Latest revenue
$23.03B
as of 2026-03-31
Latest net income
$6.28B
as of 2026-03-31
Net margin
27.3%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $351.95B
- Enterprise value
- $404.88B
- P/E (trailing)
- 29.2×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 2.3%
- 52-wk high
- $404.15
- 52-wk low
- $234.60
- Beta
- —
- Shares out
- 906.0M
5-year trend
What this company does
UnitedHealth Group operates health insurance plans under UnitedHealthcare and runs Optum, which provides pharmacy benefits, care delivery, and health data analytics. Insurance premiums drive the business, generating $263 billion of the company's $334 billion in nine-month revenue, with the rest from Optum's products and services. Medical costs are surging faster than premiums, compressing operating earnings to $18.6 billion from $24.5 billion a year earlier and cutting Q3 EPS roughly 60%.
Key risks
- Medical cost ratio surged: Q3 medical costs hit $79.96B on $88.98B premiums (~89.9% MCR), crushing operating earnings to $4.3B from $8.7B YoY.
- EPS collapsed ~60% YoY in Q3 to $2.59 from $6.51; nine-month operating cash flow fell to $18.6B from $21.8B in 2024.
- Leverage and goodwill heavy: $80B total debt and $110.3B goodwill against $101.6B equity, with only $345M paid-in capital cushion.
Profitability
Operating margin
4.2%
47.5%Net margin
2.7%
25.1%Return on assets
3.9%
19.4%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $23.03B | +4.6% | $6.28B | -0.2% | 27.3% |
Q4 2025 2025-12-31 | $379.91B | +12.8% | $10.0M | -99.9% | 0.0% |
Q3 2025 2025-09-30 | $23.05B | +6.1% | $2.35B | -61.2% | 10.2% |
Q2 2025 2025-06-30 | $22.60B | +7.8% | $3.41B | +21.3% | 15.1% |
Q1 2025 2025-03-31 | $22.01B | +5.8% | $6.29B | +546.6% | 28.6% |
Q4 2024 2024-12-31 | $336.79B | — | $6.95B | — | 2.1% |
Q3 2024 2024-09-30 | $21.73B | +14.2% | $6.05B | +3.7% | 27.9% |
Q2 2024 2024-06-30 | $20.96B | +8.5% | $2.81B | -48.7% | 13.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Hospital & Medical Service Plans · SIC 6324
Your notes
Keep private notes on UNH — thesis, target price, catalysts to watch.
Visible only to you. Never shared. Never used to train AI.
Insider activity
Insider buying
$0
Insider selling
$473.3K
Net activity
−$473.3K
Distinct insiders
2
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-04-23 | Patrick Hugh Conway Chief Executive Officer, Optum | Sale | 800 | $355.00 | $284.0K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns UNH
Institutional value
$49.81B
Total shares held
187.0M
Distinct holders
708
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 58.9M | $15.93B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 24.0M | $6.50B | — | New |
| 3 | Bank of New York Mellon Corp | 10.1M | $2.73B | — | New |
| 4 | Invesco Ltd. | 6.3M | $1.71B | — | New |
| 5 | Legal & General Group Plc | 6.1M | $1.66B | — | New |
| 6 | Fisher Asset Management, LLC | 5.2M | $1.42B | — | New |
| 7 | VANGUARD FIDUCIARY TRUST CO | 5.1M | $1.38B | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 5.0M | $1.35B | — | New |
| 9 | WELLS FARGO & COMPANY/MN | 3.4M | $908.2M | — | New |
| 10 | BNP PARIBAS FINANCIAL MARKETS | 3.1M | $825.7M | — | New |
| 11 | Swiss National Bank | 2.7M | $719.3M | — | New |
| 12 | DEUTSCHE BANK AG\ | 2.5M | $685.6M | — | New |
| 13 | Mitsubishi UFJ Asset Management Co., Ltd. | 2.4M | $641.5M | — | New |
| 14 | California Public Employees Retirement System | 2.2M | $591.7M | — | New |
| 15 | Vanguard Global Advisers, LLC | 2.0M | $542.0M | — | New |
| 16 | National Pension Service | 1.9M | $526.9M | — | New |
| 17 | VANGUARD ASSET MANAGEMENT, Ltd | 1.8M | $494.7M | — | New |
| 18 | JANE STREET GROUP, LLC | 1.6M | $446.3M | — | New |
| 19 | CITIGROUP INC | 1.5M | $410.8M | — | New |
| 20 | RHUMBLINE ADVISERS | 1.5M | $394.6M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Medical costs jumped to $79.96B in Q3, pushing MLR sharply higher—what specific MA cohorts are driving this and is 2026 repricing sufficient?
- 2
Operating earnings collapsed from $8.7B to $4.3B year-over-year; quantify how much is transient versus structural margin reset for 2026 guidance.
- 3
Medical costs payable grew $6.2B YTD versus only $2.2B last year—are reserves adequately developed or are we under-accruing IBNR?