CVS vs UNH: CVS Health and UnitedHealth Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- UnitedHealth Group is the larger company, worth $334.2B, about 3.0 times CVS Health.
- CVS Health grew revenue faster over the last year (+7.3% vs +0.4%).
- UnitedHealth Group keeps more of each dollar of revenue as operating profit (4.8% vs 2.0%).
- On earnings, UnitedHealth Group is the cheaper stock (27.7x vs 37.7x).
- UnitedHealth Group's price assumes faster free cash flow growth: about 6% a year, against 0% for CVS Health (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CVS | UNH |
|---|---|---|
| Market cap | $109.7B | $334.2B |
| Share price | $87.95 | $379.30 |
| Revenue (last fiscal year) | $402.1B | $447.6B |
| Free cash flow (last fiscal year) | $7.8B | $16.1B |
| Revenue growth, last year | +7.3% | +0.4% |
| Revenue growth per year, last 5 fiscal years | +8.3% | +11.7% |
| Operating margin | 2.0% | 4.8% |
| Net margin | 1.2% | 3.1% |
| Return on equity | 6.1% | 13.5% |
| P/E (trailing) | 37.7x | 27.7x |
| Price / free cash flow | 14.0x | 20.8x |
| EV / EBITDA | 12.6x | 15.0x |
| FCF growth the price implies | 0.36% | 5.5% |
| Dividend yield | 3.1% | 2.4% |
| Debt / equity | 2.18x | 1.95x |
| Fundamental grade | C | C |
| Superinvestors holding it | 14 | 21 |
| Insider purchases, last 12 months | 6 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CVS Health
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $292.1B | $15.7B | 4.6% |
| 2022 | $322.5B | $13.4B | 2.5% |
| 2023 | $357.8B | $10.4B | 3.8% |
| 2024 | $372.8B | $6.3B | 2.3% |
| 2025 | $402.1B | $7.8B | 1.2% |
UnitedHealth Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $287.6B | $19.9B | 8.3% |
| 2022 | $324.2B | $23.4B | 8.8% |
| 2023 | $371.6B | $25.7B | 8.7% |
| 2024 | $400.3B | $20.7B | 8.1% |
| 2025 | $447.6B | $16.1B | 4.2% |
Where the revenue comes from
CVS Health · by segments, 2025
Health Services$190.4B40%
Health Care Benefits$143.4B30%
Pharmacy & Consumer Wellness$139.4B29%
UnitedHealth Group · by segments, 2025
UnitedHealthcare$344.9B56%
Optum Rx$154.7B25%
Optum Health$102.0B16%
Optum Insight$19.4B3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CVS in InvestinglyQuestions
Which is bigger, CVS Health or UnitedHealth Group?
UnitedHealth Group (UNH), at $334.2B against $109.7B.
Is CVS or UNH cheaper?
By trailing P/E, UnitedHealth Group (27.7x) is cheaper than CVS Health (37.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CVS or UNH?
CVS Health: revenue grew +7.3% over the last year, against +0.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.