UnitedHealth Group (BUE:UNH) Beneish M-Score: -2.42 (As of Jun. 28, 2026)


What is UnitedHealth Group Beneish M-Score?

UnitedHealth Group BUE:UNH 87 Beneish M-Score is -2.42 as of Jun. 28, 2026. GuruFocus rates BUE:UNH with a GF Score™ of 87/100. The stock has 10 warning signs investors should review. Among 18 Healthcare Plans companies, UnitedHealth Group ranks worse than 72.22% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for UnitedHealth Group's Beneish M-Score or its related term are showing as below:

BUE:UNH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81   Med: -2.47   Max: -1.71
Current: -2.42

During the past 13 years, the highest Beneish M-Score of UnitedHealth Group was -1.71. The lowest was -2.81. And the median was -2.47.

UnitedHealth Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for UnitedHealth Group's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

UnitedHealth Group Beneish M-Score Chart

UnitedHealth Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.47 -2.52 -2.36 -2.26 -2.42

UnitedHealth Group Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 -2.42 0.00

BUE:UNH vs CVS, ELV, CI: Beneish M-Score Comparison

For the Healthcare Plans subindustry, UnitedHealth Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

UnitedHealth Group Beneish M-Score vs Healthcare Plans Industry

For the Healthcare Plans industry and Healthcare sector, UnitedHealth Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where UnitedHealth Group's Beneish M-Score falls into.


UnitedHealth Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of UnitedHealth Group for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.973+0.528 * 1.2055+0.404 * 0.9935+0.892 * 1.6069+0.115 * 0.9701
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.023826-0.327 * 1.0241
=-1.98

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was ARS76,515,242.01 Mil.
Revenue was ARS649,638,571.98 Mil.
Gross Profit was ARS120,353,112.44 Mil.
Total Current Assets was ARS131,478,775.53 Mil.
Total Assets was ARS449,353,412.46 Mil.
Property, Plant and Equipment(Net PPE) was ARS15,620,924.49 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS6,329,943.48 Mil.
Selling, General, & Admin. Expense(SGA) was ARS0.00 Mil.
Total Current Liabilities was ARS166,771,730.28 Mil.
Long-Term Debt & Capital Lease Obligation was ARS104,971,683.63 Mil.
Net Income was ARS17,499,151.24 Mil.
Gross Profit was ARS-384,644.58 Mil.
Cash Flow from Operations was ARS28,589,978.60 Mil.
 Total Receivables was ARS48,938,540.49 Mil.
Revenue was ARS404,280,784.04 Mil.
Gross Profit was ARS90,292,990.90 Mil.
Total Current Assets was ARS86,636,790.87 Mil.
Total Assets was ARS301,260,783.01 Mil.
Property, Plant and Equipment(Net PPE) was ARS10,658,530.11 Mil.
Depreciation, Depletion and Amortization(DDA) was ARS4,139,990.04 Mil.
Selling, General, & Admin. Expense(SGA) was ARS0.00 Mil.
Total Current Liabilities was ARS104,806,691.05 Mil.
Long-Term Debt & Capital Lease Obligation was ARS73,082,590.73 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(76515242.013 / 649638571.984) / (48938540.489 / 404280784.043)
=0.117781 / 0.121051
=0.973

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(90292990.903 / 404280784.043) / (120353112.435 / 649638571.984)
=0.223342 / 0.185262
=1.2055

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (131478775.53 + 15620924.491) / 449353412.458) / (1 - (86636790.866 + 10658530.107) / 301260783.013)
=0.672641 / 0.67704
=0.9935

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=649638571.984 / 404280784.043
=1.6069

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(4139990.041 / (4139990.041 + 10658530.107)) / (6329943.478 / (6329943.478 + 15620924.491))
=0.279757 / 0.288369
=0.9701

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 649638571.984) / (0 / 404280784.043)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((104971683.627 + 166771730.278) / 449353412.458) / ((73082590.731 + 104806691.048) / 301260783.013)
=0.604743 / 0.590483
=1.0241

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(17499151.242 - -384644.582 - 28589978.601) / 449353412.458
=-0.023826

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

UnitedHealth Group has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.42 mean?
UnitedHealth Group (BUE:UNH) has a Beneish M-Score of -2.42 as of Jun. 28, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on UnitedHealth Group and its competitors. According to the industry distribution chart, UnitedHealth Group ranks #13 out of 18 companies in the Healthcare Plans industry, placing it in the top 72.2%.
Is UnitedHealth Group's Beneish M-Score too high?
UnitedHealth Group's current Beneish M-Score is -2.42. Based on the distribution chart, UnitedHealth Group ranks #13 out of 18 companies in the Healthcare Plans industry, which is below the industry midpoint. Overall, UnitedHealth Group has a GF Score™ of 87/100, reflecting its overall financial health beyond just this single metric.
How does UnitedHealth Group's Beneish M-Score compare to CVS and ELV?
According to the Healthcare Plans industry distribution chart, UnitedHealth Group ranks #13 out of 18 companies for Beneish M-Score. This places UnitedHealth Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Healthcare Plans company?
A good Beneish M-Score depends on the Healthcare Plans industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on UnitedHealth Group and its competitors. UnitedHealth Group's current Beneish M-Score is -2.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is UnitedHealth Group stock overvalued right now?
UnitedHealth Group (BUE:UNH) has a current Beneish M-Score of -2.42. The current Beneish M-Score is -2.42. UnitedHealth Group's overall GF Score™ is 87/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For UnitedHealth Group (BUE:UNH), the current Beneish M-Score is -2.42 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

UnitedHealth Group Business Description

Address 1 Health Drive, Eden Prairie, MN, USA, 55344
UnitedHealth Group is one of the largest private health insurers and provides medical benefits to about 51 million members globally, including 1 million outside the US as of December 2025. As a leader in employer-sponsored, self-directed, and government-backed insurance plans, UnitedHealth has obtained massive scale in medical insurance. Along with its insurance assets, UnitedHealth's Optum franchises help create a healthcare services colossus that spans everything from pharmaceutical benefits to providing outpatient care and analytics to affiliates and third parties.