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 December 2025 as the baseline (latest available CPI).

The current value of UnitedHealth Group stock is 294.02 (as of the close of Jan 28, 2026), 51.64% 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 65,538%, which is equivalent to an annual growth rate of 17.23%.

In nominal values, the total return since this date has been 198,874%, or an annualized rate of 20.46%.

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
Jan 2026 294.02 294.02
Dec 2025 330.11 330.11
Nov 2025 327.51 327.58
Oct 2025 339.29 339.29
Sep 2025 342.22 343.01
Aug 2025 305.97 305.9
Jul 2025 247.13 246.36
Jun 2025 309.4 307.97
May 2025 298.34 295.95
Apr 2025 407.42 403.32
Mar 2025 520.25 513.41
Feb 2025 470.84 463.61
Jan 2025 540.17 529.53
Dec 2024 507 493.78
Nov 2024 609.46 593.36
Oct 2024 563.51 548.92
Sep 2024 584.32 568.54
Aug 2024 588.71 571.89
Jul 2024 575.17 558.28
Jun 2024 508.98 493.46
May 2024 493.18 477.98
Apr 2024 482.36 466.72
Mar 2024 495.25 477.34
Feb 2024 495.4 474.41
Jan 2024 516.78 491.85
Dec 2023 534.55 506
Nov 2023 559 529.67
Oct 2023 540.31 513
Sep 2023 508.47 482.95
Aug 2023 479.96 454.74
Jul 2023 512.19 483.16
Jun 2023 487.09 458.61
May 2023 493.35 463.02
Apr 2023 499.52 467.62
Mar 2023 482.15 449.09
Feb 2023 485.45 450.68
Jan 2023 512.01 472.69
Dec 2022 548.14 502.04
Nov 2022 562.85 517.1
Oct 2022 569.87 524.07
Sep 2022 520.53 476.77
Aug 2022 534.74 488.73
Jul 2022 558.24 510.38
Jun 2022 528.62 483.37
May 2022 516.47 465.85
Apr 2022 534.53 476.89
Mar 2022 539.02 478.22
Feb 2022 508.19 444.93
Jan 2022 509.28 441.85
Dec 2021 545.7 469.49
Nov 2021 482.67 413.99
Oct 2021 502.78 429.14
Sep 2021 430.19 364.15
Aug 2021 457.94 386.59
Jul 2021 454.42 382.83
Jun 2021 443.56 371.89
May 2021 458.84 381.16
Apr 2021 447.79 369.02
Mar 2021 421.21 344.29
Feb 2021 377.42 306.33
Jan 2021 381.04 307.58
Dec 2020 402.28 323.35
Nov 2020 384.81 309.02
Oct 2020 348.9 280.35
Sep 2020 356.63 286.45
Aug 2020 356.56 285.99
Jul 2020 346.5 277.05
Jun 2020 339.25 269.88
May 2020 351.05 277.75
Apr 2020 336.8 266.47
Mar 2020 285.26 227.21
Feb 2020 289.76 231.3
Jan 2020 310.48 247.17
Dec 2019 336.32 266.7
Nov 2019 318.66 252.93
Oct 2019 287.57 228.37
Sep 2019 247.88 196.4
Aug 2019 265.86 210.49
Jul 2019 282.9 223.99
Jun 2019 277.68 219.49
May 2019 274.02 216.55
Apr 2019 264.68 208.73
Mar 2019 282.29 221.44
Feb 2019 277.04 216.1
Jan 2019 310.35 241.07
Dec 2018 286.68 222.26
Nov 2018 322.75 251.02
Oct 2018 297.84 232.43
Sep 2018 303.72 236.6
Aug 2018 305.81 237.95
Jul 2018 288.61 224.44
Jun 2018 279.65 217.46
May 2018 274.75 213.31
Apr 2018 270.06 208.8
Mar 2018 245.44 189.02
Feb 2018 259.12 199.1
Jan 2018 272.52 208.45
Dec 2017 255.12 194.08
Nov 2017 263.88 200.87
Oct 2017 242.31 184.44
Sep 2017 225.61 171.84
Aug 2017 229.47 173.86
Jul 2017 221.95 167.66
Jun 2017 214.41 162.07
May 2017 201.92 152.5
Apr 2017 201.75 152.23
Mar 2017 189.77 142.77
Feb 2017 190.8 143.43
Jan 2017 187.6 140.59
Dec 2016 186.3 138.8
Nov 2016 184.36 137.31
Oct 2016 163.67 122.09
Sep 2016 162.33 120.94
Aug 2016 157.41 116.99
Jul 2016 165.83 123.14
Jun 2016 163.25 121.42
May 2016 154.35 114.42
Apr 2016 152.67 112.72
Mar 2016 150.15 110.34
Feb 2016 138.77 101.54
Jan 2016 134.29 98.18
Dec 2015 137.4 100.29
Nov 2015 130.63 95.68
Oct 2015 136.22 99.98
Sep 2015 134.12 98.48
Aug 2015 132.98 97.79
Jul 2015 139.33 102.61
Jun 2015 140.03 103.12
May 2015 137.87 101.18
Apr 2015 128.42 93.76
Mar 2015 136.64 99.56
Feb 2015 131.6 95.32
Jan 2015 123.59 89.13
Dec 2014 117.03 84.8
Nov 2014 113.11 82.43
Oct 2014 108.37 79.4
Sep 2014 98.13 72.08
Aug 2014 98.28 72.14
Jul 2014 91.74 67.45
Jun 2014 92.5 68.03
May 2014 89.85 65.96
Apr 2014 84.97 62.16
Mar 2014 93.14 67.92
Feb 2014 88.03 63.78
Jan 2014 82.65 59.66
Dec 2013 86.42 62.15
Nov 2013 85.15 61.24
Oct 2013 77.88 56.13
Sep 2013 81.49 58.88
Aug 2013 81.43 58.77
Jul 2013 82.79 59.68
Jun 2013 74.44 53.64
May 2013 70.75 50.86
Apr 2013 67.82 48.67
Mar 2013 64.67 46.46
Feb 2013 60.35 43.24
Jan 2013 62.85 44.66
Dec 2012 61.92 43.88
Nov 2012 61.68 43.82
Oct 2012 63.21 45.12
Sep 2012 62.52 44.64
Aug 2012 61.29 43.58
Jul 2012 57.99 41
Jun 2012 66.29 46.95
May 2012 62.88 44.59
Apr 2012 63.23 44.89
Mar 2012 66.57 47.13
Feb 2012 63.26 44.45
Jan 2012 59.03 41.29
Dec 2011 58.02 40.4
Nov 2011 55.51 38.75
Oct 2011 54.57 38.13
Sep 2011 52.34 36.64
Aug 2011 53.82 37.63
Jul 2011 56.37 39.3
Jun 2011 58.63 40.84
May 2011 55.4 38.63
Apr 2011 55.98 38.85
Mar 2011 51.73 35.67
Feb 2011 49.07 33.51
Jan 2011 47.54 32.31
Dec 2010 42.01 28.42
Nov 2010 42.43 28.65
Oct 2010 41.9 28.28
Sep 2010 40.86 27.54
Aug 2010 36.8 24.79
Jul 2010 35.37 23.8
Jun 2010 33 22.2
May 2010 33.6 22.62
Apr 2010 35.06 23.59
Mar 2010 37.82 25.4
Feb 2010 39.36 26.33
Jan 2010 38.37 25.66
Dec 2009 35.56 23.7
Nov 2009 33.39 22.29
Oct 2009 30.25 20.18
Sep 2009 29.21 19.47
Aug 2009 32.69 21.77
Jul 2009 32.83 21.82
Jun 2009 29.18 19.42
May 2009 31.34 20.68
Apr 2009 27.79 18.29
Mar 2009 24.79 16.27
Feb 2009 23.3 15.26
Jan 2009 33.76 22
Dec 2008 31.83 20.65
Nov 2008 24.88 16.31
Oct 2008 27.57 18.42
Sep 2008 29.2 19.71
Aug 2008 34.97 23.64
Jul 2008 32.12 21.8
Jun 2008 30.18 20.38
May 2008 39.73 26.56
Apr 2008 38.22 25.33
Mar 2008 40.49 26.68
Feb 2008 55.19 36.06
Jan 2008 60.55 39.44
Dec 2007 69.66 45.15
Nov 2007 65.78 42.67
Oct 2007 59.14 38.13
Sep 2007 58.39 37.57
Aug 2007 60.46 38.79
Jul 2007 58.45 37.57
Jun 2007 61.7 39.67
May 2007 66.21 42.49
Apr 2007 64.53 41.16
Mar 2007 64.84 41.09
Feb 2007 64.42 40.46
Jan 2007 64.87 40.52
Dec 2006 66.89 41.66
Nov 2006 61.2 38.05
Oct 2006 60.73 37.82
Sep 2006 60.92 38.15
Aug 2006 64.01 40.28
Jul 2006 59.05 37.08
Jun 2006 55.45 34.72
May 2006 54.54 34.08
Apr 2006 62.02 38.56
Mar 2006 70.24 43.31
Feb 2006 73.63 45.15
Jan 2006 75.28 46.07
Dec 2005 79.33 48.18
Nov 2005 76.11 46.41
Oct 2005 73.01 44.88
Sep 2005 71.03 43.57
Aug 2005 65.88 39.93
Jul 2005 67.25 40.55
Jun 2005 67.35 40.43
May 2005 62.79 37.66
Apr 2005 61.01 36.64
Mar 2005 61.99 36.97
Feb 2005 59.69 35.33
Jan 2005 58.54 34.45
Dec 2004 58.09 34.11
Nov 2004 54.47 32.11
Oct 2004 47.63 28.06
Sep 2004 48.76 28.58
Aug 2004 43.82 25.63
Jul 2004 41.71 24.38
Jun 2004 41.21 24.12
May 2004 43.33 25.29
Apr 2004 41.07 23.83
Mar 2004 43.18 24.97
Feb 2004 41.8 24.02
Jan 2004 41.26 23.58
Dec 2003 39.63 22.54
Nov 2003 36.67 20.88
Oct 2003 34.52 19.71
Sep 2003 34.11 19.49
Aug 2003 33.61 19.15
Jul 2003 35.55 20.18
Jun 2003 34.34 19.46
May 2003 32.81 18.58
Apr 2003 31.46 17.84
Mar 2003 31.23 17.75
Feb 2003 28.41 16.05
Jan 2003 30.35 17.02
Dec 2002 28.96 16.17
Nov 2002 28.19 15.77
Oct 2002 31.47 17.61
Sep 2002 30.23 16.89
Aug 2002 30.68 17.11
Jul 2002 30.54 16.97
Jun 2002 31.93 17.73
May 2002 31.68 17.58
Apr 2002 30.64 17
Mar 2002 26.82 14.8
Feb 2002 25.57 14.03
Jan 2002 26.33 14.39
Dec 2001 25.12 13.7
Nov 2001 25.26 13.83
Oct 2001 23.2 12.72
Sep 2001 23.39 12.87
Aug 2001 24.05 13.17
Jul 2001 23.82 13.05
Jun 2001 21.76 11.95
May 2001 20.29 11.13
Apr 2001 23.21 12.67
Mar 2001 21.09 11.47
Feb 2001 21.12 11.46
Jan 2001 20.19 10.91
Dec 2000 22.11 11.87
Nov 2000 21.12 11.35
Oct 2000 19.7 10.58
Sep 2000 17.82 9.55
Aug 2000 17.14 9.14
Jul 2000 14.84 7.91
Jun 2000 15.59 8.29
May 2000 13.63 7.21
Apr 2000 12.2 6.45
Mar 2000 10.92 5.77
Feb 2000 9.43 4.94
Jan 2000 9.84 5.12
Dec 1999 9.89 5.14
Nov 1999 9.67 5.02
Oct 1999 9.63 5
Sep 1999 9.08 4.71
Aug 1999 11.4 5.88
Jul 1999 11.46 5.9
Jun 1999 11.8 6.05
May 1999 10.99 5.64
Apr 1999 10.58 5.43
Mar 1999 9.99 5.09
Feb 1999 9.38 4.76
Jan 1999 8.53 4.32
Dec 1998 8.23 4.16
Nov 1998 8.61 4.36
Oct 1998 8.21 4.15
Sep 1998 6.7 3.38
Aug 1998 6.92 3.49
Jul 1998 10.84 5.46
Jun 1998 12.23 6.15
May 1998 12.31 6.18
Apr 1998 13.53 6.79
Mar 1998 12.5 6.26
Feb 1998 11.73 5.86
Jan 1998 9.92 4.95
Dec 1997 9.64 4.8
Nov 1997 10.09 5.03
Oct 1997 8.97 4.47
Sep 1997 9.71 4.83
Aug 1997 9.46 4.7
Jul 1997 11.11 5.5
Jun 1997 10.15 5.02
May 1997 11.04 5.46
Apr 1997 9.5 4.7
Mar 1997 9.31 4.6
Feb 1997 9.8 4.83
Jan 1997 9.58 4.7
Dec 1996 8.87 4.34
Nov 1996 8.5 4.16
Oct 1996 7.46 3.64
Sep 1996 8.25 4.02
Aug 1996 7.68 3.73
Jul 1996 6.72 3.26
Jun 1996 10.08 4.87
May 1996 10.96 5.3
Apr 1996 11.7 5.65
Mar 1996 12.35 5.93
Feb 1996 13.15 6.28
Jan 1996 12.71 6.06
Dec 1995 13.32 6.31
Nov 1995 12.8 6.07
Oct 1995 10.81 5.13
Sep 1995 9.98 4.72
Aug 1995 8.64 4.08
Jul 1995 9.23 4.34
Jun 1995 8.48 3.99
May 1995 7.65 3.59
Apr 1995 7.49 3.51
Mar 1995 9.66 4.51
Feb 1995 8.91 4.15
Jan 1995 10.09 4.68
Dec 1994 9.43 4.35
Nov 1994 9.95 4.6
Oct 1994 11.03 5.09
Sep 1994 11.09 5.11
Aug 1994 10.97 5.04
Jul 1994 9.59 4.39
Jun 1994 9.53 4.35
May 1994 10.2 4.64
Apr 1994 8.8 4
Mar 1994 9.08 4.13
Feb 1994 8.81 3.99
Jan 1994 9.14 4.13
Dec 1993 8.14 3.66
Nov 1993 7.76 3.49
Oct 1993 7.5 3.37
Sep 1993 7.39 3.31
Aug 1993 6.4 2.86
Jul 1993 6.84 3.05
Jun 1993 6.96 3.1
May 1993 6.48 2.88
Apr 1993 5.86 2.61
Mar 1993 5.61 2.48
Feb 1993 4.83 2.14
Jan 1993 7.07 3.11
Dec 1992 6.27 2.74
Nov 1992 6 2.63
Oct 1992 5.75 2.52
Sep 1992 5.56 2.42
Aug 1992 4.73 2.06
Jul 1992 5.12 2.22
Jun 1992 4.63 2
May 1992 4.97 2.14
Apr 1992 4.29 1.85
Mar 1992 4.45 1.91
Feb 1992 4.51 1.93
Jan 1992 4.71 2.01
Dec 1991 4.22 1.8
Nov 1991 3.41 1.45
Oct 1991 3.64 1.54
Sep 1991 3.08 1.3
Aug 1991 2.95 1.24
Jul 1991 2.88 1.21
Jun 1991 2.58 1.08
May 1991 2.83 1.18
Apr 1991 2.28 0.95
Mar 1991 2.27 0.95
Feb 1991 1.75 0.73
Jan 1991 1.6 0.66
Dec 1990 1.36 0.56
Nov 1990 1.18 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 December 31, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year -34.89% -33.15%
Last 3 years -15.55% -13.04%
Last 5 years -3.88% 0.41%
Last 10 years 9.16% 12.65%
Last 20 years 7.39% 10.1%
Last 30 years 11.29% 14.1%

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 11.97% nominal gain, but the real return (the actual increase in buying power) was -9.33%.

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 2021 - Sep 2025 $111.97 11.97% -9.33%
Last 10 years Feb 2016 - Sep 2025 $337.82 237.82% 146.62%
Last 25 years Feb 2001 - Sep 2025 $2,993.94 2,894% 1,520%

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
Jan 28, 2026
294.02
Highest
Nov 11, 2024
607.99
Highest, Inflation-Adjusted
Nov 11, 2024
624.49
Annualized return
Since Apr 8, 1985
20.46%
Annualized return, Inflation-Adjusted
Since Apr 8, 1985
17.23%

More in Stocks

Other Inflation-Adjusted Data