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UnitedHealth Group Incorporated (UNH)

適正価値
HealthcareHealthcare PlansUnited States

ファンダメンタル

72

株価

$367.08

時価総額

$336.61B

パート1 · 企業の価値

概要

UnitedHealth Group runs two connected businesses: UnitedHealthcare sells health insurance to employers, individuals and government programmes, while Optum sells health services — care delivery clinics, a pharmacy benefit manager, and data and technology tools — to insurers, employers and UnitedHealthcare itself. It is the largest health insurer in the United States, covering close to 50 million people, and increasingly earns money from managing care and pharmacy spending rather than just from underwriting policies.

収益の仕組み

UnitedHealthcare earns premiums: it collects a fixed payment per enrolled member — from employers, individuals or Medicare/Medicaid programmes — and keeps the difference between premiums collected and medical claims paid. Optum earns service and product fees: Optum Rx is paid for processing and negotiating prescription drug purchases, Optum Health for delivering care, and Optum Insight for data and administrative services, billed to both outside clients and to UnitedHealthcare. In fiscal 2025 UnitedHealthcare generated $344.9 billion and Optum $270.6 billion in segment revenue, with a large share of Optum's total coming from services sold internally to UnitedHealthcare, which is why the two do not simply add up to consolidated revenue of $447.6 billion.

競争優位性(moat)

規模の経済 · 狭い

Being the largest US health insurer gives UnitedHealthcare negotiating leverage with hospitals and doctors that smaller insurers lack, and owning Optum lets the company capture margin at several steps of the healthcare dollar instead of just underwriting. The advantage is real but not immune to regulation: government rules on Medicare Advantage payment rates and drug-pricing negotiation can compress it directly.

需要を左右する要因

ディフェンシブ

People need medical care and insurance regardless of the economic cycle, which makes underlying demand defensive. What moves results year to year is less the economy and more government policy — Medicare Advantage funding rates, Medicaid eligibility rules and drug-pricing negotiation — plus how accurately the company prices the medical costs it commits to cover a year in advance.

主なリスク

  • Government regulation of Medicare and Medicaid business — CMS regulates UnitedHealthcare's Medicare and Medicaid plans and parts of Optum, sets the payment rates the company is paid on, and can audit compliance and the health-status coding used to determine those payments at any time.
  • Failure to comply with changing regulation — The company states that if it fails to comply with, or respond quickly to changes in, applicable laws and regulations, its results of operations, financial position and cash flows could be materially and adversely affected.
  • Competition for enrollment — The commercial health insurance market remains highly competitive across small group, large group and individual segments; failing to maintain or grow enrollment could materially hurt results.
  • Cybersecurity and data systems — The 2024 cyberattack on the company's Change Healthcare unit disrupted claims processing industry-wide and cost the company more than $2 billion in provider accommodations, illustrating how dependent the business is on the security of its technology systems.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

貸借対照表と流動性

売上高

$450.13B

直近12か月(2026/6/30まで)

純利益

$14.12B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$16.07B

自己資本合計

$100.09B

負債合計

$207.88B

流動比率

0.78

利払い倍率

5.57

負債/EBITDA

3.14

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$385.59

現在株価

$367.08

安全マージン

+4.8%

適正価値レンジ

$250.64 - $520.55

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$481.72
ディスカウンテッド・キャッシュフロー(DCF):$517.88
利益倍率(P/E):$265.89
グレアムの成長公式:$116.39
収益力価値(EPV):$232.55
正当化されたP/B:$270.07
配当割引モデル(ゴードン):$226.05
P/FFO(運用から生まれる資金):$292.64
中間サイクル利益:$796.44
売上高倍率:$1957.46
アナリスト・コンセンサス:強い買い (27B / 7H / 0S)
直近の決算サプライズ:+28.80%

バリュエーション指標

P/E レシオ

23.56

ROE

12.0%

P/B レシオ

3.15

P/FCF

13.95

粗利益率

88.6%

ROIC

8.6%

収益性レーダー

価値創造(経済的モート)

ROIC

8.6%

WACC

7.3%

ROIC − WACC

+1.3 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(20)

  • EPS shows upward trend
  • EPS CAGR 7.81%
  • Price CAGR 8.78%
  • ROIC 8.7%
  • Gross Margin 88.6%
  • P/FCF 13.95
  • Debt/Equity ratio
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 14.4%
  • Revenue Growth 5Y 11.7%
  • Analyst Consensus 79% Buy
  • Earnings Surprise avg 10.1%
  • Earnings Quality (OCF/NI) 1.91
  • Share Dilution -1.9%
  • Piotroski F-Score 6/9

不合格(6)

  • P/B Ratio 3.15
  • Operating Margin 4.8%
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Net Margin Trend 3.1% vs 5.0%

データなし(2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-スコア

6/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.91

高品質:利益はキャッシュに裏付けられている

株式希薄化

-1.9%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Mr. Stephen J. HemsleyCEO & Non-Independent Non-Executive Chairman72
Mr. Wayne Scott DeVeydtChief Financial Officer55
Mr. Christopher R. ZaettaExecutive VP, Chief Legal Officer & Corporate Secretary53
Mr. Timothy John NoelChief Executive Officer of UnitedHealthcare Business53
Dr. Patrick Hugh Conway M.D., M.Sc.Chief Executive Officer of Optum50
Mr. Dennis StankiewiczChief Accounting Officer & Corporate Controller47
Mr. Sandeep DadlaniExecutive VP and Chief Digital & Technology Officer50
Mr. Zachary William SopcakSenior Vice President of Capital Markets Communications & Investor Relations-
Ms. Erin L. McSweeney J.D.Executive VP & Chief People Officer60
Dr. Richard J. Migliori M.D.Executive Vice President & Senior Advisor68

監査リスク

10

取締役会リスク

9

報酬リスク

9

株主権利リスク

1

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-03-02

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-10

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-09-08

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for UNH, sourced from Markets Gazette.

  • 17h agoNEGATIVE
    UnitedHealth Must Face Shareholder Suit by CalPERS, Judge Rules

    A federal judge has ruled that UnitedHealth Group Inc. must face a lawsuit brought by a major shareholder, CalPERS. The suit alleges that investors were misled regarding financial transactions that artificially inflated earnings. While the judge dismissed some claims, the core allegations of deception remain. This development introduces legal uncertainty and potential financial repercussions for UnitedHealth, which could impact investor sentiment and the stock's valuation as the case proceeds.

  • 22d agoPOSITIVE
    UnitedHealth vende WellMed a TPG: cosa significa per le azioni UNH

    UnitedHealth Group is divesting a partial stake in its Optum Health Florida primary care clinic network, including WellMed operations, to private equity firm TPG. This strategic move aims to unlock capital for growth while retaining an equity stake in the regional clinic network. UnitedHealth shares have shown strong performance, up approximately 50% from late March lows. The partial divestiture is viewed as a structurally positive development for UNH stock, suggesting a focus on optimizing its portfolio and generating strategic capital for future expansion.

  • 8/19/2026NEGATIVE
    The IRS is scrutinizing how UnitedHealth moved money through foreign subsidiaries—and whether it underpaid taxes

    The IRS is reportedly scrutinizing UnitedHealth Group's use of foreign subsidiaries, investigating potential underpayment of taxes over the past four years. While the exact financial implications remain undisclosed, the agency's inquiry suggests a risk of increased taxable income for the health giant. This development could lead to significant financial penalties and reputational damage, impacting investor sentiment and potentially affecting the company's future earnings and stock performance. Investors will be closely monitoring any further disclosures regarding the scale of the tax issue.

  • 7/16/2026POSITIVE
    UnitedHealth now has an improved outlook for the year. Its stock is rallying.

    UnitedHealth Group Inc. has received an improved outlook for the year, with its stock experiencing a rally. Management cited strategic "product design changes, improved medical management and better aligned pricing" as key drivers for this positive shift. These operational enhancements suggest a stronger ability to manage costs and optimize revenue streams within its health insurance and services segments. Investors will likely view this as a signal of sustained profitability and operational efficiency, potentially leading to upward revisions in earnings forecasts and increased confidence in the company's long-term growth prospects.

  • 6/5/2026POSITIVE
    UnitedHealth Positioned As AI Leader: Analyst

    Morgan Stanley has identified UnitedHealth Group as its premier selection within the managed care sector, highlighting the company's strategic leverage of artificial intelligence (AI) to drive growth and operational efficiencies. The analyst report emphasizes AI's role in enhancing UnitedHealth's business operations, suggesting a positive outlook for the company's future performance. This endorsement, coupled with previous strong buy ratings from firms like Raymond James, reinforces investor confidence in UnitedHealth's market position and technological adoption.

  • 6/4/2026POSITIVE
    This KeyBanc Analyst Turns Bullish; Here Are Top 4 Upgrades For Thursday

    KeyBanc analyst upgrades UnitedHealth Group (UNH) to 'Overweight' from 'Sector Weight' with a price target of $650. The analyst cites improved visibility into the company's Medicare Advantage business and a more favorable regulatory environment as key drivers for the upgrade. This positive outlook suggests potential for stronger earnings and share price appreciation, making UNH an attractive investment for those seeking exposure to the healthcare sector.

  • 6/3/2026POSITIVE
    $100 Invested In UnitedHealth Group 15 Years Ago Would Be Worth This Much Today

    An investment of $100 in UnitedHealth Group (UNH) 15 years ago would have grown significantly by today, illustrating the company's robust long-term performance and market resilience. While specific figures are not provided in the title, such a statement implies substantial capital appreciation, likely driven by consistent revenue growth, strategic acquisitions, and strong operational execution in the healthcare sector. Investors who held UNH would have benefited from its ability to navigate industry challenges and capitalize on opportunities, underscoring its status as a core holding for long-term growth portfolios.

  • 5/18/2026NEGATIVE
    Why Is UnitedHealth Stock Trading Lower On Monday?

    Berkshire Hathaway has divested its entire stake in UnitedHealth Group, a move that has contributed to a decline in UNH's stock price. This significant exit by a major investor, coupled with UnitedHealth's ongoing expansion of artificial intelligence across its operations, including claims processing, customer service, and employee training, raises questions for market participants. While AI adoption signals a forward-looking strategy, the substantial sell-off by Berkshire Hathaway suggests potential underlying concerns or a strategic reallocation of capital that investors are now scrutinizing.

  • 4/22/2026POSITIVE
    Stock Of The Day: Will UnitedHealth Reverse?

    UnitedHealth Group Inc. is experiencing upward momentum, trading higher on Wednesday following its latest earnings report. The stock is currently challenging a significant resistance level, indicating potential for further gains if this barrier is breached. Investors will be closely watching this technical level, as a successful breakout could signal sustained positive sentiment and attract more buying interest. The earnings report likely provided the fundamental catalyst for this price action, suggesting the company's performance is meeting or exceeding market expectations.

via Markets Gazette