Unitedhealth Group Inc
Held by 14 superinvestors (UNH).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Unitedhealth Group Inc (UNH): A conservative earnings-power estimate, $125–$169 / sh; today’s price sits above it (price $425 as of 2026-07-02).
An observation from two valuation methods — not investment advice, not a buy/sell signal, and not a price target.
Price as of 2026-07-02 · yahoo · DGS10 4.4% @ 2026-06-25.
Method & numbers
Owner-earnings DCF $125.12 – $168.70 · Greenwald zero-growth $166.83 · zero-growth base $166.83
Moat Not assessable · terminal value 37% of present value · owner-earnings yield 4% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)$120.82 – $159.37 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 152% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$136.49 – $166.83 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Asset floor: Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 20% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
14 superinvestors hold it · $3.83B combined
Largest holder Dodge & Cox
Held by 14 superinvestors of Unitedhealth Group Inc (UNH); this quarter 2 opened, 6 added, 6 trimmed, 6 exited (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
Want to see which stocks look cheap against a conservative value band?
Browse all valued stocks, ranked by value bandSuperinvestors Holding This Security
- Value$2.56BWeight (prev→now)1.6% → 1.4% ▲
- Value$337.6MWeight (prev→now)1.9% → 1.5% ▼
- Value$247.0MWeight (prev→now)6.6% → 6.5% ▼
- Value$197.1MWeight (prev→now)3.8% → 3.3% ▼
- Value$162.7MWeight (prev→now)New · 0.8%
- Value$118.3MWeight (prev→now)4.7% → 4.3% ▲
- Value$94.8MWeight (prev→now)0.5% → 0.4% ▼
- Value$45.6MWeight (prev→now)0.8% → 0.6% ▲
- Value$24.4MWeight (prev→now)1.0% → 0.4% ▼
- Value$19.4MWeight (prev→now)New · 0.2%
Show all 14 holders ▸Superinvestors Holding This Security ▾
- Value$7.8MWeight (prev→now)2.0% → 1.8% ▲
- Value$6.2MWeight (prev→now)1.0% → 1.4% ▲
- Value$5.1MWeight (prev→now)0.1% → 0.0% ▼
- Value$992,254Weight (prev→now)0.1% → 0.1% ▲
Ownership overview
Unitedhealth Group Inc (UNH) is held by 14 of the superinvestors tracked on Compounder, with a combined $3.83B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 1.4% of the portfolio.
Other notable holders by value include Christopher Davis (1.5% of its book), C.T. Fitzpatrick (6.5% of its book) and Ruane, Cunniff (Sequoia) (3.3% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in UNH, 6 added to existing ones, 6 trimmed, and 6 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 16 → 14.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-19
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