983.0M | $985.0M | $968.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $24.36B | $25.31B | $25.43B | $23.36B | $21.38B | $16.92B | $10.98B | $10.87B | $11.98B | $10.43B |
| Short-term investments | $3.76B | $3.80B | $4.20B | $4.55B | $2.53B | $2.86B | $3.26B | $3.46B | $3.51B | $2.85B |
| Receivables | $23.02B | $22.36B | $21.28B | $17.68B | $14.22B | $12.87B | $11.82B | $11.39B | $9.57B | $8.15B |
| Inventory | $3.30B | $3.80B | $2.80B | $3.50B | $2.90B | — | — | — | — | — |
| Total current assets | $90.58B | $85.78B | $78.44B | $69.07B | $61.76B | $53.72B | $42.63B | $38.69B | $37.08B | $33.88B |
| Property, plant and equipment | $10.76B | $10.55B | $11.45B | $10.13B | $8.97B | $8.63B | $8.70B | $8.46B | $7.01B | $5.90B |
| Goodwill | $110.50B | $106.73B | $103.73B | $93.35B | $75.80B | $71.34B | $65.66B | $58.91B | $54.56B | $47.58B |
| Other intangibles | $20.47B | $23.27B | $15.19B | $14.40B | $10.04B | $10.86B | $10.35B | $9.32B | $8.49B | $8.54B |
| Total assets | $309.58B | $298.28B | $273.72B | $245.71B | $212.21B | $197.29B | $173.89B | $152.22B | $139.06B | $122.81B |
| Accounts payable | $38.03B | $34.34B | $31.96B | $27.71B | $24.64B | $22.50B | $19.00B | $16.70B | $15.18B | $13.36B |
| Short-term debt | $6.07B | $4.54B | $4.27B | $3.11B | $3.62B | $4.82B | $3.87B | $1.97B | $2.86B | $7.19B |
| Total current liabilities | $114.90B | $103.77B | $99.05B | $89.24B | $78.29B | $72.42B | $61.78B | $53.21B | $50.46B | $49.25B |
| Long-term debt | $72.32B | $72.36B | $58.26B | $54.51B | $42.38B | $38.65B | $36.81B | $34.58B | $28.84B | $25.78B |
| Total liabilities | $207.88B | $195.69B | $174.80B | $159.36B | $135.73B | $126.75B | $111.73B | $95.99B | $87.04B | $82.62B |
| Retained earnings | $95.60B | $96.04B | $95.77B | $86.16B | $77.13B | $69.30B | $61.18B | $55.85B | $48.73B | $40.95B |
| Total equity | $100.09B | $98.27B | $94.42B | $81.45B | $75.05B | $68.33B | $60.44B | $54.32B | $49.83B | $38.18B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19.70B | $24.20B | $29.07B | $26.21B | $22.34B | $22.17B | $18.46B | $15.71B | $13.60B | $9.79B |
| Depreciation and amortisation | $1.00B | $1.00B | $1.10B | $1.10B | $1.00B | $1.00B | $995.0M | $924.0M | $799.0M | $698.0M |
| Stock-based compensation | $971.0M | $1.02B | $1.06B | $925.0M | $800.0M | $679.0M | $697.0M | $638.0M | $597.0M | $485.0M |
| Capital expenditure | $3.62B | $3.50B | $3.39B | $2.80B | $2.45B | $2.05B | $2.07B | $2.06B | $2.02B | $1.71B |
| Investing cash flow | -$8.69B | -$20.53B | -$15.57B | -$28.48B | -$10.37B | -$12.53B | -$12.70B | -$12.38B | -$8.60B | -$9.36B |
| Financing cash flow | -$11.64B | -$3.51B | -$11.53B | $4.23B | -$7.46B | -$3.59B | -$5.62B | -$4.37B | -$3.44B | -$1.01B |
| Dividends paid | $2.00B | $7.53B | $6.76B | $5.99B | $5.28B | $4.58B | $3.93B | $3.32B | $2.77B | $2.26B |
| Buybacks | $5.54B | $9.00B | $8.00B | $7.00B | $5.00B | $4.25B | $5.50B | $4.50B | $1.50B | $1.28B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046125.
Others in SIC 6324
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ELV | Elevance Health, Inc. | $88.37B | 16.2x | 12.5% |
| CI | Cigna Group | $74.65B | 12.7x | 11.2% |
| HUM | HUMANA INC | $48.21B | 40.8x | 31.6% |
| CNC | CENTENE CORP | $33.12B | — | 20.0% |
| MOH | MOLINA HEALTHCARE, INC. | $10.48B | 22.5x | 11.7% |
| OSCR | Oscar Health, Inc. | $9.75B | — | 39.0% |
| ALHC | Alignment Healthcare, Inc. | $2.81B | — | 46.1% |
| CLOV | CLOVER HEALTH INVESTMENTS, CORP. /DE | $2.23B | — | 40.3% |