UnitedHealth is currently trading at 18.48x forward earnings. That is a bit below their five-year average but still holds a premium over the rest of the HMO industry. The stock is up about 7% over the last six months, which beats peers like Humana but trails the S&P 500. The main concern for investors is margin pressure from high medical costs and regulatory scrutiny. Management expects Medicare Advantage enrollment to drop by about a million members next year as they adjust plans. They are also selling their South American business for $1 billion to streamline things. Analysts see earnings rebounding in 2026, but with the current volatility and membership declines, the stock is currently rated as a Hold.