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UNITEDHEALTH GROUP INC (UNH.DE) Stock Fundamental Analysis

FRA:UNH - Deutsche Boerse Ag - US91324P1021 - Common Stock - Currency: EUR

220.4  +8.25 (+3.89%)

Fundamental Rating

6

Taking everything into account, UNH scores 6 out of 10 in our fundamental rating. UNH was compared to 26 industry peers in the Health Care Providers & Services industry. While UNH belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. UNH has a correct valuation and a medium growth rate. UNH also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

UNH had positive earnings in the past year.
UNH had a positive operating cash flow in the past year.
Each year in the past 5 years UNH has been profitable.
Each year in the past 5 years UNH had a positive operating cash flow.
UNH.DE Yearly Net Income VS EBIT VS OCF VS FCFUNH.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

1.2 Ratios

UNH has a better Return On Assets (6.90%) than 84.62% of its industry peers.
Looking at the Return On Equity, with a value of 21.20%, UNH belongs to the top of the industry, outperforming 92.31% of the companies in the same industry.
UNH has a better Return On Invested Capital (7.89%) than 80.77% of its industry peers.
UNH had an Average Return On Invested Capital over the past 3 years of 10.14%. This is above the industry average of 5.58%.
Industry RankSector Rank
ROA 6.9%
ROE 21.2%
ROIC 7.89%
ROA(3y)7.06%
ROA(5y)7.43%
ROE(3y)22.21%
ROE(5y)22.85%
ROIC(3y)10.14%
ROIC(5y)10.16%
UNH.DE Yearly ROA, ROE, ROICUNH.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

1.3 Margins

The Profit Margin of UNH (5.04%) is better than 80.77% of its industry peers.
In the last couple of years the Profit Margin of UNH has declined.
UNH has a better Operating Margin (7.27%) than 61.54% of its industry peers.
In the last couple of years the Operating Margin of UNH has remained more or less at the same level.
Industry RankSector Rank
OM 7.27%
PM (TTM) 5.04%
GM N/A
OM growth 3Y-1.09%
OM growth 5Y-0.16%
PM growth 3Y-15.71%
PM growth 5Y-8.84%
GM growth 3YN/A
GM growth 5YN/A
UNH.DE Yearly Profit, Operating, Gross MarginsUNH.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8

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4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), UNH is creating some value.
Compared to 1 year ago, UNH has less shares outstanding
UNH has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, UNH has a worse debt to assets ratio.
UNH.DE Yearly Shares OutstandingUNH.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M
UNH.DE Yearly Total Debt VS Total AssetsUNH.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B 200B 250B

2.2 Solvency

UNH has a debt to FCF ratio of 3.13. This is a good value and a sign of high solvency as UNH would need 3.13 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 3.13, UNH belongs to the best of the industry, outperforming 84.62% of the companies in the same industry.
UNH has a Debt/Equity ratio of 0.73. This is a neutral value indicating UNH is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.73, UNH is in line with its industry, outperforming 53.85% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 3.13
Altman-Z N/A
ROIC/WACC1.02
WACC7.76%
UNH.DE Yearly LT Debt VS Equity VS FCFUNH.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B 80B

2.3 Liquidity

A Current Ratio of 0.88 indicates that UNH may have some problems paying its short term obligations.
UNH has a Current ratio of 0.88. This is in the lower half of the industry: UNH underperforms 61.54% of its industry peers.
A Quick Ratio of 0.88 indicates that UNH may have some problems paying its short term obligations.
With a Quick ratio value of 0.88, UNH perfoms like the industry average, outperforming 42.31% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.88
Quick Ratio 0.88
UNH.DE Yearly Current Assets VS Current LiabilitesUNH.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

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5

3. Growth

3.1 Past

UNH shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.40%.
Measured over the past years, UNH shows a quite strong growth in Earnings Per Share. The EPS has been growing by 13.07% on average per year.
UNH shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 9.70%.
The Revenue has been growing by 10.57% on average over the past years. This is quite good.
EPS 1Y (TTM)-5.4%
EPS 3Y13.67%
EPS 5Y13.07%
EPS Q2Q%-40%
Revenue 1Y (TTM)9.7%
Revenue growth 3Y11.65%
Revenue growth 5Y10.57%
Sales Q2Q%12.66%

3.2 Future

UNH is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 8.37% yearly.
Based on estimates for the next years, UNH will show a quite strong growth in Revenue. The Revenue will grow by 8.02% on average per year.
EPS Next Y-20.07%
EPS Next 2Y-3.77%
EPS Next 3Y1.93%
EPS Next 5Y8.37%
Revenue Next Year12.01%
Revenue Next 2Y9.08%
Revenue Next 3Y8.3%
Revenue Next 5Y8.02%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
UNH.DE Yearly Revenue VS EstimatesUNH.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 200B 400B 600B
UNH.DE Yearly EPS VS EstimatesUNH.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 10 20 30 40 50

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6

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 10.17, the valuation of UNH can be described as reasonable.
Based on the Price/Earnings ratio, UNH is valued cheaply inside the industry as 88.46% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 26.51, UNH is valued rather cheaply.
With a Price/Forward Earnings ratio of 9.93, the valuation of UNH can be described as very reasonable.
76.92% of the companies in the same industry are more expensive than UNH, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 34.09. UNH is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 10.17
Fwd PE 9.93
UNH.DE Price Earnings VS Forward Price EarningsUNH.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

UNH's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. UNH is cheaper than 65.38% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, UNH is valued a bit cheaper than 69.23% of the companies in the same industry.
Industry RankSector Rank
P/FCF 9.21
EV/EBITDA 7.76
UNH.DE Per share dataUNH.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 100 200 300 400

4.3 Compensation for Growth

UNH has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.78
EPS Next 2Y-3.77%
EPS Next 3Y1.93%

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7

5. Dividend

5.1 Amount

UNH has a Yearly Dividend Yield of 3.61%.
The stock price of UNH dropped by -37.41% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
Compared to an average industry Dividend Yield of 3.00, UNH pays a better dividend. On top of this UNH pays more dividend than 84.62% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.40, UNH pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.61%

5.2 History

On average, the dividend of UNH grows each year by 14.73%, which is quite nice.
Dividend Growth(5Y)14.73%
Div Incr Years5
Div Non Decr Years5
UNH.DE Yearly Dividends per shareUNH.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2 4 6 8

5.3 Sustainability

36.54% of the earnings are spent on dividend by UNH. This is a low number and sustainable payout ratio.
UNH's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP36.54%
EPS Next 2Y-3.77%
EPS Next 3Y1.93%
UNH.DE Yearly Income VS Free CF VS DividendUNH.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B
UNH.DE Dividend Payout.UNH.DE Dividend Payout, showing the Payout Ratio.UNH.DE Dividend Payout.PayoutRetained Earnings

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UNITEDHEALTH GROUP INC

FRA:UNH (8/11/2025, 3:41:21 PM)

220.4

+8.25 (+3.89%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Providers & Services
Earnings (Last)07-29 2025-07-29/bmo
Earnings (Next)10-13 2025-10-13/amc
Inst Owners90.48%
Inst Owner ChangeN/A
Ins Owners0.19%
Ins Owner ChangeN/A
Market Cap199.93B
Analysts75
Price Target290.93 (32%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.61%
Yearly Dividend7.03
Dividend Growth(5Y)14.73%
DP36.54%
Div Incr Years5
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-6.05%
Min EPS beat(2)-9.92%
Max EPS beat(2)-2.18%
EPS beat(4)2
Avg EPS beat(4)-2.67%
Min EPS beat(4)-9.92%
Max EPS beat(4)1.12%
EPS beat(8)6
Avg EPS beat(8)0.29%
EPS beat(12)10
Avg EPS beat(12)1.09%
EPS beat(16)14
Avg EPS beat(16)1.55%
Revenue beat(2)0
Avg Revenue beat(2)-1.85%
Min Revenue beat(2)-2.79%
Max Revenue beat(2)-0.91%
Revenue beat(4)1
Avg Revenue beat(4)-1.27%
Min Revenue beat(4)-2.79%
Max Revenue beat(4)0.55%
Revenue beat(8)3
Avg Revenue beat(8)-0.56%
Revenue beat(12)5
Avg Revenue beat(12)-0.28%
Revenue beat(16)8
Avg Revenue beat(16)-0.12%
PT rev (1m)-14.51%
PT rev (3m)-42.71%
EPS NQ rev (1m)-42.68%
EPS NQ rev (3m)-61.99%
EPS NY rev (1m)0%
EPS NY rev (3m)-23.3%
Revenue NQ rev (1m)-0.46%
Revenue NQ rev (3m)-0.49%
Revenue NY rev (1m)-0.08%
Revenue NY rev (3m)-0.43%
Valuation
Industry RankSector Rank
PE 10.17
Fwd PE 9.93
P/S 0.55
P/FCF 9.21
P/OCF 8.04
P/B 2.32
P/tB 2.32
EV/EBITDA 7.76
EPS(TTM)21.67
EY9.83%
EPS(NY)22.2
Fwd EY10.07%
FCF(TTM)23.94
FCFY10.86%
OCF(TTM)27.43
OCFY12.44%
SpS400.15
BVpS95.08
TBVpS95.08
PEG (NY)N/A
PEG (5Y)0.78
Profitability
Industry RankSector Rank
ROA 6.9%
ROE 21.2%
ROCE 10.15%
ROIC 7.89%
ROICexc 8.82%
ROICexgc 33.7%
OM 7.27%
PM (TTM) 5.04%
GM N/A
FCFM 5.98%
ROA(3y)7.06%
ROA(5y)7.43%
ROE(3y)22.21%
ROE(5y)22.85%
ROIC(3y)10.14%
ROIC(5y)10.16%
ROICexc(3y)11.32%
ROICexc(5y)11.36%
ROICexgc(3y)32.46%
ROICexgc(5y)32.01%
ROCE(3y)13.1%
ROCE(5y)13.1%
ROICexcg growth 3Y-2.11%
ROICexcg growth 5Y-0.12%
ROICexc growth 3Y-2.38%
ROICexc growth 5Y-0.43%
OM growth 3Y-1.09%
OM growth 5Y-0.16%
PM growth 3Y-15.71%
PM growth 5Y-8.84%
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover1.37
Health
Industry RankSector Rank
Debt/Equity 0.73
Debt/FCF 3.13
Debt/EBITDA 2.1
Cap/Depr 87.23%
Cap/Sales 0.87%
Interest Coverage 250
Cash Conversion 82.85%
Profit Quality 118.76%
Current Ratio 0.88
Quick Ratio 0.88
Altman-Z N/A
F-Score8
WACC7.76%
ROIC/WACC1.02
Cap/Depr(3y)84.34%
Cap/Depr(5y)80.61%
Cap/Sales(3y)0.88%
Cap/Sales(5y)0.86%
Profit Quality(3y)124.43%
Profit Quality(5y)123.8%
High Growth Momentum
Growth
EPS 1Y (TTM)-5.4%
EPS 3Y13.67%
EPS 5Y13.07%
EPS Q2Q%-40%
EPS Next Y-20.07%
EPS Next 2Y-3.77%
EPS Next 3Y1.93%
EPS Next 5Y8.37%
Revenue 1Y (TTM)9.7%
Revenue growth 3Y11.65%
Revenue growth 5Y10.57%
Sales Q2Q%12.66%
Revenue Next Year12.01%
Revenue Next 2Y9.08%
Revenue Next 3Y8.3%
Revenue Next 5Y8.02%
EBIT growth 1Y-3.97%
EBIT growth 3Y10.44%
EBIT growth 5Y10.4%
EBIT Next Year-27.23%
EBIT Next 3Y-3.46%
EBIT Next 5Y8.55%
FCF growth 1Y-33.78%
FCF growth 3Y0.99%
FCF growth 5Y4.56%
OCF growth 1Y-29.96%
OCF growth 3Y2.39%
OCF growth 5Y5.37%