UnitedHealth Group (UNH)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $331.6B, UnitedHealth Group's free cash flow of $16.1B (fiscal 2025) would need to grow about 5% a year for the stock to be worth today's price. That is close to what the company has delivered over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from UnitedHealth Group's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from UNH's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from UnitedHealth Group's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| EPS (diluted) | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| Operating margin | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own UNH
From each investor's latest 13F filing (what a 13F shows). 21 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dodge & Cox Dodge & Cox |
Trimmed | $3.8B | 2.0% | Q2 2026 |
| Boykin Curry Eagle Capital Management |
Trimmed | $2.4B | 7.3% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $729M | 0.25% | Q2 2026 |
| Tom Steyer Farallon Capital Management LLC |
Trimmed | $528M | 2.5% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $313M | 0.26% | Q2 2026 |
| Ruane, Cunniff & Goldfarb Ruane, Cunniff & Goldfarb |
Trimmed | $293M | 4.6% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Trimmed | $176M | 1.2% | Q2 2026 |
| Bill Smead Smead Capital Management |
Trimmed | $136M | 2.9% | Q2 2026 |
| Chase Coleman Tiger Global Management |
Trimmed | $124M | 0.52% | Q2 2026 |
| Donald Yacktman Yacktman Asset Management |
Added | $71M | 0.88% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $60M | 0.04% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $36M | 0.08% | Q2 2026 |
Insider buying
Open-market purchases by UnitedHealth Group's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 23, 2026 | Ro Khanna |
0 | $269.62 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $269.62 | — |
| Mar 19, 2026 | Richard Mccormick |
0 | $280.35 | — |
| Mar 19, 2026 | Richard Mccormick |
0 | $280.35 | — |
| Mar 13, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $282.02 | — |
| Mar 13, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $282.02 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $282.23 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $282.23 | — |
| Feb 25, 2026 | Markwayne Mullin |
0 | $284.11 | — |
| Feb 25, 2026 | Markwayne Mullin |
0 | $284.11 | — |
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In the full deep dive
Questions
What growth does UnitedHealth Group's stock price imply?
At a market value of $331.6B, UnitedHealth Group would need its free cash flow to grow about 5% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 8% a year.
Are UnitedHealth Group insiders buying the stock?
10 open-market insider purchases of UNH in the last 12 months, from SEC Form 4 filings.
Which superinvestors own UnitedHealth Group?
21 of the superinvestors Investingly tracks hold UNH in their latest 13F, including Dodge & Cox, Boykin Curry, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.