NYSE · Healthcare

UnitedHealth Group Incorporated

UNH · Healthcare Plans

$400.96

▲ 1.43 (0.36%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

D⤢

Gross Profit Margin 22.7%

Operating Margin 8.0%

Net Income Margin 5.6%

Fin. Health

F⤢

Years to Pay Off Debt 12.4 yrs

Working Capital vs Long-Term Debt -$94.4B

Working Capital -$23.0B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.72x

Cash Flow

A⤢

Free Cash Flow $8.1B

CapEx % of Net Income 12.1%

Owner Earnings $8.1B

Profitability

Gross Profit Margin 22.7%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 8.0%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 5.6%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 12.4 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$94.4B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital -$23.0B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $8.1B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 12.1%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $8.1B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $364.1B

Enterprise Value $424.3B

P/E (TTM) 30.17

Dividend Yield 2.21%

Exchange NYSE

Key Margins

Gross Profit 22.7%

Operating Margin 8.0%

Net Margin 5.6%

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 $400.96.

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

At $400.96, the stock trades at a 210% premium to its Graham Number of $129.36. 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.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q3 2024
Gross Profit %	22.7%▲	16.3%•	N/A
Operating Margin %	8.0%▲	0.3%•	N/A
Net Income %	5.6%▲	0.0%•	N/A
Diluted EPS	6.90▲	0.01•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$312.6B	$309.6B	N/A
Total Debt	$77.9B▼	$78.4B•	N/A
Working Capital	-$23.0B▲	-$24.3B•	N/A
Years to Pay Debt	12.41	7,838.90	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$8.1B▲	$160M•	N/A
Owner Earnings	$8.1B	$2.1B	N/A
CapEx % of Net Income	12.1%	9,480.0%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-13,392	-26,460
Tax Rate For Calcs	0	0
Normalized EBITDA	10,019,000	1,497,000
Total Unusual Items	-72,000	-126,000
Total Unusual Items Excluding Goodwill	-72,000	-126,000
Net Income From Continuing Operation Net Minority Interest	6,280,000	10,000
Reconciled Depreciation	1,029,000	1,117,000
Reconciled Cost Of Revenue	86,312,000	94,721,000
EBITDA	9,947,000	1,371,000
EBIT	8,918,000	254,000
Net Interest Income	-955,000	-974,000
Interest Expense	955,000	974,000
Normalized Income	6,338,608	109,540
Net Income From Continuing And Discontinued Operation	6,280,000	10,000
Total Expenses	102,731,000	112,835,000
Total Operating Income As Reported	8,990,000	380,000
Diluted Average Shares	910,000	910,000
Basic Average Shares	907,676	905,839
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	6,280,000	10,000
Net Income Common Stockholders	6,280,000	10,000
Net Income	6,280,000	10,000
Minority Interests	-201,000	-208,000
Net Income Including Noncontrolling Interests	6,481,000	218,000
Net Income Continuous Operations	6,481,000	218,000
Tax Provision	1,482,000	-938,000
Pretax Income	7,963,000	-720,000
Other Income Expense	-72,000	-126,000
Special Income Charges	-72,000	-126,000
Gain On Sale Of Business	-72,000	-126,000
Gain On Sale Of Security			1,643,000
Net Non Operating Interest Income Expense	-955,000	-974,000
Interest Expense Non Operating	955,000	974,000
Operating Income	8,990,000	380,000
Operating Expense	16,419,000	18,114,000
Other Operating Expenses	15,390,000	16,997,000
Depreciation Amortization Depletion Income Statement	1,029,000	1,117,000
Depreciation And Amortization In Income Statement	1,029,000	1,117,000
Gross Profit	25,409,000	18,494,000
Cost Of Revenue	86,312,000	94,721,000
Total Revenue	111,721,000	113,215,000
Operating Revenue	111,721,000	113,215,000

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	907,676	905,839
Share Issued	907,676	905,839
Net Debt	49,916,000	54,024,000
Total Debt	77,917,000	78,389,000
Tangible Book Value	-32,724,000	-36,863,000
Invested Capital	175,798,000	172,499,000
Working Capital	-22,997,000	-24,315,000
Net Tangible Assets	-32,724,000	-36,863,000
Common Stock Equity	97,881,000	94,110,000
Total Capitalization	169,321,000	166,430,000
Total Equity Gross Minority Interest	105,319,000	101,698,000
Minority Interest	7,438,000	7,588,000
Stockholders Equity	97,881,000	94,110,000
Gains Losses Not Affecting Retained Earnings	-2,562,000	-2,061,000
Other Equity Adjustments	-2,562,000	-2,061,000
Retained Earnings	99,878,000	95,603,000
Additional Paid In Capital	556,000	559,000	0
Capital Stock	9,000	9,000
Common Stock	9,000	9,000
Total Liabilities Net Minority Interest	207,325,000	207,883,000
Total Non Current Liabilities Net Minority Interest	93,201,000	92,986,000
Other Non Current Liabilities	18,897,000	18,245,000
Non Current Deferred Liabilities	2,864,000	2,421,000
Non Current Deferred Taxes Liabilities	2,864,000	2,421,000
Long Term Debt And Capital Lease Obligation	71,440,000	72,320,000
Long Term Debt	71,440,000	72,320,000
Current Liabilities	114,124,000	114,897,000
Other Current Liabilities	25,938,000	28,046,000
Current Deferred Liabilities	3,419,000	3,413,000
Current Deferred Revenue	3,419,000	3,413,000
Current Debt And Capital Lease Obligation	6,477,000	6,069,000
Current Debt	6,477,000	6,069,000
Payables And Accrued Expenses	78,290,000	77,369,000
Payables	78,290,000	77,369,000
Accounts Payable	78,290,000	77,369,000
Total Assets	312,644,000	309,581,000
Total Non Current Assets	221,517,000	218,999,000
Other Non Current Assets	23,457,000	23,013,000
Investments And Advances	56,788,000	54,251,000
Goodwill And Other Intangible Assets	130,605,000	130,973,000
Other Intangible Assets	20,093,000	20,474,000
Goodwill	110,512,000	110,499,000
Net PPE	10,667,000	10,762,000
Accumulated Depreciation		-7,546,000	-6,971,000
Gross PPE		18,308,000	17,524,000
Machinery Furniture Equipment		13,834,000	12,945,000
Buildings And Improvements		4,087,000	4,215,000
Land And Improvements		387,000	364,000
Current Assets	91,127,000	90,582,000
Other Current Assets	8,723,000	9,746,000
Receivables	51,175,000	52,715,000
Other Receivables	24,588,000	29,697,000
Accounts Receivable	26,587,000	23,018,000
Allowance For Doubtful Accounts Receivable		-1,208,000	-985,000
Gross Accounts Receivable		24,226,000	23,350,000
Cash Cash Equivalents And Short Term Investments	31,229,000	28,121,000
Other Short Term Investments	3,228,000	3,756,000
Cash And Cash Equivalents	28,001,000	24,365,000

Cash Flow

	2026	2025	2024
Free Cash Flow	8,149,000	160,000
Repurchase Of Capital Stock	0	0
Repayment Of Debt	-1,500,000	-1,050,000
Issuance Of Debt	1,100,000	0
Issuance Of Capital Stock	231,000	24,000
Capital Expenditure	-763,000	-948,000
End Cash Position	28,001,000	24,365,000
Other Cash Adjustment Outside Changein Cash	170,000	-326,000
Beginning Cash Position	24,365,000	27,210,000
Effect Of Exchange Rate Changes	-7,000	15,000
Changes In Cash	3,473,000	-2,534,000
Financing Cash Flow	-2,992,000	-1,031,000
Cash Flow From Continuing Financing Activities	-2,992,000	-1,031,000
Net Other Financing Charges	-818,000	2,659,000
Cash Dividends Paid	-2,005,000	-2,002,000
Common Stock Dividend Paid	-2,005,000	-2,002,000
Net Common Stock Issuance	231,000	24,000
Common Stock Payments	0	0
Common Stock Issuance	231,000	24,000
Net Issuance Payments Of Debt	-400,000	-1,712,000
Net Short Term Debt Issuance	1,100,000	-662,000
Short Term Debt Issuance	1,100,000
Net Long Term Debt Issuance	-1,500,000	-1,050,000
Long Term Debt Payments	-1,500,000	-1,050,000
Long Term Debt Issuance		0	0
Investing Cash Flow	-2,447,000	-2,611,000
Cash Flow From Continuing Investing Activities	-2,447,000	-2,611,000
Net Other Investing Changes	668,000	-294,000
Net Investment Purchase And Sale	-2,352,000	-1,296,000
Sale Of Investment	4,163,000	3,272,000
Purchase Of Investment	-6,515,000	-4,568,000
Net Business Purchase And Sale	0	-73,000
Purchase Of Business	0	-73,000
Net PPE Purchase And Sale	-763,000	-948,000
Purchase Of PPE	-763,000	-948,000
Operating Cash Flow	8,912,000	1,108,000
Cash Flow From Continuing Operating Activities	8,912,000	1,108,000
Change In Working Capital	746,000	-495,000
Change In Other Working Capital	20,000	107,000
Change In Other Current Liabilities
Change In Other Current Assets	2,919,000	-1,501,000
Change In Payables And Accrued Expense	1,351,000	1,728,000
Change In Payable	1,351,000	1,728,000
Change In Account Payable	1,055,000	2,082,000
Change In Receivables	-3,544,000	-829,000
Changes In Account Receivables	-3,544,000	-829,000
Other Non Cash Items	-304,000	699,000
Stock Based Compensation	348,000	176,000
Deferred Tax	540,000	-733,000
Deferred Income Tax	540,000	-733,000
Depreciation Amortization Depletion	1,029,000	1,117,000
Depreciation And Amortization	1,029,000	1,117,000
Operating Gains Losses	72,000	126,000
Gain Loss On Sale Of Business	72,000	126,000
Net Income From Continuing Operations	6,481,000	218,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $109.6B ▲ $111.7B +2.0%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 21.7% ▲ 22.7% +1.0pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 8.2% ▼ 8.0% -0.2pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 5.7% ▼ 5.6% -0.1pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$111.7B/qtr (≈$446.9B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.80x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$8.1B

vs Positive

Operating Cash Flow

$8.9B

Latest quarter · Buffett's cash reality check

ROIC

3.6%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

3.5x

Net Assets: $105.3B

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

0.24%

Low — management has little skin in the game

Return on Equity (ROE)

6.4%

Weak — poor returns on equity

Return on Assets (ROA)

2.0%

Fair — average asset utilization

Share Buybacks (Latest Year)

$5.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.6% YoY

Debt is declining — management is deleveraging

Leadership Team

Stephen Hemsley

CEO & Non-Independent Non-Executive Chairman

Age 72

Pay: $1,282,348

0.020% of net income

Wayne Scott DeVeydt

Chief Financial Officer

Age 55

Pay: $3,082,209

0.049% of net income

Timothy John Noel

Chief Executive Officer of UnitedHealthcare Business

Age 53

Pay: $3,201,161

0.051% of net income

Patrick Hugh Conway , Sc.

Chief Executive Officer of Optum

Age 50

Pay: $2,921,605

0.047% of net income

Zachary William Sopcak

Senior Vice President of Capital Markets Communications & Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	8.09%	73,467,531
Vanguard Capital Management LLC	6.48%	58,870,777
State Street Corporation	4.99%	45,332,186
Capital World Investors	3.06%	27,783,415
Vanguard Portfolio Management LLC	2.65%	24,036,504
Geode Capital Management, LLC	2.51%	22,768,695
Price (T.Rowe) Associates Inc	2.30%	20,873,946
Charles Schwab Investment Management, Inc.	2.29%	20,817,755

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.65

Low volatility — more stable than the market

Short Interest

2.4% 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: $400.96 High: $415.98

Currently at 92% of 52-week range

UnitedHealth Group Incorporated

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis