UnitedHealth Group Incorporated (UNH) Stock Analysis — Graham Number, Scorecard & Financials

NYSE · Healthcare

UnitedHealth Group Incorporated

UNH · Healthcare Plans

$368.23

▼ -0.55 (-0.15%)

Data cached · refreshes every 10 min

Mr. Market is currently offering UnitedHealth Group Incorporated at $368.23.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 18.5%

Operating Margin 4.2%

Net Income Margin 2.7%

Fin. Health F

Years to Pay Off Debt 6.5 yrs

Working Capital vs Long-Term Debt -$96.6B

Working Capital -$24.3B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.55x

Cash Flow B

Free Cash Flow $16.1B

CapEx % of Net Income 30.0%

Owner Earnings $20.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $334.4B

Enterprise Value $383.7B

P/E (TTM) 27.81

Dividend Yield 2.40%

Exchange NYSE

Key Margins

Gross Profit 18.5%

Operating Margin 4.2%

Net Margin 2.7%

Company Info

Sector Healthcare

Industry Healthcare Plans

Employees 390000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering UnitedHealth Group Incorporated at $368.23.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $368.23, the stock trades at a 110% premium to its Graham Number of $175.63. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About UnitedHealth Group Incorporated

UnitedHealth Group Incorporated operates as a health care company in the United States and internationally. It operates through four segments: Optum Health, Optum Insight, Optum Rx; and UnitedHealthcare. The Optum Health segment provides care delivery, care management, wellness and consumer engagement, and health financial services with patients, consumers, care delivery systems, providers, employers, payers, and public-sector entities. The Optum Insight segment offers software and information products, advisory consulting arrangements, and managed services outsourcing contracts to hospital systems, physicians, health plans, public entities, life sciences companies and other organizations. The Optum Rx segment provides pharmacy care services and programs, including retail network contracting, home delivery, specialty and community health pharmacy services, infusion, and purchasing and clinical capabilities, as well as develops programs in the areas of step therapy, formulary management, drug adherence, and disease and drug therapy management. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; Medicaid plans, including Temporary Assistance to Needy Families; Children's Health Insurance Programs; Dual SNPs; Long-Term Services and Supports; Aged, Blind and Disabled; and other federal, state, and community health care programs. and health care benefits products and services to state programs caring for the economically disadvantaged, medically underserved, and those without the benefit of employer-funded health care coverage. UnitedHealth Group Incorporated was founded in 1974 and is based in Eden Prairie, Minnesota.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	18.5% ▼	22.3%	24.5%	24.6%	N/A
Operating Margin %	4.2% ▼	8.1%	8.7%	8.8%	N/A
Net Income %	2.7% ▼	3.6%	6.0%	6.2%	N/A
Diluted EPS	13.23 ▼	15.51	23.86	21.18	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$309.6B	$298.3B	$273.7B	$245.7B	N/A
Total Debt	$78.4B ↑	$76.9B	$62.5B	$57.6B	N/A
Working Capital	-$24.3B ▼	-$18.0B	-$20.6B	-$20.2B	N/A
Years to Pay Debt	6.50	5.34	2.79	2.86	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$16.1B ▼	$20.7B	$25.7B	$23.4B	N/A
Owner Earnings	$20.0B	$22.0B	$29.7B	$26.3B	N/A
CapEx % of Net Income	30.0%	24.3%	15.1%	13.9%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-34,185	-2,002,710	0	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	23,325,000	36,386,000	36,330,000	31,835,000
Total Unusual Items	-265,000	-8,310,000	0	0
Total Unusual Items Excluding Goodwill	-265,000	-8,310,000	0	0
Net Income From Continuing Operation Net Minority Interest	12,056,000	14,405,000	22,381,000	20,120,000
Reconciled Depreciation	4,361,000	4,099,000	3,972,000	3,400,000
Reconciled Cost Of Revenue	364,650,000	310,879,000	280,664,000	244,545,000
EBITDA	23,060,000	28,076,000	36,330,000	31,835,000
EBIT	18,699,000	23,977,000	32,358,000	28,435,000
Net Interest Income	-4,002,000	-3,906,000	-3,246,000	-2,092,000
Interest Expense	4,002,000	3,906,000	3,246,000	2,092,000
Normalized Income	12,286,815	20,712,290	22,381,000	20,120,000
Net Income From Continuing And Discontinued Operation	12,056,000	14,405,000	22,381,000	20,120,000
Total Expenses	428,603,000	367,991,000	339,264,000	295,727,000
Total Operating Income As Reported	18,964,000	32,287,000	32,358,000	28,435,000
Diluted Average Shares	911,000	929,000	938,000	950,000
Basic Average Shares	905,839	915,000	924,000	934,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	12,056,000	14,405,000	22,381,000	20,120,000
Net Income Common Stockholders	12,056,000	14,405,000	22,381,000	20,120,000
Net Income	12,056,000	14,405,000	22,381,000	20,120,000
Minority Interests	-751,000	-837,000	-763,000	-519,000
Net Income Including Noncontrolling Interests	12,807,000	15,242,000	23,144,000	20,639,000
Net Income Continuous Operations	12,807,000	15,242,000	23,144,000	20,639,000
Tax Provision	1,890,000	4,829,000	5,968,000	5,704,000
Pretax Income	14,697,000	20,071,000	29,112,000	26,343,000
Other Income Expense	-265,000	-8,310,000	4,089,000	2,030,000
Special Income Charges	-265,000	-8,310,000	0	0
Gain On Sale Of Business	-265,000	-8,310,000	0	0
Gain On Sale Of Security			4,089,000	2,030,000	2,324,000
Net Non Operating Interest Income Expense	-4,002,000	-3,906,000	-3,246,000	-2,092,000
Interest Expense Non Operating	4,002,000	3,906,000	3,246,000	2,092,000
Operating Income	18,964,000	32,287,000	32,358,000	28,435,000
Operating Expense	63,953,000	57,112,000	58,600,000	51,182,000
Other Operating Expenses	59,592,000	53,013,000	54,628,000	47,782,000
Depreciation Amortization Depletion Income Statement	4,361,000	4,099,000	3,972,000	3,400,000
Depreciation And Amortization In Income Statement	4,361,000	4,099,000	3,972,000	3,400,000
Gross Profit	82,917,000	89,399,000	90,958,000	79,617,000
Cost Of Revenue	364,650,000	310,879,000	280,664,000	244,545,000
Total Revenue	447,567,000	400,278,000	371,622,000	324,162,000
Operating Revenue	447,567,000	400,278,000	371,622,000	324,162,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	905,839	915,000	924,000	934,000
Share Issued	905,839	915,000	924,000	934,000
Net Debt	54,024,000	51,592,000	37,110,000	34,258,000
Total Debt	78,389,000	76,904,000	62,537,000	57,623,000
Tangible Book Value	-36,863,000	-37,344,000	-30,170,000	-29,981,000
Invested Capital	172,499,000	169,562,000	151,293,000	135,395,000
Working Capital	-24,315,000	-17,990,000	-20,617,000	-20,168,000
Net Tangible Assets	-36,863,000	-37,344,000	-30,170,000	-29,981,000
Common Stock Equity	94,110,000	92,658,000	88,756,000	77,772,000
Total Capitalization	166,430,000	165,017,000	147,019,000	132,285,000
Total Equity Gross Minority Interest	101,698,000	102,591,000	98,919,000	86,347,000
Minority Interest	7,588,000	9,933,000	10,163,000	8,575,000
Stockholders Equity	94,110,000	92,658,000	88,756,000	77,772,000
Gains Losses Not Affecting Retained Earnings	-2,061,000	-3,387,000	-7,027,000	-8,393,000
Other Equity Adjustments	-2,061,000	-3,387,000	-7,027,000	-8,393,000
Retained Earnings	95,603,000	96,036,000	95,774,000	86,156,000
Additional Paid In Capital	559,000	0			0
Capital Stock	9,000	9,000	9,000	9,000
Common Stock	9,000	9,000	9,000	9,000
Total Liabilities Net Minority Interest	207,883,000	195,687,000	174,801,000	159,358,000
Total Non Current Liabilities Net Minority Interest	92,986,000	91,918,000	75,747,000	70,121,000
Other Non Current Liabilities	18,245,000	15,939,000	14,463,000	12,839,000
Non Current Deferred Liabilities	2,421,000	3,620,000	3,021,000	2,769,000
Non Current Deferred Taxes Liabilities	2,421,000	3,620,000	3,021,000	2,769,000
Long Term Debt And Capital Lease Obligation	72,320,000	72,359,000	58,263,000	54,513,000
Long Term Debt	72,320,000	72,359,000	58,263,000	54,513,000
Current Liabilities	114,897,000	103,769,000	99,054,000	89,237,000
Other Current Liabilities	28,046,000	27,346,000	27,072,000	26,281,000
Current Deferred Liabilities	3,413,000	3,317,000	3,355,000	3,075,000
Current Deferred Revenue	3,413,000	3,317,000	3,355,000	3,075,000
Current Debt And Capital Lease Obligation	6,069,000	4,545,000	4,274,000	3,110,000
Current Debt	6,069,000	4,545,000	4,274,000	3,110,000
Payables And Accrued Expenses	77,369,000	68,561,000	64,353,000	56,771,000
Payables	77,369,000	68,561,000	64,353,000	56,771,000
Accounts Payable	77,369,000	68,561,000	64,353,000	56,771,000
Total Assets	309,581,000	298,278,000	273,720,000	245,705,000
Total Non Current Assets	218,999,000	212,499,000	195,283,000	176,636,000
Other Non Current Assets	23,013,000	19,590,000	17,298,000	15,027,000
Investments And Advances	54,251,000	52,354,000	47,609,000	43,728,000
Goodwill And Other Intangible Assets	130,973,000	130,002,000	118,926,000	107,753,000
Other Intangible Assets	20,474,000	23,268,000	15,194,000	14,401,000
Goodwill	110,499,000	106,734,000	103,732,000	93,352,000
Net PPE	10,762,000	10,553,000	11,450,000	10,128,000
Accumulated Depreciation	-7,546,000	-6,971,000	-7,039,000	-6,930,000
Gross PPE	18,308,000	17,524,000	18,489,000	17,058,000
Machinery Furniture Equipment	13,834,000	12,945,000	12,204,000	10,842,000
Buildings And Improvements	4,087,000	4,215,000	5,573,000	5,519,000
Land And Improvements	387,000	364,000	712,000	697,000
Current Assets	90,582,000	85,779,000	78,437,000	69,069,000
Other Current Assets	9,746,000	8,212,000	9,839,000	10,708,000
Prepaid Assets					5,320,000
Receivables	52,715,000	48,454,000	38,970,000	30,450,000
Other Receivables	29,697,000	26,089,000	17,694,000	12,769,000
Accounts Receivable	23,018,000	22,365,000	21,276,000	17,681,000
Allowance For Doubtful Accounts Receivable	-1,208,000	-985,000	-1,000,000	-877,000
Gross Accounts Receivable	24,226,000	23,350,000	22,276,000	18,558,000
Cash Cash Equivalents And Short Term Investments	28,121,000	29,113,000	29,628,000	27,911,000
Other Short Term Investments	3,756,000	3,801,000	4,201,000	4,546,000
Cash And Cash Equivalents	24,365,000	25,312,000	25,427,000	23,365,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	16,075,000	20,705,000	25,682,000	23,404,000
Repurchase Of Capital Stock	-5,545,000	-9,000,000	-8,000,000	-7,000,000
Repayment Of Debt	-3,050,000	-3,000,000	-2,125,000	-3,015,000
Issuance Of Debt	2,969,000	17,811,000	6,394,000	14,819,000
Issuance Of Capital Stock	827,000	1,846,000	1,353,000	1,253,000
Capital Expenditure	-3,622,000	-3,499,000	-3,386,000	-2,802,000
Interest Paid Supplemental Data	4,030,000	3,594,000	3,035,000	1,945,000
Income Tax Paid Supplemental Data	3,714,000	4,620,000	6,078,000	5,222,000
End Cash Position	24,365,000	25,312,000	25,427,000	23,365,000
Other Cash Adjustment Outside Changein Cash	-355,000	-219,000	0	0
Beginning Cash Position	25,312,000	25,427,000	23,365,000	21,375,000
Effect Of Exchange Rate Changes	40,000	-61,000	97,000	34,000
Changes In Cash	-632,000	165,000	1,965,000	1,956,000
Financing Cash Flow	-11,644,000	-3,512,000	-11,529,000	4,226,000
Cash Flow From Continuing Financing Activities	-11,644,000	-3,512,000	-11,529,000	4,226,000
Net Other Financing Charges	264,000	-3,485,000	-2,401,000	3,428,000
Cash Dividends Paid	-7,916,000	-7,533,000	-6,761,000	-5,991,000
Common Stock Dividend Paid	-7,916,000	-7,533,000	-6,761,000	-5,991,000
Net Common Stock Issuance	-4,718,000	-7,154,000	-6,647,000	-5,747,000
Common Stock Payments	-5,545,000	-9,000,000	-8,000,000	-7,000,000
Common Stock Issuance	827,000	1,846,000	1,353,000	1,253,000
Net Issuance Payments Of Debt	726,000	14,660,000	4,280,000	12,536,000
Net Short Term Debt Issuance	807,000	-151,000	11,000	732,000
Net Long Term Debt Issuance	-81,000	14,811,000	4,269,000	11,804,000
Long Term Debt Payments	-3,050,000	-3,000,000	-2,125,000	-3,015,000
Long Term Debt Issuance	2,969,000	17,811,000	6,394,000	14,819,000
Investing Cash Flow	-8,685,000	-20,527,000	-15,574,000	-28,476,000
Cash Flow From Continuing Investing Activities	-8,685,000	-20,527,000	-15,574,000	-28,476,000
Net Other Investing Changes	-915,000	-4,145,000	-275,000	2,621,000
Net Investment Purchase And Sale	361,000	525,000	-1,777,000	-6,837,000
Sale Of Investment	17,734,000	27,833,000	16,537,000	11,988,000
Purchase Of Investment	-17,373,000	-27,308,000	-18,314,000	-18,825,000
Net Business Purchase And Sale	-4,509,000	-13,408,000	-10,136,000	-21,458,000
Purchase Of Business	-4,509,000	-13,408,000	-10,136,000	-21,458,000
Net PPE Purchase And Sale	-3,622,000	-3,499,000	-3,386,000	-2,802,000
Purchase Of PPE	-3,622,000	-3,499,000	-3,386,000	-2,802,000
Operating Cash Flow	19,697,000	24,204,000	29,068,000	26,206,000
Cash Flow From Continuing Operating Activities	19,697,000	24,204,000	29,068,000	26,206,000
Change In Working Capital	2,282,000	-808,000	1,643,000	2,246,000
Change In Other Working Capital	163,000	-197,000	203,000	126,000
Change In Other Current Liabilities				-1,374,000	-1,031,000
Change In Other Current Assets	-4,606,000	-4,140,000	-2,444,000	-1,374,000
Change In Payables And Accrued Expense	7,489,000	4,966,000	6,998,000	6,017,000
Change In Payable	7,489,000	4,966,000	6,998,000	6,017,000
Change In Account Payable	1,665,000	2,463,000	3,516,000	1,964,000
Change In Receivables	-764,000	-1,437,000	-3,114,000	-2,523,000
Changes In Account Receivables	-764,000	-1,437,000	-3,114,000	-2,523,000
Other Non Cash Items	763,000	-3,361,000	-505,000	-331,000
Stock Based Compensation	971,000	1,018,000	1,059,000	925,000
Deferred Tax	-1,752,000	-296,000	-245,000	-673,000
Deferred Income Tax	-1,752,000	-296,000	-245,000	-673,000
Depreciation Amortization Depletion	4,361,000	4,099,000	3,972,000	3,400,000
Depreciation And Amortization	4,361,000	4,099,000	3,972,000	3,400,000
Operating Gains Losses	265,000	8,310,000
Gain Loss On Sale Of Business	265,000	8,310,000	0	0
Net Income From Continuing Operations	12,807,000	15,242,000	23,144,000	20,639,000

These metrics estimate what UnitedHealth Group Incorporated is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$175.63

Margin of Safety

Market Cap ÷ Company Value

1.64

P/B Ratio

3.55

Warren's Owner Earnings

$20.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$447.6B

vs > $1.5B revenue

❌ Strong Financial Condition

0.79x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.40%

vs Uninterrupted dividends

❌ Earnings Growth

-37.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.55x P/B (P/E×P/B: 98.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-129.16

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$232.01

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	30.0%	24.3%	15.1%	13.9%	N/A
Repurchase of Capital Stock	-$5.5B	-$9.0B	-$8.0B	-$7.0B	N/A
Free Cash Flow	$16.1B ▼	$20.7B ▼	$25.7B ▲	$23.4B •	N/A •
Warren's Owner Earnings	$20.0B	$22.0B	$29.7B	$26.3B	N/A

Peers & Industry

No auto-detected peers for Healthcare Plans. You can manually compare UNH against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.81%

Low — management has little skin in the game

Return on Equity (ROE)

12.8%

Adequate — returns are moderate

Return on Assets (ROA)

3.9%

Fair — average asset utilization

Share Buybacks (Latest Year)

$5.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+1.9% YoY

Debt is roughly stable

Leadership Team

Stephen Hemsley

CEO & Non-Independent Non-Executive Chairman

Age 72

Pay: $1,282,348

0.011% of net income

Wayne Scott DeVeydt

Chief Financial Officer

Age 55

Pay: $3,082,209

0.026% of net income

Timothy John Noel

Chief Executive Officer of UnitedHealthcare Business

Age 53

Pay: $3,201,161

0.027% of net income

Patrick Hugh Conway , Sc.

Chief Executive Officer of Optum

Age 50

Pay: $2,921,605

0.024% of net income

Zachary William Sopcak

Senior Vice President of Capital Markets Communications & Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.09%	91,600,260
Blackrock Inc.	8.23%	74,743,552
State Street Corporation	4.98%	45,232,170
Capital World Investors	2.49%	22,591,042
Geode Capital Management, LLC	2.40%	21,791,590
Price (T.Rowe) Associates Inc	2.07%	18,829,054
Capital International Investors	2.05%	18,655,111
JPMORGAN CHASE & CO	1.89%	17,199,093

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.65

Low volatility — more stable than the market

Short Interest

1.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.74x

Conservative balance sheet — low financial risk

Current Ratio

0.80x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $234.60 Current: $368.23 High: $409.70

Currently at 76% of 52-week range

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