At a glance
UnitedHealth Group Incorporated is worth $359.43B, about 30 times its fiscal 2025 earnings. Revenue grew 11.8% to $447.57B in fiscal 2025, with 2.7% kept as profit; over 5 years it has grown 11.7% a year. It pays a 2.26% dividend yield, raised every year for at least 9 years, and returned $68.03B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.4% over the past year with dividends reinvested and −0.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 35.9% in the 2020 crash (S&P 500: 33.7%) and 16.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
UnitedHealth Group runs two linked businesses: UnitedHealthcare, which sells health insurance, and Optum, which delivers care, pharmacy services and health care technology. Premiums from risk-based products, where the company collects a monthly premium and pays for members' care, make up nearly 80% of total revenue. Revenue reached $447.6 billion in fiscal 2025, but margins are thin: net income was $12.1 billion, or 2.7% of revenue.
UnitedHealthcare has three units. Employer & Individual covers individuals and employers of every size, including public-sector employers. Medicare & Retirement serves seniors and others eligible for Medicare. Community & State serves lower-income and medically underserved people without employer coverage.
Optum works for UnitedHealthcare and for outside health plans, care providers, employers and governments through three segments. Optum Health provides primary, specialty and surgical care in clinics, at home and online, serving about 95 million consumers. It sometimes takes on the full cost of patients' care for a monthly premium. Optum Insight sells data, analytics and software to hospitals, health plans, states and drug companies, with a backlog of expected contract revenue of about $31.1 billion as of December 31, 2025. Optum Rx runs pharmacy care services through about 64,000 retail pharmacies plus home delivery and specialty pharmacies, and managed $188 billion of drug spending in 2025.
Price history
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UNH +20.4% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $112.03B, up 0.4% from a year earlier, and net income was $5.48B (+61.0%).
- For fiscal 2025, revenue was $447.57B (+11.8% year over year; +11.7% a year from FY2020 to FY2025) with a 2.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.7% good |
|---|---|
| Operating margin | 4.2% weak |
| Free cash flow margin | 3.6% watch |
| Return on equity (FY2025) | 12% watch |
| Return on assets (FY2025) | 3.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $257.14B | $15.40B | $20.12B |
| FY2021 | $287.60B | $17.29B | $19.89B |
| FY2022 | $324.16B | $20.12B | $23.40B |
| FY2023 | $371.62B | $22.38B | $25.68B |
| FY2024 | $400.28B | $14.40B | $20.70B |
| FY2025 | $447.57B | $12.06B | $16.07B |
Valuation snapshot
| Market value | $359.43B |
|---|---|
| P/E ratio | 30.3 |
| Dividend yield | 2.26% |
Rank among 1514 US companies
Market value at each year end
UnitedHealth Group Incorporated’s market value went from $152.33B at the end of 2016 to $359.43B on Nov 2, 2026, about 2.4 times as much; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $359.43B | +20.2% |
| 2025 | $299.03B | -35.8% |
| 2024 | $465.54B | -4.4% |
| 2023 | $486.95B | -1.7% |
| 2022 | $495.37B | +4.7% |
| 2021 | $472.94B | +42.1% |
| 2020 | $332.73B | +19.5% |
| 2019 | $278.52B | +16.2% |
| 2018 | $239.66B | +12.2% |
| 2017 | $213.64B | +40.2% |
| 2016 | $152.33B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UNH price data to Nov 2, 2026 | +23.7% | +20.4% | -7.3% | -0.5% | +13.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.7% |
| 2025 | -33.1% |
| 2024 | -2.4% |
| 2023 | +1.2% |
| 2022 | +7.0% |
| 2021 | +45.2% |
| 2020 | +21.2% |
| 2019 | +20.0% |
| 2018 | +14.5% |
| 2017 | +39.8% |
| 2016 | +38.4% |
| 2015 | +18.3% |
| 2014 | +36.5% |
| 2013 | +41.0% |
| 2012 | +8.6% |
| 2011 | +42.6% |
| 2010 | +19.9% |
| 2009 | +14.8% |
| 2008 | -54.2% |
| 2007 | +8.4% |
| 2006 | -13.5% |
| 2005 | +41.2% |
| 2004 | +51.3% |
| 2003 | +39.4% |
| 2002 | +18.0% |
| 2001 | +15.4% |
| 2000 | +131.1% |
| 1999 | +23.4% |
| 1998 | -13.3% |
| 1997 | +10.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 63.2% over that stretch · deepest drop along the way 72.3%, back to its old high 40.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.9% over that stretch · deepest drop along the way 35.9%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.5% over that stretch · deepest drop along the way 16.9%, back to its old high 1.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 1 sales ($456K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Patrick Hugh Conway Chief Executive Officer, Optum | sell | $456K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
ETFs with the most weight in UNH
| IHF iShares U.S. Healthcare Providers ETF | 24.96% |
| XLV Health Care Select Sector SPDR Fund | 10.52% |
| IYH iShares U.S. Healthcare ETF | 10.28% |
| JDOC JPMorgan Healthcare Leaders ETF | 9.64% |
| MEDI Harbor Health Care ETF | 9.62% |
| FHLC Fidelity MSCI Health Care Index ETF | 9.22% |
| DIA SPDR Dow Jones Industrial Average ETF Trust | 8.73% |
| GDOC Future Health Care Equity ETF | 7.69% |
What could go wrong
- Medical costs can outrun fixed premiums. Nearly 80% of revenue comes from premiums set in advance. If members use more care or drugs cost more than expected, the company usually can't recover it until premiums reset; small misses swing profits sharply.
- Dependence on government health programs. UnitedHealth is both an insurer and a service provider in government programs such as Medicare and Medicaid. Funding cuts, payment adjustments, enrollment changes, audits or investigations in these programs could hurt results.
- Frequent lawsuits and government investigations. The company says it is routinely subject to private lawsuits and government investigations. Unfavorable outcomes could mean substantial penalties or damages and could harm its reputation.
- Pharmacy business carries its own regulatory risks. Optum Rx managed $188 billion of drug spending in 2025. The company warns that its pharmacy care services face regulatory and operational risks that differ from those of its other businesses.
- Data breaches and system failures. UnitedHealth handles large amounts of personal health information. A breach, outage or failed systems upgrade, including at outside vendors using its data, could disrupt operations and bring legal penalties and reputational harm.
- Limits on cash from regulated subsidiaries. UnitedHealth relies on its regulated subsidiaries to send cash to the parent company, and rules can restrict those payments. Tighter limits could reduce money for reinvestment, debt payments, dividends and buybacks.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
UnitedHealth has raised its dividend for at least 9 straight years through fiscal 2025, and the true streak may be longer. Dividends per share grew from $4.83 in 2020 to $8.73 in 2025, about 12.6% a year. Earnings per share fell from $23.86 in 2023 to $13.23 in 2025, so the 2025 dividend took 65.7% of earnings and 49.2% of free cash flow (cash generated after capital spending). The yield was 2.23% as of October 30, 2026. Buybacks fell to $5.5 billion in 2025 from $9.0 billion in 2024.
In the 2008 financial crisis the shares fell 72.3% and took about 40 months to recover. They fell 35.9% in the 2020 COVID crash and 16.9% in the 2022 bear market, recovering within about two months each time. The stock also lost 33% in 2025, and its deepest fall in the three years to October 30, 2026 was 61.4%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does UnitedHealth Group make money?
Mostly by collecting health insurance premiums. Premiums from risk-based products, where UnitedHealth takes a monthly payment and covers the cost of care, make up nearly 80% of total revenue. The rest includes fees and sales from Optum's care, pharmacy, data and software businesses. Revenue was $447.6 billion in fiscal 2025, but margins are thin: operating income was $19.0 billion, or 4.2% of revenue, and net income was $12.1 billion, or 2.7%.
What is Optum, and how is it different from UnitedHealthcare?
UnitedHealthcare is the insurance arm, and Optum is the health services arm. UnitedHealthcare sells health benefits to employers, individuals, Medicare members and lower-income people. Optum serves UnitedHealthcare and outside clients through three segments. Optum Health delivers care and serves about 95 million consumers. Optum Insight provides data, analytics and software. Optum Rx runs pharmacy care services and managed $188 billion of drug spending in 2025. On January 1, 2026, Optum Financial, including Optum Bank, moved from Optum Health to Optum Insight.
Does UnitedHealth raise its dividend every year?
Yes, so far. UnitedHealth has raised its dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share rose from $4.83 in 2020 to $8.73 in 2025, about 12.6% a year. Earnings per share fell over the same stretch, so the 2025 dividend used 65.7% of earnings and 49.2% of free cash flow. The yield was 2.23% as of October 30, 2026. Past increases do not guarantee future ones.
How has UnitedHealth stock performed over the long term?
Strongly over 10 years, but poorly over three and five. As of October 30, 2026, the share price had gained about 13.1% a year over 10 years, or 244% in total. Over three years it had fallen 6.5% a year, and over five years 0.6% a year. The stock lost 33.1% in 2025, and its deepest fall in the three years to October 30, 2026 was 61.4%. It was up 25.7% for 2026 through October 30.
What is UnitedHealth's P/E ratio?
It was 30.8 as of October 30, 2026, based on fiscal 2025 diluted earnings of $13.23 a share. The P/E (price-to-earnings ratio) shows how many dollars investors pay for each dollar of annual profit. Fiscal 2025 earnings were well below the $23.86 a share earned in 2023, so at the same share price the ratio would be lower if profits returned toward that level. Net income for the quarter ended June 30, 2026 was $5.5 billion, up 61% from a year earlier.