UnitedHealth Group (UNH) Stock Inflation-Adjusted

UnitedHealth Group Incorporated (UNH) is a diversified healthcare company that provides a wide range of health insurance products and services through its UnitedHealthcare and Optum platforms.

Understanding a stock’s true value requires looking beyond its market price to see how it performs against inflation. This page adjusts UnitedHealth's historical stock prices using the US Consumer Price Index to reveal its real, inflation-adjusted growth. Explore the charts and data to see the difference between its nominal performance and its actual value over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use September 2025 as the baseline (latest available CPI).

The current value of UnitedHealth Group stock is 341.84 (as of the close of Dec 12, 2025), 43.78% lower than the all-time high of 607.99 (Nov 11, 2024).

Since April 8, 1985, the inflation-adjusted total return for the stock has been 76,039%, which is equivalent to an annual growth rate of 17.72%.

In nominal values, the total return since this date has been 231,236%, or an annualized rate of 20.98%.

Inflation-Adjusted Values by Month

This data presents UnitedHealth's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
Dec 2025 341.84 341.84
Nov 2025 327.58 327.58
Oct 2025 339.29 339.29
Sep 2025 343.01 343.01
Aug 2025 306.67 305.9
Jul 2025 247.7 246.36
Jun 2025 310.11 307.97
May 2025 299.02 295.95
Apr 2025 408.36 403.32
Mar 2025 521.44 513.41
Feb 2025 471.92 463.61
Jan 2025 541.42 529.53
Dec 2024 508.16 493.78
Nov 2024 610.86 593.36
Oct 2024 564.81 548.92
Sep 2024 585.67 568.54
Aug 2024 590.06 571.89
Jul 2024 576.49 558.28
Jun 2024 510.15 493.46
May 2024 494.31 477.98
Apr 2024 483.47 466.72
Mar 2024 496.39 477.34
Feb 2024 496.54 474.41
Jan 2024 517.97 491.85
Dec 2023 535.78 506
Nov 2023 560.29 529.67
Oct 2023 541.56 513
Sep 2023 509.64 482.95
Aug 2023 481.06 454.74
Jul 2023 513.36 483.16
Jun 2023 488.21 458.61
May 2023 494.49 463.02
Apr 2023 500.67 467.62
Mar 2023 483.26 449.09
Feb 2023 486.57 450.68
Jan 2023 513.19 472.69
Dec 2022 549.41 502.04
Nov 2022 564.15 517.1
Oct 2022 571.18 524.07
Sep 2022 521.73 476.77
Aug 2022 535.97 488.73
Jul 2022 559.52 510.38
Jun 2022 529.84 483.37
May 2022 517.66 465.85
Apr 2022 535.76 476.89
Mar 2022 540.26 478.22
Feb 2022 509.36 444.93
Jan 2022 510.45 441.85
Dec 2021 546.95 469.49
Nov 2021 483.78 413.99
Oct 2021 503.94 429.14
Sep 2021 431.18 364.15
Aug 2021 458.99 386.59
Jul 2021 455.47 382.83
Jun 2021 444.58 371.89
May 2021 459.9 381.16
Apr 2021 448.82 369.02
Mar 2021 422.18 344.29
Feb 2021 378.29 306.33
Jan 2021 381.92 307.58
Dec 2020 403.2 323.35
Nov 2020 385.7 309.02
Oct 2020 349.71 280.35
Sep 2020 357.45 286.45
Aug 2020 357.38 285.99
Jul 2020 347.3 277.05
Jun 2020 340.03 269.88
May 2020 351.86 277.75
Apr 2020 337.57 266.47
Mar 2020 285.91 227.21
Feb 2020 290.42 231.3
Jan 2020 311.2 247.17
Dec 2019 337.09 266.7
Nov 2019 319.4 252.93
Oct 2019 288.23 228.37
Sep 2019 248.45 196.4
Aug 2019 266.47 210.49
Jul 2019 283.55 223.99
Jun 2019 278.32 219.49
May 2019 274.65 216.55
Apr 2019 265.29 208.73
Mar 2019 282.94 221.44
Feb 2019 277.68 216.1
Jan 2019 311.06 241.07
Dec 2018 287.34 222.26
Nov 2018 323.49 251.02
Oct 2018 298.53 232.43
Sep 2018 304.42 236.6
Aug 2018 306.52 237.95
Jul 2018 289.28 224.44
Jun 2018 280.29 217.46
May 2018 275.39 213.31
Apr 2018 270.68 208.8
Mar 2018 246.01 189.02
Feb 2018 259.72 199.1
Jan 2018 273.15 208.45
Dec 2017 255.7 194.08
Nov 2017 264.49 200.87
Oct 2017 242.87 184.44
Sep 2017 226.13 171.84
Aug 2017 230 173.86
Jul 2017 222.46 167.66
Jun 2017 214.9 162.07
May 2017 202.39 152.5
Apr 2017 202.21 152.23
Mar 2017 190.21 142.77
Feb 2017 191.24 143.43
Jan 2017 188.04 140.59
Dec 2016 186.73 138.8
Nov 2016 184.78 137.31
Oct 2016 164.05 122.09
Sep 2016 162.7 120.94
Aug 2016 157.77 116.99
Jul 2016 166.21 123.14
Jun 2016 163.63 121.42
May 2016 154.71 114.42
Apr 2016 153.02 112.72
Mar 2016 150.5 110.34
Feb 2016 139.09 101.54
Jan 2016 134.59 98.18
Dec 2015 137.72 100.29
Nov 2015 130.94 95.68
Oct 2015 136.54 99.98
Sep 2015 134.42 98.48
Aug 2015 133.28 97.79
Jul 2015 139.65 102.61
Jun 2015 140.35 103.12
May 2015 138.19 101.18
Apr 2015 128.72 93.76
Mar 2015 136.96 99.56
Feb 2015 131.9 95.32
Jan 2015 123.87 89.13
Dec 2014 117.3 84.8
Nov 2014 113.37 82.43
Oct 2014 108.62 79.4
Sep 2014 98.36 72.08
Aug 2014 98.51 72.14
Jul 2014 91.95 67.45
Jun 2014 92.71 68.03
May 2014 90.06 65.96
Apr 2014 85.16 62.16
Mar 2014 93.35 67.92
Feb 2014 88.23 63.78
Jan 2014 82.84 59.66
Dec 2013 86.62 62.15
Nov 2013 85.34 61.24
Oct 2013 78.06 56.13
Sep 2013 81.68 58.88
Aug 2013 81.61 58.77
Jul 2013 82.98 59.68
Jun 2013 74.61 53.64
May 2013 70.91 50.86
Apr 2013 67.98 48.67
Mar 2013 64.82 46.46
Feb 2013 60.49 43.24
Jan 2013 62.99 44.66
Dec 2012 62.07 43.88
Nov 2012 61.83 43.82
Oct 2012 63.35 45.12
Sep 2012 62.66 44.64
Aug 2012 61.43 43.58
Jul 2012 58.12 41
Jun 2012 66.45 46.95
May 2012 63.02 44.59
Apr 2012 63.38 44.89
Mar 2012 66.73 47.13
Feb 2012 63.41 44.45
Jan 2012 59.16 41.29
Dec 2011 58.15 40.4
Nov 2011 55.63 38.75
Oct 2011 54.7 38.13
Sep 2011 52.46 36.64
Aug 2011 53.95 37.63
Jul 2011 56.5 39.3
Jun 2011 58.77 40.84
May 2011 55.53 38.63
Apr 2011 56.11 38.85
Mar 2011 51.85 35.67
Feb 2011 49.18 33.51
Jan 2011 47.65 32.31
Dec 2010 42.11 28.42
Nov 2010 42.52 28.65
Oct 2010 41.99 28.28
Sep 2010 40.95 27.54
Aug 2010 36.88 24.79
Jul 2010 35.45 23.8
Jun 2010 33.07 22.2
May 2010 33.68 22.62
Apr 2010 35.14 23.59
Mar 2010 37.91 25.4
Feb 2010 39.45 26.33
Jan 2010 38.46 25.66
Dec 2009 35.65 23.7
Nov 2009 33.47 22.29
Oct 2009 30.32 20.18
Sep 2009 29.28 19.47
Aug 2009 32.76 21.77
Jul 2009 32.91 21.82
Jun 2009 29.25 19.42
May 2009 31.41 20.68
Apr 2009 27.86 18.29
Mar 2009 24.85 16.27
Feb 2009 23.35 15.26
Jan 2009 33.84 22
Dec 2008 31.91 20.65
Nov 2008 24.94 16.31
Oct 2008 27.63 18.42
Sep 2008 29.27 19.71
Aug 2008 35.05 23.64
Jul 2008 32.19 21.8
Jun 2008 30.25 20.38
May 2008 39.82 26.56
Apr 2008 38.3 25.33
Mar 2008 40.58 26.68
Feb 2008 55.32 36.06
Jan 2008 60.69 39.44
Dec 2007 69.82 45.15
Nov 2007 65.93 42.67
Oct 2007 59.27 38.13
Sep 2007 58.53 37.57
Aug 2007 60.6 38.79
Jul 2007 58.58 37.57
Jun 2007 61.84 39.67
May 2007 66.36 42.49
Apr 2007 64.68 41.16
Mar 2007 64.99 41.09
Feb 2007 64.57 40.46
Jan 2007 65.02 40.52
Dec 2006 67.05 41.66
Nov 2006 61.34 38.05
Oct 2006 60.87 37.82
Sep 2006 61.06 38.15
Aug 2006 64.16 40.28
Jul 2006 59.19 37.08
Jun 2006 55.58 34.72
May 2006 54.67 34.08
Apr 2006 62.16 38.56
Mar 2006 70.4 43.31
Feb 2006 73.8 45.15
Jan 2006 75.46 46.07
Dec 2005 79.51 48.18
Nov 2005 76.29 46.41
Oct 2005 73.18 44.88
Sep 2005 71.19 43.57
Aug 2005 66.03 39.93
Jul 2005 67.4 40.55
Jun 2005 67.51 40.43
May 2005 62.93 37.66
Apr 2005 61.15 36.64
Mar 2005 62.13 36.97
Feb 2005 59.82 35.33
Jan 2005 58.68 34.45
Dec 2004 58.23 34.11
Nov 2004 54.6 32.11
Oct 2004 47.74 28.06
Sep 2004 48.88 28.58
Aug 2004 43.93 25.63
Jul 2004 41.8 24.38
Jun 2004 41.3 24.12
May 2004 43.43 25.29
Apr 2004 41.16 23.83
Mar 2004 43.28 24.97
Feb 2004 41.89 24.02
Jan 2004 41.36 23.58
Dec 2003 39.72 22.54
Nov 2003 36.75 20.88
Oct 2003 34.6 19.71
Sep 2003 34.18 19.49
Aug 2003 33.69 19.15
Jul 2003 35.64 20.18
Jun 2003 34.41 19.46
May 2003 32.89 18.58
Apr 2003 31.53 17.84
Mar 2003 31.31 17.75
Feb 2003 28.47 16.05
Jan 2003 30.42 17.02
Dec 2002 29.03 16.17
Nov 2002 28.25 15.77
Oct 2002 31.55 17.61
Sep 2002 30.3 16.89
Aug 2002 30.75 17.11
Jul 2002 30.61 16.97
Jun 2002 32 17.73
May 2002 31.76 17.58
Apr 2002 30.71 17
Mar 2002 26.88 14.8
Feb 2002 25.63 14.03
Jan 2002 26.39 14.39
Dec 2001 25.18 13.7
Nov 2001 25.32 13.83
Oct 2001 23.26 12.72
Sep 2001 23.44 12.87
Aug 2001 24.1 13.17
Jul 2001 23.88 13.05
Jun 2001 21.81 11.95
May 2001 20.34 11.13
Apr 2001 23.27 12.67
Mar 2001 21.14 11.47
Feb 2001 21.17 11.46
Jan 2001 20.24 10.91
Dec 2000 22.16 11.87
Nov 2000 21.17 11.35
Oct 2000 19.75 10.58
Sep 2000 17.86 9.55
Aug 2000 17.18 9.14
Jul 2000 14.87 7.91
Jun 2000 15.62 8.29
May 2000 13.66 7.21
Apr 2000 12.23 6.45
Mar 2000 10.94 5.77
Feb 2000 9.45 4.94
Jan 2000 9.86 5.12
Dec 1999 9.91 5.14
Nov 1999 9.69 5.02
Oct 1999 9.65 5
Sep 1999 9.1 4.71
Aug 1999 11.43 5.88
Jul 1999 11.49 5.9
Jun 1999 11.83 6.05
May 1999 11.02 5.64
Apr 1999 10.6 5.43
Mar 1999 10.01 5.09
Feb 1999 9.41 4.76
Jan 1999 8.55 4.32
Dec 1998 8.24 4.16
Nov 1998 8.63 4.36
Oct 1998 8.23 4.15
Sep 1998 6.71 3.38
Aug 1998 6.94 3.49
Jul 1998 10.86 5.46
Jun 1998 12.26 6.15
May 1998 12.34 6.18
Apr 1998 13.56 6.79
Mar 1998 12.53 6.26
Feb 1998 11.76 5.86
Jan 1998 9.95 4.95
Dec 1997 9.66 4.8
Nov 1997 10.11 5.03
Oct 1997 8.99 4.47
Sep 1997 9.73 4.83
Aug 1997 9.48 4.7
Jul 1997 11.14 5.5
Jun 1997 10.17 5.02
May 1997 11.07 5.46
Apr 1997 9.52 4.7
Mar 1997 9.33 4.6
Feb 1997 9.82 4.83
Jan 1997 9.6 4.7
Dec 1996 8.89 4.34
Nov 1996 8.52 4.16
Oct 1996 7.47 3.64
Sep 1996 8.27 4.02
Aug 1996 7.7 3.73
Jul 1996 6.74 3.26
Jun 1996 10.1 4.87
May 1996 10.98 5.3
Apr 1996 11.73 5.65
Mar 1996 12.38 5.93
Feb 1996 13.18 6.28
Jan 1996 12.74 6.06
Dec 1995 13.35 6.31
Nov 1995 12.83 6.07
Oct 1995 10.83 5.13
Sep 1995 10 4.72
Aug 1995 8.66 4.08
Jul 1995 9.25 4.34
Jun 1995 8.5 3.99
May 1995 7.67 3.59
Apr 1995 7.51 3.51
Mar 1995 9.68 4.51
Feb 1995 8.93 4.15
Jan 1995 10.11 4.68
Dec 1994 9.45 4.35
Nov 1994 9.97 4.6
Oct 1994 11.06 5.09
Sep 1994 11.12 5.11
Aug 1994 10.99 5.04
Jul 1994 9.61 4.39
Jun 1994 9.56 4.35
May 1994 10.23 4.64
Apr 1994 8.82 4
Mar 1994 9.1 4.13
Feb 1994 8.83 3.99
Jan 1994 9.17 4.13
Dec 1993 8.16 3.66
Nov 1993 7.78 3.49
Oct 1993 7.52 3.37
Sep 1993 7.41 3.31
Aug 1993 6.41 2.86
Jul 1993 6.85 3.05
Jun 1993 6.97 3.1
May 1993 6.49 2.88
Apr 1993 5.88 2.61
Mar 1993 5.62 2.48
Feb 1993 4.85 2.14
Jan 1993 7.09 3.11
Dec 1992 6.28 2.74
Nov 1992 6.01 2.63
Oct 1992 5.76 2.52
Sep 1992 5.57 2.42
Aug 1992 4.74 2.06
Jul 1992 5.13 2.22
Jun 1992 4.64 2
May 1992 4.98 2.14
Apr 1992 4.3 1.85
Mar 1992 4.46 1.91
Feb 1992 4.52 1.93
Jan 1992 4.72 2.01
Dec 1991 4.23 1.8
Nov 1991 3.42 1.45
Oct 1991 3.65 1.54
Sep 1991 3.08 1.3
Aug 1991 2.95 1.24
Jul 1991 2.89 1.21
Jun 1991 2.59 1.08
May 1991 2.83 1.18
Apr 1991 2.28 0.95
Mar 1991 2.28 0.95
Feb 1991 1.75 0.73
Jan 1991 1.6 0.66
Dec 1990 1.36 0.56
Nov 1990 1.19 0.49
Oct 1990 1.03 0.43
Sep 1990 0.95 0.39
Aug 1990 1.02 0.41
Jul 1990 1.14 0.46
Jun 1990 1.04 0.42
May 1990 0.92 0.36
Apr 1990 0.65 0.26
Mar 1990 0.59 0.24
Apr 1985 0.45 0.15

Returns from Investing in UnitedHealth Group stock

How much did an investment in UnitedHealth really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for UnitedHealth Group stock by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the stock price nominally increased, as in 2023.

Year Inflation-Adjusted Return Nominal Return
2024 -5.16% -2.42%
2023 -2.48% 0.79%
2022 0.45% 6.93%
2021 35.65% 45.2%
2020 19.61% 21.24%
2019 17.31% 19.99%
2018 12.37% 14.52%
2017 36.94% 39.83%
2016 35.59% 38.4%
2015 17.41% 18.26%
2014 35.42% 36.45%
2013 39.56% 41.65%
2012 6.73% 8.59%
2011 38.09% 42.18%
2010 18.14% 19.91%
2009 11.71% 14.75%
2008 -54.3% -54.26%
2007 4.13% 8.38%
2006 -15.68% -13.53%
2005 36.56% 41.22%
2004 46.61% 51.38%
2003 36.83% 39.4%
2002 15.29% 18.04%
2001 13.61% 15.37%
2000 123.61% 131.18%
1999 20.21% 23.44%
1998 -14.67% -13.29%
1997 8.64% 10.49%
1996 -33.38% -31.17%
1995 41.29% 44.88%
1994 15.85% 18.95%
1993 29.84% 33.41%
1992 48.38% 52.68%
1991 210.9% 220.43%
1990 257.75% 279.59%

Unitedhealth Group Stock: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for UnitedHealth over various trailing periods ending September 30, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -41.43% -39.67%
Last 3 years -13.05% -10.39%
Last 5 years -0.82% 3.67%
Last 10 years 9.82% 13.29%
Last 20 years 8.18% 10.87%
Last 30 years 12.51% 15.36%

Real Returns of Investing in the UnitedHealth

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the UnitedHealth five years ago yielded an 48.3% nominal gain, but the real return (the actual increase in buying power) was 18.11%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period What $100 Grew To (Nominal) Total Nominal Return (%) Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Sep 2025 $148.3 48.3% 18.11%
Last 10 years Feb 2015 - Sep 2025 $359.84 259.84% 160.05%
Last 25 years Feb 2000 - Sep 2025 $6,940.89 6,841% 3,529%

Inflation in UnitedHealth's Operations

As a key player in the healthcare sector, UnitedHealth Group is moderately impacted by inflation, which affects both its costs and revenue streams.

  • Medical Cost Inflation: The primary challenge comes from rising healthcare prices, including hospital services, physician fees and prescription drugs, which directly increase the company's claim expenses.
  • Labor Costs: Wage inflation for clinical, technological and administrative staff can elevate operational overhead across both its insurance and health services segments.
  • Administrative Expenses: General operational costs, such as technology infrastructure and office leases, are also subject to inflationary pressures.

UnitedHealth mitigates these pressures by negotiating favorable rates with healthcare providers, adjusting insurance premiums annually and leveraging its Optum division's data analytics to improve cost efficiency and care management. The company's scale provides significant bargaining power, helping to control costs more effectively than smaller competitors.

About UnitedHealth

UnitedHealth Group Inc. is a global leader in healthcare, organized into two main business platforms: UnitedHealthcare, which focuses on health benefits, and Optum, which offers health services.

UnitedHealthcare provides health coverage to a wide range of clients and is one of the largest health insurers in the US. Optum delivers technology-driven health services, including data analytics, pharmacy care services (OptumRx) and population health management.

Headquartered in Minnetonka, Minnesota, UnitedHealth Group is a major component of the Dow Jones Industrial Average and the S&P 500, reflecting its significant role in the US healthcare system.

Last Close
Dec 12, 2025
341.84
Highest
Nov 11, 2024
607.99
Highest, Inflation-Adjusted
Nov 11, 2024
625.93
Annualized return
Since Apr 8, 1985
20.98%
Annualized return, Inflation-Adjusted
Since Apr 8, 1985
17.72%

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Other Inflation-Adjusted Data