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 333.49 (as of the close of Dec 4, 2025), 45.51% lower than the all-time high of 612.05 (Nov 11, 2024).

Since April 8, 1985, the inflation-adjusted total return for the stock has been 73,686%, which is equivalent to an annual growth rate of 17.64%.

In nominal values, the total return since this date has been 224,088%, or an annualized rate of 20.9%.

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 333.49 333.49
Nov 2025 329.77 329.77
Oct 2025 341.56 341.56
Sep 2025 345.3 345.3
Aug 2025 308.72 307.94
Jul 2025 249.35 248.01
Jun 2025 312.18 310.03
May 2025 301.02 297.93
Apr 2025 411.08 406.01
Mar 2025 524.93 516.84
Feb 2025 475.07 466.71
Jan 2025 545.03 533.07
Dec 2024 511.56 497.07
Nov 2024 614.94 597.32
Oct 2024 568.58 552.58
Sep 2024 589.58 572.34
Aug 2024 594 575.71
Jul 2024 580.34 562.01
Jun 2024 513.56 496.76
May 2024 497.61 481.17
Apr 2024 486.7 469.84
Mar 2024 499.71 480.52
Feb 2024 499.85 477.58
Jan 2024 521.43 495.13
Dec 2023 539.36 509.38
Nov 2023 564.03 533.21
Oct 2023 545.17 516.42
Sep 2023 513.04 486.17
Aug 2023 484.28 457.77
Jul 2023 516.79 486.39
Jun 2023 491.47 461.67
May 2023 497.79 466.11
Apr 2023 504.01 470.75
Mar 2023 486.49 452.09
Feb 2023 489.82 453.69
Jan 2023 516.62 475.85
Dec 2022 553.08 505.39
Nov 2022 567.92 520.55
Oct 2022 575 527.57
Sep 2022 525.22 479.95
Aug 2022 539.55 491.99
Jul 2022 563.26 513.79
Jun 2022 533.38 486.59
May 2022 521.11 468.96
Apr 2022 539.34 480.08
Mar 2022 543.87 481.42
Feb 2022 512.76 447.9
Jan 2022 513.86 444.8
Dec 2021 550.61 472.63
Nov 2021 487.01 416.76
Oct 2021 507.3 432
Sep 2021 434.06 366.58
Aug 2021 462.06 389.18
Jul 2021 458.51 385.39
Jun 2021 447.55 374.38
May 2021 462.97 383.71
Apr 2021 451.81 371.49
Mar 2021 425 346.59
Feb 2021 380.82 308.37
Jan 2021 384.47 309.64
Dec 2020 405.9 325.51
Nov 2020 388.27 311.08
Oct 2020 352.04 282.23
Sep 2020 359.84 288.36
Aug 2020 359.77 287.9
Jul 2020 349.62 278.9
Jun 2020 342.3 271.69
May 2020 354.21 279.61
Apr 2020 339.83 268.25
Mar 2020 287.82 228.73
Feb 2020 292.36 232.84
Jan 2020 313.27 248.82
Dec 2019 339.34 268.48
Nov 2019 321.53 254.62
Oct 2019 290.16 229.9
Sep 2019 250.11 197.71
Aug 2019 268.25 211.89
Jul 2019 285.45 225.48
Jun 2019 280.18 220.96
May 2019 276.48 217.99
Apr 2019 267.07 210.12
Mar 2019 284.83 222.92
Feb 2019 279.53 217.55
Jan 2019 313.14 242.68
Dec 2018 289.26 223.74
Nov 2018 325.65 252.7
Oct 2018 300.52 233.98
Sep 2018 306.45 238.18
Aug 2018 308.56 239.54
Jul 2018 291.21 225.94
Jun 2018 282.17 218.91
May 2018 277.23 214.74
Apr 2018 272.49 210.19
Mar 2018 247.65 190.28
Feb 2018 261.45 200.43
Jan 2018 274.97 209.84
Dec 2017 257.41 195.38
Nov 2017 266.26 202.21
Oct 2017 244.49 185.68
Sep 2017 227.64 172.98
Aug 2017 231.53 175.02
Jul 2017 223.95 168.78
Jun 2017 216.34 163.16
May 2017 203.74 153.51
Apr 2017 203.56 153.25
Mar 2017 191.48 143.73
Feb 2017 192.52 144.39
Jan 2017 189.29 141.53
Dec 2016 187.98 139.73
Nov 2016 186.02 138.23
Oct 2016 165.14 122.9
Sep 2016 163.79 121.75
Aug 2016 158.82 117.77
Jul 2016 167.32 123.96
Jun 2016 164.72 122.23
May 2016 155.74 115.19
Apr 2016 154.04 113.47
Mar 2016 151.51 111.08
Feb 2016 140.01 102.21
Jan 2016 135.49 98.83
Dec 2015 138.64 100.96
Nov 2015 131.81 96.32
Oct 2015 137.45 100.65
Sep 2015 135.32 99.14
Aug 2015 134.17 98.45
Jul 2015 140.58 103.3
Jun 2015 141.29 103.81
May 2015 139.11 101.85
Apr 2015 129.58 94.39
Mar 2015 137.87 100.23
Feb 2015 132.78 95.96
Jan 2015 124.7 89.73
Dec 2014 118.09 85.37
Nov 2014 114.13 82.98
Oct 2014 109.35 79.93
Sep 2014 99.02 72.56
Aug 2014 99.16 72.62
Jul 2014 92.57 67.9
Jun 2014 93.33 68.49
May 2014 90.66 66.4
Apr 2014 85.73 62.57
Mar 2014 93.98 68.37
Feb 2014 88.82 64.2
Jan 2014 83.39 60.06
Dec 2013 87.2 62.57
Nov 2013 85.91 61.65
Oct 2013 78.58 56.5
Sep 2013 82.22 59.27
Aug 2013 82.16 59.16
Jul 2013 83.53 60.08
Jun 2013 75.11 54
May 2013 71.39 51.2
Apr 2013 68.43 48.99
Mar 2013 65.26 46.77
Feb 2013 60.89 43.52
Jan 2013 63.41 44.96
Dec 2012 62.48 44.17
Nov 2012 62.24 44.12
Oct 2012 63.78 45.42
Sep 2012 63.08 44.94
Aug 2012 61.84 43.87
Jul 2012 58.51 41.27
Jun 2012 66.89 47.26
May 2012 63.44 44.89
Apr 2012 63.8 45.19
Mar 2012 67.17 47.44
Feb 2012 63.83 44.74
Jan 2012 59.56 41.56
Dec 2011 58.54 40.67
Nov 2011 56.01 39.01
Oct 2011 55.06 38.39
Sep 2011 52.81 36.89
Aug 2011 54.31 37.88
Jul 2011 56.87 39.56
Jun 2011 59.16 41.11
May 2011 55.9 38.89
Apr 2011 56.49 39.11
Mar 2011 52.2 35.91
Feb 2011 49.51 33.73
Jan 2011 47.96 32.52
Dec 2010 42.39 28.61
Nov 2010 42.81 28.84
Oct 2010 42.27 28.47
Sep 2010 41.22 27.72
Aug 2010 37.13 24.96
Jul 2010 35.69 23.96
Jun 2010 33.29 22.34
May 2010 33.91 22.78
Apr 2010 35.38 23.75
Mar 2010 38.16 25.57
Feb 2010 39.72 26.5
Jan 2010 38.72 25.83
Dec 2009 35.88 23.86
Nov 2009 33.69 22.44
Oct 2009 30.52 20.31
Sep 2009 29.48 19.6
Aug 2009 32.98 21.92
Jul 2009 33.13 21.96
Jun 2009 29.44 19.55
May 2009 31.62 20.82
Apr 2009 28.04 18.41
Mar 2009 25.02 16.38
Feb 2009 23.51 15.36
Jan 2009 34.06 22.14
Dec 2008 32.12 20.79
Nov 2008 25.11 16.42
Oct 2008 27.82 18.55
Sep 2008 29.46 19.84
Aug 2008 35.28 23.8
Jul 2008 32.41 21.95
Jun 2008 30.45 20.52
May 2008 40.09 26.74
Apr 2008 38.56 25.5
Mar 2008 40.85 26.86
Feb 2008 55.69 36.3
Jan 2008 61.09 39.7
Dec 2007 70.28 45.45
Nov 2007 66.37 42.95
Oct 2007 59.67 38.38
Sep 2007 58.92 37.82
Aug 2007 61.01 39.05
Jul 2007 58.97 37.82
Jun 2007 62.26 39.94
May 2007 66.81 42.77
Apr 2007 65.11 41.44
Mar 2007 65.43 41.37
Feb 2007 65 40.73
Jan 2007 65.45 40.79
Dec 2006 67.5 41.94
Nov 2006 61.75 38.31
Oct 2006 61.28 38.07
Sep 2006 61.47 38.4
Aug 2006 64.59 40.55
Jul 2006 59.58 37.33
Jun 2006 55.95 34.95
May 2006 55.03 34.31
Apr 2006 62.58 38.82
Mar 2006 70.87 43.6
Feb 2006 74.29 45.45
Jan 2006 75.96 46.38
Dec 2005 80.04 48.5
Nov 2005 76.8 46.72
Oct 2005 73.67 45.18
Sep 2005 71.66 43.86
Aug 2005 66.47 40.2
Jul 2005 67.85 40.82
Jun 2005 67.96 40.7
May 2005 63.35 37.92
Apr 2005 61.56 36.88
Mar 2005 62.54 37.22
Feb 2005 60.22 35.56
Jan 2005 59.07 34.68
Dec 2004 58.61 34.34
Nov 2004 54.96 32.32
Oct 2004 48.06 28.24
Sep 2004 49.2 28.77
Aug 2004 44.22 25.8
Jul 2004 42.08 24.54
Jun 2004 41.58 24.29
May 2004 43.72 25.46
Apr 2004 41.44 23.98
Mar 2004 43.57 25.14
Feb 2004 42.17 24.18
Jan 2004 41.63 23.74
Dec 2003 39.98 22.69
Nov 2003 37 21.02
Oct 2003 34.83 19.84
Sep 2003 34.41 19.62
Aug 2003 33.91 19.27
Jul 2003 35.87 20.31
Jun 2003 34.64 19.59
May 2003 33.11 18.71
Apr 2003 31.74 17.96
Mar 2003 31.52 17.87
Feb 2003 28.66 16.16
Jan 2003 30.62 17.13
Dec 2002 29.22 16.27
Nov 2002 28.44 15.87
Oct 2002 31.76 17.73
Sep 2002 30.51 17
Aug 2002 30.95 17.22
Jul 2002 30.81 17.09
Jun 2002 32.22 17.84
May 2002 31.97 17.7
Apr 2002 30.92 17.11
Mar 2002 27.06 14.89
Feb 2002 25.8 14.12
Jan 2002 26.57 14.49
Dec 2001 25.34 13.79
Nov 2001 25.49 13.92
Oct 2001 23.41 12.81
Sep 2001 23.6 12.96
Aug 2001 24.26 13.26
Jul 2001 24.04 13.14
Jun 2001 21.95 12.03
May 2001 20.48 11.2
Apr 2001 23.42 12.76
Mar 2001 21.28 11.55
Feb 2001 21.31 11.53
Jan 2001 20.38 10.98
Dec 2000 22.31 11.95
Nov 2000 21.31 11.42
Oct 2000 19.88 10.65
Sep 2000 17.98 9.61
Aug 2000 17.3 9.2
Jul 2000 14.97 7.97
Jun 2000 15.73 8.35
May 2000 13.75 7.26
Apr 2000 12.31 6.49
Mar 2000 11.01 5.81
Feb 2000 9.52 4.97
Jan 2000 9.92 5.16
Dec 1999 9.98 5.17
Nov 1999 9.75 5.05
Oct 1999 9.71 5.03
Sep 1999 9.16 4.74
Aug 1999 11.5 5.92
Jul 1999 11.57 5.94
Jun 1999 11.91 6.09
May 1999 11.09 5.67
Apr 1999 10.67 5.46
Mar 1999 10.08 5.12
Feb 1999 9.47 4.8
Jan 1999 8.6 4.35
Dec 1998 8.3 4.19
Nov 1998 8.69 4.39
Oct 1998 8.28 4.18
Sep 1998 6.76 3.4
Aug 1998 6.98 3.51
Jul 1998 10.94 5.49
Jun 1998 12.34 6.19
May 1998 12.42 6.22
Apr 1998 13.66 6.83
Mar 1998 12.61 6.3
Feb 1998 11.83 5.9
Jan 1998 10.01 4.98
Dec 1997 9.73 4.83
Nov 1997 10.18 5.06
Oct 1997 9.05 4.5
Sep 1997 9.79 4.86
Aug 1997 9.55 4.73
Jul 1997 11.21 5.54
Jun 1997 10.24 5.05
May 1997 11.14 5.49
Apr 1997 9.58 4.73
Mar 1997 9.39 4.63
Feb 1997 9.89 4.86
Jan 1997 9.67 4.74
Dec 1996 8.95 4.37
Nov 1996 8.58 4.19
Oct 1996 7.52 3.67
Sep 1996 8.32 4.04
Aug 1996 7.75 3.75
Jul 1996 6.78 3.28
Jun 1996 10.17 4.91
May 1996 11.06 5.33
Apr 1996 11.81 5.68
Mar 1996 12.46 5.97
Feb 1996 13.27 6.33
Jan 1996 12.82 6.1
Dec 1995 13.44 6.35
Nov 1995 12.92 6.11
Oct 1995 10.91 5.16
Sep 1995 10.07 4.75
Aug 1995 8.72 4.1
Jul 1995 9.31 4.37
Jun 1995 8.56 4.02
May 1995 7.72 3.62
Apr 1995 7.56 3.53
Mar 1995 9.74 4.54
Feb 1995 8.99 4.18
Jan 1995 10.18 4.71
Dec 1994 9.51 4.38
Nov 1994 10.04 4.63
Oct 1994 11.13 5.12
Sep 1994 11.19 5.15
Aug 1994 11.06 5.08
Jul 1994 9.67 4.42
Jun 1994 9.62 4.38
May 1994 10.29 4.68
Apr 1994 8.88 4.03
Mar 1994 9.16 4.15
Feb 1994 8.89 4.01
Jan 1994 9.23 4.15
Dec 1993 8.21 3.69
Nov 1993 7.83 3.52
Oct 1993 7.57 3.39
Sep 1993 7.46 3.33
Aug 1993 6.46 2.88
Jul 1993 6.9 3.07
Jun 1993 7.02 3.12
May 1993 6.54 2.9
Apr 1993 5.92 2.62
Mar 1993 5.66 2.5
Feb 1993 4.88 2.15
Jan 1993 7.14 3.13
Dec 1992 6.32 2.76
Nov 1992 6.06 2.65
Oct 1992 5.8 2.53
Sep 1992 5.61 2.44
Aug 1992 4.77 2.07
Jul 1992 5.17 2.23
Jun 1992 4.67 2.02
May 1992 5.01 2.16
Apr 1992 4.33 1.86
Mar 1992 4.49 1.92
Feb 1992 4.55 1.94
Jan 1992 4.76 2.02
Dec 1991 4.26 1.81
Nov 1991 3.44 1.46
Oct 1991 3.67 1.55
Sep 1991 3.1 1.31
Aug 1991 2.97 1.25
Jul 1991 2.91 1.22
Jun 1991 2.6 1.09
May 1991 2.85 1.19
Apr 1991 2.3 0.96
Mar 1991 2.29 0.95
Feb 1991 1.76 0.73
Jan 1991 1.61 0.67
Dec 1990 1.37 0.56
Nov 1990 1.19 0.49
Oct 1990 1.04 0.43
Sep 1990 0.96 0.39
Aug 1990 1.03 0.42
Jul 1990 1.15 0.46
Jun 1990 1.05 0.42
May 1990 0.92 0.37
Apr 1990 0.66 0.26
Mar 1990 0.6 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 4, 2025
333.49
Highest
Nov 11, 2024
612.05
Highest, Inflation-Adjusted
Nov 11, 2024
630.11
Annualized return
Since Apr 8, 1985
20.9%
Annualized return, Inflation-Adjusted
Since Apr 8, 1985
17.64%

More in Stocks

Other Inflation-Adjusted Data