Latest Ratios: P/E Ratio 40.1x · EV/EBITDA 24.6x · ROE 7.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $47.4B | $30.9B | $30.7B | $57.0B | $65.1B | $60.0B | $54.6B | $49.4B | $39.6B | $36.1B | $30.8B |
| Enterprise Value | $56.1B | $39.7B | $40.7B | $64.5B | $71.8B | $69.9B | $57.0B | $51.4B | $43.4B | $37.0B | $31.0B |
| P/E Ratio → | 40.10 | 26.03 | 25.42 | 22.89 | 23.20 | 20.46 | 16.21 | 18.23 | 23.56 | 14.76 | 50.13 |
| P/S Ratio | 0.37 | 0.24 | 0.26 | 0.54 | 0.70 | 0.72 | 0.71 | 0.76 | 0.70 | 0.67 | 0.57 |
| P/B Ratio | 2.69 | 1.74 | 1.86 | 3.49 | 4.24 | 3.73 | 3.98 | 4.10 | 3.90 | 3.67 | 2.88 |
| P/FCF | 126.34 | 82.53 | 12.83 | 19.14 | 18.87 | 65.24 | 11.67 | 10.86 | 25.40 | 10.25 | 21.85 |
| P/OCF | 51.44 | 33.60 | 10.34 | 14.31 | 14.19 | 26.53 | 9.68 | 9.35 | 18.25 | 8.92 | 15.90 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.31 | 0.35 | 0.61 | 0.77 | 0.84 | 0.74 | 0.79 | 0.76 | 0.69 | 0.57 |
| EV / EBITDA | 24.64 | 17.43 | 15.69 | 15.23 | 16.28 | 16.91 | 10.78 | 12.72 | 16.63 | 9.71 | 14.06 |
| EV / EBIT | 38.62 | 19.04 | 17.80 | 16.93 | 18.11 | 18.65 | 11.51 | 13.86 | 18.92 | 7.79 | 14.06 |
| EV / FCF | — | 105.82 | 17.02 | 21.68 | 20.81 | 75.93 | 12.20 | 11.31 | 27.79 | 10.49 | 22.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.5% | 14.5% | 14.6% | 17.0% | 18.5% | 17.3% | 20.3% | 17.2% | 19.7% | 13.2% | 14.3% |
| Operating Margin | 1.1% | 1.1% | 1.4% | 3.1% | 3.8% | 4.1% | 6.1% | 5.3% | 3.6% | 6.2% | 3.2% |
| Net Profit Margin | 0.9% | 0.9% | 1.0% | 2.3% | 3.0% | 3.5% | 4.4% | 4.2% | 3.0% | 4.6% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.0% | 7.0% | 7.4% | 15.7% | 17.8% | 19.7% | 26.1% | 24.4% | 16.8% | 23.9% | 5.8% |
| ROA | 2.5% | 2.5% | 2.6% | 5.5% | 6.3% | 7.3% | 10.5% | 10.0% | 6.5% | 9.3% | 2.4% |
| ROIC | 4.1% | 4.1% | 4.8% | 10.8% | 11.1% | 12.2% | 23.1% | 18.6% | 12.6% | 23.1% | 11.5% |
| ROCE | 4.0% | 4.0% | 4.6% | 9.9% | 10.7% | 11.3% | 19.3% | 16.9% | 10.1% | 15.6% | 8.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.73 | 0.73 | 0.75 | 0.75 | 0.76 | 0.82 | 0.52 | 0.51 | 0.60 | 0.50 | 0.38 |
| Debt / EBITDA | 5.68 | 5.68 | 4.72 | 2.90 | 2.67 | 3.20 | 1.35 | 1.51 | 2.33 | 1.29 | 1.85 |
| Net Debt / Equity | — | 0.49 | 0.61 | 0.46 | 0.44 | 0.61 | 0.18 | 0.17 | 0.37 | 0.09 | 0.02 |
| Net Debt / EBITDA | 3.84 | 3.84 | 3.87 | 1.79 | 1.52 | 2.38 | 0.47 | 0.51 | 1.43 | 0.23 | 0.10 |
| Debt / FCF | — | 23.30 | 4.20 | 2.54 | 1.94 | 10.69 | 0.53 | 0.45 | 2.39 | 0.25 | 0.15 |
| Interest Coverage | 3.30 | 3.30 | 3.47 | 7.73 | 9.89 | 11.49 | 17.52 | 15.34 | 10.51 | 19.62 | 11.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.72 | 0.72 | 0.44 | 0.56 | 0.58 | 0.50 | 0.65 | 0.75 | 0.51 | 1.12 | 0.86 |
| Quick Ratio | 0.72 | 0.72 | 0.44 | 0.56 | 0.58 | 0.50 | 0.65 | 0.75 | 0.51 | 1.12 | 0.86 |
| Cash Ratio | 0.41 | 0.41 | 0.20 | 0.39 | 0.44 | 0.32 | 0.52 | 0.60 | 0.36 | 0.92 | 0.71 |
| Asset Turnover | — | 2.66 | 2.54 | 2.27 | 2.13 | 1.87 | 2.20 | 2.24 | 2.25 | 2.02 | 2.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.4% | 1.4% | 0.8% | 0.6% | 0.6% | 0.6% | 0.6% | 0.7% | 0.6% | 0.6% |
| Payout Ratio | 36.2% | 36.2% | 35.7% | 17.3% | 14.0% | 12.1% | 9.6% | 10.7% | 15.7% | 9.0% | 28.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 3.8% | 3.9% | 4.4% | 4.3% | 4.9% | 6.2% | 5.5% | 4.2% | 6.8% | 2.0% |
| FCF Yield | 0.8% | 1.2% | 7.8% | 5.2% | 5.3% | 1.5% | 8.6% | 9.2% | 3.9% | 9.8% | 4.6% |
| Buyback Yield | 0.3% | 0.5% | 2.7% | 2.8% | 3.2% | 0.1% | 3.3% | 2.2% | 2.7% | 9.3% | 0.3% |
| Total Shareholder Yield | 1.2% | 1.9% | 4.1% | 3.5% | 3.8% | 0.7% | 3.9% | 2.8% | 3.4% | 9.9% | 0.9% |
| Shares Outstanding | — | $121M | $121M | $124M | $127M | $129M | $133M | $135M | $138M | $146M | $151M |
CMS reimbursement rate volatility
According to current market data, Humana trades at a forward P/E of 43.47, which appears to price in a significant recovery in earnings power that may be disconnected from the persistent medical cost trends observed in recent quarterly filings.
The elevated forward multiple suggests that investors are looking past current margin compression, likely betting on the long-term success of the CenterWell vertical integration strategy. However, given the volatility in recent earnings, this valuation warrants caution as it implies a level of earnings stability that the company has struggled to demonstrate over the last ten quarters.
Based on reported figures, Humana's ROIC has fluctuated between a negative 2.9% and a positive 4.6% over the last ten quarters, indicating that the company is currently struggling to generate returns that consistently exceed its cost of capital in the current high-utilization environment.
The decay in ROIC appears to be driven by the combination of thin operating margins and the heavy capital investment required to build out the CenterWell provider network. Investors should monitor whether these investments eventually yield the expected margin expansion or if they represent a permanent drag on capital efficiency.
As reported in financial statements, Humana's asset turnover has remained relatively low, hovering between 0.51 and 0.76 over the past ten quarters, which reflects the capital-intensive nature of transitioning toward a provider-centric model rather than a pure-play insurance entity.
The gradual increase in asset turnover suggests that the company is slowly gaining scale in its healthcare services segment, though this improvement is currently being offset by the rising medical loss ratios. This trend implies that while the company is becoming more operationally complex, it has yet to achieve the asset-light efficiency typically associated with traditional managed care.
Based on an analysis of Humana's business model, the P/E ratio is frequently misapplied by market participants because it fails to account for the massive, non-cash fluctuations in IBNR reserves that can artificially inflate or deflate reported net income in any given quarter.
Analysts should instead focus on adjusted operating cash flow or medical loss ratio trends, which provide a more accurate picture of the company's underlying earning power. Relying on P/E ignores the accounting noise inherent in the actuarial estimation process, which can lead to a fundamental misunderstanding of the company's true profitability.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HUM stock.
Humana Inc.'s current P/E ratio is 40.1x. The historical average is 19.2x. This places it at the 96th percentile of its historical range.
Humana Inc.'s current EV/EBITDA is 24.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
Humana Inc.'s return on equity (ROE) is 7.0%. The historical average is 13.0%.
Based on historical data, Humana Inc. is trading at a P/E of 40.1x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Humana Inc.'s current dividend yield is 0.90% with a payout ratio of 36.2%.
Humana Inc. has 14.5% gross margin and 1.1% operating margin.
Humana Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.