UnitedHealth Group
UNH on NYSE. UnitedHealth Group sells health insurance and health services to people, employers, and governments. Market value $339.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Health care stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 24 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.25.
Profit per $100 you pay: $4.16.
Quality score: 100 of 100. Price score: 25 of 100. Our list needs 70 on quality and 60 on price.
$378.58 a share, 48% above its 1-year low
Over the past year the price has ranged from $255.97 to $461.62.
Expected to report results Tuesday 13 Oct, before the market opens.
Dividend: 2.3% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $287.6bn | $324.2bn | $371.6bn | $400.3bn | $447.6bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.93bn | 0.92bn | 0.92bn | 0.91bn | 0.90bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 11.7% a year
- Buying back its own sharesYes, 4% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $112 billion last quarter, about the same as a year ago.
- Profit: $5.5 billion, up 61% on a year ago.
- Spare cash over the past 12 months: $23.6 billion, down from $25.3 billion.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $100.8bn |
| December 2024 | $100.8bn |
| March 2025 | $109.6bn |
| June 2025 | $111.6bn |
| September 2025 | $113.2bn |
| December 2025 | $113.2bn |
| March 2026 | $111.7bn |
| June 2026 | $112.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $6.1bn |
| December 2024 | $5.5bn |
| March 2025 | $6.3bn |
| June 2025 | $3.4bn |
| September 2025 | $2.3bn |
| December 2025 | $10m |
| March 2026 | $6.3bn |
| June 2026 | $5.5bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 13 October 2026
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
43 long-term investors we follow own it, down from 44 last quarter. 3,374 funds in all.
- Sanders CapitalLew Sanders
- Value
- $2.5bn
- Share of fund
- 2.5%
- Eagle Capital ManagementBoykin Curry
- Value
- $2.4bn
- Share of fund
- 7.3%
- Cullen Capital ManagementJames Cullen
- Value
- $198m
- Share of fund
- 1.9%
- Patient Capital ManagementSamantha McLemore
- Value
- $182m
- Share of fund
- 6.0%
- Cooke & BielerCooke & Bieler partners
- Value
- $138m
- Share of fund
- 1.6%
- Yacktman Asset ManagementStephen Yacktman
- Value
- $71m
- Share of fund
- 0.9%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $36m
- Share of fund
- <0.1%
- Auxier Asset ManagementJeff Auxier
- Value
- $26m
- Share of fund
- 3.5%
- LSV Asset ManagementJosef Lakonishok
- Value
- $6m
- Share of fund
- <0.1%
- Heartland AdvisorsBill Nasgovitz
- Value
- $392,770
- Share of fund
- <0.1%
Sold out this quarter
- AppaloosaDavid TepperSold out
- Beutel GoodmanBeutel Goodman teamSold out
- Markel GroupTom GaynerSold out
- Olstein Capital ManagementRobert OlsteinSold out
Largest holders overall
- BlackRock$31.9bnAdded
- Vanguard Capital Management$24.7bn
- State Street$19.0bn
- Capital World Investors$12.4bnAdded
- FMR$11.6bnAdded
- Vanguard Portfolio Management$10.2bn
- Price T Rowe Associates$9.6bnAdded
- Geode Capital Management$9.0bnCut
- JPMorgan Chase$8.5bnAdded
- Charles Schwab Investment Management$8.2bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.0%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.0% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $944,910.
- Conway Patrick HughChief Executive Officer, OptumSold
- Date
- 21 August 2026
- Shares
- 1,169
- Price
- $390.00
- Value
- $455,910
- Conway Patrick HughChief Executive Officer, OptumSold
- Date
- 5 August 2026
- Shares
- 500
- Price
- $410.00
- Value
- $205,000
- Conway Patrick HughChief Executive Officer, OptumSold
- Date
- 23 April 2026
- Shares
- 800
- Price
- $355.00
- Value
- $284,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Sold | 1,169 | $390.00 | $455,910 |
| 5 August 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Sold | 500 | $410.00 | $205,000 |
| 23 April 2026 | Conway Patrick Hugh Chief Executive Officer, Optum | Sold | 800 | $355.00 | $284,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.