UNHUNITEDHEALTH GROUP INC

Hospital & Medical Service Plans

Revenue: $447.6B; 12% YoY
Operating margin: 4.2%; 47% YoY
EBITDA: $23.3B; 36% YoY
Market cap: $368.3B
Employees: 390,000; $1M revenue each
Net debt / EBITDA: 2.1×; $49.1B net debt
AI in 10-K: 3.2; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
163% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.2 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$368.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$945K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$287.6B	$324.2B	$371.6B	$400.3B	$447.6B	12%
Operating income	$24.0B	$28.4B	$32.4B	$32.3B	$19.0B	41%
Net income	$17.3B	$20.1B	$22.4B	$14.4B	$12.1B	16%
Operating cash flow	$22.3B	$26.2B	$29.1B	$24.2B	$19.7B	19%
Capex	$2.5B	$2.8B	$3.4B	$3.5B	$3.6B	3.5%
Stock-based comp	$800M	$925M	$1.1B	$1.0B	$971M	4.6%
Buybacks	$5.0B	$7.0B	$8.0B	$9.0B	$5.5B	38%
Dividends	$5.3B	$6.0B	$6.8B	$7.5B	$7.9B	5.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $945K · 3
Net: −$945K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	102	148
FY2024	—	—	153	129
FY2023	—	—	157	126
FY2022	—	—	155	124
FY2021	—	—	145	126