15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 11.7% per year over the past 5 years.
Net income has grown slower than revenue (-4.8% vs 11.7% per year).
Operating margin has contracted, at 4.2% in the latest year.
Free cash flow has declined 4.4% per year over the past 5 years.
Financial health
Total debt ($77.7B) exceeds cash ($24.4B); net debt is $53.3B.
Total debt has grown in line with revenue (12.9% vs 11.7% per year).
Operating income covered interest expense 4.7× in the latest year, down from 13× 5 years ago.
Total debt is 3.3× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 65.7% of earnings and 49.2% of free cash flow.
The dividend has grown 11.5% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$447.6B
$12.1B
88.7%
4.2%
$16.1B
$77.7B
$24.4B
2024
$400.3B
$14.4B
88.3%
8.1%
$20.7B
$76.2B
$25.3B
2023
$371.6B
$22.4B
89.6%
8.7%
$25.7B
$61.5B
$25.4B
2022
$324.2B
$20.1B
89.6%
8.8%
$23.4B
$56.8B
$23.4B
2021
$287.6B
$17.3B
89.2%
8.3%
$19.9B
$44.6B
$21.4B
2020
$257.1B
$15.4B
88.0%
8.7%
$20.1B
$42.3B
$16.9B
2019
$242.2B
$13.8B
88.4%
8.1%
$16.4B
$39.5B
$11.0B
2018
$226.2B
$12.0B
88.1%
7.7%
$13.7B
$35.2B
$10.9B
2017
$201.2B
$10.6B
88.0%
7.6%
$11.6B
$31.1B
$12.0B
2016
$184.8B
$7.0B
86.8%
7.0%
$8.1B
$32.8B
$10.4B
2015
$157.1B
$5.8B
0.0%
7.0%
$8.2B
$31.8B
$10.9B
2014
$130.5B
$5.6B
0.0%
7.9%
$6.5B
$17.3B
$7.5B
2013
$122.5B
$5.6B
0.0%
7.9%
$5.7B
$16.9B
$7.3B
2012
$110.6B
$5.5B
0.0%
8.4%
$6.1B
$16.8B
$8.4B
2011
$101.9B
$5.1B
0.0%
8.3%
$5.9B
$11.6B
$9.4B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$111.7B
$6.3B
88.5%
8.0%
$8.1B
$71.4B
$28.0B
Dec '25
$113.2B
$10M
88.8%
0.3%
$160M
$77.7B
$24.4B
Sep '25
$113.2B
$2.3B
88.9%
3.8%
$5.1B
$72.4B
$27.2B
Jun '25
$111.6B
$3.4B
88.3%
4.6%
$6.3B
$73.5B
$28.6B
Mar '25
$109.6B
$6.3B
88.7%
8.3%
$4.6B
$71.3B
$30.7B
Dec '24
$100.8B
$5.5B
87.6%
7.7%
$1.5B
$76.2B
$25.3B
Sep '24
$100.8B
$6.1B
88.3%
8.6%
$13.0B
$74.1B
$32.4B
Jun '24
$98.9B
$4.2B
88.5%
8.0%
$5.9B
$63.7B
$26.3B
Mar '24
$99.8B
-$1.4B
88.9%
7.9%
$401M
$71.2B
$28.4B
Dec '23
$94.4B
$5.5B
89.2%
8.1%
-$6.2B
$61.5B
$25.4B
Sep '23
$92.4B
$5.8B
89.8%
9.2%
$6.1B
$60.7B
$38.9B
Jun '23
$92.9B
$5.5B
89.5%
8.7%
$10.2B
$63.7B
$41.8B
Mar '23
$91.9B
$5.6B
89.8%
8.8%
$15.6B
$68.9B
$41.9B
Dec '22
$82.8B
$4.8B
90.0%
8.3%
-$5.4B
$56.8B
$23.4B
Sep '22
$80.9B
$5.3B
89.7%
9.2%
$17.8B
$45.4B
$38.8B
Jun '22
$80.3B
$5.1B
89.3%
8.9%
$6.2B
$45.8B
$24.6B
Mar '22
$80.1B
$5.0B
89.4%
8.7%
$4.8B
$40.8B
$25.5B
Dec '21
$73.7B
$4.1B
89.2%
7.5%
$2.5B
$44.6B
$21.4B
Sep '21
$72.3B
$4.1B
89.2%
7.9%
$7.0B
$43.3B
$21.1B
Jun '21
$71.3B
$4.3B
89.3%
8.4%
$5.0B
$44.3B
$19.8B
Valuation over time
How the market has priced UNH against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 21.8× (Mar '23) to 31.4× (Jun '26).
The price-to-sales ratio has fallen from 1.4× (Mar '23) to 0.8× (Jun '26).
The dividend yield has risen from 1.4% (Mar '23) to 2.1% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is UNH growing its revenue and profit?
Over the past 5 years, UnitedHealth Group's revenue has grown 11.7% per year, and net income declined 4.8% per year. These are computed facts, not advice.
How much debt does UNH have?
As of FY2025, UnitedHealth Group reported $77.7B of total debt against $24.4B of cash; operating income covered interest expense 4.7×.
What is UNH's profit margin?
In FY2025, gross margin was 88.7%, operating margin 4.2%, and net margin 2.7%.
What is UNH's P/E ratio?
As of Jun '26, UnitedHealth Group traded at a price-to-earnings ratio of about 31.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.