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CIK 731766 · Healthcare Compounders
UnitedHealth Group Incorporated is a public company in Medical - Healthcare Plans, tracked in the healthcare compounders sub-sector, with $450B TTM revenue and $23B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, UNH filings, SEC EDGAR
$345,077
Market cap ($MM)
$394,993
Enterprise value ($MM)
$449,713
Revenue · LTM ($MM)
$22,986
EBITDA · LTM ($MM)
5%
EBITDA margin
0.9x
EV / revenue
17.2x
EV / EBITDA
1.9x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 1.9x net debt / EBITDA with EBITDA of $23B.
$28,001
Cash & equiv. ($MM)
$71,440
Total debt ($MM)
$43,439
Net debt ($MM)
1.9x
Net debt / EBITDA
Valuation
UNH versus the scaled public Healthcare Compounders comparables.
EV / EBITDA distribution · peer set
UNH 17.2x
Indexed share-price performance
UNH versus available Healthcare Compounders peers and SPY.
-8.5%
UNH
+5.0%
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 |
|---|---|---|---|---|---|---|---|---|---|
| UnitedHealth Group Incorporated | UNH | $449,713 | $22,986 | 5% | $345,077 | $394,993 | 0.9x | 17.2x | 1.9x |
| Elevance Health, Inc. | ELV | $200,415 | $8,917 | 4% | $82,103 | $104,288 | 0.5x | 11.7x | 2.5x |
| McKESSON CORPORATION | MCK | $403,430 | $6,907 | 2% | $90,161 | $94,800 | 0.2x | 13.7x | 0.4x |
| CVS Health Corporation | CVS | $407,905 | $11,132 | 3% | $115,535 | $184,338 | 0.5x | 16.6x | 4.6x |
| HCA Healthcare, Inc. | HCA | $76,388 | $15,662 | 21% | $96,543 | $145,448 | 1.9x | 9.3x | 2.8x |
| Humana Inc. | HUM | $137,200 | $2,851 | 2% | $33,012 | $42,054 | 0.3x | 14.8x | 2.6x |
| Healthcare Compounders median | $301,923 | $10,025 | 4% | $93,352 | $124,868 | 0.5x | 14.2x | 2.5x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
UNH's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
26
Active years
20
Named deals
10
Avg / active year
1.3
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisition count
UNH cadence shown by annual acquisition count because verified spend is N/A.
Program diagnostics
Recent / prior
0 / 0
Last three years sets the visible baseline vs prior three.
Peak count year
FY15
1 disclosed acquisitions in the peak visible year.
Spend check
N/A
Disclosed spend is not clean enough for the chart.
Named evidence
10 rows
38% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jul 23, 2015 | Catamaran Corporation | Healthcare compounders | $14,300 | On July 23, 2015, the Company acquired all of the outstanding common shares of Catamaran Corporation (Catamaran) and funded Catamaran’s payoff of its outstanding debt and credit... | 10-K† |
| Dec 20, 2005 | PacifiCare Health Systems, Inc. | Healthcare compounders | $8,800 | In connection with the PacifiCare acquisition, which closed on December 20, 2005, as typically occurs in connection with a transaction of this size, certain of our subsidiaries... | 10-K† |
| Jul 1, 2004 | Oxford Health Plans, Inc. | Healthcare compounders | $5,000 | UnitedHealth Group acquired PacifiCare Health Systems, Inc. (PacifiCare) in December 2005 for total consideration of approximately $8.8 billion, Oxford Health Plans, Inc. (Oxfor... | 10-K† |
| Feb 1, 2004 | Mid-Atlantic Medical Services, Inc. | Healthcare compounders | $2,700 | UnitedHealth Group acquired PacifiCare Health Systems, Inc. (PacifiCare) in December 2005 for total consideration of approximately $8.8 billion, Oxford Health Plans, Inc. (Oxfor... | 10-K† |
| Feb 25, 2008 | Sierra Health Services, Inc. | Healthcare compounders | $2,600 | On February 25, 2008, the Company acquired all of the outstanding shares of Sierra Health Services, Inc. (Sierra), a diversified health care services company based in Las Vegas,... | 10-K† |
| Mar 12, 2007 | Sierra Health Services, Inc. | Healthcare compounders | $2,600 | On March 12, 2007, we announced that we had signed a definitive merger agreement under which the Company will acquire all of the outstanding shares of Sierra Health Services, In... | 10-K† |
| Oct 1, 2012 | Amil | Healthcare compounders | $1,500 | In the fourth quarter of 2012, the Company purchased Amil, a health care company located in Brazil, providing health and dental benefits, hospital and clinical services, and adv... | 10-K† |
| May 30, 2008 | Unison Health Plans | Healthcare compounders | $930 | On May 30, 2008, the Company acquired all the outstanding shares of Unison Health Plans (Unison) for approximately $930 million in cash. Unison provides government-sponsored hea... | 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 7 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
6
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Mar 2, 2026 | Annual M&A 10-K | accepted | N/A | $4.5B | $4.8B | SEC filing |
| FY2024 | Feb 27, 2025 | Annual M&A 10-K | warning (1 warn) | N/A | $13B | N/A | SEC filing |
| FY2023 | Feb 28, 2024 | Annual M&A 10-K | warning (1 warn) | N/A | $10B | N/A | SEC filing |
| FY2022 | Feb 24, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $21B | N/A | SEC filing |
| FY2021 | Feb 15, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $4.8B | N/A | SEC filing |
| FY2020 | Mar 1, 2021 | Annual M&A 10-K | warning (1 warn) | N/A | $7.1B | N/A | SEC filing |
| FY2019 | Feb 14, 2020 | Annual M&A 10-K | accepted | N/A | $8.3B | $9.9B | SEC filing |
| FY2018 | Feb 12, 2019 | Annual M&A 10-K | quarantined (1 issue) | N/A | $6.0B | N/A | SEC filing |
| FY2017 | Feb 13, 2018 | Annual M&A 10-K | warning (1 warn) | N/A | $2.1B | N/A | SEC filing |
| FY2016 | Feb 8, 2017 | Annual M&A 10-K | warning (1 warn) | N/A | $1.8B | N/A | SEC filing |
| FY2015 | Feb 9, 2016 | Annual M&A 10-K | accepted | 1 | $16B | $14B | SEC filing |
| FY2014 | Feb 10, 2015 | Annual M&A 10-K | warning (1 warn) | N/A | $1.9B | N/A | SEC filing |
| FY2013 | Feb 12, 2014 | Annual M&A 10-K | accepted | N/A | $362MM | $6.0B | SEC filing |
| FY2012 | Feb 7, 2013 | Annual M&A 10-K | warning (1 warn) | N/A | $6.3B | $11B | SEC filing |
| FY2011 | Feb 9, 2012 | Annual M&A 10-K | warning (1 warn) | 1 | $1.8B | N/A | SEC filing |
| FY2010 | Feb 10, 2011 | Annual M&A 10-K | warning (1 warn) | N/A | $2.3B | N/A | SEC filing |
| FY2009 | Feb 10, 2010 | Annual M&A 10-K | accepted | 1 | $486MM | $440MM | SEC filing |
| FY2008 | Feb 11, 2009 | Annual M&A 10-K | quarantined (1 issue) | 3 | $4.3B | $4.3B | SEC filing |
| FY2007 | Feb 21, 2008 | Annual M&A 10-K | warning (1 warn) | N/A | $262MM | N/A | SEC filing |
| FY2006 | Mar 6, 2007 | Annual M&A 10-K | accepted | 2 | $781MM | $781MM | SEC filing |
| FY2005 | Feb 24, 2006 | Annual M&A 10-K | accepted | 3 | $3.0B | $8.8B | SEC filing |
| FY2004 | Mar 1, 2005 | Annual M&A 10-K | accepted | 3 | $2.5B | $8.0B | SEC filing |
| FY2003 | Mar 15, 2004 | Annual M&A 10-K | accepted | 2 | N/A | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 9, 2016 | 10-K | Catamaran Corporation | Annual M&ANamed deals | SEC filing |
| Feb 12, 2014 | 10-K | Amil | Annual M&ANamed deals | SEC filing |
| Feb 10, 2010 | 10-K | Unison Health Plans; Fiserv Health, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 11, 2009 | 10-K | Sierra Health Services, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 21, 2008 | 10-K | PacifiCare Health Systems, Inc.; Oxford Health Plans, Inc.; Mid-Atlantic Medical Services, Inc.; Sierra Health Services, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 6, 2007 | 10-K | John Deere Health Care, Inc. (JDHC) | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Mar 2, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ARecent SEC | SEC filing |
| May 5, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| May 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Apr 21, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Apr 21, 2026 | DEF 14A | N/A | FORM DEF 14A | Recent SEC | SEC filing |
| Apr 21, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Mar 9, 2026 | 8-K | 7.01 | 8-K | Recent SEC | SEC filing |
| Mar 2, 2026 | 8-K | 5.02 | 8-K | Recent SEC | SEC filing |
| Mar 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Feb 25, 2026 | 8-K | 5.02 | 8-K | Recent SEC | SEC filing |
Catamaran Corporation acquisition
10-K - Feb 9, 2016
On July 23, 2015, the Company acquired all of the outstanding common shares of Catamaran Corporation (Catamaran) and funded Catamaran’s payoff of its outstanding debt and credit facility for a total of $14.3 billion in…
PacifiCare Health Systems, Inc.
10-K - Feb 21, 2008
In connection with the PacifiCare acquisition, which closed on December 20, 2005, as typically occurs in connection with a transaction of this size, certain of our subsidiaries entered into various commitments with stat…
Oxford Health Plans, Inc.
10-K - Feb 21, 2008
UnitedHealth Group acquired PacifiCare Health Systems, Inc. (PacifiCare) in December 2005 for total consideration of approximately $8.8 billion, Oxford Health Plans, Inc. (Oxford) in July 2004 for total consideration of…
Mid-Atlantic Medical Services, Inc.
10-K - Feb 21, 2008
UnitedHealth Group acquired PacifiCare Health Systems, Inc. (PacifiCare) in December 2005 for total consideration of approximately $8.8 billion, Oxford Health Plans, Inc. (Oxford) in July 2004 for total consideration of…
Sierra Health Services, Inc.
10-K - Feb 11, 2009
On February 25, 2008, the Company acquired all of the outstanding shares of Sierra Health Services, Inc. (Sierra), a diversified health care services company based in Las Vegas, Nevada, for approximately $2.6 billion in…
Sierra Health Services, Inc.
10-K - Feb 21, 2008
On March 12, 2007, we announced that we had signed a definitive merger agreement under which the Company will acquire all of the outstanding shares of Sierra Health Services, Inc. (Sierra), a diver...
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.