UNITEDHEALTH GROUP INC
UNH · NYSE · CIK 0000731766
SIC 6324
Hospital & Medical Service Plans
Category
Other
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$384.44
+4.46 (+1.17%)
Open
$380.45
High
$384.81
Low
$376.07
Prev Close
$379.98
Volume
5,361,873
52W High
$376.59
52W Low
$229.79
50-day MA
$306.37
Quote as of: 2026-05-11
Market Cap
$333.54B
P/E
27.61
P/B
3.58
PEG
1.29
EPS
13.30
BPS
103.87
Dividend Yield
2.43%
Beta
0.65
ROE
37.15%
ROA
3.89%
D/E Ratio
6.41
Current Ratio
0.79
Operating Margin
4.24%
Net Margin
2.69%
Book Value/Share
$35.82
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (6 methods)
$118.52B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $93.83B | +255% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | — | N/A |
Justified P/E 순이익 × 산업 평균 P/E | $180.84B | +84% |
P/B 배수 자본 × 산업 평균 P/B | $48.68B | +585% |
P/S 배수 매출 × 산업 평균 P/S | $895.13B | -63% |
DCF (Gordon) CF × (1+g) / (r − g) | $143.21B | +133% |
DDM (Gordon) D × (1+g) / (r − g) | $9.41B | +3445% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 6 were applicable. Their median fair-value lands +181.4% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 methods flag overvalued, 1 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +255.5%√(22.5 × 순이익 × 자본)
Current
$333.54B
Implied fair
$93.83B
Gap (current − fair)
+$239.72B(+255.5%)
NetIncome = $12.06B Equity = $32.45B √(22.5 × $12.06B × $32.45B) = $93.83B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
순이익 × (8.5 + 2 × 성장률%)
Not applicable: -
Justified P/E
Overvalued +84.4%순이익 × 산업 평균 P/E
Current
$333.54B
Implied fair
$180.84B
Gap (current − fair)
+$152.70B(+84.4%)
NetIncome = $12.06B Industry P/E = 15× $12.06B × 15 = $180.84B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +585.2%자본 × 산업 평균 P/B
Current
$333.54B
Implied fair
$48.68B
Gap (current − fair)
+$284.86B(+585.2%)
Equity = $32.45B Industry P/B = 1.5× $32.45B × 1.5 = $48.68B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Undervalued -62.7%매출 × 산업 평균 P/S
Current
$333.54B
Implied fair
$895.13B
Gap (current − fair)
$-561.59B(-62.7%)
Revenue = $447.57B Industry P/S = 2× $447.57B × 2 = $895.13B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Overvalued +132.9%CF × (1+g) / (r − g)
Current
$333.54B
Implied fair
$143.21B
Gap (current − fair)
+$190.33B(+132.9%)
FCF = $16.07B Discount r = 4.0% + 5.0% = 9.0% Growth g = -2.0% $16.07B × (1 + -2.0%) / (9.0% − -2.0%) = $143.21B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 -2.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +3445.3%D × (1+g) / (r − g)
Current
$333.54B
Implied fair
$9.41B
Gap (current − fair)
+$324.14B(+3445.3%)
Dividend D = $1.06B Discount r = 9.0% Growth g = -2.0% $1.06B × (1 + -2.0%) / (9.0% − -2.0%) = $9.41B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 -2.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +23.3% | +43.8% | +64.4% | +84.9% | +105.4% |
| 2% | +1.7% | +22.1% | +42.4% | +62.7% | +83.1% |
| 3% | -19.4% | +0.7% | +20.9% | +41.0% | +61.2% |
| 4% | -40.1% | -20.2% | -0.2% | +19.7% | +39.7% |
| 5% | -60.5% | -40.7% | -21.0% | -1.2% | +18.6% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +1776.4% | +2089.1% | +2401.8% | +2714.6% | +3027.3% |
| 2% | +1448.3% | +1758.0% | +2067.6% | +2377.3% | +2687.0% |
| 3% | +1126.6% | +1433.3% | +1739.9% | +2046.6% | +2353.2% |
| 4% | +811.1% | +1114.8% | +1418.5% | +1722.2% | +2025.9% |
| 5% | +501.6% | +802.4% | +1103.3% | +1404.1% | +1704.9% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-03-02
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 447,567 | 400,278 | 371,622 | 324,162 | 287,597 |
| Cost of Revenue | 50,655 | 46,694 | 38,770 | 33,703 | 31,034 |
| Operating Income | 18,964 | 32,287 | 32,358 | 28,435 | 23,970 |
| Net Income | 12,056 | 14,405 | 22,381 | 20,120 | 17,285 |
| EPS (Basic) | 13.28 | 15.64 | 24.12 | 21.47 | 18.33 |
| EPS (Diluted) | 13.23 | 15.51 | 23.86 | 21.18 | 18.08 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 309,581 | 298,278 | 273,720 | 245,705 | 212,206 |
| Current Assets | 90,582 | 85,779 | 78,437 | 69,069 | 61,758 |
| Cash & Equivalents | 24,365 | 25,312 | 25,427 | 23,365 | 21,375 |
| Total Liabilities | 207,883 | 195,687 | 174,801 | 159,358 | 135,727 |
| Current Liabilities | 114,897 | 103,769 | 99,054 | 89,237 | 78,292 |
| Long-term Debt | 72,320 | 72,359 | 58,263 | 54,513 | 42,383 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 19,697 | 24,204 | 29,068 | 26,206 | 22,343 |
| Investing CF | -8,685 | -20,527 | -15,574 | -28,476 | -10,372 |
| Financing CF | -11,644 | -3,512 | -11,529 | 4,226 | -7,455 |
| CapEx | 3,622 | 3,499 | 3,386 | 2,802 | 2,454 |
📄 SEC Filings
Quarterly Report
10-Q
2026-05-05
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Proxy Statement
FORM DEF 14A
2026-04-21
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Current Report
8-K
2026-04-21
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Current Report
8-K
2026-03-09
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Current Report
8-K
2026-03-02
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Annual Report
10-K
2026-03-02
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Current Report
8-K
2026-02-25
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Current Report
8-K
2026-01-27
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Current Report
8-K
2026-01-12
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Current Report
8-K
2025-11-21
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Current Report
8-K
2025-11-13
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Current Report
8-K
2025-11-07
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Quarterly Report
10-Q
2025-10-28
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Current Report
8-K
2025-10-28
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Other filings (86)
SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-30
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Insider Transaction
FORM 4
2026-04-27
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144
xsl144X01/primary_doc.xml
2026-04-23
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DEFA14A
DEFA14A
2026-04-21
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Insider Transaction
FORM 4
2026-04-06
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Insider Transaction
FORM 4
2026-04-06
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2026-04-06
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2026-04-06
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2026-04-06
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2026-04-06
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2026-04-06
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Insider Transaction
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2026-04-06
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Insider Transaction
FORM 4
2026-04-06
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-27
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Insider Transaction
FORM 4
2026-03-19
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Insider Transaction
FORM 4
2026-03-19
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Insider Transaction
FORM 4
2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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2026-03-19
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Insider Transaction
FORM 4
2026-03-19
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3
FORM 3
2026-03-12
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S-3ASR
S-3ASR
2026-03-02
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Insider Transaction
FORM 4
2026-02-25
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2026-02-25
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2026-02-25
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2026-02-25
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2026-02-25
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2026-02-25
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2026-02-24
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2026-02-24
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2026-02-24
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2026-02-24
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2026-02-24
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2026-02-17
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2026-02-17
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FORM 4
2026-02-17
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2026-02-17
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2026-02-17
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Insider Transaction
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2026-01-06
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2026-01-06
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2026-01-06
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2026-01-06
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2026-01-06
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2026-01-06
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2026-01-06
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2026-01-06
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2026-01-06
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2025-12-23
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2025-12-18
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Insider Transaction
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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2025-12-18
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FORM 4
2025-12-18
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3
FORM 3
2025-11-26
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S-8
S-8
2025-11-13
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Insider Transaction
FORM 4
2025-10-03
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Insider Transaction
FORM 4
2025-10-03
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Insider Transaction
FORM 4
2025-10-03
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FORM 4
2025-10-03
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FORM 4
2025-10-03
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2025-10-03
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2025-10-03
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FORM 4
2025-10-03
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Insider Transaction
FORM 4
2025-09-25
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Insider Transaction
FORM 4
2025-09-25
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Insider Transaction
FORM 4
2025-09-25
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