Financials UnitedHealth Group Inc.

Equities

UNH

US91324P1021

Managed Healthcare

Market Closed - Nyse 16:00:01 2024-07-19 EDT 5-day change 1st Jan Change
565.3 USD +0.18% Intraday chart for UnitedHealth Group Inc. +10.52% +7.38%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 278,521 332,732 472,941 495,373 486,945 520,321 - -
Enterprise Value (EV) 1 308,214 359,278 495,037 514,300 519,854 561,081 536,137 516,705
P/E ratio 20.5 x 21.9 x 27.8 x 25 x 22.1 x 34.8 x 19 x 16.8 x
Yield 1.41% 1.38% 1.12% 1.21% 1.38% 1.41% 1.58% 1.76%
Capitalization / Revenue 1.15 x 1.29 x 1.64 x 1.53 x 1.31 x 1.3 x 1.21 x 1.12 x
EV / Revenue 1.27 x 1.4 x 1.72 x 1.59 x 1.4 x 1.4 x 1.24 x 1.12 x
EV / EBITDA 13.8 x 14.2 x 18.3 x 16.2 x 14.3 x 14.4 x 12.2 x 10.7 x
EV / FCF 18.8 x 17.9 x 24.9 x 22 x 20.2 x 22.2 x 17.2 x 15.4 x
FCF Yield 5.32% 5.6% 4.02% 4.55% 4.94% 4.51% 5.8% 6.5%
Price to Book 4.84 x 5.1 x 6.28 x 6.18 x 5.48 x 5.3 x 4.61 x 4.02 x
Nbr of stocks (in thousands) 947,415 948,821 941,851 934,349 924,925 920,385 - -
Reference price 2 294.0 350.7 502.1 530.2 526.5 565.3 565.3 565.3
Announcement Date 1/15/20 1/20/21 1/19/22 1/13/23 1/12/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 242,155 257,141 287,597 324,162 371,622 399,433 430,882 462,732
EBITDA 1 22,405 25,296 27,073 31,835 36,330 39,060 43,907 48,327
EBIT 1 19,685 22,405 23,970 28,435 32,358 34,263 39,452 43,680
Operating Margin 8.13% 8.71% 8.33% 8.77% 8.71% 8.58% 9.16% 9.44%
Earnings before Tax (EBT) 1 17,981 20,742 22,310 26,343 29,112 27,796 35,496 39,844
Net income 1 13,839 15,403 17,285 20,120 22,381 15,066 27,096 30,123
Net margin 5.71% 5.99% 6.01% 6.21% 6.02% 3.77% 6.29% 6.51%
EPS 2 14.33 16.03 18.08 21.18 23.86 16.27 29.80 33.63
Free Cash Flow 1 16,392 20,123 19,889 23,404 25,682 25,315 31,120 33,597
FCF margin 6.77% 7.83% 6.92% 7.22% 6.91% 6.34% 7.22% 7.26%
FCF Conversion (EBITDA) 73.16% 79.55% 73.46% 73.52% 70.69% 64.81% 70.88% 69.52%
FCF Conversion (Net income) 118.45% 130.64% 115.07% 116.32% 114.75% 168.03% 114.85% 111.53%
Dividend per Share 2 4.140 4.830 5.600 6.400 7.290 7.944 8.928 9.937
Announcement Date 1/15/20 1/20/21 1/19/22 1/13/23 1/12/24 - - -
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 98,855 99,369 101,174 106,911 107,404
EBITDA 1 6,312 7,738 7,934 8,290 7,873 9,056 9,078 9,533 8,663 8,928 8,895 10,198 10,002 10,877 10,890
EBIT 1 5,541 6,950 7,132 7,462 6,891 8,086 8,057 8,526 7,689 7,931 7,875 9,126 8,962 9,770 9,923
Operating Margin 7.51% 8.67% 8.88% 9.22% 8.32% 8.8% 8.67% 9.23% 8.14% 7.95% 7.97% 9.18% 8.86% 9.14% 9.24%
Earnings before Tax (EBT) 1 5,110 6,517 6,665 6,946 6,215 7,332 7,229 7,692 6,859 1 5,665 8,148 7,975 8,746 8,845
Net income 1 4,071 5,027 5,070 5,262 4,761 5,611 5,474 5,841 5,455 -1,409 4,216 6,175 6,029 6,617 6,773
Net margin 5.52% 6.27% 6.31% 6.5% 5.75% 6.1% 5.89% 6.32% 5.78% -1.41% 4.26% 6.21% 5.96% 6.19% 6.31%
EPS 2 4.260 5.270 5.340 5.550 5.030 5.950 5.820 6.240 5.830 -1.530 4.540 6.697 6.574 7.198 7.389
Dividend per Share 2 1.450 1.450 1.650 1.650 1.650 1.650 1.880 - 1.880 1.880 1.971 1.951 1.951 1.989 2.196
Announcement Date 1/19/22 4/14/22 7/15/22 10/14/22 1/13/23 4/14/23 7/14/23 10/13/23 1/12/24 4/16/24 7/16/24 - - - -
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 40,760 15,816 -
Net Cash position 1 - - - - - - - 3,616
Leverage (Debt/EBITDA) 1.325 x 1.049 x 0.8162 x 0.5945 x 0.9058 x 1.044 x 0.3602 x -
Free Cash Flow 1 16,392 20,123 19,889 23,404 25,682 25,315 31,120 33,597
ROE (net income / shareholders' equity) 25.7% 24.9% 24.1% 25.7% 26.8% 26% 26.5% 26.1%
ROA (Net income/ Total Assets) 8.48% 8.3% 8.44% 8.79% 8.62% 6.98% 8.96% 9.32%
Assets 1 163,196 185,589 204,748 228,956 259,713 215,702 302,326 323,328
Book Value Per Share 2 60.80 68.80 80.00 85.70 96.10 107.0 123.0 141.0
Cash Flow per Share 2 19.10 23.10 23.40 27.60 31.00 37.50 37.70 41.70
Capex 1 2,071 2,051 2,454 2,802 3,386 3,545 3,938 4,190
Capex / Sales 0.86% 0.8% 0.85% 0.86% 0.91% 0.89% 0.91% 0.91%
Announcement Date 1/15/20 1/20/21 1/19/22 1/13/23 1/12/24 - - -
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
26
Last Close Price
565.3 USD
Average target price
611.3 USD
Spread / Average Target
+8.12%
Consensus
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  4. Financials UnitedHealth Group Inc.