At a glance
Universal Health Services Inc is worth $10.65B, about 8 times its fiscal 2025 earnings. Revenue grew 9.7% to $17.36B in fiscal 2025, with 8.6% kept as profit; over 5 years it has grown 8.5% a year. It pays a 0.44% dividend yield, and returned $4.52B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −16.4% over the past year with dividends reinvested and +8.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.5% in the 2020 crash (S&P 500: 33.7%) and 43.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 9 months after the lows.
The business in plain English
Universal Health Services (UHS) owns and operates, through subsidiaries, acute care hospitals (general hospitals for short-term medical and surgical care), outpatient centers and behavioral health facilities, which treat mental health conditions. As of February 25, 2026, it ran 375 inpatient facilities and 168 outpatient and other sites in 40 states, Washington, D.C., the United Kingdom and Puerto Rico. Services include emergency care, surgery, obstetrics, oncology and coronary care.
UHS reports two main segments. Acute Care Hospital Services produced about 57% of 2025 net revenue of $17.4 billion. It runs 29 U.S. acute care hospitals, 35 free-standing emergency departments (ERs not attached to a hospital), 13 outpatient centers and a surgical hospital. Behavioral Health Services produced about 43%. It has more facilities, with 346 inpatient and 119 outpatient sites. Among them are 161 inpatient facilities in the U.K. that brought in about $1.0 billion in 2025. Both segments also include results from the company's commercial health insurer.
Most revenue comes from insurers and government programs. In 2025, commercial managed care plans were the largest payer group at 28% of revenue. Next came Medicaid at 16%, managed Medicaid at 14%, managed Medicare at 12% and Medicare at 11%. The managed versions are government benefits run by private insurers. Revenue is also concentrated by state: Nevada facilities contributed 17%, Texas 16% and California 11%.
Price history
The interactive chart needs JavaScript.
UHS -16.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Managed Care | $4.90B | 28.2% |
| Medicaid | $2.69B | 15.5% |
| Managed Medicaid | $2.48B | 14.3% |
| Managed Medicare | $2.08B | 12% |
| Medicare | $1.86B | 10.7% |
| Other Patient Revenue And Adjustments Net | $1.24B | 7.1% |
| Other Non Patient Revenue | $1.11B | 6.4% |
| UKRevenue | $1.00B | 5.8% |
By business segment
| Acute Care Hospital Services | $9.93B | 57.2% |
| Behavioral Health Services | $7.43B | 42.8% |
| State Medicaid Programs | $56.0M | 0.3% |
| All Other Segments | $13.4M | 0.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.64B, up 8.3% from a year earlier, and net income was $358.4M (+1.5%).
- For fiscal 2025, revenue was $17.36B (+9.7% year over year; +8.5% a year from FY2020 to FY2025) with a 8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.5% good |
|---|---|
| Operating margin | 11.5% watch |
| Free cash flow margin | 4.9% watch |
| Return on equity (FY2025) | 20.5% good |
| Return on assets (FY2025) | 9.6% good |
| Net cash (cash minus debt) | $-4.76B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.56B | $944.0M | $1.63B |
| FY2021 | $12.64B | $991.6M | $28.0M |
| FY2022 | $13.40B | $675.6M | $262.0M |
| FY2023 | $14.28B | $717.8M | $524.7M |
| FY2024 | $15.83B | $1.14B | $1.12B |
| FY2025 | $17.36B | $1.49B | $849.2M |
Valuation snapshot
| Market value | $10.65B |
|---|---|
| P/E ratio | 7.8 |
| Dividend yield | 0.44% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UHS price data to Nov 2, 2026 | -16.8% | -16.4% | +13.2% | +8.6% | +4.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.9% |
| 2025 | +22.0% |
| 2024 | +18.2% |
| 2023 | +8.8% |
| 2022 | +9.4% |
| 2021 | -5.2% |
| 2020 | -4.0% |
| 2019 | +23.6% |
| 2018 | +3.2% |
| 2017 | +6.9% |
| 2016 | -10.7% |
| 2015 | +7.7% |
| 2014 | +37.3% |
| 2013 | +68.5% |
| 2012 | +26.1% |
| 2011 | -10.1% |
| 2010 | +43.2% |
| 2009 | +63.5% |
| 2008 | -26.2% |
| 2007 | -7.1% |
| 2006 | +19.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 38.7% over that stretch · deepest drop along the way 52.5%, back to its old high 7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.2% over that stretch · deepest drop along the way 52.5%, back to its old high 12.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.1% over that stretch · deepest drop along the way 43.3%, back to its old high 9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($980K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 11, 2025 | Warren J. Nimetz Director | sell | $821K |
| Mar 13, 2026 | Sussman Elliot J Md Mba Director | sell | $69K |
| Mar 11, 2026 | Sussman Elliot J Md Mba Director | sell | $59K |
| Nov 11, 2025 | Warren J. Nimetz Director | sell | $32K |
Who owns it
Large shareholders (13G filings)
| First Eagle Investment Management, LLC | 8.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.28% | Mar 31, 2026 |
| BlackRock, Inc. | 7.2% | Mar 31, 2025 |
| Dimensional Fund Advisors LP | 5.2% | Sep 30, 2026 |
| PZENA INVESTMENT MANAGEMENT LLC | 5.1% | Sep 30, 2026 |
ETFs with the most weight in UHS
| FXH First Trust Health Care AlphaDEX Fund | 2.24% |
| QVAL Alpha Architect U.S. Quantitative Value ETF | 2.11% |
| XHS SPDR S&P Health Care Services ETF | 2.07% |
| RSPH Invesco S&P 500 Equal Weight Health Care ETF | 1.9% |
| IHF iShares U.S. Healthcare Providers ETF | 1.6% |
| SPVM Invesco S&P 500 Value with Momentum ETF | 1.35% |
| SYLD Cambria Shareholder Yield ETF | 1.25% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 1.2% |
What could go wrong
- Heavy reliance on Nevada, Texas and California. Facilities in Nevada, Texas and California contributed 17%, 16% and 11% of 2025 net revenues. Changes in state payment programs, local competition, or wildfires and storms there could hurt results disproportionately.
- Federal Medicaid changes reduce extra payments. The July 4, 2025 law adds Medicaid work requirements and limits provider fees states use to fund extra hospital payments. UHS expects its annual net benefit to fall $432 million to $480 million by 2032.
- More uninsured patients as subsidies lapse. Enhanced subsidies for marketplace health plans expired December 31, 2025, and enrollment is expected to fall. Because hospitals must treat emergency patients regardless of ability to pay, more uninsured patients could mean more unpaid bills.
- Staff shortages and rising labor costs. UHS competes with other employers for nurses, physicians and support staff, which can push up wages. Costs for hospital-based physicians keep rising, and inflation may raise expenses faster than the company can pass them on.
- Lawsuits, investigations and strict health care rules. Hospitals face complex fraud, billing and privacy laws. UHS faces pending lawsuits, stockholder class actions and government investigations. Violations can bring fines, repayments or exclusion from Medicare and Medicaid.
- Executive Chairman holds voting control. Holders of Class A and Class C shares elect most of the board and hold most voting power. Executive Chairman Alan B. Miller owns the majority of those shares, so other shareholders have limited influence.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- New debt or financial obligation; Other company announcement
- Major agreement signed
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
UHS pays a small dividend. It paid $0.80 per share in each fiscal year from 2021 through 2025, with no increases, and the yield was 0.46% as of October 28, 2026. That used only about 3% of 2025 earnings and 6% of free cash flow (cash left after capital spending). The company returned far more through buybacks, which reduce the share count: $4.24 billion from fiscal 2021 to 2025, against $284 million in dividends. For an income investor, the stock provides little cash to live on, so returns depend mainly on the share price.
The shares have fallen hard in past downturns: about 53% in the 2008 financial crisis, 53% in the 2020 COVID crash and 43% in the 2022 bear market. Each time, they took 7 to 13 months from the low to regain the earlier peak. As of October 28, 2026, the stock was down 21% over one year. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Universal Health Services make money?
It earns fees for patient care at its hospitals, outpatient centers and behavioral health facilities. In 2025, acute care hospital services brought in about 57% of $17.4 billion in net revenue and behavioral health services about 43%. Commercial managed care plans paid 28% of revenue, Medicaid 16%, managed Medicaid 14%, managed Medicare 12% and Medicare 11%. Its U.K. behavioral health facilities added about $1.0 billion. Net income was $1.49 billion.
Does Universal Health Services pay a dividend?
Yes, but it is small. UHS paid $0.80 per share in each fiscal year from 2021 through 2025, with no increases, and the yield was 0.46% as of October 28, 2026. Dividends used about 3% of 2025 earnings and 6% of free cash flow. The company spent far more buying back its own shares: $968 million in 2025, compared with $51 million in dividends.
How has Universal Health Services stock performed?
Results have been mixed. As of October 28, 2026, the share price had gained about 7% a year over five years and 4.1% a year over ten years. It was down 21.1% over one year and 20.7% for 2026 through that date. It rose 22% in 2025 and 18% in 2024. In the year to October 28, 2026, it fell as much as 42% from a peak. It traded at about 7.5 times fiscal 2025 earnings (its price-to-earnings ratio).
How much debt does Universal Health Services have?
About $4.9 billion as of June 30, 2026, against roughly $139 million in cash and investments. That left net debt (debt minus cash) of about $4.8 billion. Shareholders' equity was about $7.5 billion and total assets about $15.9 billion. For context, 2025 net income was $1.49 billion and free cash flow (cash left after capital spending) was $849 million. UHS filed reports of new debt or financial obligations in April, July and August 2026.
Who owns and controls Universal Health Services?
Voting control rests with Executive Chairman Alan B. Miller. Holders of Class A and Class C common stock elect most of the board and hold most of the general voting power, and Miller owns the majority of those shares. Outside shareholders therefore have limited influence. Large outside holders include First Eagle Investment Management (8.8% as of June 30, 2026), Vanguard Capital Management (7.28% as of March 31, 2026) and BlackRock (7.2% as of March 31, 2025).