UNH Analysis — TradeApes

UNITEDHEALTH GROUP INC (UNH)

Financials

$305.04 close · Apr 09, 2026

≈ Fairly Valued (58/100)

⚠️

Multiple stretched z = +2.31

EV/EBITDA (14.2×) is 2.31 std deviations above its 2-year average

Apr 09

Health Score

Out of 100

Mixed

Pillar Scores

Financial Strength 55

Operating Trend 50

Valuation 55

Capital Allocation 55

Risk 70

Positives

↑ Free cash flow positive — business generates real spendable cash +2.5

↑ Adequate interest coverage — EBIT covers interest 4–10× +1.3

↑ Decent FCF yield — 4–7%, reasonable cash return on price paid +1.3

Concerns

↓ Weak liquidity — current assets below current liabilities -2.5

↓ Altman Z-Score in grey zone — uncertain financial stability -1.0

Signal contribution: +5.9 from strengths -3.5 from concerns

Health Score Trend 8 snapshots

Financials

TTM Financials

Revenue ?Total sales generated from the company's primary business activities over the trailing twelve months.	447.57B
Gross Profit ?Revenue minus cost of goods sold. What remains before operating expenses — reflects pricing power and production efficiency.	—
Operating Income ?Profit from core business operations after all operating expenses (EBIT). Excludes interest and taxes.	18.96B
Net Income ?Bottom-line profit after all expenses, interest, and taxes are deducted from revenue.	12.06B
Free Cash Flow ?Operating cash flow minus capital expenditures. The actual cash the business generates after maintaining its assets — the truest measure of profitability.	16.08B
EBITDA ?Earnings before interest, taxes, depreciation & amortization. A proxy for operating cash earnings that strips out accounting and financing differences.	23.33B
Total Debt ?Combined short-term and long-term interest-bearing debt obligations. Compare against cash and earnings to gauge leverage risk.	77.68B
Cash & Equivalents ?Highly liquid assets on hand — cash, money market funds, and short-term securities. The company's immediate financial cushion.	24.37B

Valuation

Market Cap	277.89B
Enterprise Value	331.21B
EV / Revenue	0.7x
EV / EBITDA	14.2x
P/E (TTM)	23.1x
Forward P/E (extrapolated)	10.9x
PEG	—
P/FCF	17.3x
FCF Yield	5.8%

DCF Fair Value Range (base CAGR: 6.7%)

Bear

$353.76

Base

$444.02

Bull

$552.22

Bear $354 Current $305.04 (below range) Bull $552

Market is pricing in 0.7% FCF growth annually — base model assumes 6.7%

Key Metrics

Gross Margin ?Gross profit as a % of revenue. Measures how efficiently the company produces its goods or services — higher is better.	—
EBITDA Margin ?EBITDA as a % of revenue. Shows core operating profitability before accounting adjustments — useful for comparing across industries.	5.2%
Net Margin ?Net income as a % of revenue. The ultimate measure of overall profitability after every expense, interest payment, and tax is accounted for.	2.7%
FCF Margin ?Free cash flow as a % of revenue. Shows how much of each dollar of revenue converts into real, spendable cash.	3.6%
Revenue Growth (YoY) ?Year-over-year change in total revenue. Measures business momentum — sustained growth above 15% is typically considered strong.	11.8%
Net Income Growth (YoY) ?Year-over-year change in net income. Shows whether profits are growing faster or slower than revenue — a key indicator of improving or deteriorating quality.	-16.3%
Piotroski F-Score ?Score from 0–9 measuring financial strength across profitability, leverage, and efficiency signals. 8–9 = strong, 0–2 = distressed.	6 / 9
Altman Z-Score ?Bankruptcy risk model. Above 2.99 = safe zone, 1.81–2.99 = grey zone, below 1.81 = distress signal. Most useful for manufacturing companies.	2.30

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Quarterly Financials

Metric	Q4 '25	Q3 '25	Q2 '25	Q1 '25	Q4 '25	Q3 '25	Q2 '25	Q1 '25	Q4 '25	Q3 '24	Q2 '24	Q1 '24
Revenue ?Total quarterly sales from primary business operations.	113.22B	113.16B	111.62B	109.58B	100.81B	100.82B	98.86B	99.80B	94.43B	92.36B	92.90B	91.93B
Gross Profit ?Quarterly revenue minus cost of goods sold.	—	—	—	—	—	—	—	—	—	—	—	—
Operating Income ?Quarterly profit from core operations before interest and taxes (EBIT).	380.0M	4.32B	5.15B	9.12B	7.77B	8.71B	7.88B	7.93B	7.69B	8.53B	8.06B	8.09B
Net Income ?Quarterly bottom-line profit after all expenses and taxes.	10.0M	2.35B	3.41B	6.29B	5.54B	6.06B	4.22B	-1.41B	5.46B	5.84B	5.47B	5.61B
FCF ?Quarterly free cash flow: operating cash minus capital expenditures.	11.52B	—	—	4.56B	20.30B	—	—	401.0M	10.12B	—	—	15.57B

Revenue & Free Cash Flow

Market Cap vs. DCF Fair Value Band

Shaded region = bear-to-bull DCF range. Line = actual market cap.

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Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Scores and valuations are derived from SEC filings and publicly available data. Always do your own research before making investment decisions.