UnitedHealth Group Incorporated operates as a health care company in the United States and internationally. It operates through four segments: Optum Health, Optum Insight, Optum Rx; and UnitedHealthcare. The Optum Health segment provides care delivery, care management, wellness and consumer engagement, and health financial services with patients, consumers, care delivery systems, providers, employers, payers, and public-sector entities. The Optum Insight segment offers software and information products, advisory consulting arrangements, and managed services outsourcing contracts to hospital systems, physicians, health plans, public entities, life sciences companies and other organizations. The Optum Rx segment provides pharmacy care services and programs, including retail network contracting, home delivery, specialty and community health pharmacy services, infusion, and purchasing and clinical capabilities, as well as develops programs in the areas of step therapy, formulary management, drug adherence, and disease and drug therapy management. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; Medicaid plans, including Temporary Assistance to Needy Families; Children's Health Insurance Programs; Dual SNPs; Long-Term Services and Supports; Aged, Blind and Disabled; and other federal, state, and community health care programs. and health care benefits products and services to state programs caring for the economically disadvantaged, medically underserved, and those without the benefit of employer-funded health care coverage. UnitedHealth Group Incorporated was founded in 1974 and is based in Eden Prairie, Minnesota.
UnitedHealth Group Incorporated (UNH) reported trailing twelve months revenue of $449.71B as of March 2026, a 9.7% increase year-over-year. Quarterly revenue reached $111.72B, reflecting continued top-line momentum.
UnitedHealth Group Incorporated generated $12.04B in TTM net income, with quarterly EBITDA of $10.02B. The operating margin contracted from 8.3% to 8.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (8.0%) and net margin (5.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 5.7% a year ago, reflecting increased costs or interest expense.
UNH trades at a P/E of 19.7x (in line with broad market averages) and a P/S of 0.5x. The price-to-book ratio of 2.3x reflects a moderate premium to book value.
The company generated $8.15B in free cash flow over the trailing twelve months, a 78.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $312.64B in total assets with $71.44B in long-term debt against $103.89B 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 positive at ~6.2% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 16.2% but has fluctuated — the competitive advantage may be cyclical or emerging.
8 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 ~16.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 48.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 3.2x 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.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
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