Health Care • Managed Health Care, Medicare Advantage & Optum Services • SIC 6324
$406.97 ▼ -3.94
(-0.96%)
MKT CAP: $368.83B • VOL: 4.30M
52W L $235 52W H $631
UNH // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 UnitedHealthcare & Optum Segments
01 // UPSTREAM SUPPLIERS & FOUNDRIES
LLY <GO>
CRITICAL
Eli Lilly, Novo Nordisk & Branded Biopharma Manufacturers
SUPPLIER • Specialty Biologics & GLP-1 Pharmacy Spend Negotiated via OptumRx
EST. COGS / CAPEX SHARE 28%
EVIDENCE: 10-K Medical Care Ratio (MCR) & Pharmacy Specialty Cost Trends
HCA <GO>
CRITICAL
HCA Healthcare & Acute-Care Hospital Systems
SUPPLIER • Inpatient/Outpatient Acute Hospital Network Claims (~85% MCR Cost Pool)
EST. COGS / CAPEX SHARE 45%
EVIDENCE: 10-K Medical Costs & Provider Network Reimbursements
CORE VALUE-CHAIN HUB NYSE
UNH // UnitedHealth Group Incorporated
GROSS MARGIN
88.6%
OP MARGIN
4.8%
ROIC %
11.5%
MKT CAP
$368.83B
UPSTREAM INPUTS ──► UNH OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
GOVT REV SHARE: ~44%
CMS (Medicare Advantage & State Medicaid Agencies)
CUSTOMER • Capitated Federal Medicare Advantage & Medicaid Premiums (>40% Rev)
EVIDENCE: 10-K Item 1A CMS Star Ratings & V28 Risk-Adjustment Reimbursement
WMT <GO>
REV SHARE: ~38%
Self-Insured Fortune 500 Employers & Commercial Sponsors
CUSTOMER • ASO Self-Funded Employer Health Plans & OptumRx PBM Contracts
EVIDENCE: 10-K UnitedHealthcare Employer & Individual Disclosures
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| UNH ★ | UnitedHealth Group Incorporated | $406.97 | $368.83B | 88.6% | 4.8% | 11.5% | 16.4x | +6.5% | SUBJECT ISSUER |
| CVS | CVS Health Corporation | $90.33 | $115.53B | 45.0% | 1.2% | 2.6% | 25.7x | +7.8% | UNH VS CVS <GO> |
| ELV | Elevance Health Inc. | $422.02 | $91.18B | 89.4% | 3.6% | 8.7% | 13.8x | +12.5% | UNH VS ELV <GO> |
| HUM | Humana Inc. | $417.56 | $50.14B | — | 2.1% | 8.3% | 18.4x | +10.1% | UNH VS HUM <GO> |
| LLY | Eli Lilly and Company | $1,373.70 | $1.29T | 83.6% | 40.2% | 32.4% | 36.4x | +45.5% | UNH VS LLY <GO> |
| JNJ | Johnson & Johnson | $275.20 | $662.49B | 67.9% | 34.7% | 25.5% | 18.5x | +6.0% | UNH VS JNJ <GO> |
| ABBV | AbbVie Inc. | $290.79 | $513.86B | 70.2% | 24.6% | 29.0% | 33.3x | +8.6% | UNH VS ABBV <GO> |