Humana Inc.

HUM · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$30,806	$30,550	$56,361	$64,843	$59,622	$52,734	$47,110	$36,823	$31,886	$26,225	$22,945	$22,146	$16,257	$11,083	$14,492	$9,184	$7,346	$6,232	$12,567	$9,077	$8,775	$4,751	$3,626	$1,679	$1,946	$2,543	$1,374	$2,983	$3,391	$3,088	$4,443	$3,621	$2,821	$3,267	$5,105	$3,102
Enterprise value	$23,920	$22,445	$47,366	$57,713	$56,284	$42,651	$38,198	$30,523	$23,207	$18,845	$17,200	$16,438	$9,629	$4,387	$7,031	$2,307	$1,221	$1,996	$12,214	$8,606	$8,858	$2,854	$1,879	$252	$636	$1,076	$114	$1,971	$2,743	$1,729	$3,355	$2,823	$2,520	$3,970	$5,877	$3,754
P/E (TTM) at period end	25.93×	25.31×	22.64×	23.11×	20.33×	15.66×	17.40×	21.88×	13.03×	42.71×	17.98×	19.31×	13.21×	9.07×	10.21×	8.36×	7.06×	9.63×	15.07×	18.62×	28.45×	16.97×	16.21×	11.76×	16.61×	28.24×	–	23.13×	19.60×	257.34×	23.38×	20.57×	31.70×	26.62×	14.38×	10.02×
P/S (TTM) at period end	0.24×	0.26×	0.53×	0.70×	0.72×	0.68×	0.73×	0.65×	0.59×	0.48×	0.42×	0.46×	0.39×	0.28×	0.39×	0.27×	0.24×	0.22×	0.50×	0.42×	0.61×	0.36×	0.30×	0.15×	0.19×	0.24×	0.13×	0.30×	0.42×	0.45×	0.94×	0.99×	0.90×	0.81×	0.87×	0.64×
P/B at period end	1.74×	1.87×	3.47×	4.24×	3.71×	3.84×	3.91×	3.62×	3.24×	2.45×	2.22×	2.30×	1.75×	1.25×	1.80×	1.33×	1.27×	1.40×	3.12×	2.97×	3.55×	2.27×	1.97×	1.05×	1.29×	1.87×	1.08×	1.77×	2.26×	2.39×	3.45×	3.42×	3.17×	1.62×	2.54×	1.77×
EV / EBITDA (TTM)	6.88×	6.47×	9.74×	12.69×	14.86×	7.73×	10.33×	8.61×	4.97×	8.85×	6.37×	6.11×	4.06×	1.86×	2.66×	1.09×	0.62×	1.54×	7.92×	8.84×	15.02×	5.12×	4.06×	0.78×	1.80×	4.12×	–	5.95×	0.39×	0.30×	0.80×	9.19×	0.91×	1.10×	1.06×	0.83×
EV / Sales (TTM)	0.18×	0.19×	0.45×	0.62×	0.68×	0.55×	0.59×	0.54×	0.43×	0.35×	0.32×	0.34×	0.23×	0.11×	0.19×	0.07×	0.04×	0.07×	0.48×	0.40×	0.61×	0.22×	0.15×	0.02×	0.06×	0.10×	0.01×	0.20×	0.34×	0.25×	0.71×	0.77×	0.80×	0.98×	1.00×	0.77×
Returns
Return on equity	6.7%	7.4%	15.3%	18.3%	18.2%	24.5%	22.5%	16.6%	24.9%	5.7%	12.3%	11.9%	13.2%	13.8%	17.6%	15.9%	18.0%	14.5%	20.7%	16.0%	12.5%	13.4%	12.2%	8.9%	7.8%	6.6%	(30.2%)	7.6%	11.5%	0.9%	14.8%	16.6%	10.0%	6.1%	17.7%	17.7%
Return on invested capital	8.6%	7.4%	12.6%	13.5%	10.4%	22.0%	17.6%	18.1%	24.2%	6.3%	10.4%	10.8%	12.3%	12.7%	17.8%	16.8%	19.0%	15.8%	23.9%	20.4%	13.2%	12.6%	12.7%	8.6%	7.4%	6.9%	(25.2%)	5.7%	292.4%	480.4%	304.1%	20.3%	461.7%	123.7%	190.1%	178.3%
Dividend yield	1.4%	1.4%	0.8%	0.6%	0.6%	0.6%	0.6%	0.7%	0.7%	0.7%	0.7%	0.8%	1.0%	1.5%	0.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	4.4%	2.5%	3.5%
Financial health
Current ratio	2.00×	1.76×	1.59×	1.52×	1.62×	1.77×	1.82×	1.68×	1.85×	2.07×	1.93×	2.08×	1.95×	1.84×	1.85×	1.76×	1.76×	1.62×	1.02×	1.00×	1.34×	1.67×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Debt / equity	0.70×	0.72×	0.72×	0.73×	0.78×	0.49×	0.47×	0.60×	0.50×	0.38×	0.40×	0.40×	0.28×	0.30×	0.21×	0.24×	0.29×	0.43×	0.42×	0.42×	0.33×	0.40×	0.47×	0.44×	0.48×	0.55×	0.97×	0.89×	0.99×	0.17×	0.19×	0.08×	0.08×	0.35×	0.42×	0.43×
Effective tax rate	16.1%	24.0%	24.7%	21.4%	14.5%	28.4%	22.1%	19.0%	39.1%	60.4%	47.5%	47.1%	35.9%	36.1%	36.5%	37.2%	35.1%	34.8%	35.3%	36.0%	26.9%	32.7%	33.5%	33.0%	36.0%	21.0%	5.5%	36.4%	–	–	–	31.5%	–	–	–	–
Share count
Diluted shares outstanding	121	121	124	127	129	133	135	138	146	151	151	156	159	163	168	170	169	169	170	168	165	163	162	172	167	167	168	167	166	165	165	161	162	159	157	101

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$145,679	$129,664	$117,761	$106,374	$92,870	$83,064	$77,155	$64,888	$56,912	$53,767	$54,379	$54,289	$48,500	$41,313	$39,126	$36,832	$33,596	$30,743	$28,753	$25,290	$21,417	$14,418	$13,104	$12,226	$11,261	$10,195	$10,596	$10,212	$9,866	$8,036	$6,788	$4,702	$3,654	$3,137	$4,043	$5,865	$4,852
Cost of revenue	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($16,525)	($15,450)	($13,696)	($13,188)	($12,671)	($10,121)	($10,052)	($7,381)	($7,525)	($6,567)	($7,173)	($7,295)	($7,639)	($6,355)	($5,830)	($5,395)	($4,380)	($4,014)	($3,740)	($3,476)	–	–	($1,878)	($1,867)	($1,781)	($1,545)	($1,525)	($1,466)	($1,413)	($1,116)	($940)	($571)	($436)	($368)	($371)	($226)	($226)
Total operating expenses	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($142,973)	($126,960)	($115,199)	($102,361)	($89,070)	($79,916)	($72,169)	($61,696)	($53,812)	($49,505)	($52,638)	($51,942)	($46,138)	($39,252)	($37,110)	($34,488)	($31,742)	($29,035)	($27,680)	($23,932)	($20,591)	($13,957)	($12,665)	($11,890)	($11,058)	($10,012)	($10,482)	($10,616)	($9,663)	($1,136)	($1,047)	($582)	($3,397)	($422)	($680)	($579)	($569)
Operating income	$2,706	$2,704	$2,562	$4,013	$3,800	$3,148	$4,986	$3,192	$3,100	$4,262	$1,741	$2,347	$2,362	$2,061	$2,016	$2,344	$1,854	$1,708	$1,073	$1,358	$825	$461	$439	$336	$204	$183	$114	($405)	$203	$6,900	$5,741	$4,120	$257	$2,715	$3,363	$5,286	$4,283
Earnings
EBITDA	$3,446	$3,477	$3,470	$4,863	$4,549	$3,788	$5,514	$3,697	$3,544	$4,672	$2,129	$2,701	$2,690	$2,370	$2,354	$2,647	$2,117	$1,958	$1,293	$1,543	$974	$590	$557	$463	$324	$354	$261	($278)	$331	$7,008	$5,839	$4,190	$307	$2,762	$3,601	$5,542	$4,514
Interest income	–	$1,006	$1,226	$1,069	$382	$187	$1,154	$501	$514	$405	$389	$474	$377	$375	$391	$366	$329	$296	$220	$314	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($704)	($631)	($660)	($493)	($401)	($326)	($283)	($242)	($218)	($242)	($189)	($186)	($192)	($140)	($105)	($109)	($105)	($106)	($80)	($69)	($63)	($39)	($23)	($17)	($17)	($25)	($29)	($33)	($47)	($20)	($11)	($11)	($25)	($7)	($71)	($97)	($111)
Pre-tax income	$1,670	$1,555	$1,721	$3,383	$3,568	$3,354	$4,600	$3,456	$2,063	$4,020	$1,552	$2,431	$2,170	$1,921	$1,911	$2,235	$1,749	$1,602	$993	$1,289	$762	$422	$416	$336	$204	$183	$114	($405)	$203	–	–	–	$257	–	–	–	–
Income tax expense	($298)	($250)	($413)	($836)	($762)	($485)	($1,307)	($763)	($391)	($1,572)	($938)	($1,155)	($1,023)	($690)	($689)	($816)	($650)	($562)	($346)	($456)	($275)	($113)	($136)	($112)	($67)	($66)	($24)	$22	($74)	($97)	($6)	($98)	($81)	($54)	($109)	($200)	($180)
Net income	$1,279	$1,188	$1,207	$2,489	$2,806	$2,933	$3,367	$2,707	$1,683	$2,448	$614	$1,276	$1,147	$1,231	$1,222	$1,419	$1,099	$1,040	$647	$834	$487	$308	$280	$224	$143	$117	$90	($382)	$129	$173	$12	$190	$176	$89	$123	$355	$310
Per share
Diluted EPS (GAAP)	$10.57	$9.84	$9.98	$20.00	$22.08	$22.67	$25.31	$20.10	$12.16	$16.81	$4.07	$8.44	$7.36	$7.73	$7.47	$8.46	$6.47	$6.15	$3.83	$4.91	$2.90	$1.87	$1.72	$1.38	$0.83	$0.70	$0.54	($2.28)	$0.77	$1.05	$0.07	$1.16	$1.10	$0.55	$0.77	$2.26	$3.00
Basic EPS (GAAP)	$10.64	$9.87	$10.01	$20.09	$22.20	$22.79	$25.47	$20.20	$12.24	$16.94	$4.11	$8.54	$7.44	$7.81	$7.56	$8.58	$6.55	$6.21	$3.87	$5.00	$2.97	$1.91	$1.75	$1.41	$0.85	$0.71	$0.54	($2.28)	$0.77	$1.06	$0.07	$1.17	$1.10	$0.56	$0.77	$2.26	$3.00
Basic shares outstanding	120	120	121	124	126	129	132	134	137	144	149	149	154	158	161	165	168	167	167	167	164	162	160	159	168	165	167	168	167	163	163	162	160	159	159	157	101
Margins
Gross margin	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	1.9%	2.1%	2.2%	3.8%	4.1%	3.8%	6.5%	4.9%	5.4%	7.9%	3.2%	4.3%	4.9%	5.0%	5.2%	6.4%	5.5%	5.6%	3.7%	5.4%	3.9%	3.2%	3.4%	2.7%	1.8%	1.8%	1.1%	(4.0%)	2.1%	85.9%	84.6%	87.6%	7.0%	86.5%	83.2%	90.1%	88.3%
Net margin	0.9%	0.9%	1.0%	2.3%	3.0%	3.5%	4.4%	4.2%	3.0%	4.6%	1.1%	2.4%	2.4%	3.0%	3.1%	3.9%	3.3%	3.4%	2.3%	3.3%	2.3%	2.1%	2.1%	1.8%	1.3%	1.1%	0.8%	(3.7%)	1.3%	2.2%	0.2%	4.0%	4.8%	2.8%	3.0%	6.1%	6.4%

Analyst consensus

Hold44 analysts

Bearish · 1 · Hold · 23 · Bullish · 20

Earnings history

	EPS	Estimate
Q3 2024	$4.16	$3.40	Beat
Q4 2024	$-2.16	$-2.23	Beat
Q1 2025	$11.58	$10.07	Beat
Q2 2025	$6.27	$5.92	Beat
Q3 2025	$3.24	$2.93	Beat
Q4 2025	$-3.96	$-4.00	Beat
Q1 2026	$10.31	$10.24	Beat
Q2 2026	$7.61	$7.27	Beat

Peers

Company overview

IPO dateDec 31, 1981

CEOJames A. Rechtin

Employees67,060

SectorHealthcare

IndustryMedical - Healthcare Plans

CountryUS

ExchangeNew York Stock Exchange

Websitewww.humana.com

Humana Inc., a prominent health and well-being enterprise, operates across the United States through its various subsidiary companies. Its operational structure is divided into three main segments: Retail, Group and Specialty, and Healthcare Services. The firm provides a wide array of medical and supplementary insurance plans directly to individual consumers. Furthermore, Humana collaborates with government entities; it holds a contract with the Centers for Medicare and Medicaid Services (CMS) to manage the Limited Income Newly Eligible Transition (LI NET) prescription drug program. The company also secures agreements with numerous states to deliver Medicaid, dual-eligible, and long-term care support benefits. For employer groups and individuals, Humana furnishes fully insured commercial medical and specialized health coverage, which encompasses dental, vision, and other ancillary health benefits. They additionally offer administrative services only (ASO) solutions and extend support to military personnel through contracts like the TRICARE T2017 East Region. Beyond insurance products, the company delivers comprehensive healthcare services directly. These include pharmacy management, provider network services, and a suite of home-based solutions such as home health care, serving both its own health plan enrollees and external clients. By the close of 2021 (December 31), Humana's reach extended to approximately 17 million individuals enrolled in its medical benefit plans and an additional 5 million utilizing its specialized product offerings. Established in 1961, Humana Inc. maintains its corporate headquarters in Louisville, Kentucky.

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