UnitedHealth (UNH): analysis in plain words
Is UnitedHealth cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
UnitedHealth (UNH) is listed on the NYSE and we classify it in healthcare and pharma. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against UnitedHealth according to those figures, and the questions people ask most about the stock. No buy or sell tips.
UnitedHealth (UNH) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | $409.38 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 23.4x | Price over earnings per share |
| Revenue growth | -0.4% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 3.5% | Profit for every 100 of sales |
| Net debt / EBITDA | 1.6x | Years of operating profit to repay debt |
| Dividend yield | 2.29% | Annual dividend over price |
| Market cap | $367.5 billion | What the stock market values it at |
The UnitedHealth figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any UNH figure that is not available shows as N/A: we do not estimate it.
How UnitedHealth makes money
UnitedHealth Group runs two platforms. UnitedHealthcare, its largest by revenue, provides health insurance for employers, individuals, Medicare and Medicaid enrollees in the U.S. Optum includes Optum Health for clinics and care delivery, Optum Insight for health data and software, and Optum Rx for pharmacy benefit management.
Over the last 12 months, UnitedHealth brought in revenue of $450.1 billion. For every 100 it sells, UnitedHealth keeps 20.0 after the direct cost of what it sells (gross margin) and 5.8 after all operating costs (operating margin).
UnitedHealth against its sector
To know whether a UnitedHealth figure is high or low you have to put it next to similar companies. This table compares UnitedHealth with the median of the 30 healthcare and pharma companies Fintols covers, with data as of November 4, 2026.
| Figure | UnitedHealth | healthcare and pharma median |
|---|---|---|
| P/E | 23.4x | 31.3x (30) |
| Revenue growth | -0.4% | +8.3% (33) |
| Net margin | 3.5% | 14.9% (33) |
| Dividend yield | 2.29% | 1.52% (33) |
| Net debt / EBITDA | 1.6x | 1.6x (31) |
In short, against the typical healthcare and pharma company, UnitedHealth trades on a lower P/E, grows more slowly and earns a thinner margin. By size, UnitedHealth ranks number 5 of 28 healthcare and pharma companies quoted in USD on Fintols.
The bull case for UnitedHealth
These are the strengths in the UnitedHealth figures as of November 4, 2026:
- UnitedHealth generates real cash: $26.5 billion of free cash flow over 12 months, 7.2% of its stock market value.
- Analysts expect UnitedHealth earnings to rise: its P/E on the next 12 months of estimated earnings is 17.6x, below the current 23.4x.
- On a P/E basis UnitedHealth trades cheaper than its sector: 23.4x its annual earnings, against 31.3x for the healthcare and pharma median (30 companies with data).
The main risk for UnitedHealth
UnitedHealth runs on a thin net margin (3.5%, against a healthcare and pharma median of 14.9%): a rise in costs can easily wipe out profit.
On top of that: unitedHealth sales fell 0.4% in the latest quarter against the same quarter a year earlier: if the decline drags on, profit usually follows.
And, like the rest of healthcare and pharma, UnitedHealth is exposed to a key drug losing patent protection or a clinical trial failing, plus government pressure on prices.
Frequently asked questions about UnitedHealth
Is it a good time to buy UnitedHealth stock?
Fintols does not tell you whether to buy or sell UnitedHealth, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, UnitedHealth stock trades at $409.38, 11% below its 52-week high ($461.62) and 60% above its low ($255.97). Its P/E is 23.4x against a healthcare and pharma median of 31.3x, and 17.6x on the earnings analysts expect over the next 12 months. With UnitedHealth, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does UnitedHealth pay a dividend?
Yes. As of November 4, 2026, UnitedHealth pays $9.28 per share a year, which at today's price is a yield of 2.29%. It uses 52% of its profit to pay it, which leaves room to keep paying it if profit dips.
Is UnitedHealth stock expensive?
It depends on what you compare it with. On P/E, UnitedHealth trades at 23.4x its last 12 months of earnings: cheaper than the healthcare and pharma median (31.3x). Including its debt, UnitedHealth is valued at 14.3x its EBITDA (EV/EBITDA). A high P/E alone does not make UnitedHealth expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are UnitedHealth's competitors?
On Fintols we compare UnitedHealth with Pfizer, Thermo Fisher and HCA Healthcare, which are also in healthcare and pharma. As of November 4, 2026, Pfizer is worth $175.5 billion and trades on a P/E of 44.0; Thermo Fisher is worth $261.6 billion and trades on a P/E of 37.2; HCA Healthcare is worth $106.7 billion and trades on a P/E of 16.9. Each has a side-by-side comparison with UnitedHealth below.
UnitedHealth competitors
- Pfizer (PFE) analysis · UnitedHealth vs Pfizer comparison
- Thermo Fisher (TMO) analysis · UnitedHealth vs Thermo Fisher comparison
- HCA Healthcare (HCA) analysis · UnitedHealth vs HCA Healthcare comparison
To understand UnitedHealth better
- DCF and WACC Explained: A Practical Valuation Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like UnitedHealth: healthcare and pharma stocks, S&P 500 companies and S&P 100 companies. Open the full UNH analysis with its valuation and scenarios. Educational content about UnitedHealth, not investment advice.