HUM vs UNH: Humana 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 6.3 times Humana.
- Humana grew revenue faster over the last year (+25.7% vs +0.4%).
- Humana keeps more of each dollar of revenue as operating profit (39.6% vs 4.8%).
- On earnings, UnitedHealth Group is the cheaper stock (27.7x vs 46.9x).
- Humana's price assumes faster free cash flow growth: about 31% a year, against 6% for UnitedHealth Group (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 | HUM | UNH |
|---|---|---|
| Market cap | $52.8B | $334.2B |
| Share price | $431.87 | $379.30 |
| Revenue (last fiscal year) | $5.8B | $447.6B |
| Free cash flow (last fiscal year) | $375M | $16.1B |
| Revenue growth, last year | +25.7% | +0.4% |
| Revenue growth per year, last 5 fiscal years | +17.5% | +11.7% |
| Operating margin | 39.6% | 4.8% |
| Net margin | 18.3% | 3.1% |
| Return on equity | 6.1% | 13.5% |
| P/E (trailing) | 46.9x | 27.7x |
| Price / free cash flow | 140.9x | 20.8x |
| EV / EBITDA | 20.6x | 15.0x |
| FCF growth the price implies | 31.1% | 5.5% |
| Dividend yield | 0.82% | 2.4% |
| Debt / equity | 1.97x | 1.95x |
| Fundamental grade | D | C |
| Superinvestors holding it | 9 | 21 |
| Insider purchases, last 12 months | 3 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Humana
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.1B | $920M | 103.0% |
| 2022 | $4.8B | $3.5B | 79.6% |
| 2023 | $4.0B | $3.0B | 99.5% |
| 2024 | $4.4B | $2.4B | 57.8% |
| 2025 | $5.8B | $375M | 46.4% |
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
Humana · by segments, 2025
Insurance$124.6B85%
CenterWell$22.5B15%
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 HUM in InvestinglyQuestions
Which is bigger, Humana or UnitedHealth Group?
UnitedHealth Group (UNH), at $334.2B against $52.8B.
Is HUM or UNH cheaper?
By trailing P/E, UnitedHealth Group (27.7x) is cheaper than Humana (46.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, HUM or UNH?
Humana: revenue grew +25.7% 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.