Humana Inc.

HUMActive

CIK 49071 · Healthcare Compounders

N/A

Market data as of N/A

Financials: LTM / latest available company filings

Sources: FMP, HUM filings, SEC EDGAR

$33,012

Market cap ($MM)

$42,054

Enterprise value ($MM)

$137,200

Revenue · LTM ($MM)

$2,851

EBITDA · LTM ($MM)

EBITDA margin

0.3x

EV / revenue

14.8x

EV / EBITDA

2.6x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01HUM is a scaled public consolidator in Healthcare, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is UNH, ELV, MCK, CVS, HCA.

Balance sheet & capacity

Indicative capacity read: 2.6x net debt / EBITDA with EBITDA of $2.9B.

$4,951

Cash & equiv. ($MM)

$12,274

Total debt ($MM)

$7,323

Net debt ($MM)

2.6x

Net debt / EBITDA

Valuation

Where it trades against its peer set

HUM versus the scaled public Healthcare Compounders comparables.

Indexed share-price performance

HUM versus available Healthcare Compounders peers and SPY.

-31%

HUM

N/A

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Humana Inc.	HUM	$137,200	$2,851	2%	$33,012	$42,054	0.3x	14.8x	2.6x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

HUM's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

Active years

Named deals

Avg / active year

4.4

Acq. cash outflow ($MM)

N/A

Banker read

01HUM reads as a programmatic acquirer: 66 disclosed acquisitions across 15 active years, or 4.4 per active year. The chart shows activity in 6 of the last 12 visible years.
02In the last three years, the file shows 0 acquisitions versus 1 in the prior three; recent activity has cooled versus the prior three-year period.
03Spend changes the read: $9.4B of disclosed spend is concentrated in lumpy years, with FY21 the largest year at $4.2B. Recent spend is below the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

HUM count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

0 / 1

Last three years is down 100% vs prior three.

Peak count year

FY12

3 disclosed acquisitions in the peak visible year.

Recent spend

$403MM

is down 92% vs prior three; peak FY21 at $4.2B.

Named evidence

10 rows

15% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Aug 17, 2021	Kindred at Home	Healthcare compounders	$5,800	On August 17, 2021, we acquired the remaining 60% interest in Kindred at Home, or KAH, from TPG Capital and Welsh, Carson, Anderson & Stowe, or WCAS, two private equity funds, f...	10-K^†
Aug 11, 2022	Gentiva (formerly Kindred) Hospice	Healthcare compounders	$2,700	On August 11, 2022, we completed the sale of a 60% interest in Gentiva (formerly Kindred) Hospice to Clayton, Dubilier & Rice, or CD&R, for cash proceeds of approximately $2.7 b...	10-K^†
Aug 11, 2022	Gentiva Hospice	Healthcare compounders	$2,700	On August 11, 2022, we completed the sale of a 60% interest in Gentiva (formerly Kindred) Hospice to Clayton, Dubilier & Rice, or CD&R, for cash proceeds of approximately $2.7 b...	10-K^†
Jun 1, 2015	Concentra Inc.	Healthcare compounders	$1,055	On June 1, 2015, we completed the sale of our wholly owned subsidiary, Concentra Inc., or Concentra, to MJ Acquisition Corporation, a joint venture between Select Medical Holdin...	10-K^†
Feb 13, 2026	Primary care business acquisition	Healthcare compounders	$941	On February 13, 2026, we completed the acquisition of a primary care business for consideration of approximately $941 million.	10-K^†
Dec 21, 2012	Metropolitan Health Networks, Inc.	Healthcare compounders	$851	On December 21, 2012, we acquired Metropolitan Health Networks, Inc., or Metropolitan, an MSO that coordinates medical care for Medicare Advantage beneficiaries and Medicaid rec...	10-K^†
Jul 2, 2018	Kindred at Home Division of Kindred Healthcare, Inc.	Healthcare compounders	$850	On July 2, 2018, we completed the acquisition of a 40% minority interest in the Kindred at Home Division, or Kindred at Home, of Kindred Healthcare, Inc., or Kindred, for cash c...	10-K^†
Dec 21, 2010	Concentra Inc.	Healthcare compounders	$811	On December 21, 2010, we acquired Concentra Inc., or Concentra, a health care company based in Addison, Texas, for $805 million. During 2011, we accrued and paid $6 million rela...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Feb 19, 2026	Annual M&A 10-K	accepted	N/A	$81.0MM	$941MM	SEC filing
FY2024	Feb 20, 2025	Annual M&A 10-K	warning (1 warn)	N/A	$89.0MM	N/A	SEC filing
FY2023	Feb 15, 2024	Annual M&A 10-K	warning (1 warn)	N/A	$233MM	N/A	SEC filing
FY2022	Feb 16, 2023	Annual M&A 10-K	warning (1 warn)	N/A	$337MM	N/A	SEC filing
FY2021	Feb 17, 2022	Annual M&A 10-K	accepted	N/A	$4.2B	$8.2B	SEC filing
FY2020	Feb 18, 2021	Annual M&A 10-K	accepted	1	$709MM	$709MM	SEC filing
FY2019	Feb 20, 2020	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing
FY2018	Feb 21, 2019	Annual M&A 10-K	quarantined (1 warn, 1 issue)	3	$354MM	N/A	SEC filing
FY2017	Feb 16, 2018	Annual M&A 10-K	warning (1 warn)	N/A	$-31.0MM	N/A	SEC filing
FY2016	Feb 17, 2017	Annual M&A 10-K	warning (1 warn)	N/A	$-7.0MM	N/A	SEC filing
FY2015	Feb 18, 2016	Annual M&A 10-K	warning (1 warn)	N/A	$-38.0MM	N/A	SEC filing
FY2014	Feb 18, 2015	Annual M&A 10-K	warning (1 warn)	N/A	$-0.0MM	N/A	SEC filing
FY2013	Feb 19, 2014	Annual M&A 10-K	accepted	1	$0.2MM	$151MM	SEC filing
FY2012	Feb 22, 2013	Annual M&A 10-K	accepted	4	$1.2MM	$851MM	SEC filing
FY2011	Feb 24, 2012	Annual M&A 10-K	warning (1 warn)	2	$0.2MM	$177MM	SEC filing
FY2010	Feb 18, 2011	Annual M&A 10-K	accepted	1	$805MM	$805MM	SEC filing
FY2009	Feb 19, 2010	Annual M&A 10-K	accepted	4	$12.4MM	$544MM	SEC filing
FY2008	Feb 20, 2009	Annual M&A 10-K	accepted	4	$423MM	$540MM	SEC filing
FY2007	Feb 25, 2008	Annual M&A 10-K	accepted	3	$552MM	$552MM	SEC filing
FY2006	Feb 23, 2007	Annual M&A 10-K	accepted	1	$28.1MM	$67.5MM	SEC filing
FY2005	Mar 3, 2006	Annual M&A 10-K	quarantined (1 issue)	2	$403MM	$499MM	SEC filing
FY2004	Mar 2, 2005	Annual M&A 10-K	accepted	2	$309MM	$309MM	SEC filing
FY2003	Mar 5, 2004	Annual M&A 10-K	accepted	N/A	N/A	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.9 rows+

Filing date	Form	Targets / topics	Support	Source
Feb 19, 2026	10-K	Primary care business acquisition	Annual M&ANamed deals	SEC filing
Feb 20, 2025	10-K	Gentiva (formerly Kindred) Hospice	Annual M&ANamed deals	SEC filing
Feb 15, 2024	10-K	Kindred at Home; Gentiva Hospice	Annual M&ANamed deals	SEC filing
Feb 17, 2022	10-K	Enclara Healthcare	Annual M&ANamed deals	SEC filing
Feb 18, 2021	10-K	Enclara Healthcare	Annual M&ANamed deals	SEC filing
Feb 21, 2019	10-K	Kindred at Home Division of Kindred Healthcare, Inc.	Annual M&ANamed deals	SEC filing
Feb 16, 2018	10-K	Concentra Inc.	Annual M&ANamed deals	SEC filing
Feb 18, 2015	10-K	Metropolitan Health Networks, Inc.	Annual M&ANamed deals	SEC filing
Feb 24, 2012	10-K	Concentra Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+

No filing source clears this category.

Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+

Acquisition of remaining 60% interest in Kindred at Home

10-K - Feb 15, 2024

Medium

On August 17, 2021, we acquired the remaining 60% interest in Kindred at Home, or KAH, from TPG Capital and Welsh, Carson, Anderson & Stowe, or WCAS, two private equity funds, for an enterprise val...

SEC source

Sale of 60% interest in Gentiva Hospice

10-K - Feb 20, 2025

Medium

On August 11, 2022, we completed the sale of a 60% interest in Gentiva (formerly Kindred) Hospice to Clayton, Dubilier & Rice, or CD&R, for cash proceeds of approximately $2.7 billion, net of cash ...

SEC source

Sale of 60% interest in Gentiva Hospice

10-K - Feb 15, 2024

Medium

SEC source

Sale of Concentra Inc.

10-K - Feb 16, 2018

Medium

On June 1, 2015, we completed the sale of our wholly owned subsidiary, Concentra Inc., or Concentra, to MJ Acquisition Corporation, a joint venture between Select Medical Holdings Corporation and W...

SEC source

Primary care business acquisition

10-K - Feb 19, 2026

Medium

On February 13, 2026, we completed the acquisition of a primary care business for consideration of approximately $941 million.

SEC source

Metropolitan Health Networks, Inc.

10-K - Feb 18, 2015

Medium

On December 21, 2012, we acquired Metropolitan Health Networks, Inc., or Metropolitan, an MSO that coordinates medical care for Medicare Advantage beneficiaries and Medicaid recipients, primarily i...

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive