HUMHumana
Is the business good?
The checks split: earnings fully cash-backed (1.1×), but margins compressing.
Operating profit is fully backed by cash.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HUM?
Humana earns 22% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 13 points above what the capital costs: growth creates value
- Operating margin
- 1.9%
Operating margin · Healthcare Plans median 2.0% · 12 months to Q2 2026
- Cash conversion
- 1.14×
Cash conversion · 1.16× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.32%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 6.5% |
| FY2021 | 3.8% |
| FY2022 | 4.1% |
| FY2023 | 3.8% |
| FY2024 | 2.2% |
| FY2025 | 2.1% |
Details›
- Operating margin12 months to Q2 2026
- 1.9%
- Net margin12 months to Q2 2026
- 0.88%
- Free cash flow margin
- 1.3%
- Revenue, trailing twelve months
- $145.7B
- Free cash flow, trailing twelve months
- $1.95B
- Net income, trailing twelve months
- $1.28B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 22%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from HUM and who it buys from, as the companies report it.
- Medicare83%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; HUM’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.