# Managed care and health insurers peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[UNH](/company/UNH/), [ELV](/company/ELV/), [CI](/company/CI/), [HUM](/company/HUM/), [CVS](/company/CVS/), [CNC](/company/CNC/), [MOH](/company/MOH/)

## Methodology

The cluster is selected mechanically from public SEC SIC 6324 Hospital & Medical Service Plans companies already present in grepcent's processed universe; CVS is retained as a disclosed diversified health-care peer rather than relabeled. Several members have material non-insurance businesses, including UNH/Optum and CVS/Caremark. The review publishes no proprietary index-membership labels.

Pack hash: `7c19943aefd9fb871e9f43c85f7ebf13a4c3e727afa5e995f28b906b26ea3777`. Generated: 2026-06-27.

## Verified Quantitative Matrix

| Metric | UNH | ELV | CI | HUM | CVS | CNC | MOH | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 447,567,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_REVENUE_FY2025; concept us-gaap:Revenues | 199,125,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_REVENUE_FY2025; concept us-gaap:Revenues | 274,900,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_REVENUE_FY2025; concept us-gaap:Revenues | 129,664,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_REVENUE_FY2025; concept us-gaap:Revenues | 402,067,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_REVENUE_FY2025; concept us-gaap:Revenues | 194,777,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_REVENUE_FY2025; concept us-gaap:Revenues | 45,426,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_REVENUE_FY2025; concept us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean |
| Medical benefits / premiums | 89.15%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_MEDICAL_LOSS_RATIO_FY2025; concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet; us-gaap:PremiumsEarnedNet | 90.03%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_MEDICAL_LOSS_RATIO_FY2025; concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet; us-gaap:PremiumsEarnedNet | 85.32%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_MEDICAL_LOSS_RATIO_FY2025; concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet; us-gaap:PremiumsEarnedNet | 90.22%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_MEDICAL_LOSS_RATIO_FY2025; concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet; us-gaap:PremiumsEarnedNet | 93.16%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_MEDICAL_LOSS_RATIO_FY2025; concept us-gaap:PolicyholderBenefitsAndClaimsIncurredNet; us-gaap:PremiumsEarnedNet | Not available | Not available | period aligned; reference 2025-12-31; offsets CI 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, UNH 0d aligned; tags clean |
| Operating margin | 4.24%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 3.62%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 3.35%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 2.09%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 1.16%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | -3.91%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | 1.72%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean |
| Net margin | 2.69%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 2.84%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 2.17%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 0.92%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 0.44%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | -3.43%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 1.04%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean |
| Return on equity | 12.05%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 12.90%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 14.28%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 6.73%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 2.35%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | -33.45%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | 11.60%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_ROE_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping CI -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; CNC -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; CVS -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; ELV -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; HUM -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; MOH -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquity; UNH -> us-gaap:NetIncomeLoss + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Capital expenditures | 3,622,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,116,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 546,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,832,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 767,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 101,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean |
| Free cash flow | 16,075,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,174,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Not available | 375,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 7,807,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 4,321,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -636,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | period aligned; reference 2025-12-31; offsets CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean |
| Liabilities / equity leverage | 2.08; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1.77; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.78; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 1.77; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.37; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.84; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 2.83; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags mixed; concepts us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; concept mapping CI -> us-gaap:Liabilities + us-gaap:StockholdersEquity; CNC -> us-gaap:Liabilities + us-gaap:StockholdersEquity; CVS -> us-gaap:Liabilities + us-gaap:StockholdersEquity; ELV -> us-gaap:Liabilities + us-gaap:StockholdersEquity; HUM -> us-gaap:Liabilities + us-gaap:StockholdersEquity; MOH -> us-gaap:Liabilities + us-gaap:StockholdersEquity; UNH -> us-gaap:Liabilities + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
| Cash and equivalents | 24,365,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_UNH_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 9,491,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ELV_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 7,676,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CI_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 4,200,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_HUM_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 8,453,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CVS_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 17,888,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_CNC_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 4,248,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MOH_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean |
| Medical membership | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Quarantined | Only 0 of 7 companies have a verified fact; threshold is 3. |

## Code-computed comparisons

- grepcent-computed medical benefits to premiums range: range endpoints are [CI](/company/CI/) (85.32%) and [CVS](/company/CVS/) (93.16%). Computed from facts NUM_CI_MEDICAL_LOSS_RATIO_FY2025 and NUM_CVS_MEDICAL_LOSS_RATIO_FY2025; comparability: period aligned; reference 2025-12-31; offsets CI 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, UNH 0d aligned; tags clean. Excluded: CNC: no medical_loss_ratio fact available; MOH: no medical_loss_ratio fact available.
- Reported net margin range: range endpoints are [CNC](/company/CNC/) (-3.43%) and [ELV](/company/ELV/) (2.84%). Computed from facts NUM_CNC_NET_MARGIN_FY2025 and NUM_ELV_NET_MARGIN_FY2025; comparability: period aligned; reference 2025-12-31; offsets CI 0d aligned, CNC 0d aligned, CVS 0d aligned, ELV 0d aligned, HUM 0d aligned, MOH 0d aligned, UNH 0d aligned; tags clean.

Market-risk companion: [/compare/managed-care/risk/](/compare/managed-care/risk/).

## Gate summary

Facts: 82. Claims survived: 11. Claims dropped: 0. Cells quarantined: 31.