UnitedHealth Group (LIM:UNH) Beneish M-Score: -2.42 (As of Jun. 25, 2026)


LIM:UNH UnitedHealth Group Inc LIM:UNH
66 GF Score
Price $403.00
GF Value $600.04
Valuation Significantly Undervalued
! 10 Warning Signs
View Full Analysis

What is UnitedHealth Group Beneish M-Score?

UnitedHealth Group LIM:UNH -1.13% 66 Beneish M-Score is -2.42 as of Jun. 25, 2026. GuruFocus rates LIM:UNH with a GF Score™ of 66/100 and a GF Value™ of $600.04 (Significantly Undervalued). 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:

LIM: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

LIM: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.


LIM:UNH
66GF Score
UnitedHealth Group Inc LIM:UNH
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

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 * 1.1181+0.115 * 0.9701
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.023826-0.327 * 1.0241
=-2.42

* 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 $52,715 Mil.
Revenue was $447,567 Mil.
Gross Profit was $82,917 Mil.
Total Current Assets was $90,582 Mil.
Total Assets was $309,581 Mil.
Property, Plant and Equipment(Net PPE) was $10,762 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,361 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $114,897 Mil.
Long-Term Debt & Capital Lease Obligation was $72,320 Mil.
Net Income was $12,056 Mil.
Gross Profit was $-265 Mil.
Cash Flow from Operations was $19,697 Mil.
 Total Receivables was $48,454 Mil.
Revenue was $400,278 Mil.
Gross Profit was $89,399 Mil.
Total Current Assets was $85,779 Mil.
Total Assets was $298,278 Mil.
Property, Plant and Equipment(Net PPE) was $10,553 Mil.
Depreciation, Depletion and Amortization(DDA) was $4,099 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $103,769 Mil.
Long-Term Debt & Capital Lease Obligation was $72,359 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)
=(52715 / 447567) / (48454 / 400278)
=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)
=(89399 / 400278) / (82917 / 447567)
=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 - (90582 + 10762) / 309581) / (1 - (85779 + 10553) / 298278)
=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
=447567 / 400278
=1.1181

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))
=(4099 / (4099 + 10553)) / (4361 / (4361 + 10762))
=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 / 447567) / (0 / 400278)
=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)
=((72320 + 114897) / 309581) / ((72359 + 103769) / 298278)
=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
=(12056 - -265 - 19697) / 309581
=-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 -2.42 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 (LIM:UNH) has a Beneish M-Score of -2.42 as of Jun. 25, 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 66/100 and is considered Significantly Undervalued, 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?
Based on GuruFocus' analysis, UnitedHealth Group (LIM:UNH) is currently considered Significantly Undervalued. The stock's GF Value™ is $600.04, compared to a current price of $403.00 — trading 32.8% below its estimated fair value. The current Beneish M-Score is -2.42. UnitedHealth Group's overall GF Score™ is 66/100 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 (LIM:UNH), the current Beneish M-Score is -2.42 as of Jun. 25, 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.

Is UnitedHealth Group (LIM:UNH) Overvalued in 2026?

Based on GuruFocus' analysis, UnitedHealth Group stock appears to be undervalued. The current stock price of $403.00 is trading 32.8% below its estimated GF Value™ of $600.04. GuruFocus considers UnitedHealth Group to be Significantly Undervalued.

Key valuation signals for LIM:UNH:

  • Beneish M-Score: -2.42
  • GF Value™: $600.04 vs. price of $403.00 (32.8% below fair value)
  • GF Score™: 66/100 with 10 warning signs

No single metric tells the full story. See the LIM:UNH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

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.
66GF Score

Get the complete analysis for LIM:UNH

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$403.00
Price
$600.04
GF Value