UnitedHealth Group (UNH) 10-K Red Flags
Risk signals extracted deterministically from UnitedHealth Group’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (17)
- Free cash flow deteriorating: FCF declined +22.4% YoY (from $20.70B to $16.07B). With OCF at $19.70B and capex at $3.62B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Material weakness in internal controls in latest filing: The term "material weakness" "internal control" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
- NEW: Restatement of financial statements in latest filing: The term "restatement of" "previously issued" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Operating cash flow exceeds net income: OCF is 1.63x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Goodwill is 36% of total assets: Goodwill of $110.64B represents a large share of the balance sheet. If acquired businesses underperform, a non-cash impairment charge could materially impact earnings. Monitor segment performance and acquisition integration metrics.
- NEW: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 5 new risk-language term(s) detected in filing text: Material weakness in internal controls, Restatement of financial statements, Impairment charge, Restructuring, Off-balance sheet arrangements.
- Revenue grew **+11.8%** YoY to $447.57B.
- 5-year revenue CAGR **+9.2%**; 10y CAGR +10.3%.
- Market cap $348.81B at $388.61 per share.
- Trailing P/E 29.37, P/S 0.78, P/B 10.56.
- Composite risk: Elevated.
- Leverage debt/equity 2.10 (high).
- Free cash flow deteriorating: FCF declined +22.4% YoY (from $20.70B to $16.07B). With OCF at $19.70B and capex at $3.62B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Material weakness in internal controls in latest filing: The term "material weakness" "internal control" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
Filings & ownership
- Latest annual report (10-K) filed Mar 2, 2026.
- Latest quarterly report (10-Q) filed Aug 10, 2026.
- 10 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference UnitedHealth Group; broad institutional reporting.
- Recent filers include Capital Wealth Planning, LLC, Capital Wealth Planning, LLC, Capital Wealth Planning, LLC.
- 4 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 16 recent 13G passive institutional ownership notices.
Full UNH analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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