HUMHUMANA INC

Hospital & Medical Service Plans

Revenue: $5.8B; 32% YoY
Operating margin: 46.4%; 20% YoY
EBITDA: $3.4B; 0.0% YoY
Market cap: $49.8B
Employees: 67,060; $87K revenue each
Net debt / EBITDA: -0.0×; −$21M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
78% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
63% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$87K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$49.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$150K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.1B	$4.8B	$4.0B	$4.4B	$5.8B	32%
Operating income	$3.1B	$3.8B	$4.0B	$2.6B	$2.7B	5.5%
Net income	$2.9B	$2.8B	$2.5B	$1.2B	$1.2B	1.6%
Operating cash flow	$2.3B	$4.6B	$4.0B	$3.0B	$921M	69%
Capex	$1.3B	$1.1B	$1.0B	$575M	$546M	5.0%
Stock-based comp	$180M	$216M	$175M	$207M	$241M	16%
Buybacks	$79M	$2.1B	$1.6B	$817M	$151M	82%
Dividends	$90M	$98M	$431M	$431M	$430M	0.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $150K · 1
Open-market sells, 12 mo: $0 · 0
Net: $150K

Pay vs performance

No pay-versus-performance disclosure yet.