AI-assembled from public SEC filings
Managed care and health insurers peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
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. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates.
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.
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; code-computed comparisons below only use calendar-aligned periods.
| Metric | UNH | ELV | CI | HUM | CVS | CNC | MOH |
|---|---|---|---|---|---|---|---|
| Revenue | 447,567,000,000 source · NUM_UNH_REVENUE_FY2025 | 199,125,000,000 source · NUM_ELV_REVENUE_FY2025 | 274,900,000,000 source · NUM_CI_REVENUE_FY2025 | 129,664,000,000 source · NUM_HUM_REVENUE_FY2025 | 402,067,000,000 source · NUM_CVS_REVENUE_FY2025 | 194,777,000,000 source · NUM_CNC_REVENUE_FY2025 | 45,426,000,000 source · NUM_MOH_REVENUE_FY2025 |
| Medical benefits / premiums | 89.15% source · NUM_UNH_MEDICAL_LOSS_RATIO_FY2025 | 90.03% source · NUM_ELV_MEDICAL_LOSS_RATIO_FY2025 | 85.32% source · NUM_CI_MEDICAL_LOSS_RATIO_FY2025 | 90.22% source · NUM_HUM_MEDICAL_LOSS_RATIO_FY2025 | 93.16% source · NUM_CVS_MEDICAL_LOSS_RATIO_FY2025 | Not available. | Not available. |
| Operating margin | 4.24% source · NUM_UNH_OPERATING_MARGIN_FY2025 | 3.62% source · NUM_ELV_OPERATING_MARGIN_FY2025 | 3.35% source · NUM_CI_OPERATING_MARGIN_FY2025 | 2.09% source · NUM_HUM_OPERATING_MARGIN_FY2025 | 1.16% source · NUM_CVS_OPERATING_MARGIN_FY2025 | -3.91% source · NUM_CNC_OPERATING_MARGIN_FY2025 | 1.72% source · NUM_MOH_OPERATING_MARGIN_FY2025 |
| Net margin | 2.69% source · NUM_UNH_NET_MARGIN_FY2025 | 2.84% source · NUM_ELV_NET_MARGIN_FY2025 | 2.17% source · NUM_CI_NET_MARGIN_FY2025 | 0.92% source · NUM_HUM_NET_MARGIN_FY2025 | 0.44% source · NUM_CVS_NET_MARGIN_FY2025 | -3.43% source · NUM_CNC_NET_MARGIN_FY2025 | 1.04% source · NUM_MOH_NET_MARGIN_FY2025 |
| Return on equity | 12.05% source · NUM_UNH_ROE_FY2025 | 12.90% source · NUM_ELV_ROE_FY2025 | 14.28% source · NUM_CI_ROE_FY2025 | 6.73% source · NUM_HUM_ROE_FY2025 | 2.35% source · NUM_CVS_ROE_FY2025 | -33.45% source · NUM_CNC_ROE_FY2025 | 11.60% source · NUM_MOH_ROE_FY2025 |
| Capital expenditures | 3,622,000,000 source · NUM_UNH_CAPEX_FY2025 | 1,116,000,000 source · NUM_ELV_CAPEX_FY2025 | Not available. | 546,000,000 source · NUM_HUM_CAPEX_FY2025 | 2,832,000,000 source · NUM_CVS_CAPEX_FY2025 | 767,000,000 source · NUM_CNC_CAPEX_FY2025 | 101,000,000 source · NUM_MOH_CAPEX_FY2025 |
| Free cash flow | 16,075,000,000 source · NUM_UNH_FREE_CASH_FLOW_FY2025 | 3,174,000,000 source · NUM_ELV_FREE_CASH_FLOW_FY2025 | Not available. | 375,000,000 source · NUM_HUM_FREE_CASH_FLOW_FY2025 | 7,807,000,000 source · NUM_CVS_FREE_CASH_FLOW_FY2025 | 4,321,000,000 source · NUM_CNC_FREE_CASH_FLOW_FY2025 | -636,000,000 source · NUM_MOH_FREE_CASH_FLOW_FY2025 |
| Liabilities / equity leverage | 2.08 source · NUM_UNH_LIABILITIES_TO_EQUITY_FY2025 | 1.77 source · NUM_ELV_LIABILITIES_TO_EQUITY_FY2025 | 2.78 source · NUM_CI_LIABILITIES_TO_EQUITY_FY2025 | 1.77 source · NUM_HUM_LIABILITIES_TO_EQUITY_FY2025 | 2.37 source · NUM_CVS_LIABILITIES_TO_EQUITY_FY2025 | 2.84 source · NUM_CNC_LIABILITIES_TO_EQUITY_FY2025 | 2.83 source · NUM_MOH_LIABILITIES_TO_EQUITY_FY2025 |
| Cash and equivalents | 24,365,000,000 source · NUM_UNH_CASH_FY2025 | 9,491,000,000 source · NUM_ELV_CASH_FY2025 | 7,676,000,000 source · NUM_CI_CASH_FY2025 | 4,200,000,000 source · NUM_HUM_CASH_FY2025 | 8,453,000,000 source · NUM_CVS_CASH_FY2025 | 17,888,000,000 source · NUM_CNC_CASH_FY2025 | 4,248,000,000 source · NUM_MOH_CASH_FY2025 |
| Medical membership | 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 (85.32%) and CVS (93.16%).
- Reported net margin range: range endpoints are CNC (-3.43%) and ELV (2.84%).
Narrative Matrix
| Dimension | UNH | ELV | CI | HUM | CVS | CNC | MOH |
|---|---|---|---|---|---|---|---|
| Business model | In its latest annual MD&A, UNH describes this business model item. [FACT:Q_UNH_BUSINESS_MODEL_1] Our two distinct, yet complementary businesses — Optum and UnitedHealthcare — are working to help build a modern, high-performing health system through improved access, affordability, outcomes and experiences for the individuals and organizations we are privileged to serve. company page · source filing · fact Q_UNH_BUSINESS_MODEL_1 · filed 2026-03-02 | In its latest annual MD&A, ELV describes this business model item. [FACT:Q_ELV_BUSINESS_MODEL_1] Membership shifts from Medicaid into our Individual ACA (as defined below) business following the redetermination process that began in April 2023, together with lower membership effectuation rates, particularly in geographies with high concentrations of highly subsidized members, have driven a market-wide increase in morbidity, resulting in elevated medical cost trends. company page · source filing · fact Q_ELV_BUSINESS_MODEL_1 · filed 2026-02-06 | In its latest annual MD&A, CI describes this business model item. [FACT:Q_CI_BUSINESS_MODEL_1] On March 19, 2025, the Company completed the sale of our Medicare Advantage, Medicare Individual Stand-Alone Prescription Drug Plans, Medicare and Other Supplemental Benefits, and CareAllies® businesses to Health Care Service Corporation ("HCSC," and such transaction, the "HCSC transaction"). company page · source filing · fact Q_CI_BUSINESS_MODEL_1 · filed 2026-02-26 | In its latest annual MD&A, HUM describes this business model item. [FACT:Q_HUM_BUSINESS_MODEL_1] During 2025, we finalized our exit from the Employer Group Commercial Medical Products business, which included all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. company page · source filing · fact Q_HUM_BUSINESS_MODEL_1 · filed 2026-02-19 | In its latest annual MD&A, CVS describes this business model item. [FACT:Q_CVS_BUSINESS_MODEL_1] The Health Services segment provides a full range of pharmacy benefit management (“PBM”) solutions through its CVS Caremark® operations and delivers health care services in its medical clinics, virtually, and in the home. company page · source filing · fact Q_CVS_BUSINESS_MODEL_1 · filed 2026-02-10 | In its latest annual MD&A, CNC describes this business model item. [FACT:Q_CNC_BUSINESS_MODEL_1] Our Medicare Advantage business includes one of the highest concentrations of D-SNP members among our peers, aligned with our focus on low-income, complex populations. company page · source filing · fact Q_CNC_BUSINESS_MODEL_1 · filed 2026-02-17 | Quarantined: no direct dimension-relevant quote survived the gate. |
| Geographic and customer exposure | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Capital allocation | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
| Stated strategy in filings | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, CNC describes this stated strategy in filings item. [FACT:Q_CNC_STATED_STRATEGY_1] Consistent with our strategic positioning and bid strategy, Medicare Advantage membership declined 10% year-over-year. company page · source filing · fact Q_CNC_STATED_STRATEGY_1 · filed 2026-02-17 | Quarantined: no direct dimension-relevant quote survived the gate. |
| Idiosyncratic risks in filings | In its latest annual MD&A, UNH describes this idiosyncratic risks in filings item. [FACT:Q_UNH_IDIOSYNCRATIC_RISKS_1] Due to elevated care activity in Medicaid, specifically related to behavioral, pharmacy and home health, there continues to be a timing mismatch between the health status of people served and state rate updates. company page · source filing · fact Q_UNH_IDIOSYNCRATIC_RISKS_1 · filed 2026-03-02 | In its latest annual MD&A, ELV describes this idiosyncratic risks in filings item. [FACT:Q_ELV_IDIOSYNCRATIC_RISKS_1] CMS also frequently proposes changes to its program that audits data submitted under the risk adjustment programs in ways that could increase financial recoveries from plans. company page · source filing · fact Q_ELV_IDIOSYNCRATIC_RISKS_1 · filed 2026-02-06 | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | In its latest annual MD&A, CVS describes this idiosyncratic risks in filings item. [FACT:Q_CVS_IDIOSYNCRATIC_RISKS_3] Based on the Company’s membership as of December 2025, more than 81% of the Company’s Medicare Advantage members were in plans with 2026 star ratings of at least 4.0 stars, compared to 88% of the Company’s Medicare Advantage members being in plans with 2025 star ratings of at least 4.0 stars based on the Company’s membership as of December 2024. company page · source filing · fact Q_CVS_IDIOSYNCRATIC_RISKS_3 · filed 2026-02-10 | In its latest annual MD&A, CNC describes this idiosyncratic risks in filings item. [FACT:Q_CNC_IDIOSYNCRATIC_RISKS_1] We continue to work with our state partners to establish Medicaid premium rates that appropriately match the acuity of the population as well as reflect the most recent medical cost trend. company page · source filing · fact Q_CNC_IDIOSYNCRATIC_RISKS_1 · filed 2026-02-17 | Quarantined: no direct dimension-relevant quote survived the gate. |
| Recent narrative change | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. | Quarantined: no direct dimension-relevant quote survived the gate. |
Gate summary
Quarantined quantitative rows
- membership: Only 0 of 7 companies have a verified fact; threshold is 3.
Quarantined dimensions
- geographic_customer_exposure: No verified cells survived the gate.
- capital_allocation: No verified cells survived the gate.
- recent_narrative_change: No verified cells survived the gate.
Quarantined cells
- MOH / business_model: No direct dimension-relevant quote survived the evidence gate.
- UNH / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- ELV / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- CI / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- HUM / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- CVS / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- CNC / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- MOH / geographic_customer_exposure: No direct dimension-relevant quote survived the evidence gate.
- UNH / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- ELV / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- CI / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- HUM / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- CVS / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- CNC / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- MOH / capital_allocation: No direct dimension-relevant quote survived the evidence gate.
- UNH / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- ELV / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- CI / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- HUM / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- CVS / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- MOH / stated_strategy: No direct dimension-relevant quote survived the evidence gate.
- CI / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- HUM / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.
- MOH / idiosyncratic_risks: No direct dimension-relevant quote survived the evidence gate.