Company Valuation: UnitedHealth Group Incorporated

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 472,941 495,373 486,945 465,535 299,026 333,816 - -
Change - 4.74% -1.7% -4.4% -35.77% 11.63% - -
Enterprise Value (EV) 1 495,037 514,300 519,854 513,326 349,294 380,268 375,860 372,533
Change - 3.89% 1.08% -1.26% -31.95% 8.87% -1.16% -0.89%
P/E 27.8x 25x 22.1x 32.6x 25x 20.2x 17.5x 15.2x
PBR 6.28x 6.18x 5.48x 5x 3.18x 3.34x 3.05x 2.83x
PEG - 1.5x 1.7x -0.9x -1.7x 0.5x 1.2x 1x
Capitalization / Revenue 1.64x 1.53x 1.31x 1.16x 0.67x 0.75x 0.73x 0.69x
EV / Revenue 1.72x 1.59x 1.4x 1.28x 0.78x 0.85x 0.82x 0.76x
EV / EBITDA 18.3x 16.2x 14.3x 14.1x 15x 12.9x 11.3x 10.1x
EV / EBIT 20.7x 18.1x 16.1x 15.9x 18.4x 14.8x 13.2x 11.5x
EV / FCF 24.9x 22x 20.2x 24.8x 21.7x 15.6x 15x 14.4x
FCF Yield 4.02% 4.55% 4.94% 4.03% 4.6% 6.43% 6.67% 6.94%
Dividend per Share 2 5.6 6.4 7.29 8.18 8.73 9.192 9.401 10.06
Rate of return 1.12% 1.21% 1.38% 1.62% 2.64% 2.47% 2.53% 2.71%
EPS 2 18.08 21.18 23.86 15.51 13.23 18.44 21.24 24.45
Distribution rate 31% 30.2% 30.6% 52.7% 66% 49.9% 44.3% 41.1%
Net sales 1 287,597 324,162 371,622 400,278 447,567 447,112 460,097 487,271
EBITDA 1 27,073 31,835 36,330 36,386 23,325 29,540 33,170 37,014
EBIT 1 23,970 28,435 32,358 32,287 18,964 25,708 28,428 32,289
Net income 1 17,285 20,120 22,381 14,405 12,056 16,724 19,502 22,059
Net Debt 1 22,096 18,927 32,909 47,791 50,268 46,453 42,044 38,718
Reference price 2 502.14 530.18 526.47 505.86 330.11 371.90 371.90 371.90
Nbr of stocks (in thousands) 941,851 934,349 924,925 920,284 905,839 897,595 - -
Announcement Date 1/19/22 1/13/23 1/12/24 1/16/25 1/27/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.17x0.85x12.87x2.47% 334B
18.65x0.54x10.27x1.78% 83.8B
10.9x0.32x7.06x2.28% 71.48B
54.23x0.33x19.1x0.95% 46.63B
16.41x0.14x9.21x-.--% 31.12B
64.31x0.2x12.13x-.--% 9.87B
9.83x0.47x8.73x5.36% 7.83B
77.58x0.77x28.31x-.--% 2.33B
19.62x1.29x7.46x-.--% 1.94B
Average 32.41x 0.55x 12.79x 1.43% 65.42B
Weighted average by Cap. 22.16x 0.65x 12.07x 2.08%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  5. Valuation UnitedHealth Group Incorporated