Aureus
FRed Flag

UnitedHealth Group Incorporated(UNH)

F

Financial data as of Dec 31, 2025Declining · Healthcare

FCF Margin3.4%Free Cash Flow / Revenue
Cash Conversion163.4%Operating CF / Net Income
Free Cash Flow$16.1B
Revenue$447.6B
Net Cash-$54.0BNet debt position
Debt / FCF5.2xElevated debt burden
Current Ratio0.79Tight short-term liquidity
YoY FCF Growth-101.3%4 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-0.5Elevated debt-to-FCF ratio (5.2x)
→
-1Current ratio below 1.0 (0.79)
→
-1Significant YoY FCF decline (-101.3%)
→
FinalF

Analysis Summary

Strengths

  • Excellent cash conversion (163%)

Concerns

  • Low FCF margin (3.4%)
  • Heavy debt position ($54.0B net debt, 5.2x FCF)
  • High debt-to-FCF ratio (5.2x)
  • Current ratio below 1.0 — tight short-term liquidity
  • Significant YoY FCF decline (-101.3%)

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin3.4%
Net Margin2.7%
Operating CF Margin4.4%
CapEx Ratio0.8%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$54.0BNet debt position
Debt / FCF5.2xElevated debt burden
Current Ratio0.79Tight liquidity
Debt / Equity0.83Low leverage

Quarterly FCF Trend

-101.3% YoYDeclining (-101.3%)

Free cash flow per quarter

Sector Comparison — Healthcare

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameUnitedHealth Group Incorporated
SectorHealthcare
Free Cash Flow$16.1B
Revenue$447.6B
Net Income$12.1B
Operating Cash Flow$19.7B
Capital Expenditure$3.6B
FCF Margin3.4%
Cash Conversion Rate163.4%
Net Margin2.7%
Total Debt$78.4B
Total Cash$24.4B
Net Cash-$54.0B
Current Ratio0.79
Debt / Equity0.83
Debt / FCF5.2x
YoY FCF Growth-101.3%
Positive Quarters4 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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