Elevance Health vs UnitedHealth
UnitedHealth reported revenue of $447.6 billion in fiscal 2025, 2.2 times Elevance Health's $199.1 billion in fiscal 2025. Elevance Health's revenue grew 12.5% in its latest year, and UnitedHealth's grew 11.8%. Elevance Health had an operating margin of 3.6%, against 4.2% at UnitedHealth. Free cash flow was $3.2 billion at Elevance Health and $16.1 billion at UnitedHealth.
Side by side
| Elevance Health | UnitedHealth | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $199.1B | $447.6B |
| Revenue growth | 12.5% | 11.8% |
| Revenue growth a year, last 5 years | 10.3% | 11.7% |
| Gross margin | — | 88.7% |
| Operating margin | 3.6% | 4.2% |
| Net margin | 2.8% | 2.7% |
| Free cash flow | $3.2B | $16.1B |
| Free cash flow margin | 1.6% | 3.6% |
| Return on capital | 15.2% | 11.2% |
| Net debt to EBITDA | −0.4x | 2.2x |
| Dividends and buybacks | $4.1B | $13.5B |
| Change in diluted share count | −3.6% | −1.9% |
| Last close | $431.32 | $410.70 |
| P/E at the last close | 18.3× | 26.4× |
| Insider trades, last 12 months | bought $2.2 million, sold $6.4 million | sold $944,910 |
| Piotroski F-score | 6 of 8 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Elevance HealthUnitedHealth
Operating margin
Percent of revenue
Elevance HealthUnitedHealth
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Elevance HealthUnitedHealth
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Elevance Health and UnitedHealth pages.