Humana Inc.HUM
NYSE•Healthcare•Healthcare Plans
Humana Inc. provides medical and specialty insurance products in the United States. It operates in two segments, Insurance and CenterWell. The Insurance segment offers individual Medicare Advantage products, including health insurance benefits, including wellness programs, chronic care management, and care coordination; individual Medicare stand-alone prescription drug products (PDP); group Medicare advantage and Medicare stand-alone PDP; Medicare supplements; specialty and ancillary insurance comprising dental, vision, life and disability; and administrative services to arrange health care services for active-duty and retired military personnel and dependents, as well as pharmacy benefit managers. Its CenterWell segment operates full-service, value-based senior focused primary care centers under the Conviva Senior Primary Care and CenterWell Senior Primary Care brands; a management services organization; CenterWell Home Health, a home health provider; and OneHome, which manages post-acute patient needs, as well as provides pharmacy and hospice solutions. The company was formerly known as Extendicare Inc. and changed its name to Humana Inc. in April 1974. Humana Inc. was founded in 1961 and is headquartered in Louisville, Kentucky.
Humana Inc. (HUM) reported trailing twelve months revenue of $137.20B as of March 2026, a 14.1% increase year-over-year. Quarterly revenue reached $39.65B, reflecting continued top-line momentum.
Humana Inc. generated $1.13B in TTM net income, with quarterly EBITDA of $1.92B. The operating margin contracted from 6.3% to 4.4%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (4.4%) and net margin (3.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 3.9% a year ago, reflecting increased costs or interest expense.
HUM trades at a P/E of 40.4x (a premium multiple) and a P/S of 0.3x. The price-to-book ratio of 2.5x reflects a moderate premium to book value.
The company generated $1.13B in free cash flow over the trailing twelve months, a 380.1% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $55.28B in total assets with $12.27B in long-term debt against $18.58B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 2.2%. The business may lack pricing power or face rising costs.'
ROE is positive at ~7.9% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~22.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 39.0% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 2.0x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation