Will UnitedHealth Stock Recover?
Shares of embattled health insurance giant UnitedHealth (NYSE:UNH) plummeted by…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $5.2B | $6.5B | $6.3B | $5.5B | $5.2B | |
| Revenue Growth (YoY) | 11.2% | 25.49% | -3.62% | -12.52% | -4.93% | |
| Cost of Revenues | $3.4B | $4B | $4B | $3.7B | $3.4B | |
| Gross Profit | $1.8B | $2.5B | $2.3B | $1.8B | $1.9B | |
| Gross Profit Margin | 35.01% | 39.04% | 37.15% | 33.49% | 35.8% | |
| R&D Expenses | $442.7M | $444.7M | $383.3M | $344.5M | $306.1M | |
| Selling, General & Admin | $843.4M | $1B | $989.2M | $926.2M | $892.6M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $758.8M | $915.9M | $923.6M | $860.2M | $829.8M | |
| Operating Income | $1.1B | $1.6B | $1.4B | $981.4M | $1B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $1.2B | $1.9B | $1.7B | $1.3B | $1.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $306.3M | $484.3M | $414.6M | $320M | $297.7M | |
| Net Income to Company | $1.2B | $1.9B | $1.7B | $1.3B | $1.3B | |
| Minority Interest in Earnings | $21.2M | $28.6M | $24.6M | $16.1M | $24.9M | |
| Net Income to Common Excl Extra Items | $907.6M | $1.4B | $1.3B | $937M | $992.8M | |
| Basic EPS (Cont. Ops) | $0.46 | $0.72 | $0.66 | $0.48 | $0.52 | |
| Diluted EPS (Cont. Ops) | $0.46 | $0.72 | $0.66 | $0.48 | $0.52 | |
| Weighted Average Basic Share | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | |
| Weighted Average Diluted Share | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | |
| EBITDA | $1.5B | $2B | $1.8B | $1.3B | $1.3B | |
| EBIT | $1.1B | $1.6B | $1.4B | $981.4M | $1B | |
| Revenue (Reported) | $5.2B | $6.5B | $6.3B | $5.5B | $5.2B | |
| Operating Income (Reported) | $1.1B | $1.6B | $1.4B | $981.4M | $1B | |
| Operating Income (Adjusted) | $1.1B | $1.6B | $1.4B | $981.4M | $1B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $1.7B | $1.6B | $1.3B | $1.3B | $1.4B | |
| Revenue Growth (YoY) | 19.76% | -6.28% | -14.01% | -3.32% | 8.29% | |
| Cost of Revenues | $1B | $937.7M | $836.4M | $843.9M | $890M | |
| Gross Profit | $657.2M | $617.9M | $501.2M | $449.2M | $510.3M | |
| Gross Profit Margin | 39.6% | 39.72% | 37.47% | 34.74% | 36.44% | |
| R&D Expenses | $104.9M | $87.9M | $80.4M | -- | -- | |
| Selling, General & Admin | $252.5M | $246.7M | $224.8M | $220.2M | $239.4M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $252.5M | $246.7M | $224.8M | $220.2M | $239.4M | |
| Operating Income | $404.7M | $371.2M | $276.5M | $229.1M | $270.9M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $472.3M | $440.2M | $331.3M | $293.4M | $333.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $112.8M | $111.7M | $94.4M | $71.4M | $89.6M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $6.7M | $6.1M | $4.3M | $6.3M | $3.6M | |
| Net Income to Common Excl Extra Items | $359.5M | $328.5M | $236.9M | $222M | $244.1M | |
| Basic EPS (Cont. Ops) | $0.18 | $0.17 | $0.12 | $0.12 | $0.13 | |
| Diluted EPS (Cont. Ops) | $0.18 | $0.17 | $0.12 | $0.12 | $0.13 | |
| Weighted Average Basic Share | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | |
| Weighted Average Diluted Share | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | |
| EBITDA | $509.1M | $458.3M | $365.1M | $305.2M | $348.7M | |
| EBIT | $404.7M | $371.2M | $276.5M | $229.1M | $270.9M | |
| Revenue (Reported) | $1.7B | $1.6B | $1.3B | $1.3B | $1.4B | |
| Operating Income (Reported) | $404.7M | $371.2M | $276.5M | $229.1M | $270.9M | |
| Operating Income (Adjusted) | $404.7M | $371.2M | $276.5M | $229.1M | $270.9M | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $6.5B | $6.3B | $5.8B | $5.2B | $5.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $3.9B | $3.9B | $3.8B | $3.3B | $3.5B | |
| Gross Profit | $2.7B | $2.5B | $2B | $1.9B | $2.1B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $444.2M | $390.9M | $369.1M | -- | -- | |
| Selling, General & Admin | $960.8M | $1B | $942.8M | $901.7M | $938.2M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $960.8M | $1B | $942.8M | $901.7M | $938.1M | |
| Operating Income | $1.7B | $1.5B | $1.1B | $958.6M | $1.2B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $2B | $1.8B | $1.3B | $1.2B | $1.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $489.3M | $458.6M | $326.5M | $297.7M | $347.1M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $29.7M | $26.5M | $16.9M | $22.5M | $20.4M | |
| Net Income to Common Excl Extra Items | $1.5B | $1.3B | $1B | $933M | $1.1B | |
| Basic EPS (Cont. Ops) | $0.75 | $0.66 | $0.52 | $0.48 | $0.58 | |
| Diluted EPS (Cont. Ops) | $0.75 | $0.66 | $0.52 | $0.48 | $0.58 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2.1B | $1.8B | $1.4B | $1.3B | $1.5B | |
| EBIT | $1.7B | $1.5B | $1.1B | $958.6M | $1.2B | |
| Revenue (Reported) | $6.5B | $6.3B | $5.8B | $5.2B | $5.6B | |
| Operating Income (Reported) | $1.7B | $1.5B | $1.1B | $958.6M | $1.2B | |
| Operating Income (Adjusted) | $1.7B | $1.5B | $1.1B | $958.6M | $1.2B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $4.9B | $4.7B | $4.2B | $3.8B | $4.2B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $2.9B | $2.8B | $2.7B | $2.4B | $2.6B | |
| Gross Profit | $2B | $1.8B | $1.4B | $1.4B | $1.6B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $330.2M | $276.4M | $261.9M | -- | -- | |
| Selling, General & Admin | $727.9M | $742.3M | $695.8M | $670.8M | $716.4M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $727.9M | $742.3M | $695.8M | $670.8M | $716.4M | |
| Operating Income | $1.3B | $1.1B | $748.2M | $726.2M | $859.7M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $1.5B | $1.3B | $942M | $916.8M | $1.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $358.6M | $332.7M | $244.2M | $222.2M | $271.5M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $22M | $19.8M | $12.2M | $18.6M | $14.1M | |
| Net Income to Common Excl Extra Items | $1.1B | $970.9M | $697.8M | $694.6M | $801M | |
| Basic EPS (Cont. Ops) | $0.56 | $0.50 | $0.36 | $0.36 | $0.42 | |
| Diluted EPS (Cont. Ops) | $0.56 | $0.50 | $0.36 | $0.36 | $0.42 | |
| Weighted Average Basic Share | $5.8B | $5.7B | $5.7B | $5.6B | $5.6B | |
| Weighted Average Diluted Share | $5.8B | $5.7B | $5.7B | $5.6B | $5.6B | |
| EBITDA | $1.6B | $1.3B | $1B | $951M | $1.1B | |
| EBIT | $1.3B | $1.1B | $748.2M | $726.2M | $859.7M | |
| Revenue (Reported) | $4.9B | $4.7B | $4.2B | $3.8B | $4.2B | |
| Operating Income (Reported) | $1.3B | $1.1B | $748.2M | $726.2M | $859.7M | |
| Operating Income (Adjusted) | $1.3B | $1.1B | $748.2M | $726.2M | $859.7M | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $5.3B | $5B | $4B | $3.6B | $4.1B | |
| Short Term Investments | $1.4B | $1.5B | -- | -- | -- | |
| Accounts Receivable, Net | $1.2B | $1.2B | $1.2B | $1B | $1B | |
| Inventory | $1.5B | $2.1B | $2.6B | $2.4B | $2B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $94.9M | $114.5M | -- | -- | -- | |
| Total Current Assets | $8.1B | $8.4B | $8B | $7.1B | $7.3B | |
| Property Plant And Equipment | $5.2B | $4.8B | $4.4B | $4B | $4B | |
| Long-Term Investments | $988.3M | $1.1B | $1.2B | $1.2B | $1.3B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $32.4M | $31.4M | -- | -- | -- | |
| Total Assets | $14.7B | $14.7B | $14.1B | $12.7B | $13B | |
| Accounts Payable | $398.3M | $407.6M | $427.8M | $283.7M | $250.5M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $544.9M | $653.9M | -- | -- | -- | |
| Total Current Liabilities | $1.2B | $1.5B | $1.4B | $1B | $1.1B | |
| Long-Term Debt | $17.1M | $12.2M | $25.5M | $27.3M | $31.5M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.7B | $1.9B | $1.8B | $1.4B | $1.3B | |
| Common Stock | $624.6M | $568.6M | $518.6M | $456M | $461.5M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $12.9B | $12.7B | $12.1B | $11.3B | $11.5B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $91.2M | $115.9M | $91.5M | $90.2M | $102.6M | |
| Total Equity | $13B | $12.8B | $12.2B | $11.4B | $11.6B | |
| Total Liabilities and Equity | $14.7B | $14.7B | $14.1B | $12.7B | $13B | |
| Cash and Short Terms | $5.3B | $5B | $4B | $3.6B | $4.1B | |
| Total Debt | $19.6M | $20.1M | $38.4M | $42.4M | $48.8M | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $5.2B | $4B | $3.4B | $3.7B | $4.4B | |
| Short Term Investments | $1.4B | $130.4M | -- | -- | -- | |
| Accounts Receivable, Net | $1.2B | $1.2B | $1B | $870.7M | $986.5M | |
| Inventory | $1.9B | $2.5B | $2.6B | $2.1B | $1.9B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $119.1M | $151.4M | -- | -- | -- | |
| Total Current Assets | $8.4B | $7.9B | $7.2B | $6.8B | $7.5B | |
| Property Plant And Equipment | $4.9B | $4.4B | $4.3B | $3.9B | $3.8B | |
| Long-Term Investments | $1.1B | $1.2B | $1.2B | $1.2B | $1.3B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $356M | $381M | -- | -- | -- | |
| Total Assets | $14.8B | $14B | $13.2B | $12.2B | $12.9B | |
| Accounts Payable | $526.2M | $569.3M | $336.6M | $286.7M | $356.4M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $601.1M | $675M | -- | -- | -- | |
| Total Current Liabilities | $1.4B | $1.4B | $1B | $1B | $1.1B | |
| Long-Term Debt | $42.5M | $43.4M | $53.1M | $51.7M | $49.9M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.9B | $1.9B | $1.5B | $1.4B | $1.3B | |
| Common Stock | $599.3M | $523.1M | $489.5M | $439.1M | $440.3M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $109.2M | $87.2M | $88M | $96.6M | $108.1M | |
| Total Equity | $12.9B | $12.1B | $11.7B | $10.8B | $11.6B | |
| Total Liabilities and Equity | $14.8B | $14B | $13.2B | $12.2B | $12.9B | |
| Cash and Short Terms | $5.2B | $4B | $3.4B | $3.7B | $4.4B | |
| Total Debt | $42.5M | $43.4M | $53.1M | $51.7M | $49.9M | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.2B | $1.9B | $1.7B | $1.3B | $1.3B | |
| Depreciation & Amoritzation | $425.3M | $418.9M | $363M | $338.9M | $304.7M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$350M | -$129M | -$24.9M | $171.5M | -$30.3M | |
| Change in Inventories | -$158.7M | -$665.1M | -$672.4M | $86.8M | $344.3M | |
| Cash From Operations | $1.1B | $1.1B | $734.3M | $1.2B | $1.7B | |
| Capital Expenditures | $205.2M | $305.8M | $347.3M | $372.6M | $267.7M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$158.1M | -$479.9M | -$575.6M | -$93.8M | -$879.5M | |
| Dividends Paid (Ex Special Dividend) | $476M | $772.4M | $712M | $623.1M | $545.3M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $2.7M | $2.1M | $180.3M | $196.3M | $325.1M | |
| Other Financing Activities | -$22.3M | -$18.9M | -- | -- | -- | |
| Cash From Financing | -$501M | -$793.4M | -$944M | -$847.2M | -$896.1M | |
| Beginning Cash (CF) | $5.2B | $4.7B | $3.6B | $3.5B | $3.4B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $589.9M | -$29M | -$721M | $345.3M | -$162.6M | |
| Ending Cash (CF) | $6B | $4.8B | $2.9B | $3.9B | $3.1B | |
| Levered Free Cash Flow | $907.3M | $811.7M | $387M | $815.2M | $1.4B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | $5.2B | $4B | $3.4B | $3.7B | $4.4B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2007-12-31 | 2008-12-31 | 2009-12-31 | 2010-12-31 | 2011-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | $364.9M | $2B | -- | |
| Depreciation & Amoritzation | $104.2M | $134.4M | $147M | $157.5M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$31.1M | $140.4M | $459.7M | -$527.8M | -- | |
| Change in Inventories | -$21.3M | -$32.9M | $105.2M | -$248.3M | -- | |
| Cash From Operations | $1.2B | $1.1B | $895.6M | $970.2M | -- | |
| Capital Expenditures | $171.7M | $218.2M | $154.5M | $72.5M | $30.5M | |
| Cash Acquisitions | -- | -- | -- | -$126.9M | $671.4K | |
| Cash From Investing | -$213.1M | -$253.5M | -$294.4M | -$90.2M | -- | |
| Dividends Paid (Ex Special Dividend) | -$315.3M | $357.7M | $166.8M | $294.7M | $11.6M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -$562.7M | -$5M | -$996.5M | $13.3M | -- | |
| Other Financing Activities | -$2.3M | -- | -$6.7M | -$1.4M | -- | |
| Cash From Financing | -$880.3M | -$367M | -$1.1B | -$309.5M | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $81.2M | $179M | -$693.1M | $454.4M | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $975.5M | $877.3M | $741.1M | $897.8M | -- | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | $15.7B | $10.1B | $10B | $10.6B | $12.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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