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$UNH$391.49 ▼1.1%
UnitedHealth Group Incorporated
WHAT THEY DO
UnitedHealth Group is a diversified health-care company that sells health insurance (UnitedHealthcare) to employers, individuals, Medicare and Medicaid members, and provides health services and pharmacy-benefit management (Optum) to payers and providers. It makes money from insurance premiums and from fees for care delivery, pharmacy and analytics services.
💎 CONVERGENCE PLAY — in 2 themes
Healthcare ServicesManaged CareValue-Based Care
PRICE
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REVENUE MIX
UnitedHealthcare Employer & Individual33%
UnitedHealthcare Medicare & Retirement30%
UnitedHealthcare Community & State17%
Optum Health12%
Optum Rx & Insight8%
COST
Medical & operating costs (COGS)80%
SG&A14%
Op Margin6%
FINANCIAL HEALTH
Reported through Sep 30, 2026
Figures are trailing twelve months (TTM) unless marked otherwise.
REVENUE
$450.1B
Growth
0%
QTR YOY
Gross M.
20%
P/E
22.6
EV/EBITDA
14.1
Net M.
4%
FCF M.
6%
D/E
0.83
LATEST QTR
Op M.
6%
PLUG INTO YOUR DCF
Historical growth
11.7%
Analyst 5y growth
—
Forward P/E
17.0
PEG ratio
1.00
Trailing EPS
$17.50
Forward EPS
$23.30
Multiple compressing
Forward P/E is lower than trailing — earnings are expected to grow into the price.
CAPEX & R&D — LAST 0 FISCAL YEARS (SEC FILINGS)
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TAM
SIZE
$5.5T US health spending by 2030
CAGR
5%
US national health expenditure is roughly $4.9T today and projected to approach $5.5T by 2030, growing mid-single digits. UNH competes across insurance and care delivery/pharmacy services, so its addressable pool spans premiums plus outsourced health services, but growth is capped by medical cost trend and regulatory pressure on Medicare Advantage rates.
RISK ASSESSMENT
HIGMedical cost trend and Medicare Advantage rate pressure could squeeze margins further; utilization spikes have already driven earnings misses and guidance cuts.
MEDRegulatory and political risk: Medicare Advantage rate cuts, prior-authorization and PBM reform, plus antitrust scrutiny of vertical integration between insurance and Optum.
LOWExecution risk integrating acquisitions and managing the Optum Health physician network, though diversification cushions single-segment shocks.
🐂 BULL
UNH is the scale leader in US health care with unmatched data, pharmacy and care-delivery assets; at 23x earnings with 16% ROE, a stabilization of medical costs could drive meaningful multiple and earnings recovery.
🐻 BEAR
Persistent medical cost inflation, Medicare Advantage funding pressure and political scrutiny threaten the 6% operating margin, and a 0% revenue growth year suggests the growth engine has stalled.
EARNINGS
EPS · Q3 2026
Miss
REVENUE
Beat ✓
MANAGEMENT TONE
BearishBullish
🔗 IMPACT ON YOUR THESIS
Medicare Advantage margin recovery
On Track→Watch
Elevated utilization and rate pressure pushed margin recovery out further
Medical cost trend normalization
On Track→Watch
Cost trend remained above expectations, keeping guidance cautious
Optum vertical integration drives cross-sell and cost advantage
Watch→On Track
Optum services revenue growth offset insurance margin weakness
AI-powered data, computed by TreasureX · May contain inaccuracies
⚠️
All values, scores, and figures here are computed from your own assumptions and public data, for educational purposes only. This is not investment advice — TreasureX does not recommend buying or selling any security. Results change with your inputs. Please do your own research and use your own judgement before making any investment decision.