UnitedHealth Group Incorporated (UNH)财务
NYSE · Healthcare · Medical - Healthcare Plans · 员工390,000人 · CEO Stephen J. Hemsley
- 股价
- $406.97 -0.96%
- 市值
- $3650亿
- 企业价值
- $4140亿
- 最近财报
- Q3 '26 2026-10-13提交
- 下次财报
- 2027-01-20 EPS预期 $2.28
营收(TTM)$4500亿+3.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)5.3%-0.7 百分点 对比去年同期营业利润 $239亿
净利润(TTM)$159亿-9.7% 对比去年同期税后,含营业外收益
自由现金流(TTM)$228亿+31.4% 对比去年同期资本支出 $33.7亿
稀释EPS(TTM)$17.52-8.6% 对比去年同期最近4个季度之和
净现金-$458亿+7.6% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $3650亿 EV $4140亿
- 营收
- $4500亿 过去12个月
- 营收增速
- 0% FY2026年一致预期
- 净利润率
- 3.5% 净利润 / 营收,TTM
- P/E
- 23.2× 预期 19.8×(FY2026)
- P/S
- 0.8× 股价 / 营收,TTM
- EV / EBITDA
- 14.8× TTM
- 自由现金流
- $228亿 过去12个月
- 净利润
- $159亿 过去12个月
- 营收预期
- $4480亿 FY2026年一致预期
- 盈利
- 2027-01-20 营收预期 $1120亿
- 股息
- $9.06 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-13):营收超预期1.2%,EPS 超预期13.3%营收$1130亿,预期$1110亿(+1.2%);EPS $4.69,预期$4.14(+13.3%)。
- 营收增长放缓:同比-0.4%Q3 '26营收$1130亿,此前四个季度的平均值为6.7%。
- 营业利润率5.3%(TTM),较去年同期-0.7 百分点营收增长3.3%,营业利润增长-9.2%。
- 税前利润的21.2%被营业外亏损吞噬税前利润$197亿,营业利润$239亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的0.7%(去年为0.8%)最近4个季度投入$33.7亿(同比-6.1%)。自由现金流$228亿,相当于净利润的143.7%。
- 股东回报$179亿 = 自由现金流的78.6%回购$97.7亿(去年为$57.8亿),股息$81.7亿,股权激励$10.2亿(TTM)。
- 稀释股数一年内减少1.1%Q3 '26稀释股数9.02亿,一年前为9.12亿。
- 净债务 $458亿现金 + 短期投资 $285亿,含租赁债务 $743亿;一年前净债务 $495亿。
- Total Optum:营收-2.3%,利润率6.2%(此前为4.6%)Q2 '26增长最快的披露分部:营收$657亿,营业利润$40.5亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $1130亿 | $1130亿 | -0.4% |
| 毛利率 | 19.5% | 18.2% | +1.3 百分点 |
| 营业利润 | $65.6亿 | $43.2亿 | +52.1% |
| 营业利润率 | 5.8% | 3.8% | +2.0 百分点 |
| 净利润 | $41.1亿 | $23.5亿 | +75.0% |
| 稀释EPS | $4.56 | $2.59 | +76.1% |
| 经营现金流 | $51.2亿 | $59.5亿 | -13.8% |
| 资本支出 | $8.59亿 | $8.9亿 | -3.5% |
| 自由现金流 | $42.6亿 | $50.6亿 | -15.6% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2.19亿 | $2.23亿 | -1.8% |
实际 vs 一致预期
2026-10-13| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $1130亿 | $1110亿 | +1.2% |
| EPS(一致预期口径) | $4.69 | $4.14 | +13.3% |
来自2026-10-13发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Unitedhealthcare | – | – | – | – | – | |
| Premiums | $870亿 | – | 77.6% | – | – | |
| UnitedHealthcare | – | – | – | – | – | |
| Intersegment Eliminations | – | – | – | – | – | |
| Optumrx | – | – | – | – | – | |
| Corporate and Eliminations | – | – | – | – | – | |
| Optum Rx | – | – | – | – | – | |
| Optumhealth | – | – | – | – | – | |
| Optum Health | – | – | – | – | – | |
| Products | $138亿 | – | 12.3% | – | – | |
| Services | $100亿 | – | 8.9% | – | – | |
| Optum Insight | – | – | – | – | – | |
| Optuminsight | – | – | – | – | – | |
| Investment and other income | $12.2亿 | – | 1.1% | – | – | |
| Optum Eliminations | – | – | – | – | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q2 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Total Optum | $657亿 | -2.3% | $40.5亿 | +31.7% | 6.2% | 4.6% | $99.2亿 |
| Unitedhealthcare | – | – | $39.4亿 | +90.0% | – | – | $118亿 |
| Optum Health | – | – | $11.9亿 | +177.4% | – | – | – |
| Optum Insight | – | – | $13.7亿 | +13.6% | – | – | – |
| Optum Rx | – | – | $14.9亿 | +3.4% | – | – | – |
| Corporate (unallocated) | – | – | $0 | – | – | – | $0 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $262亿
- 资本支出
- -$33.7亿
- 股票回购
- -$97.7亿
- 股息
- -$81.7亿
- 收购
- -$16.1亿
- 债务净发行
- -$58.2亿
- 股权激励费用
- $10.2亿
- 自由现金流
- $228亿
- 股东回报 / FCF
- 78.6%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 23.2× | 26.3× | 22.4× – 32.3× |
| EV / EBITDA | 14.8× | 16.8× | 14.9× – 18.6× |
| EV / 营收 | 0.9× | 1.4× | 0.8× – 1.7× |
| 股价 / FCF | 16.0× | 21.2× | 18.7× – 23.8× |
| 股价 / 净资产 | 3.5× | 5.4× | 3.2× – 6.6× |
| FCF收益率 | 6.2% | 4.8% | 4.2% – 5.4% |
| 投入资本回报率 | 10.0% | 12.5% | 8.2% – 14.3% |
| 净资产收益率 | 16.1% | 20.7% | 12.8% – 25.9% |
分析师
一致目标价 $478.68 (+17.6%)
区间 $380.00 – $531.00 · 评级 Buy
强烈买入0
买入43
持有7
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $4480亿 | +0.2% | $20.60 | +55.7% | 19.8× | 18 |
| FY2027 | $4630亿 | +3.3% | $23.42 | +13.7% | 17.4× | 18 |
| FY2028 | $4880亿 | +5.3% | $27.18 | +16.1% | 15.0× | 15 |
| FY2029 | $5110亿 | +4.7% | $31.31 | +15.2% | 13.0× | 9 |
| FY2030 | $5430亿 | +6.3% | $34.92 | +11.5% | 11.7× | 6 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
UnitedHealth Group Incorporated在近期10-Q / 10-K文件中标记的全部319项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $397亿 | $343亿 | +15.8% | $380亿 | $343亿 | +10.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $216亿 | $241亿 | -10.6% | $230亿 | $224亿 | +2.9% |
| Accounts Receivable, Allowance for Credit Loss, Current | $12.1亿2025-12-31 | $9.85亿 | +22.6% | $12.1亿 | $9.85亿 | +22.6% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $75.5亿2025-12-31 | $69.7亿 | +8.2% | $75.5亿 | $69.7亿 | +8.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$25.2亿 | -$25.4亿 | +0.6% | -$20.6亿 | -$33.9亿 | +39.1% |
| Additional Paid in Capital | $0 | – | – | $5.59亿 | $0 | – |
| Allowance for Doubtful Other Receivables, Current | $37.6亿2025-12-31 | $28.6亿 | +31.4% | $37.6亿 | $28.6亿 | +31.4% |
| Amortization of Intangible Assets | – | – | – | $17亿 | $17亿 | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1200万 | 1300万 | -7.7% | 1200万 | 600万 | +100.0% |
| Assets | $3100亿 | $3090亿 | +0.4% | $3100亿 | $2980亿 | +3.8% |
| Assets, Current | $869亿 | $937亿 | -7.3% | $906亿 | $858亿 | +5.6% |
| Assets, Fair Value Disclosure | $819亿 | $775亿 | +5.6% | $756亿 | $745亿 | +1.5% |
| Buildings and Improvements, Gross | $40.9亿2025-12-31 | $42.2亿 | -3.0% | $40.9亿 | $42.2亿 | -3.0% |
| Business Combination, Consideration Transferred | $1亿2025-12-31 | – | – | $48亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $18.9亿2025-12-31 | – | – | $18.9亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $3.05亿2025-12-31 | – | – | $3.05亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $8.11亿2025-12-31 | – | – | $8.11亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $5.36亿2025-12-31 | – | – | $5.36亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $3200万2025-12-31 | – | – | $3200万 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $5.25亿2025-12-31 | $106亿 | -95.0% | $5.25亿 | $106亿 | -95.0% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $9.23亿2025-12-31 | – | – | $9.23亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $9.65亿2025-12-31 | – | – | $9.65亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $3.55亿2025-12-31 | – | – | $3.55亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $2.47亿2025-12-31 | – | – | $2.47亿 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $48.4亿2025-12-31 | – | – | $48.4亿 | – | – |
| Capitalized Computer Software, Accumulated Amortization | $38.3亿2025-12-31 | $33.3亿 | +15.1% | $38.3亿 | $33.3亿 | +15.1% |
| Capitalized Computer Software, Amortization | – | – | – | $17亿 | $14亿 | +21.4% |
| Capitalized Computer Software, Gross | $98.5亿2025-12-31 | $89.8亿 | +9.6% | $98.5亿 | $89.8亿 | +9.6% |
| Capitalized Computer Software, Net | $60.2亿2025-12-31 | $56.6亿 | +6.4% | $60.2亿 | $56.6亿 | +6.4% |
| Cash and Cash Equivalents, at Carrying Value | $286亿 | $286亿 | 0.0% | $244亿 | $253亿 | -3.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $286亿 | $286亿 | 0.0% | $244亿 | $253亿 | -3.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $286亿 | $286亿 | 0.0% | $244亿 | $253亿 | -3.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $5.84亿 | -$21.2亿 | +127.5% | -$9.47亿 | -$1.15亿 | -723.5% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectDisposalGroupIncludingDiscontinuedOperations | $6.35亿 | -$21.9亿 | +129.0% | -$5.92亿 | $1.04亿 | -669.2% |
| Common Stock, Dividends, Per Share, Cash Paid | $2.32 | $2.21 | +5.0% | $8.73 | $8.18 | +6.7% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 30亿 | 30亿 | 0.0% | 30亿 | 30亿 | 0.0% |
| Common Stock, Shares, Issued | 9.05亿 | 9.05亿 | 0.0% | 9.06亿 | 9.15亿 | -1.0% |
| Common Stock, Shares, Outstanding | 9.05亿 | 9.05亿 | 0.0% | 9.06亿 | 9.15亿 | -1.0% |
| Common Stock, Value, Issued | $900万 | $900万 | 0.0% | $900万 | $900万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.86亿 | $1.66亿 | +12.0% | $7.51亿 | $8.37亿 | -10.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $55.3亿 | $37.8亿 | +46.4% | $134亿 | $180亿 | -25.8% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $57.1亿 | $39.4亿 | +44.9% | $141亿 | $189亿 | -25.2% |
| Cost of Goods and Services Sold | $134亿 | $130亿 | +2.7% | $507亿 | $467亿 | +8.5% |
| Costs and Expenses | $1040亿 | $1060亿 | -2.3% | $4290亿 | $3680亿 | +16.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $16.6亿 | $12.6亿 | +32.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $36.4亿 | $51.3亿 | -28.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $5.98亿 | $4.16亿 | +43.8% |
| Current Year Claims and Claims Adjustment Expense | $756亿 | $786亿 | -3.8% | $3130亿 | $2650亿 | +18.3% |
| Debt Instrument, Face Amount | – | – | – | $426亿2020-12-31 | $398亿 | +6.9% |
| Debt Securities, Available-for-sale | $503亿 | $466亿 | +7.9% | $482亿 | $469亿 | +2.7% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1.09亿 | $1.31亿 | -16.8% | $2.29亿 | $6200万 | +269.4% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $18.9亿 | $22.1亿 | -14.2% | $16.3亿 | $29.6亿 | -45.1% |
| Debt Securities, Available-for-sale, Amortized Cost | $521亿 | $487亿 | +7.0% | $496亿 | $498亿 | -0.5% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | $79.2亿 | $55.4亿 | +43.0% | $69.5亿 | $54.4亿 | +27.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $128亿 | $120亿 | +6.8% | $120亿 | $121亿 | -1.2% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $142亿 | $144亿 | -1.5% | $138亿 | $148亿 | -7.2% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $29.6亿 | $35.3亿 | -16.2% | $38.6亿 | $39.5亿 | -2.4% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $76.9亿 | $51.9亿 | +48.2% | $67.4亿 | $50.9亿 | +32.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | $124亿 | $115亿 | +8.0% | $117亿 | $112亿 | +4.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
数据截至 2026-11-01