UnitedHealth Group vs Elevance Health: Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
Elevance Health is cheaper on earnings, at 18.2 times against 23.0; net margin is about the same (3.5% and 2.5%); revenue growth is about the same (3.3% and 3.6%); dividend yield is about the same (2.2% and 1.6%). UnitedHealth Group clears 8 of this site's 8 value filters and Elevance Health 5. Figures are as of November 7, 2026; each is on the page below with its source.
How do UnitedHealth Group and Elevance Health compare on the numbers?
| Measure | UnitedHealth Group (UNH) | Elevance Health (ELV) | Clearer lead |
|---|---|---|---|
| Share price | $394.15 | $425.62 | |
| Market value | $365 billion | $93.3 billion | |
| P/E ratio (trailing) | 23.0 | 18.2 | ELV |
| PEG ratio | 1.49 | 4.03 | UNH |
| Free-cash-flow yield | 6.3% | 7.2% | About the same |
| Net profit margin | 3.5% | 2.5% | About the same |
| Revenue growth, last year | 3.3% | 3.6% | About the same |
| Return on equity | 16.1% | 11.6% | UNH |
| Debt to equity | 0.71 | 0.69 | About the same |
| Dividend yield | 2.2% | 1.6% | About the same |
| Margin of safety (DCF) | +6.7% | +18.7% | ELV |
| Value filters passed (of 8) | 8 | 5 | UNH |
| Distance from 52-week high | -9.7% | -4.4% |
How have UnitedHealth Group and Elevance Health shares done against each other?
UnitedHealth Group 85Elevance Health 100
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, UnitedHealth Group shares are down 15% and Elevance Health shares down 0%, so Elevance Health has pulled ahead of UnitedHealth Group by 15 points of the starting price. The deepest fall from a prior high in that window was 59% for UnitedHealth Group and 48% for Elevance Health.
| Period | UnitedHealth Group (UNH) | Elevance Health (ELV) |
|---|---|---|
| Last 1 year | +22.6% | +35.4% |
| Last 3 years | -26.1% | -6.4% |
| Last 5 years | -13.5% | +0.8% |
Which has grown faster, UnitedHealth Group or Elevance Health?
Over 5 years, UnitedHealth Group grew revenue 11.7% a year and earnings per share -3.8% a year; Elevance Health grew revenue 10.3% and earnings per share 7.0%. Its net margin averaged 4.9% at UnitedHealth Group and 3.6% at Elevance Health.
| Measure | UnitedHealth Group (UNH) | Elevance Health (ELV) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Dec 2025 |
| Revenue, first year to latest | $257 billion to $448 billion | $122 billion to $199 billion |
| Revenue growth per year | 11.7% | 10.3% |
| Earnings per share, first year to latest | $16.03 to $13.23 | $17.98 to $25.21 |
| Earnings per share growth per year | -3.8% | 7.0% |
| Net margin, latest year | 2.7% | 2.8% |
| Net margin, average of the years | 4.9% | 3.6% |
| Free cash flow margin, latest year | 3.6% | 1.6% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years.
What growth does each share price assume?
| Measure | UnitedHealth Group (UNH) | Elevance Health (ELV) |
|---|---|---|
| Free cash flow growth the price implies | 6.3% a year | 2.9% a year |
| Free cash flow per share | $24.75 | $30.66 |
| Margin of safety on this site's DCF | +6.7% | +18.7% |
At $394.15, UnitedHealth Group's price implies free cash flow growth of 6.3% a year, fading to 2.5% over 10 years. That is less growth than the 8% baseline.
At $425.62, Elevance Health's price implies free cash flow growth of 2.9% a year, fading to 2.5% over 10 years. That is less growth than the 8% baseline.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where UnitedHealth Group leads
- Lower PEG: 1.49 against 4.03
- Higher return on equity: 16.1% against 11.6%
- More of the 8 value filters: 8 against 5
- Faster revenue growth over its filed record: 11.7% against 10.3%
- A higher average net margin: 4.9% against 3.6%
- A higher free-cash-flow margin in its latest filed year: 3.6% against 1.6%
Where Elevance Health leads
- Lower P/E: 18.2 against 23.0
- Higher margin of safety on this site's DCF: +18.7% against +6.7%
- Faster earnings-per-share growth over its filed record: 7.0% against -3.8%
About the same on: free-cash-flow yield, net profit margin, revenue growth, last year, debt to equity, dividend yield, net margin, latest year. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
UnitedHealth Group. UnitedHealth Group owns the largest US health insurer, UnitedHealthcare, and Optum, a health-services business covering pharmacy benefits, care delivery and data services. It earns insurance premiums and service fees.
Elevance Health. Elevance Health is one of the largest US health insurers, covering employer, individual, Medicare and Medicaid members mainly under Blue Cross Blue Shield and Wellpoint names. It also runs the Carelon health-services unit.
Both are in the Health Care industry on this site. Both are large US health insurers. UnitedHealth also owns Optum, a big health-services business, while Elevance leans on its Blue Cross Blue Shield plans.
What stands out about UnitedHealth Group
- No filter fails. UNH passes 8 of the 8 value filters.
- The margin of safety is falling. It went from +15% on Oct 7 to +7% on Nov 7 across 8 weekly readings.
- Strongest against peers: dividend yield. At 2.24% (peer median 1.01%) it ranks 3rd of 21 among health care stocks this site tracks.
What stands out about Elevance Health
- Misses 1 of the 8 value filters. It fails PEG Ratio < 1.5 (4.03); the other 5 pass and 2 were not evaluated.
- The margin of safety is falling. It went from +23% on Oct 7 to +19% on Nov 7 across 8 weekly readings.
- Strongest against peers: P/E ratio. At 18.2× (peer median 25.6×) it ranks 8th of 32 among health care stocks this site tracks.
Frequently asked questions about UnitedHealth Group and Elevance Health
Which is cheaper, UnitedHealth Group or Elevance Health?
On trailing earnings, Elevance Health is cheaper: UnitedHealth Group trades at 23.0 times and Elevance Health at 18.2 times. On free cash flow, the yields are 6.3% and 7.2%. Cheaper is not the same as better value: read the growth each price assumes below.
Which pays the higher dividend, UnitedHealth Group or Elevance Health?
Their yields are about the same: UnitedHealth Group 2.2% and Elevance Health 1.6% over the last year.
Which has grown faster, UnitedHealth Group or Elevance Health?
Over their latest filed five years, UnitedHealth Group grew revenue 11.7% a year and Elevance Health 10.3%; earnings per share grew -3.8% and 7.0% a year.
Which has more debt, UnitedHealth Group or Elevance Health?
They carry about the same debt for their equity: debt to equity is 0.71 for UnitedHealth Group and 0.69 for Elevance Health. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, UnitedHealth Group or Elevance Health?
Their net margins are about the same: 3.5% for UnitedHealth Group and 2.5% for Elevance Health, with a return on equity of 16.1% and 11.6%.
Which passes more of the 8 value filters?
UnitedHealth Group clears more: UnitedHealth Group 8 of 8 and Elevance Health 5 of 8. The filters are this site's own value rules, not a prediction.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on UnitedHealth Group and Elevance Health). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.