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UnitedHealth Group Incorporated (UNH) 财务分析 | 估值·财报 | 100Baggers.club

UnitedHealth Group Incorporated

UNH

UnitedHealth Group Incorporated operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx. The UnitedHealthcare segment offers consumer-oriented health benefit plans and services for national employers, public sector employers, mid-sized employers, small businesses, and individuals; health care coverage and well-being services to individuals age 50 and older addressing their needs for preventive and acute health care services, as well as services dealing with chronic disease and other specialized issues for older individuals; Medicaid plans, children's health insurance and health care programs; health and dental benefits; and hospital and clinical services. The OptumHealth segment provides access to networks of care provider specialists, health management services, care delivery, consumer engagement, and financial services. This segment serves individuals directly through care delivery systems, employers, payers, and government entities. The OptumInsight segment offers software and information products, advisory consulting arrangements, and managed services outsourcing contracts to hospital systems, physicians, health plans, governments, life sciences companies, and other organizations. The OptumRx segment provides pharmacy care services and programs, including retail network contracting, home delivery, specialty and compounding pharmacy, and purchasing and clinical capabilities, as well as develops programs in the areas of step therapy, formulary management, drug adherence, and disease/drug therapy management. UnitedHealth Group Incorporated was incorporated in 1977 and is based in Minnetonka, Minnesota.

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联合健康(UNH)股票深度分析 — 收入增长74%利润反降15%，医疗巨头的身份崩塌

收入暴增74%，利润为何反而下降15%？因为市场只看到了一家医疗成本失控的保险公司，却忽视了一个正在悄然崛起的医疗科技帝国。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

22.74%

毛利润 = $25.41B

营业收入 = $111.72B

Operating Profit Margini营业利润率

8.05%

营业利润 = $8.99B

营业收入 = $111.72B

EBITDA MarginiEBITDA利润率

9.03%

EBITDA = $10.09B

营业收入 = $111.72B

EBIT MarginiEBIT利润率

8.11%

EBIT = $7.96B

营业收入 = $111.72B

Net Profit Margini净利率

5.62%

净利润 = $6.28B

营业收入 = $111.72B

Pretax Profit Margini税前利润率

7.13%

税前利润 = $7.96B

营业收入 = $111.72B

E

运营效率指标

Interest Coveragei利息保障倍数

4.71x

EBIT (TTM) = $18.66B

利息费用 (TTM) = $3.96B

7.9x

7.5x

6.5x

4.7x

4.7x

SG&A / Revenuei销管费率

13.78%

销售及管理费用 = $15.39B

营业收入 = $111.72B

R&D / Revenuei研发占比

0.00%

研发费用 = $0.00B

营业收入 = $111.72B

R

回报率指标 (TTM)

ROAi总资产回报率

3.87%

净利润 = $12.04B

平均总资产 = $311.22B

ROEi净资产收益率

12.11%

净利润 = $12.04B

平均股东权益 = $99.47B

ROICi投入资本回报率

18.03%

NOPAT (TTM) = $16.58B

平均投入资本 = $91.97B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

1.96%

当期营收 = $111.72B

去年同期营收 = $109.57B

+9.8%

+12.9%

+12.2%

+12.3%

+2.0%

Operating Cash Flow/Sharei每股经营现金流

$25.44

经营现金流 = $23.15B

流通股数 = 0.91B

$31.06

$31.82

$22.98

$21.65

$25.44

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+2.0%	$111.72B	↑
毛利	+6.9%	$25.41B, 22.74%	↑
营业利润	-1.4%	$8.99B, 8.05%	↓
EBITDA	-0.7%	$10.09B, 9.03%	↓
税前利润	-1.8%	$7.96B, 7.13%	↓
净利润	-0.2%	$6.28B, 5.62%	↓
稀释每股收益	+0.7%	6.90	↑

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L

流动性指标

Current Ratioi流动比率

0.80

关注

流动资产 = $91.13B

流动负债 = $114.12B

Quick Ratioi速动比率

0.80

正常

速动资产 = $91.13B

流动负债 = $114.12B

Cash Ratioi现金比率

0.27

正常

现金及等价物 = $31.23B

流动负债 = $114.12B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.75

正常

总债务 = $77.92B

总权益 = $103.89B

Liabilities to Assetsi资产负债率 (总负债)

66.3%

关注

总负债 = $207.32B

总资产 = $312.64B

Equity Multiplieri权益乘数

3.01

关注

总资产 = $312.64B

总权益 = $103.89B

E

效率指标

Asset Turnoveri总资产周转率

1.45

健康

营收 (TTM) = $449.71B

平均总资产 = $311.22B

Inventory Turnoveri存货周转率

N/A

正常

营业成本 (TTM) = $365.16B

平均存货 = $0.00B

Receivables Turnoveri应收账款周转率

11.34

健康

营收 (TTM) = $449.71B

平均应收账款 = $39.65B

S

偿债能力

Interest Coveragei利息保障倍数

4.71

正常

EBIT (TTM) = $18.66B

利息费用 (TTM) = $3.96B

Net Debt to EBITDAi净债务/EBITDA

2.17

正常

净债务 = $49.92B

EBITDA (TTM) = $22.99B

Debt Service Coveragei偿债覆盖率

3.57

健康

经营现金流 (TTM) = $23.15B

债务偿付 = $6.48B

V

价值指标

Goodwill %i商誉占比

0.0%

健康

商誉 = $0.00B

总资产 = $312.64B

Working Capital Ratioi营运资本比率

-0.07

关注

营运资本 = $-23.00B

总资产 = $312.64B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$23.15B

自由现金流 TTMi

$19.67B

FCF = OCF - CapEx

经营现金流 (TTM) = $23.15B

资本支出 (TTM) = $-3.49B

自由现金流收益率i

6.25%

关注

FCF (TTM) = $19.67B

市值 = $314.87B

经营现金流/销售比i

5.15%

关注

经营现金流 (TTM) = $23.15B

营业收入 (TTM) = $449.71B

Q

质量与覆盖指标

收益质量i

1.92x

健康

经营现金流 (TTM) = $23.15B

净利润 (TTM) = $12.04B

现金流/债务比i

0.30x

正常

经营现金流 (TTM) = $23.15B

总负债 = $77.92B

短期覆盖率i

0.20x

关注

经营现金流 (TTM) = $23.15B

流动负债 = $114.12B

资本支出覆盖率i

6.64x

健康

经营现金流 (TTM) = $23.15B

资本支出 (TTM) = $3.49B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

84.94%

健康

自由现金流 (TTM) = $19.67B

经营现金流 (TTM) = $23.15B

资本支出/营收比i

0.78%

健康

资本支出 (TTM) = $3.49B

营业收入 (TTM) = $449.71B

净债务/EBITDAi

2.17

正常

净债务 = $49.92B

EBITDA (TTM) = $22.99B

G

增长指标

经营现金流增长率i

63.34%

健康

当期OCF (TTM) = $8.91B

上期OCF = $5.46B

股东盈余i

$12.89B

健康

净利润 (TTM) = $12.04B

+ 折旧摊销 (TTM) = $4.33B

- 资本支出 (TTM) = $-3.49B