UnitedHealth Group Incorporated (UNH)
POSITIVE基本面
74
价格
$396.30
市值
$350.16B
第一部分 · 这家公司值多少
概览
UnitedHealth Group runs two connected businesses: UnitedHealthcare sells health insurance to employers, individuals and government programmes, while Optum sells health services — care delivery clinics, a pharmacy benefit manager, and data and technology tools — to insurers, employers and UnitedHealthcare itself. It is the largest health insurer in the United States, covering close to 50 million people, and increasingly earns money from managing care and pharmacy spending rather than just from underwriting policies.
盈利方式
UnitedHealthcare earns premiums: it collects a fixed payment per enrolled member — from employers, individuals or Medicare/Medicaid programmes — and keeps the difference between premiums collected and medical claims paid. Optum earns service and product fees: Optum Rx is paid for processing and negotiating prescription drug purchases, Optum Health for delivering care, and Optum Insight for data and administrative services, billed to both outside clients and to UnitedHealthcare. In fiscal 2025 UnitedHealthcare generated $344.9 billion and Optum $270.6 billion in segment revenue, with a large share of Optum's total coming from services sold internally to UnitedHealthcare, which is why the two do not simply add up to consolidated revenue of $447.6 billion.
护城河
规模效应 · 狭窄Being the largest US health insurer gives UnitedHealthcare negotiating leverage with hospitals and doctors that smaller insurers lack, and owning Optum lets the company capture margin at several steps of the healthcare dollar instead of just underwriting. The advantage is real but not immune to regulation: government rules on Medicare Advantage payment rates and drug-pricing negotiation can compress it directly.
需求驱动因素
防御型People need medical care and insurance regardless of the economic cycle, which makes underlying demand defensive. What moves results year to year is less the economy and more government policy — Medicare Advantage funding rates, Medicaid eligibility rules and drug-pricing negotiation — plus how accurately the company prices the medical costs it commits to cover a year in advance.
主要风险
- Government regulation of Medicare and Medicaid business — CMS regulates UnitedHealthcare's Medicare and Medicaid plans and parts of Optum, sets the payment rates the company is paid on, and can audit compliance and the health-status coding used to determine those payments at any time.
- Failure to comply with changing regulation — The company states that if it fails to comply with, or respond quickly to changes in, applicable laws and regulations, its results of operations, financial position and cash flows could be materially and adversely affected.
- Competition for enrollment — The commercial health insurance market remains highly competitive across small group, large group and individual segments; failing to maintain or grow enrollment could materially hurt results.
- Cybersecurity and data systems — The 2024 cyberattack on the company's Change Healthcare unit disrupted claims processing industry-wide and cost the company more than $2 billion in provider accommodations, illustrating how dependent the business is on the security of its technology systems.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$450.13B
最近12个月（截至2026/6/30）
净利润
$14.12B
最近12个月（截至2026/6/30）
自由现金流
$16.07B
股东权益合计
$100.09B
负债合计
$207.88B
流动比率
0.78
利息覆盖率
5.57
债务/EBITDA
3.14
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$393.54
当前价格
$396.30
安全边际
-0.7%
公允价值区间
$264.90 - $522.19
估算方法
估值指标
市盈率（P/E）
25.59
ROE
12.0%
市净率（P/B）
3.42
P/FCF
15.16
毛利率
88.6%
ROIC
8.6%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
8.6%
WACC
7.4%
ROIC − WACC
+1.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（20）
- EPS shows upward trend
- EPS CAGR 7.81%
- Price CAGR 9.32%
- ROIC 8.7%
- Gross Margin 88.6%
- P/FCF 15.16
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 14.4%
- Revenue Growth 5Y 11.7%
- Analyst Consensus 79% Buy
- Earnings Surprise avg 10.1%
- Earnings Quality (OCF/NI) 1.91
- Share Dilution -1.9%
- Piotroski F-Score 6/9
未通过（6）
- P/B Ratio 3.42
- Operating Margin 4.8%
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Net Margin Trend 3.1% vs 5.0%
不可用（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Stephen J. Hemsley | CEO & Non-Independent Non-Executive Chairman | 72 |
| Mr. Wayne Scott DeVeydt | Chief Financial Officer | 55 |
| Mr. Christopher R. Zaetta | Executive VP, Chief Legal Officer & Corporate Secretary | 53 |
| Mr. Timothy John Noel | Chief Executive Officer of UnitedHealthcare Business | 53 |
| Dr. Patrick Hugh Conway M.D., M.Sc. | Chief Executive Officer of Optum | 50 |
| Mr. Dennis Stankiewicz | Chief Accounting Officer & Corporate Controller | 47 |
| Mr. Sandeep Dadlani | Executive VP and Chief Digital & Technology Officer | 50 |
| Mr. Zachary William Sopcak | Senior Vice President of Capital Markets Communications & Investor Relations | - |
| Ms. Erin L. McSweeney J.D. | Executive VP & Chief People Officer | 60 |
| Dr. Richard J. Migliori M.D. | Executive Vice President & Senior Advisor | 68 |
审计风险
10
董事会风险
9
薪酬风险
9
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for UNH, sourced from Markets Gazette.
- 7d agoNEGATIVEThe IRS is scrutinizing how UnitedHealth moved money through foreign subsidiaries—and whether it underpaid taxes
The IRS is reportedly scrutinizing UnitedHealth Group's use of foreign subsidiaries, investigating potential underpayment of taxes over the past four years. While the exact financial implications remain undisclosed, the agency's inquiry suggests a risk of increased taxable income for the health giant. This development could lead to significant financial penalties and reputational damage, impacting investor sentiment and potentially affecting the company's future earnings and stock performance. Investors will be closely monitoring any further disclosures regarding the scale of the tax issue.
- 7/16/2026POSITIVEUnitedHealth now has an improved outlook for the year. Its stock is rallying.
UnitedHealth Group Inc. has received an improved outlook for the year, with its stock experiencing a rally. Management cited strategic "product design changes, improved medical management and better aligned pricing" as key drivers for this positive shift. These operational enhancements suggest a stronger ability to manage costs and optimize revenue streams within its health insurance and services segments. Investors will likely view this as a signal of sustained profitability and operational efficiency, potentially leading to upward revisions in earnings forecasts and increased confidence in the company's long-term growth prospects.
- 6/5/2026POSITIVEUnitedHealth Positioned As AI Leader: Analyst
Morgan Stanley has identified UnitedHealth Group as its premier selection within the managed care sector, highlighting the company's strategic leverage of artificial intelligence (AI) to drive growth and operational efficiencies. The analyst report emphasizes AI's role in enhancing UnitedHealth's business operations, suggesting a positive outlook for the company's future performance. This endorsement, coupled with previous strong buy ratings from firms like Raymond James, reinforces investor confidence in UnitedHealth's market position and technological adoption.
- 6/4/2026POSITIVEThis KeyBanc Analyst Turns Bullish; Here Are Top 4 Upgrades For Thursday
KeyBanc analyst upgrades UnitedHealth Group (UNH) to 'Overweight' from 'Sector Weight' with a price target of $650. The analyst cites improved visibility into the company's Medicare Advantage business and a more favorable regulatory environment as key drivers for the upgrade. This positive outlook suggests potential for stronger earnings and share price appreciation, making UNH an attractive investment for those seeking exposure to the healthcare sector.
- 6/3/2026POSITIVE$100 Invested In UnitedHealth Group 15 Years Ago Would Be Worth This Much Today
An investment of $100 in UnitedHealth Group (UNH) 15 years ago would have grown significantly by today, illustrating the company's robust long-term performance and market resilience. While specific figures are not provided in the title, such a statement implies substantial capital appreciation, likely driven by consistent revenue growth, strategic acquisitions, and strong operational execution in the healthcare sector. Investors who held UNH would have benefited from its ability to navigate industry challenges and capitalize on opportunities, underscoring its status as a core holding for long-term growth portfolios.
- 5/18/2026NEGATIVEWhy Is UnitedHealth Stock Trading Lower On Monday?
Berkshire Hathaway has divested its entire stake in UnitedHealth Group, a move that has contributed to a decline in UNH's stock price. This significant exit by a major investor, coupled with UnitedHealth's ongoing expansion of artificial intelligence across its operations, including claims processing, customer service, and employee training, raises questions for market participants. While AI adoption signals a forward-looking strategy, the substantial sell-off by Berkshire Hathaway suggests potential underlying concerns or a strategic reallocation of capital that investors are now scrutinizing.
- 4/22/2026POSITIVEStock Of The Day: Will UnitedHealth Reverse?
UnitedHealth Group Inc. is experiencing upward momentum, trading higher on Wednesday following its latest earnings report. The stock is currently challenging a significant resistance level, indicating potential for further gains if this barrier is breached. Investors will be closely watching this technical level, as a successful breakout could signal sustained positive sentiment and attract more buying interest. The earnings report likely provided the fundamental catalyst for this price action, suggesting the company's performance is meeting or exceeding market expectations.
- 4/21/2026POSITIVEUnitedHealth Stock Jumps After Q1 Beat — Here's What Execs Say Drove It
UnitedHealth Group Inc. (UNH) shares surged over 8% following a robust first-quarter earnings report that surpassed analyst expectations. The health insurance giant also announced an upward revision to its full-year profit outlook, signaling strong operational performance and positive future prospects. While specific drivers were not detailed in the initial report, the company's ability to outperform and raise guidance suggests effective cost management, strong membership growth, and favorable market conditions within its diverse business segments. Investors are likely to view this as a strong indicator of sustained profitability and market leadership.
- 4/21/2026NEGATIVEHealth insurers raise questions about Medicare program that will offer GLP-1s to seniors for $50
Health insurers are expressing concerns regarding a new Medicare initiative that caps the monthly cost of GLP-1 medications for weight loss at $50. This program, while potentially beneficial for seniors, raises questions for insurers about the financial sustainability and potential impact on their profit margins. The pushback suggests potential headwinds for companies heavily reliant on Medicare Advantage plans, as they navigate the implications of expanded drug coverage and associated costs. Investors will be watching for further details on how this program will be implemented and its long-term financial consequences for the health insurance sector.
via Markets Gazette