Question 1

What is UnitedHealth Group's P/FCF ratio?

Accepted Answer

UnitedHealth Group (UNH) P/FCF ratio is 16.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for UnitedHealth Group?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For UnitedHealth Group specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is UnitedHealth Group's P/FCF ratio high or low?

Accepted Answer

UnitedHealth Group's P/FCF ratio of 16.5× is below its own 5-year average of 23.1× and below the sector median of 19.1×. That places the current reading at the 30th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is UnitedHealth Group's historical P/FCF ratio range?

Accepted Answer

In the available daily series, UnitedHealth Group (UNH) P/FCF ratio has ranged from a low of 5.6× in 2009 to a high of 90.5× in 2024. The 5-year average is 23.1× and the 5-year median is 19.0×.

Question 7

What was UnitedHealth Group's P/FCF ratio in 2025?

Accepted Answer

UnitedHealth Group (UNH) P/FCF ratio at the end of 2025 was 18.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does UnitedHealth Group's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$300B	$16.1B	18.7×	-4.0×	Dec 31, 2025
2024	$469B	$20.7B	22.6×	+3.2×	Dec 31, 2024
2023	$498B	$25.7B	19.4×	-1.8×	Dec 31, 2023
2022	$495B	$23.4B	21.2×	-2.6×	Dec 31, 2022
2021	$473B	$19.9B	23.8×	+7.3×	Dec 31, 2021
2020	$332B	$20.1B	16.5×	-0.5×	Dec 31, 2020
2019	$279B	$16.4B	17.0×	-0.5×	Dec 31, 2019
2018	$239B	$13.7B	17.5×	-0.9×	Dec 31, 2018
2017	$214B	$11.6B	18.5×	-0.4×	Dec 31, 2017
2016	$152B	$8.09B	18.8×	+5.1×	Dec 31, 2016
2015	$112B	$8.18B	13.7×	-0.9×	Dec 31, 2015
2014	$96.4B	$6.6B	14.6×	+1.8×	Dec 31, 2014
2013	$74.4B	$5.83B	12.8×	+3.7×	Dec 31, 2013
2012	$55.3B	$6.09B	9.1×	-0.0×	Dec 31, 2012
2011	$53.6B	$5.9B	9.1×	+1.8×	Dec 31, 2011
2010	$39.5B	$5.4B	7.3×	+0.1×	Dec 31, 2010
2009	$35.1B	$4.89B	7.2×	-2.0×	Dec 31, 2009
2008	$31.8B	$3.45B	9.2×	-5.6×	Dec 31, 2008
2007	$74.1B	$5.01B	14.8×	+2.3×	Dec 31, 2007
2006	$72.2B	$5.8B	12.5×	-8.2×	Dec 31, 2006
2005	$79B	$3.82B	20.7×	+5.5×	Dec 31, 2005
2004	$57.4B	$3.79B	15.2×	+2.2×	Dec 31, 2004
2003	$34.2B	$2.65B	12.9×	+0.3×	Dec 31, 2003
2002	$25.2B	$2B	12.6×	—	Dec 31, 2002


Align Technology (ALGN)	17.8×
McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for UnitedHealth Group (UNH) 2002-2026

P/FCF Ratio daily chart for UnitedHealth Group (UNH)

Historical P/FCF Ratio for UnitedHealth Group (UNH) from 2002 to 2025

About P/FCF Ratio at UnitedHealth Group (UNH)

UnitedHealth Group P/FCF Ratio by Year

UnitedHealth Group P/FCF Ratio 2025: 18.7×

UnitedHealth Group P/FCF Ratio 2024: 22.6×

UnitedHealth Group P/FCF Ratio 2023: 19.4×

UnitedHealth Group P/FCF Ratio 2022: 21.2×

UnitedHealth Group P/FCF Ratio 2021: 23.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

UnitedHealth Group (UNH) Key Financials