Financials UnitedHealth Group Inc.

Equities

UNH

US91324P1021

Managed Healthcare

Market Closed - Nyse Other stock markets 01:30:02 15/07/2025 am IST			After hours 05:30:00 am
300.58 ^USD	-1.16%		300.10	-0.16%

14/07	UnitedHealth May Issue 'Conservative' 2025 EPS Guidance Below Expectations, Morgan Stanley Says	MT
14/07	Morgan Stanley Adjusts PT on UnitedHealth Group to $342 From $374, Maintains Overweight Rating	MT

Projected Income Statement: UnitedHealth Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,57,141	2,87,597	3,24,162	3,71,622	4,00,278	4,49,431	4,78,290	5,12,074
Change	-	11.84%	12.71%	14.64%	7.71%	12.28%	6.42%	7.06%
EBITDA ¹	25,296	27,073	31,835	36,330	36,386	34,309	38,789	44,190
Change	-	7.02%	17.59%	14.12%	0.15%	-5.71%	13.06%	13.92%
EBIT ¹	22,405	23,970	28,435	32,358	32,287	30,100	34,667	39,711
Change	-	6.99%	18.63%	13.8%	-0.22%	-6.77%	15.17%	14.55%
Interest Paid ¹	-1,663	-1,660	-2,092	-3,246	-3,906	-3,945	-3,951	-4,050
Earnings before Tax (EBT) ¹	20,742	22,310	26,343	29,112	20,071	25,022	29,111	33,702
Change	-	7.56%	18.08%	10.51%	-31.06%	24.67%	16.34%	15.77%
Net income ¹	15,403	17,285	20,120	22,381	14,405	19,516	22,474	25,869
Change	-	12.22%	16.4%	11.24%	-35.64%	35.48%	15.15%	15.11%
Announcement Date	20/01/21	19/01/22	13/01/23	12/01/24	16/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	62,138	65,115	65,467	70,196	71,321	72,337	73,743	80,149	80,332	80,894	82,787	91,931	92,903	92,361	94,427	99,796	98,855	1,00,820	1,00,807	1,09,575	1,11,694	1,13,470	1,14,495	1,15,688	1,18,509	1,19,779	1,20,380	1,21,418
Change	-	4.79%	0.54%	7.22%	1.6%	1.42%	1.94%	8.69%	0.23%	0.7%	2.34%	11.05%	1.06%	-0.58%	2.24%	5.69%	-0.94%	1.99%	-0.01%	8.7%	1.93%	1.59%	0.9%	1.04%	2.44%	1.07%	0.5%	0.86%
EBITDA ¹	9,958	5,370	4,249	7,497	6,756	6,508	6,312	7,738	7,934	8,290	7,873	9,056	9,078	9,533	8,663	8,928	8,895	9,749	8,814	10,180	7,591	7,861	6,911	10,051	8,800	9,026	7,585	10,751
Change	-	-46.07%	-20.88%	76.44%	-9.88%	-3.67%	-3.01%	22.59%	2.53%	4.49%	-5.03%	15.03%	0.24%	5.01%	-9.13%	3.06%	-0.37%	9.6%	-9.59%	15.5%	-25.43%	3.56%	-12.08%	45.43%	-12.45%	2.56%	-15.96%	41.73%
EBIT ¹	9,241	4,651	3,517	6,739	5,978	5,712	5,541	6,950	7,132	7,462	6,891	8,086	8,057	8,526	7,689	7,931	7,875	8,708	7,773	9,119	6,611	6,995	6,051	9,085	7,678	7,847	6,155	10,250
Change	-	-49.67%	-24.38%	91.61%	-11.29%	-4.45%	-2.99%	25.43%	2.62%	4.63%	-7.65%	17.34%	-0.36%	5.82%	-9.82%	3.15%	-0.71%	10.58%	-10.74%	17.32%	-27.5%	5.8%	-13.5%	50.15%	-15.49%	2.21%	-21.57%	66.54%
Charge d'intérêts ¹	-430	-395	-401	-397	-410	-422	-431	-433	-467	-516	-676	-754	-828	-834	-830	-844	-985	-1,074	-1,003	-998	-989.8	-979.2	-970.8	-999.4	-1,007	-1,006	-1,005	-982
Earnings before Tax (EBT) ¹	8,811	4,256	3,116	6,342	5,568	5,290	5,110	6,517	6,665	6,946	6,215	7,332	7,229	7,692	6,859	1	5,665	7,614	6,791	8,106	5,425	5,807	4,729	7,760	6,640	6,902	5,427	8,418
Change	-	-51.7%	-26.79%	103.53%	-12.2%	-4.99%	-3.4%	27.53%	2.27%	4.22%	-10.52%	17.97%	-1.4%	6.4%	-10.83%	-99.99%	5,66,400%	34.4%	-10.81%	19.36%	-33.07%	7.05%	-18.57%	64.08%	-14.43%	3.95%	-21.37%	55.11%
Net income ¹	6,637	3,172	2,212	4,862	4,266	4,086	4,071	5,027	5,070	5,262	4,761	5,611	5,474	5,841	5,455	-1,409	4,216	6,055	5,543	6,292	4,269	4,505	3,946	6,222	5,091	5,274	4,260	6,412
Change	-	-52.21%	-30.26%	119.8%	-12.26%	-4.22%	-0.37%	23.48%	0.86%	3.79%	-9.52%	17.85%	-2.44%	6.7%	-6.61%	-125.83%	399.22%	43.62%	-8.46%	13.51%	-32.15%	5.51%	-12.4%	57.67%	-18.18%	3.6%	-19.24%	50.54%
Announcement Date	15/07/20	14/10/20	20/01/21	15/04/21	15/07/21	14/10/21	19/01/22	14/04/22	15/07/22	14/10/22	13/01/23	14/04/23	14/07/23	13/10/23	12/01/24	16/04/24	16/07/24	15/10/24	16/01/25	17/04/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: UnitedHealth Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	26,546	22,096	18,927	32,909	47,791	43,499	37,551	34,365
Change	-	-16.76%	-14.34%	73.87%	45.22%	-8.98%	-13.67%	-8.48%
Announcement Date	20/01/21	19/01/22	13/01/23	12/01/24	16/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: UnitedHealth Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,051	2,454	2,802	3,386	3,499	3,947	4,299	4,548
Change	-	19.65%	14.18%	20.84%	3.34%	12.82%	8.89%	5.81%
Free Cash Flow (FCF) ¹	20,123	19,889	23,404	25,682	20,705	25,633	27,522	31,465
Change	-	-1.16%	17.67%	9.73%	-19.38%	23.8%	7.37%	14.33%
Announcement Date	20/01/21	19/01/22	13/01/23	12/01/24	16/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: UnitedHealth Group Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.84%	9.41%	9.82%	9.78%	9.09%	7.63%	8.11%	8.63%
EBIT Margin (%)	8.71%	8.33%	8.77%	8.71%	8.07%	6.7%	7.25%	7.75%
EBT Margin (%)	8.07%	7.76%	8.13%	7.83%	5.01%	5.57%	6.09%	6.58%
Net margin (%)	5.99%	6.01%	6.21%	6.02%	3.6%	4.34%	4.7%	5.05%
FCF margin (%)	7.83%	6.92%	7.22%	6.91%	5.17%	5.7%	5.75%	6.14%
FCF / Net Income (%)	130.64%	115.07%	116.32%	114.75%	143.73%	131.34%	122.46%	121.63%
Profitability
ROA	8.3%	8.44%	8.79%	8.62%	8.99%	6.58%	7.16%	6.05%
ROE	24.9%	24.11%	25.71%	26.8%	28.33%	18.99%	22.51%	23.28%
Financial Health
Leverage (Debt/EBITDA)	1.05x	0.82x	0.59x	0.91x	1.31x	1.27x	0.97x	0.78x
Debt / Free cash flow	1.32x	1.11x	0.81x	1.28x	2.31x	1.7x	1.36x	1.09x
Capital Intensity
CAPEX / Current Assets (%)	0.8%	0.85%	0.86%	0.91%	0.87%	0.88%	0.9%	0.89%
CAPEX / EBITDA (%)	8.11%	9.06%	8.8%	9.32%	9.62%	11.51%	11.08%	10.29%
CAPEX / FCF (%)	10.19%	12.34%	11.97%	13.18%	16.9%	15.4%	15.62%	14.45%
Items per share
Cash flow per share ¹	23.07	23.37	27.59	30.99	26.05	31.73	31.66	35.67
Change	-	1.29%	18.03%	12.34%	-15.93%	21.79%	-0.22%	12.66%
Dividend per Share ¹	4.83	5.6	6.4	7.29	8.18	8.563	9.341	9.624
Change	-	15.94%	14.29%	13.91%	12.21%	4.69%	9.08%	3.03%
Book Value Per Share ¹	68.8	80	85.74	96.06	101.3	110.8	120.5	132.4
Change	-	16.28%	7.17%	12.04%	5.42%	9.45%	8.69%	9.88%
EPS ¹	16.03	18.08	21.18	23.86	15.51	20.99	24.58	28.75
Change	-	12.79%	17.15%	12.65%	-35%	35.34%	17.11%	16.95%
Nbr of stocks (in thousands)	9,48,821	9,41,851	9,34,349	9,24,925	9,20,284	9,07,140	9,07,140	9,07,140
Announcement Date	20/01/21	19/01/22	13/01/23	12/01/24	16/01/25	-	-	-