UnitedHealth Group Incorporated
UNHNYSE
$423.71
Last price · USD
- Market cap
- $385.6B
- P/E
- 32.0x
- EV / EBITDA
- 19.1x
- P/S
- 0.9x
- FCF yield
- 4.2%
- Div. yield
- 2.05%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
UnitedHealth Group Incorporated cash flow statement
Annual · USD millions except per-share data · 38 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 12,807 | 15,242 | 22,381 | 20,120 | 17,285 | -7.2% | |
| Depreciation & amortization | 4,361 | 4,099 | 3,972 | 3,400 | 3,103 | +8.9% | |
| Deferred income tax | (989) | (296) | (245) | (673) | (814) | — | |
| Stock-based compensation | 971 | 1,018 | 1,059 | 925 | 800 | +5.0% | |
| Change in working capital | 2,282 | (808) | 1,643 | 2,246 | 1,522 | +10.7% | |
| Accounts receivables | 0 | (1,437) | (3,114) | (2,523) | (1,000) | — | |
| Inventory | 0 | 0 | 1,038 | 0 | (1,031) | — | |
| Accounts payables | 0 | 2,463 | 3,516 | 1,964 | 3,863 | — | |
| Other working capital | 2,282 | (1,834) | 203 | 2,805 | (310) | — | |
| Other non-cash items | 265 | 4,949 | 258 | 188 | 447 | -12.3% | |
| Net cash from operating activities | 19,697 | 24,204 | 29,068 | 26,206 | 22,343 | -3.1% | |
| Operating cash flow | 19,697 | 24,204 | 29,068 | 26,206 | 22,343 | -3.1% | |
| Investing activities | |||||||
| Investments in PP&E | (3,622) | (3,499) | (3,386) | (2,802) | (2,454) | — | |
| Capital expenditure | (3,622) | (3,499) | (3,386) | (2,802) | (2,454) | — | |
| Acquisitions, net | (4,509) | (13,408) | (10,136) | (21,458) | (4,821) | — | |
| Purchases of investments | 0 | (27,308) | (18,314) | (18,825) | (1,843) | — | |
| Sales / maturities of investments | 361 | 27,833 | 16,537 | 11,988 | 15,296 | -60.8% | |
| Other investing activities | (915) | (4,145) | (275) | 2,621 | (16,550) | — | |
| Net cash from investing activities | (8,685) | (20,527) | (15,574) | (28,476) | (10,372) | — | |
| Financing activities | |||||||
| Net debt issuance | 726 | 14,660 | 4,280 | 12,536 | 2,481 | -26.5% | |
| Short-term net debt issuance | 726 | (151) | 11 | 732 | (1,302) | — | |
| Long-term net debt issuance | 0 | 14,811 | 4,269 | 11,804 | 3,783 | — | |
| Net stock issuance | (5,545) | (7,154) | (6,647) | (5,747) | (5,000) | — | |
| Common stock issuance | 0 | 1,846 | 1,353 | 1,253 | 1,355 | — | |
| Common stock repurchased | (5,545) | (9,000) | (8,000) | (7,000) | (5,000) | — | |
| Net common stock issuance | (5,545) | (7,154) | (6,647) | (5,747) | (3,645) | — | |
| Common dividends paid | (7,916) | (7,533) | (6,761) | (5,991) | (5,280) | — | |
| Net dividends paid | (7,916) | (7,533) | (6,761) | (5,991) | (5,280) | — | |
| Net preferred stock issuance | 0 | 0 | 0 | 0 | (1,355) | — | |
| Other financing activities | 1,091 | (3,485) | (2,401) | 3,428 | 344 | +33.4% | |
| Net cash from financing activities | (11,644) | (3,512) | (11,529) | 4,226 | (7,455) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 3,441 | (280) | 97 | 34 | (62) | — | |
| Net change in cash | 2,809 | (115) | 2,062 | 1,990 | 4,454 | -10.9% | |
| Cash at beginning of period | 25,312 | 25,427 | 23,365 | 21,375 | 16,921 | +10.6% | |
| Cash at end of period | 28,121 | 25,312 | 25,427 | 23,365 | 21,375 | +7.1% | |
| Free cash flow | 16,075 | 20,705 | 25,682 | 23,404 | 19,889 | -5.2% | |
| Income taxes paid | 0 | 4,620 | 6,078 | 5,222 | 3,966 | — | |
| Interest paid | 0 | 3,594 | 3,035 | 1,945 | 1,653 | — | |