At a glance
Humana Inc is worth $49.28B, about 42 times its fiscal 2025 earnings. Revenue grew 10.1% to $129.66B in fiscal 2025, with 0.9% kept as profit; over 5 years it has grown 10.9% a year. It pays a 0.87% dividend yield, and returned $6.20B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +49.5% over the past year with dividends reinvested and −1.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.4% in the 2020 crash (S&P 500: 33.7%) and 22.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 3 months after the lows.
The business in plain English
Humana is a health insurer based in Louisville, Kentucky, built mainly around Medicare. Medicare is the federal health program for people 65 and older and some disabled younger people. As of December 31, 2025, Humana covered about 15 million people in its medical plans and about 4.7 million in specialty products. It sells HMO plans, which use a set network of providers, and PPO plans, which allow out-of-network care at a higher cost.
Revenue totaled $129.7 billion in 2025, and most of it came from Medicare Advantage, a private alternative to traditional Medicare. The Centers for Medicare and Medicaid Services (CMS) pays Humana a fixed monthly amount per member, adjusted for each member's health. Humana makes a profit if care and other costs come in below that. In 2025, 83% of premiums and services revenue came from federal contracts. Individual Medicare Advantage made up 70.3%, group Medicare Advantage 7.0%, stand-alone drug plans 5.3%, and state-based contracts and other business 11.2%.
Humana reports two segments. Insurance, which includes a pharmacy benefit manager (a business that runs prescription drug coverage), produced 96.3% of premiums and services revenue. CenterWell offers pharmacy, primary care and home-based care to Humana members and outside customers. Florida stands out: about 1.0 million Medicare Advantage members there brought in about $17.8 billion, or 14% of premiums and services revenue.
Price history
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HUM +49.5% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $40.87B, up 26.2% from a year earlier, and net income was $694.0M (+27.3%).
- For fiscal 2025, revenue was $129.66B (+10.1% year over year; +10.9% a year from FY2020 to FY2025) with a 0.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.9% good |
|---|---|
| Operating margin | 2.1% weak |
| Free cash flow margin | 0.3% watch |
| Return on equity (FY2025) | 6.7% weak |
| Return on assets (FY2025) | 2.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $77.16B | $3.37B | $4.67B |
| FY2021 | $83.06B | $2.93B | $920.0M |
| FY2022 | $92.87B | $2.81B | $3.45B |
| FY2023 | $106.37B | $2.49B | $2.98B |
| FY2024 | $117.76B | $1.21B | $2.39B |
| FY2025 | $129.66B | $1.19B | $375.0M |
Valuation snapshot
| Market value | $49.28B |
|---|---|
| P/E ratio | 41.7 |
| Dividend yield | 0.87% |
Rank among 1514 US companies
Market value at each year end
Humana’s market value went from $30.42B at the end of 2016 to $49.28B on Nov 2, 2026, up 62%; since the end of 2025 it is up 60%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $49.28B | +60.0% |
| 2025 | $30.81B | +0.8% |
| 2024 | $30.55B | -45.8% |
| 2023 | $56.36B | -13.1% |
| 2022 | $64.84B | +8.8% |
| 2021 | $59.62B | +9.8% |
| 2020 | $54.30B | +11.9% |
| 2019 | $48.54B | +23.5% |
| 2018 | $39.30B | +10.9% |
| 2017 | $35.44B | +16.5% |
| 2016 | $30.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HUM price data to Nov 2, 2026 | +61.8% | +49.5% | -4.0% | -1.1% | +10.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +61.8% |
| 2025 | +2.4% |
| 2024 | -44.0% |
| 2023 | -9.9% |
| 2022 | +11.2% |
| 2021 | +13.8% |
| 2020 | +12.7% |
| 2019 | +28.9% |
| 2018 | +16.3% |
| 2017 | +22.6% |
| 2016 | +14.8% |
| 2015 | +25.1% |
| 2014 | +40.4% |
| 2013 | +52.3% |
| 2012 | -20.6% |
| 2011 | +61.5% |
| 2010 | +24.7% |
| 2009 | +17.7% |
| 2008 | -50.5% |
| 2007 | +36.2% |
| 2006 | +1.8% |
| 2005 | +83.0% |
| 2004 | +29.9% |
| 2003 | +128.5% |
| 2002 | -15.2% |
| 2001 | -22.7% |
| 2000 | +86.3% |
| 1999 | -54.0% |
| 1998 | -14.2% |
| 1997 | +9.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 72.1% over that stretch · deepest drop along the way 78.4%, back to its old high 32 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.4% over that stretch · deepest drop along the way 43.4%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6.7% over that stretch · deepest drop along the way 22%, back to its old high 3.4 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($150K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 23, 2026 | Sanjay K Shetty President, CenterWell | buy | $150K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 9.5% | Mar 31, 2026 |
| BlackRock, Inc. | 7.7% | Mar 31, 2025 |
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
ETFs with the most weight in HUM
| IHF iShares U.S. Healthcare Providers ETF | 4.92% |
| DUSA Davis Select U.S. Equity ETF | 3.62% |
| ACSI American Customer Satisfaction ETF | 3.56% |
| DWLD Davis Select Worldwide ETF | 2.74% |
| EAGL Eagle Capital Select Equity ETF | 2.69% |
| SMRI Bushido Capital US Equity ETF | 2.41% |
| VFLO VictoryShares Free Cash Flow ETF | 2.27% |
| XHS SPDR S&P Health Care Services ETF | 2.16% |
What could go wrong
- Heavy dependence on federal Medicare contracts. In 2025, 83% of premiums and services revenue came from federal contracts, and Florida Medicare Advantage alone was 14%. Changes to CMS payments, rules or contracts could hit most of the business.
- Payments hinge on accurate diagnosis coding. CMS pays more for sicker members, based on diagnosis codes from doctors. Humana relies on providers, some of them its own employees, to code and document correctly, which creates payment and compliance risk.
- Medical costs can outrun fixed premiums. Premiums are generally set for a year at a time. If members use more care, or drugs and treatments cost more than Humana estimated, it usually cannot recover the extra cost until the next year.
- Lawsuits and government investigations. Humana faces legal actions plus government and internal investigations. Unfavorable outcomes could mean large damages or forced changes to business practices, and negative publicity could raise costs.
- Members can switch plans every year. Seniors can change plans each year during Medicare's enrollment period, October 15 to December 7. Humana says barriers to entry are low and some rivals have larger market share and more money.
- State rules limit cash from subsidiaries. Humana's licensed insurance subsidiaries must follow state insurance rules that restrict how much money they can send to the parent company. That can limit the cash available for debt, dividends and buybacks.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Executive or board change
- Major agreement signed; New debt or financial obligation; Other company announcement
For income and retirement investors
Humana pays a small dividend. The yield was 0.65% as of October 28, 2026. Dividends per share rose from $2.43 in 2020 to $3.54 in 2024, then held flat in 2025, so there is no active streak of increases. In 2025 the dividend took 36.2% of earnings but 114.7% of free cash flow (the cash left after running and investing in the business), so that cash did not fully cover it. Buybacks totaled about $4.7 billion from 2021 through 2025 but shrank to $151 million in 2025.
The stock has fallen hard in some downturns. It lost 78.4% in the 2008 financial crisis and took 32 months to recover. It lost 43.4% in the 2020 COVID crash, then recovered in about a month. It rose 6.7% during the 2022 bear market, but its deepest fall in the three years to October 28, 2026 was 67.9%. A single stock like Humana carries more risk than a diversified fund.
Questions investors ask
How does Humana make money?
Mostly by selling health insurance to people on Medicare. In its Medicare Advantage plans, the federal Centers for Medicare and Medicaid Services usually pays Humana a fixed amount per member each month, adjusted for each member's health. Humana makes a profit if care and operating costs come in below those payments. In 2025, Medicare plans made up 82.6% of premiums and services revenue, with individual Medicare Advantage alone at 70.3%. Its CenterWell segment adds pharmacy, primary care and home-based care services.
Does Humana raise its dividend every year?
No. Dividends per share rose each year from $2.43 in 2020 to $3.54 in 2024, then stayed at $3.54 in 2025, ending the run of increases. Over those five years, growth still averaged about 7.8% a year. The yield was 0.65% as of October 28, 2026, so the income is modest. In 2025 the dividend used 36.2% of earnings but 114.7% of free cash flow, which means that cash did not fully cover it.
How much does Humana depend on the government?
Heavily. In 2025, 83% of Humana's premiums and services revenue came from contracts with the federal government, mainly Medicare. Its individual Medicare Advantage contracts in Florida alone covered about 1.0 million members and brought in about $17.8 billion, or 14% of premiums and services revenue. State-based contracts and other business added 11.2%. As a result, changes to government payment rates, rules or contracts can move Humana's results sharply.
Is Humana profitable?
Yes, but its margins are thin. In 2025 Humana earned $1.19 billion on $129.7 billion of revenue, a net margin of 0.9%. Diluted earnings per share were $9.84, down from $25.31 in 2020, even though revenue grew from $77.2 billion. In the quarter ended June 30, 2026, net income rose 27.3% from a year earlier to $694 million. As of October 28, 2026, the shares traded at 41.9 times 2025 earnings.
How has Humana stock performed over the long term?
It has swung widely. Based on share price as of October 28, 2026, the stock gained about 10.1% a year over 10 years, but lost about 5.8% a year over three years and 1.6% a year over five. It fell 44% in 2024, then rose 62% in 2026 through October 28. Over the three years to that date, its deepest peak-to-trough drop was 67.9%.