Financials UnitedHealth Group Inc.

Equities

UNH

US91324P1021

Managed Healthcare

Market Closed - Nyse 01:30:01 25/05/2024 am IST 5-day change 1st Jan Change
508.2 USD -1.68% Intraday chart for UnitedHealth Group Inc. -3.14% -3.48%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,78,521 3,32,732 4,72,941 4,95,373 4,86,945 4,67,712 - -
Enterprise Value (EV) 1 3,08,214 3,59,278 4,95,037 5,14,300 5,19,854 4,90,987 4,82,267 4,63,205
P/E ratio 20.5 x 21.9 x 27.8 x 25 x 22.1 x 28 x 17.2 x 15.2 x
Yield 1.41% 1.38% 1.12% 1.21% 1.38% 1.55% 1.72% 1.89%
Capitalization / Revenue 1.15 x 1.29 x 1.64 x 1.53 x 1.31 x 1.17 x 1.09 x 1.01 x
EV / Revenue 1.27 x 1.4 x 1.72 x 1.59 x 1.4 x 1.23 x 1.12 x 1 x
EV / EBITDA 13.8 x 14.2 x 18.3 x 16.2 x 14.3 x 12.7 x 11.1 x 9.75 x
EV / FCF 18.8 x 17.9 x 24.9 x 22 x 20.2 x 21.3 x 15.4 x 13.5 x
FCF Yield 5.32% 5.6% 4.02% 4.55% 4.94% 4.7% 6.48% 7.42%
Price to Book 4.84 x 5.1 x 6.28 x 6.18 x 5.48 x 4.7 x 4.08 x 3.56 x
Nbr of stocks (in thousands) 9,47,415 9,48,821 9,41,851 9,34,349 9,24,925 9,20,385 - -
Reference price 2 294.0 350.7 502.1 530.2 526.5 508.2 508.2 508.2
Announcement Date 15/01/20 20/01/21 19/01/22 13/01/23 12/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,42,155 2,57,141 2,87,597 3,24,162 3,71,622 3,98,790 4,29,345 4,61,106
EBITDA 1 22,405 25,296 27,073 31,835 36,330 38,798 43,480 47,497
EBIT 1 19,685 22,405 23,970 28,435 32,358 35,227 39,388 43,284
Operating Margin 8.13% 8.71% 8.33% 8.77% 8.71% 8.83% 9.17% 9.39%
Earnings before Tax (EBT) 1 17,981 20,742 22,310 26,343 29,112 23,810 35,646 39,603
Net income 1 13,839 15,403 17,285 20,120 22,381 16,715 27,015 30,008
Net margin 5.71% 5.99% 6.01% 6.21% 6.02% 4.19% 6.29% 6.51%
EPS 2 14.33 16.03 18.08 21.18 23.86 18.13 29.61 33.42
Free Cash Flow 1 16,392 20,123 19,889 23,404 25,682 23,075 31,259 34,360
FCF margin 6.77% 7.83% 6.92% 7.22% 6.91% 5.79% 7.28% 7.45%
FCF Conversion (EBITDA) 73.16% 79.55% 73.46% 73.52% 70.69% 59.47% 71.89% 72.34%
FCF Conversion (Net income) 118.45% 130.64% 115.07% 116.32% 114.75% 138.05% 115.71% 114.5%
Dividend per Share 2 4.140 4.830 5.600 6.400 7.290 7.865 8.734 9.607
Announcement Date 15/01/20 20/01/21 19/01/22 13/01/23 12/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 73,743 80,149 80,332 80,894 82,787 91,931 92,903 92,361 94,427 99,796 98,704 98,905 1,00,680 1,06,058 1,06,252
EBITDA 1 6,312 7,738 7,934 8,290 7,873 9,056 9,078 9,533 8,663 8,928 9,673 10,312 9,655 10,376 10,980
EBIT 1 5,541 6,950 7,132 7,462 6,891 8,086 8,057 8,526 7,689 7,931 8,698 9,309 8,783 9,794 10,026
Operating Margin 7.51% 8.67% 8.88% 9.22% 8.32% 8.8% 8.67% 9.23% 8.14% 7.95% 8.81% 9.41% 8.72% 9.23% 9.44%
Earnings before Tax (EBT) 1 5,110 6,517 6,665 6,946 6,215 7,332 7,229 7,692 6,859 1 7,780 8,367 7,766 8,419 8,906
Net income 1 4,071 5,027 5,070 5,262 4,761 5,611 5,474 5,841 5,455 -1,409 5,841 6,327 5,846 6,447 6,864
Net margin 5.52% 6.27% 6.31% 6.5% 5.75% 6.1% 5.89% 6.32% 5.78% -1.41% 5.92% 6.4% 5.81% 6.08% 6.46%
EPS 2 4.260 5.270 5.340 5.550 5.030 5.950 5.820 6.240 5.830 -1.530 6.309 6.859 6.355 7.015 7.494
Dividend per Share 2 1.450 1.450 1.650 1.650 1.650 1.650 1.880 - 1.880 - 1.971 1.971 1.971 2.009 2.243
Announcement Date 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 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 29,693 26,546 22,096 18,927 32,909 23,275 14,555 -
Net Cash position 1 - - - - - - - 4,507
Leverage (Debt/EBITDA) 1.325 x 1.049 x 0.8162 x 0.5945 x 0.9058 x 0.5999 x 0.3347 x -
Free Cash Flow 1 16,392 20,123 19,889 23,404 25,682 23,075 31,259 34,360
ROE (net income / shareholders' equity) 25.7% 24.9% 24.1% 25.7% 26.8% 25% 26% 25.8%
ROA (Net income/ Total Assets) 8.48% 8.3% 8.44% 8.79% 8.62% 7.1% 8.72% 9.13%
Assets 1 1,63,196 1,85,589 2,04,748 2,28,956 2,59,713 2,35,358 3,09,870 3,28,696
Book Value Per Share 2 60.80 68.80 80.00 85.70 96.10 108.0 125.0 143.0
Cash Flow per Share 2 19.10 23.10 23.40 27.60 31.00 34.40 37.10 42.00
Capex 1 2,071 2,051 2,454 2,802 3,386 3,470 3,857 4,035
Capex / Sales 0.86% 0.8% 0.85% 0.86% 0.91% 0.87% 0.9% 0.87%
Announcement Date 15/01/20 20/01/21 19/01/22 13/01/23 12/01/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
27
Last Close Price
508.2 USD
Average target price
568.1 USD
Spread / Average Target
+11.79%
Consensus
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