Latest Ratios: P/E Ratio 31.6x · EV/EBITDA 18.6x · ROE 11.8%. (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 | $379.6B | $300.4B | $469.9B | $493.8B | $503.7B | $480.0B | $337.0B | $284.0B | $244.9B | $217.2B | $154.9B |
| Enterprise Value | $433.6B | $354.4B | $521.5B | $535.8B | $537.9B | $504.7B | $363.5B | $313.7B | $270.6B | $236.9B | $177.5B |
| P/E Ratio → | 31.59 | 24.95 | 32.62 | 22.06 | 25.03 | 27.77 | 21.88 | 20.52 | 20.44 | 20.57 | 22.07 |
| P/S Ratio | 0.85 | 0.67 | 1.17 | 1.33 | 1.55 | 1.67 | 1.31 | 1.17 | 1.08 | 1.08 | 0.84 |
| P/B Ratio | 3.74 | 2.95 | 4.58 | 4.99 | 5.83 | 6.28 | 4.78 | 4.57 | 4.36 | 4.17 | 3.83 |
| P/FCF | 23.61 | 18.69 | 22.70 | 19.23 | 21.52 | 24.14 | 16.75 | 17.32 | 17.94 | 18.76 | 19.15 |
| P/OCF | 19.27 | 15.25 | 19.42 | 16.99 | 19.22 | 21.49 | 15.20 | 15.38 | 15.58 | 15.97 | 15.82 |
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 | — | 0.79 | 1.30 | 1.44 | 1.66 | 1.75 | 1.41 | 1.30 | 1.20 | 1.18 | 0.96 |
| EV / EBITDA | 18.59 | 15.20 | 14.33 | 14.75 | 16.90 | 18.64 | 14.37 | 14.00 | 13.68 | 13.57 | 11.84 |
| EV / EBIT | 22.87 | 18.95 | 21.75 | 16.56 | 18.92 | 21.05 | 16.23 | 15.93 | 15.60 | 15.57 | 13.72 |
| EV / FCF | — | 22.05 | 25.19 | 20.86 | 22.98 | 25.37 | 18.07 | 19.14 | 19.82 | 20.47 | 21.94 |
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 | 18.5% | 18.5% | 22.3% | 24.5% | 24.6% | 24.2% | 26.1% | 23.8% | 23.8% | 23.4% | 23.5% |
| Operating Margin | 4.2% | 4.2% | 8.1% | 8.7% | 8.8% | 8.3% | 8.7% | 8.1% | 7.7% | 7.6% | 7.0% |
| Net Profit Margin | 2.7% | 2.7% | 3.6% | 6.0% | 6.2% | 6.0% | 6.0% | 5.7% | 5.3% | 5.2% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.8% | 11.8% | 14.3% | 24.2% | 24.7% | 23.5% | 23.2% | 23.4% | 22.1% | 22.8% | 18.5% |
| ROA | 4.0% | 4.0% | 5.0% | 8.6% | 8.8% | 8.4% | 8.3% | 8.5% | 8.2% | 8.1% | 6.0% |
| ROIC | 9.2% | 9.2% | 16.4% | 18.6% | 19.2% | 18.1% | 17.8% | 17.0% | 16.9% | 16.9% | 16.2% |
| ROCE | 9.7% | 9.7% | 17.5% | 19.5% | 19.6% | 18.5% | 18.9% | 18.6% | 18.5% | 18.8% | 18.2% |
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 | 0.77 | 0.77 | 0.75 | 0.68 | 0.67 | 0.60 | 0.62 | 0.65 | 0.65 | 0.61 | 0.82 |
| Debt / EBITDA | 3.36 | 3.36 | 2.11 | 1.86 | 1.81 | 1.70 | 1.72 | 1.82 | 1.85 | 1.82 | 2.20 |
| Net Debt / Equity | — | 0.53 | 0.50 | 0.42 | 0.40 | 0.32 | 0.38 | 0.48 | 0.46 | 0.38 | 0.56 |
| Net Debt / EBITDA | 2.32 | 2.32 | 1.42 | 1.16 | 1.08 | 0.91 | 1.05 | 1.33 | 1.30 | 1.13 | 1.50 |
| Debt / FCF | — | 3.36 | 2.49 | 1.64 | 1.46 | 1.24 | 1.32 | 1.81 | 1.88 | 1.70 | 2.79 |
| Interest Coverage | 4.67 | 4.67 | 6.14 | 9.97 | 13.59 | 14.44 | 13.47 | 11.55 | 12.39 | 12.82 | 12.12 |
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 | 0.79 | 0.79 | 0.83 | 0.79 | 0.77 | 0.79 | 0.74 | 0.69 | 0.73 | 0.73 | 0.69 |
| Quick Ratio | 0.79 | 0.79 | 0.83 | 0.79 | 0.77 | 0.79 | 0.74 | 0.69 | 0.73 | 0.73 | 0.69 |
| Cash Ratio | 0.24 | 0.24 | 0.28 | 0.30 | 0.31 | 0.31 | 0.27 | 0.23 | 0.27 | 0.31 | 0.27 |
| Asset Turnover | — | 1.45 | 1.34 | 1.36 | 1.32 | 1.36 | 1.30 | 1.39 | 1.49 | 1.45 | 1.51 |
| 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 | 2.1% | 2.6% | 1.6% | 1.4% | 1.2% | 1.1% | 1.4% | 1.4% | 1.4% | 1.3% | 1.5% |
| Payout Ratio | 65.7% | 65.7% | 52.3% | 30.2% | 29.8% | 30.5% | 29.8% | 28.4% | 27.7% | 26.3% | 32.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 4.0% | 3.1% | 4.5% | 4.0% | 3.6% | 4.6% | 4.9% | 4.9% | 4.9% | 4.5% |
| FCF Yield | 4.2% | 5.4% | 4.4% | 5.2% | 4.6% | 4.1% | 6.0% | 5.8% | 5.6% | 5.3% | 5.2% |
| Buyback Yield | 1.5% | 1.8% | 1.9% | 1.6% | 1.4% | 1.0% | 1.3% | 1.9% | 1.8% | 0.7% | 0.8% |
| Total Shareholder Yield | 3.5% | 4.5% | 3.5% | 3.0% | 2.6% | 2.1% | 2.6% | 3.3% | 3.2% | 2.0% | 2.3% |
| Shares Outstanding | — | $910M | $929M | $938M | $950M | $956M | $961M | $966M | $983M | $985M | $968M |
Medical utilization cost inflation
According to recent market data, UNH trades at a forward P/E of 23.27, which appears to command a conglomerate premium relative to pure-play insurance peers, yet this valuation may be increasingly difficult to justify given the recent deceleration in top-line growth and persistent medical cost headwinds.
The current valuation suggests that investors are pricing in a recovery in the Optum segment's margin expansion, rather than the current reality of stagnant insurance growth. If the company fails to demonstrate a return to historical earnings growth rates, the current P/E multiple may face significant downward pressure as the market re-evaluates the durability of its integrated business model.
Based on reported financial figures, the company's ROIC has trended downward to 4.3% in 2026Q1, a notable decline from historical levels, which suggests that the massive capital deployed into acquisitions is struggling to generate returns that exceed the company's cost of capital in the current environment.
The compression in ROIC indicates that the 'string of pearls' M&A strategy may be reaching a point of diminishing returns, as the integration of large-scale assets like Change Healthcare consumes significant capital without providing immediate accretive benefits. Investors should monitor whether this trend is a temporary byproduct of integration friction or a structural shift in the company's ability to allocate capital effectively.
As reported in quarterly filings, the company's asset turnover has remained flat at 0.36 over the last several quarters, indicating that despite its massive scale, the organization is not achieving greater operational efficiency or faster asset utilization as it continues to expand its footprint in care delivery.
The lack of improvement in asset turnover suggests that the company's growth is becoming increasingly capital-intensive, requiring more assets to generate each additional dollar of revenue. This trend warrants further investigation into whether the Optum segment's expansion is truly driving operational leverage or simply adding complexity that dilutes the overall efficiency of the enterprise.
According to the latest balance sheet data, the company maintains a debt-to-EBITDA ratio of 7.78 as of 2026Q1, which, while elevated compared to historical norms, suggests that the firm retains sufficient capacity to service its obligations despite the recent volatility in its underlying operating earnings.
While the interest coverage ratio has fluctuated significantly, the company's ability to maintain a stable debt-to-equity ratio near 0.74 implies that management is not over-leveraging the balance sheet to fund operations. However, the sensitivity of this coverage to earnings volatility means that any further deterioration in medical loss ratios could quickly constrain the company's financial flexibility.
The most commonly misapplied metric for this business model is GAAP net income, which, as evidenced by the 99.8% decline in 2025Q4, is frequently distorted by non-recurring items and prior-year reserve adjustments that obscure the true, recurring cash-generating capacity of the integrated insurance and services segments.
Analysts should instead focus on adjusted operating cash flow and segment-level EBITDA, which strip out the noise of intersegment eliminations and one-time acquisition-related charges. Relying on GAAP earnings in this context risks misinterpreting temporary accounting volatility as a fundamental shift in the company's long-term competitive position.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying UNH stock.
UnitedHealth Group Incorporated's current P/E ratio is 31.6x. The historical average is 20.1x. This places it at the 97th percentile of its historical range.
UnitedHealth Group Incorporated's current EV/EBITDA is 18.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
UnitedHealth Group Incorporated's return on equity (ROE) is 11.8%. The historical average is 19.6%.
Based on historical data, UnitedHealth Group Incorporated is trading at a P/E of 31.6x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
UnitedHealth Group Incorporated's current dividend yield is 2.08% with a payout ratio of 65.7%.
UnitedHealth Group Incorporated has 18.5% gross margin and 4.2% operating margin.
UnitedHealth Group Incorporated's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.