Price to Earnings (P/E)
since 2005
Calculation
UnitedHealth Group Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net earnings attributable to UnitedHealth Group common shareholders1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2, 2026 | 22.20 | = | 294.93 | ÷ | 13.28 | 13.28 | = | 12,056 | ÷ | 907,675,839 | |
| Feb 27, 2025 | 29.75 | = | 468.56 | ÷ | 15.75 | 15.75 | = | 14,405 | ÷ | 914,712,333 | |
| Feb 28, 2024 | 20.53 | = | 498.28 | ÷ | 24.28 | 24.28 | = | 22,381 | ÷ | 921,934,109 | |
| Feb 24, 2023 | 22.46 | = | 484.33 | ÷ | 21.57 | 21.57 | = | 20,120 | ÷ | 932,846,602 | |
| Feb 15, 2022 | 26.03 | = | 478.23 | ÷ | 18.37 | 18.37 | = | 17,285 | ÷ | 940,899,146 | |
| Mar 1, 2021 | 20.54 | = | 334.65 | ÷ | 16.29 | 16.29 | = | 15,403 | ÷ | 945,319,404 | |
| Feb 14, 2020 | 20.48 | = | 298.78 | ÷ | 14.59 | 14.59 | = | 13,839 | ÷ | 948,573,372 | |
| Feb 12, 2019 | 21.09 | = | 263.50 | ÷ | 12.49 | 12.49 | = | 11,986 | ÷ | 959,538,515 | |
| Feb 13, 2018 | 20.77 | = | 226.64 | ÷ | 10.91 | 10.91 | = | 10,558 | ÷ | 967,662,919 | |
| Feb 8, 2017 | 21.73 | = | 160.31 | ÷ | 7.38 | 7.38 | = | 7,017 | ÷ | 951,165,192 | |
| Feb 9, 2016 | 18.18 | = | 111.16 | ÷ | 6.11 | 6.11 | = | 5,813 | ÷ | 950,673,998 | |
| Feb 10, 2015 | 18.50 | = | 108.97 | ÷ | 5.89 | 5.89 | = | 5,619 | ÷ | 953,695,161 | |
| Feb 12, 2014 | 12.35 | = | 70.24 | ÷ | 5.69 | 5.69 | = | 5,625 | ÷ | 989,191,844 | |
| Feb 7, 2013 | 10.58 | = | 57.05 | ÷ | 5.39 | 5.39 | = | 5,526 | ÷ | 1,024,925,324 | |
| Feb 9, 2012 | 10.78 | = | 53.06 | ÷ | 4.92 | 4.92 | = | 5,142 | ÷ | 1,044,964,149 | |
| Feb 10, 2011 | 10.01 | = | 42.43 | ÷ | 4.24 | 4.24 | = | 4,634 | ÷ | 1,093,694,629 | |
| Feb 10, 2010 | 9.91 | = | 32.71 | ÷ | 3.30 | 3.30 | = | 3,822 | ÷ | 1,157,533,379 | |
| Feb 11, 2009 | 11.66 | = | 28.55 | ÷ | 2.45 | 2.45 | = | 2,977 | ÷ | 1,215,615,705 | |
| Feb 21, 2008 | 12.85 | = | 47.80 | ÷ | 3.72 | 3.72 | = | 4,654 | ÷ | 1,251,382,699 | |
| Mar 6, 2007 | 17.58 | = | 53.98 | ÷ | 3.07 | 3.07 | = | 4,159 | ÷ | 1,354,320,209 | |
| Feb 24, 2006 | 24.20 | = | 58.89 | ÷ | 2.43 | 2.43 | = | 3,300 | ÷ | 1,356,292,073 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of UnitedHealth Group Inc. Annual Report.
The price-to-earnings (P/E) ratio for the observed period demonstrates considerable fluctuation, though generally trending upwards over the long term. Initial values in the early to mid-2000s were relatively high, followed by a period of decline coinciding with economic downturns, and then a subsequent rise. The P/E ratio exhibits sensitivity to both share price and earnings per share (EPS) movements.
- Early Period (2006-2009)
- From 2006 to 2009, the P/E ratio experienced a notable decrease, falling from 24.20 to 11.66. This decline was primarily driven by a significant drop in share price, particularly in 2008 and 2009, while EPS also experienced a decrease during this timeframe. This suggests increased investor uncertainty and potentially a negative market sentiment towards the company during the financial crisis.
- Recovery and Stabilization (2010-2014)
- Between 2010 and 2014, the P/E ratio demonstrated a period of relative stabilization, fluctuating between approximately 9.91 and 18.50. Share price and EPS both generally increased during this period, contributing to the stabilization. The P/E ratio’s movement remained relatively contained, indicating a more predictable valuation.
- Growth Phase (2015-2021)
- From 2015 to 2021, the P/E ratio generally increased, reaching a peak of 26.03 in 2021. This increase was fueled by consistent growth in both share price and EPS. The ratio’s upward trajectory suggests increasing investor confidence and a willingness to pay a higher premium for each dollar of earnings. The period from 2015-2021 shows a strong correlation between EPS growth and P/E expansion.
- Recent Volatility (2022-2026)
- The most recent period, from 2022 to the projected 2026, shows increased volatility in the P/E ratio. The ratio decreased from 22.46 in 2022 to 29.75 in 2024, before declining to 22.20 in 2025 and a projected 22.20 in 2026. This fluctuation is attributable to a combination of share price declines and a decrease in EPS in 2024 and 2025. The projected value for 2026 suggests a potential stabilization, but further monitoring is warranted.
Overall, the P/E ratio demonstrates a cyclical pattern, influenced by broader economic conditions and company-specific performance. While long-term trends indicate growth, recent years have shown increased volatility, requiring careful consideration when assessing the company’s valuation.
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Comparison to Competitors
UnitedHealth Group Inc., P/E, long-term trends, comparison to competitors
| UnitedHealth Group Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | |
|---|---|---|---|---|---|
| Mar 2, 2026 | 22.20 | 29.89 | 13.21 | 59.55 | 23.73 |
| Feb 27, 2025 | 29.75 | 17.46 | 14.85 | 87.82 | 27.97 |
| Feb 28, 2024 | 20.53 | 34.57 | 19.80 | 74.11 | 30.94 |
| Feb 24, 2023 | 22.46 | 26.76 | 9,358,713.46 | 64.99 | 23.38 |
| Feb 15, 2022 | 26.03 | 29.13 | 18.13 | 59.94 | 46.56 |
| Mar 1, 2021 | 20.54 | 48.49 | 15.87 | 87.47 | 26.30 |
| Feb 14, 2020 | 20.48 | 41.83 | 15.96 | 48.72 | 28.78 |
| Feb 12, 2019 | 21.09 | 56.47 | 21.45 | 53.03 | 37.80 |
| Feb 13, 2018 | 20.77 | 220.29 | 15.44 | 70.95 | 29.96 |
| Feb 8, 2017 | 21.73 | 55.16 | 17.48 | 37.16 | 33.17 |
| Feb 9, 2016 | 18.18 | 12.83 | 12.99 | 34.24 | 40.56 |
| Feb 10, 2015 | 18.50 | 31.30 | 15.29 | 44.77 | 20.75 |
| Feb 12, 2014 | 12.35 | 23.25 | 9.95 | 22.82 | 14.99 |
| Feb 7, 2013 | 10.58 | 9.24 | 7.09 | 35.05 | 10.57 |
| Feb 9, 2012 | 10.78 | 18.67 | 8.36 | 39.05 | 13.37 |
| Feb 10, 2011 | 10.01 | 15.68 | 8.74 | 33.85 | 12.65 |
| Feb 10, 2010 | 9.91 | 14.69 | 5.53 | 54.30 | 17.11 |
| Feb 11, 2009 | 11.66 | 17.11 | 8.26 | 21.99 | 26.02 |
| Feb 21, 2008 | 12.85 | 23.82 | 12.02 | 79.87 | 20.81 |
| Mar 6, 2007 | 17.58 | 48.17 | 16.05 | 58.08 | 21.31 |
| Feb 24, 2006 | 24.20 | 20.03 | 20.66 | 36.68 | 35.12 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
UnitedHealth Group Inc., P/E, long-term trends, comparison to sector (health care equipment & services)
| UnitedHealth Group Inc. | Health Care Equipment & Services | |
|---|---|---|
| Mar 2, 2026 | 22.20 | 25.76 |
| Feb 27, 2025 | 29.75 | 26.60 |
| Feb 28, 2024 | 20.53 | 25.86 |
| Feb 24, 2023 | 22.46 | 1,429,718.32 |
| Feb 15, 2022 | 26.03 | 28.98 |
| Mar 1, 2021 | 20.54 | 27.23 |
| Feb 14, 2020 | 20.48 | 25.22 |
| Feb 12, 2019 | 21.09 | 28.84 |
| Feb 13, 2018 | 20.77 | 28.17 |
| Feb 8, 2017 | 21.73 | 27.54 |
| Feb 9, 2016 | 18.18 | 20.20 |
| Feb 10, 2015 | 18.50 | 21.28 |
| Feb 12, 2014 | 12.35 | 14.93 |
| Feb 7, 2013 | 10.58 | 10.51 |
| Feb 9, 2012 | 10.78 | 14.07 |
| Feb 10, 2011 | 10.01 | 12.56 |
| Feb 10, 2010 | 9.91 | 11.86 |
| Feb 11, 2009 | 11.66 | 15.75 |
| Feb 21, 2008 | 12.85 | 17.58 |
| Mar 6, 2007 | 17.58 | 22.77 |
| Feb 24, 2006 | 24.20 | 24.03 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
UnitedHealth Group Inc., P/E, long-term trends, comparison to industry (health care)
| UnitedHealth Group Inc. | Health Care | |
|---|---|---|
| Mar 2, 2026 | 22.20 | 28.31 |
| Feb 27, 2025 | 29.75 | 38.03 |
| Feb 28, 2024 | 20.53 | 30.62 |
| Feb 24, 2023 | 22.46 | 351,256.81 |
| Feb 15, 2022 | 26.03 | 21.55 |
| Mar 1, 2021 | 20.54 | 32.22 |
| Feb 14, 2020 | 20.48 | 22.09 |
| Feb 12, 2019 | 21.09 | 24.32 |
| Feb 13, 2018 | 20.77 | 33.04 |
| Feb 8, 2017 | 21.73 | 21.90 |
| Feb 9, 2016 | 18.18 | 19.53 |
| Feb 10, 2015 | 18.50 | 21.38 |
| Feb 12, 2014 | 12.35 | 18.67 |
| Feb 7, 2013 | 10.58 | 15.77 |
| Feb 9, 2012 | 10.78 | 15.79 |
| Feb 10, 2011 | 10.01 | 15.12 |
| Feb 10, 2010 | 9.91 | 11.71 |
| Feb 11, 2009 | 11.66 | 13.07 |
| Feb 21, 2008 | 12.85 | 19.29 |
| Mar 6, 2007 | 17.58 | 18.61 |
| Feb 24, 2006 | 24.20 | 21.71 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).