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Companies / Health Care
UNH

UnitedHealth Group

A $448 billion U.S. health benefits and care services group repricing and pruning its portfolio after 2025 medical costs ran well ahead of what it priced for.

Managed Health CareAnalysis updated 2026-11-12

What the filings point to next

Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.

Top strategy callHigh confidence

A second consecutive year of Medicare Advantage retrenchment for 2027: more county exits, leaner benefits and higher member premiums, accepting further membership loss.

Signals to watch
  • Final 2027 Medicare Advantage rate notice versus the Advance Notice
  • 2027 county footprint and benefit filings
  • Medicare Advantage membership in 2026 quarterly reports
5 more strategy calls in the full analysis
  • Optum Health narrows to fewer, more controllable value-based markets, with further exits, contract renegotiations and conversions of risk contracts to fee-based arrangements.
    High confidence
  • Optum Insight is recast as a health payments and financial-infrastructure platform, built around Optum Financial and Optum Bank, with lower-volume business services deemphasized.
    Medium confidence
  • Optum Rx is leaned on as the steadiest earnings engine, with emphasis on specialty, infusion and pharmacist-in-the-care-team services that are less exposed to proposed PBM rules.
    Medium confidence
  • Capital allocation stays defensive: buybacks below the 2023-2024 pace, limited acquisition spending and more reinsurance-style capital relief, until rating outlooks stabilize.
    Medium confidence
  • The combined Chair and CEO role is temporary; expect a succession plan that re-separates the roles, with the board tilting further toward provider and clinical operators.
    Low confidence

Relationship map

Who it buys from, sells to, partners with and competes against, as its disclosures describe it.

UNHCenters for Medicare & Medicaid Services (CMS): Pays Medicare Advantage and Part D premiums; the single largest revenue source.Centers for Medicare & Medi…State Medicaid agencies (32 states and D.C.): Pay monthly per-member premiums for Medicaid, CHIP and related programs, awarded via bids or contracts.State Medicaid agencies (32…U.S. HHS, Veterans Affairs and Defense: Public-sector buyers of Optum Health services.U.S. HHS Veterans Affairs a…Employers and self-funded plans: Purchase risk-based coverage or administrative services; 21.5 million fee-based members.Employers and self-funded p…Health plans, hospitals, physicians and life sciences companies: Purchase Optum Insight analytics, technology, payment integrity and revenue-cycle services.Health plans hospitals phys…Retail pharmacy network (about 64,000 pharmacies): Dispensing network for Optum Rx members.Retail pharmacy network (ab…Physicians, hospitals and other care providers: Contracted networks whose prices and billing intensity drive medical costs.Physicians hospitals and ot…Pharmaceutical manufacturers: Source of drugs whose pricing affects Optum Rx and plan costs; also Optum customers.Pharmaceutical manufacturersReinsurers (unnamed): Provide agreements that reduce statutory capital and surplus requirements.Reinsurers (unnamed)Third-party data vendors (unnamed): Process, store and transmit data for the business.Third-party data vendors (u…Over 100 health payer partners of Optum Health: Payers whose members Optum Health serves, including under value-based arrangements.Over 100 health payer par…Technology vendor alliances (unnamed): Integrate and distribute Optum Insight products within their applications.Technology vendor allianc…Joint venture partners and affiliated physician organizations: Care delivery partners; affiliated physician groups also contract with competing payers.Joint venture partners an…Other health insurers and benefit providers (not named): Compete for commercial, Medicare and Medicaid members on price, benefits and service.Other health insurers and…Provider organizations, ACOs and physician management groups: May compete directly with Optum's care delivery and with UnitedHealthcare.Provider organizations AC…Other plans exiting Medicare Advantage markets: Exits pushed higher-cost members to UnitedHealthcare.Other plans exiting Medic…

Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it

What other companies' disclosures say about it

Shares a board member with
WMT PFE ILMN CMCSA

Business at a glance

Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work

Operating health59
Growth64
Profitability39
Cash generation57
Balance sheet43
Dilution control92
Key ratios and five-year financials
Latest quarter revenue YoY (2026-09-30)-0.4%Revenue growth (FY)11.8%Revenue CAGR (3y)11.4%Gross margin88.7%Operating margin4.2%Net margin2.7%Free cash flow margin3.6%R&D / revenue—Stock comp / revenue0.2%Net debt / operating cash flow2.74xCurrent ratio0.79Diluted share count change-1.9%
Fiscal year endingFY 2021-12FY 2022-12FY 2023-12FY 2024-12FY 2025-12
Revenue$287.6B$324.2B$371.6B$400.3B$447.6B
Gross profit$256.6B$290.5B$332.9B$353.6B$396.9B
Operating income$24.0B$28.4B$32.4B$32.3B$19.0B
Net income$17.3B$20.1B$22.4B$14.4B$12.1B
Operating cash flow$22.3B$26.2B$29.1B$24.2B$19.7B
Capital expenditure$2.5B$2.8B$3.4B$3.5B$3.6B
Free cash flow$19.9B$23.4B$25.7B$20.7B$16.1B
Stock-based comp$800M$925M$1.1B$1.0B$971M
Buybacks$5.0B$7.0B$8.0B$9.0B$5.5B
Dividends$5.3B$6.0B$6.8B$7.5B$7.9B
Cash$21.4B$23.4B$25.4B$25.3B$24.4B
Total debt$46.0B$57.6B$62.5B$76.9B$78.4B
Equity$75.0B$81.5B$94.4B$98.3B$100.1B

Built from the company's disclosures: 10-K (2026-03-02), 8-K (2026-11-09), 8-K (2026-10-13), 8-K (2026-07-16), 8-K (2026-04-21), DEF 14A (2026-04-21).

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