TickerBrief

Health insurers compared

Updated September 4, 2026 — 5 companies: UNH, CVS, CI, ELV, HUM.

The largest US health insurers compared: revenue, operating and net margins, and free cash flow, from their filings with the SEC.

At a glance

CompanyMarket capRevenueOperating marginNet marginFree cash flow
UNH UnitedHealth Group Incorporated$356.2B$450.1B4.8%3.1%$23.6B
CVS CVS Health Corporation$124.4B$415.1B2.0%1.2%$11.8B
CI The Cigna Group$74.9B$282.4B3.5%2.3%—
ELV Elevance Health, Inc.$88.6B$201.1B2.7%2.5%$6.3B
HUM Humana Inc.$48.6B$137.2B1.8%0.8%$1.3B

Revenue, margins and free cash flow cover the twelve months to Q2 '26 (HUM to Q1 '26, which has not filed since), summed from each company's quarterly filings with the SEC. Market capitalization is market data as of September 4, 2026. Companies are listed largest by revenue first. A column no company in this sector reports is left out rather than filled with dashes. Gross margin is left out for this sector: its companies do not define that line on the same basis, so the figures would not be comparable.

Share price and valuation

Share performance, one year
-62%2%65%Sep '25Nov '25Jan '26Apr '26Jun '26Sep '260.0%7.9%16.1%17.4%6.6%-0.4%6.6%4.8%11.8%13.3%-12.0%-7.6%-9.1%-15.7%1.2%19.4%26.9%21.8%28.7%34.7%40.6%33.0%24.0%28.0%0.0%1.0%5.2%11.9%6.0%3.9%2.6%6.3%9.4%13.8%2.7%5.9%3.3%-4.8%1.8%13.0%30.1%21.5%34.6%38.5%50.1%34.5%27.1%31.3%0.0%-3.4%2.3%0.9%-12.9%-10.5%-12.7%-9.4%-6.6%-7.8%-5.3%-5.0%-12.1%-15.1%-11.6%-4.4%-6.2%-10.3%-6.2%-7.3%-4.5%-11.0%-9.7%-7.1%0.0%2.5%13.8%14.9%2.8%2.7%7.4%11.8%21.7%22.4%5.7%4.9%-5.3%-7.6%1.0%22.2%27.5%26.3%27.0%32.5%27.7%27.0%28.6%32.3%0.0%-15.1%-9.1%-9.0%-9.7%-26.6%-17.4%-17.4%-11.0%-15.5%-41.9%-40.1%-47.0%-46.8%-36.4%-24.2%-2.2%2.8%16.0%25.9%29.6%16.6%22.0%28.7%0.0%2.0%3.3%3.6%4.1%2.2%5.7%5.8%6.4%6.9%6.8%6.3%2.0%-2.4%8.0%10.9%13.9%17.0%14.1%15.9%15.5%18.8%17.5%18.7%

Percent change in the closing price since September 4, 2025, excluding dividends.

CompanyYTD return1-year returnP/E (TTM)P/S (TTM)Dividend yield
UNH UnitedHealth Group Incorporated+20.3%+28.0%25.2×0.8×2.3%
CVS CVS Health Corporation+21.9%+31.3%25.4×0.3×2.7%
CI The Cigna Group+2.6%-7.1%11.7×0.3×1.6%
ELV Elevance Health, Inc.+16.2%+32.3%17.8×0.4×1.7%
HUM Humana Inc.+56.8%+28.7%43.0×0.4×0.9%

Returns and dividend yields are market data — daily closing prices for each listing, with yield the trailing twelve months of dividends against the latest close. P/E and P/S divide the market capitalization above by the same trailing-twelve-month net income and revenue as the first table, so each ratio mixes market data with SEC filings. A dash under dividend yield means no dividend was paid in the window.

Size and cash generation

Revenue, trailing twelve months
UNHUNH$450.1BCVSCVS$415.1BCICI$282.4BELVELV$201.1BHUMHUM$137.2B
Free cash flow, trailing twelve months
UNHUNH$23.6BCVSCVS$11.8BCICIELVELV$6.3BHUMHUM$1.3B

Operating cash flow less capital expenditure. Bars below the line are cash burned, not generated.

Revenue by quarter

Quarterly revenue
$16.6B$71.2B$125.8BQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26$100.8B$100.8B$109.6B$111.6B$113.2B$113.2B$111.7B$112.0B$95.4B$97.7B$94.6B$98.9B$102.9B$105.7B$100.4B$106.1B$63.7B$65.6B$65.5B$67.2B$69.7B$72.5B$68.5B$71.7B$45.1B$45.4B$48.9B$49.8B$50.7B$49.7B$50.2B$50.5B$29.4B$29.2B$32.1B$32.4B$32.6B$32.5B$39.6B

Margins by quarter

Operating margin
-5%3%10%Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '268.6%7.7%8.3%4.6%3.8%0.3%8.0%7.1%0.9%2.4%3.6%2.4%-3.1%2.0%4.7%4.4%4.0%3.3%3.0%3.4%3.7%3.2%3.4%3.7%3.1%1.5%6.5%4.9%2.6%0.6%4.2%3.5%2.5%-1.9%6.3%3.4%1.2%-2.5%4.4%

Gaps mean the company did not report that line for the quarter.

Company pages

Revenue, profit, margin and cash-flow figures come from the companies' filings with the U.S. Securities and Exchange Commission. Trailing-twelve-month totals are the sum of the four most recent reported quarters, which is why they can cover slightly different periods for companies with different fiscal calendars.

This content is for informational purposes only and is not investment advice. Always do your own research before making financial decisions.