NYSE: HUM
Humana
Health Care · Hospital & Medical Service Plans
52-week range
$163.11$456.50
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$20.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $30.5B |
| FY2017, ended Dec 31, 2017 | $34.2B |
| FY2018, ended Dec 31, 2018 | $38.8B |
| FY2019, ended Dec 31, 2019 | $48.4B |
| FY2020, ended Dec 31, 2020 | $52.9B |
| FY2021, ended Dec 31, 2021 | $58.7B |
| FY2022, ended Dec 31, 2022 | $64.0B |
| FY2023, ended Dec 31, 2023 | $55.2B |
| FY2024, ended Dec 31, 2024 | $30.6B |
| FY2025, ended Dec 31, 2025 | $30.9B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $20.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$137B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $54.4B |
| FY2017, ended Dec 31, 2017 | $53.8B |
| FY2018, ended Dec 31, 2018 | $56.9B |
| FY2019, ended Dec 31, 2019 | $64.9B |
| FY2020, ended Dec 31, 2020 | $77.2B |
| FY2021, ended Dec 31, 2021 | $83.1B |
| FY2022, ended Dec 31, 2022 | $92.9B |
| FY2023, ended Dec 31, 2023 | $106B |
| FY2024, ended Dec 31, 2024 | $118B |
| FY2025, ended Dec 31, 2025 | $130B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $137B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $614M | $1.41B |
| FY2017, ended Dec 31, 2017 | $2.45B | $3.53B |
| FY2018, ended Dec 31, 2018 | $1.68B | $1.56B |
| FY2019, ended Dec 31, 2019 | $2.71B | $4.55B |
| FY2020, ended Dec 31, 2020 | $3.37B | $4.67B |
| FY2021, ended Dec 31, 2021 | $2.93B | $920M |
| FY2022, ended Dec 31, 2022 | $2.81B | $3.45B |
| FY2023, ended Dec 31, 2023 | $2.49B | $2.98B |
| FY2024, ended Dec 31, 2024 | $1.21B | $2.39B |
| FY2025, ended Dec 31, 2025 | $1.19B | $375M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.13B | $1.27B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$4.95B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.88B |
| FY2017, ended Dec 31, 2017 | $4.04B |
| FY2018, ended Dec 31, 2018 | $2.34B |
| FY2019, ended Dec 31, 2019 | $4.05B |
| FY2020, ended Dec 31, 2020 | $4.67B |
| FY2021, ended Dec 31, 2021 | $3.39B |
| FY2022, ended Dec 31, 2022 | $5.06B |
| FY2023, ended Dec 31, 2023 | $4.69B |
| FY2024, ended Dec 31, 2024 | $2.22B |
| FY2025, ended Dec 31, 2025 | $4.20B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $4.95B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$14.0B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.09B |
| FY2017, ended Dec 31, 2017 | $4.92B |
| FY2018, ended Dec 31, 2018 | $6.07B |
| FY2019, ended Dec 31, 2019 | $5.67B |
| FY2020, ended Dec 31, 2020 | $6.66B |
| FY2021, ended Dec 31, 2021 | $12.5B |
| FY2022, ended Dec 31, 2022 | $11.1B |
| FY2023, ended Dec 31, 2023 | $11.7B |
| FY2024, ended Dec 31, 2024 | $11.7B |
| FY2025, ended Dec 31, 2025 | $12.4B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $14.0B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 19.6% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.120M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 149M |
| FY2017, ended Dec 31, 2017 | 138M |
| FY2018, ended Dec 31, 2018 | 136M |
| FY2019, ended Dec 31, 2019 | 132M |
| FY2020, ended Dec 31, 2020 | 129M |
| FY2021, ended Dec 31, 2021 | 127M |
| FY2022, ended Dec 31, 2022 | 125M |
| FY2023, ended Dec 31, 2023 | 121M |
| FY2024, ended Dec 31, 2024 | 121M |
| FY2025, ended Dec 31, 2025 | 121M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 120M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: $6.00M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $104M | $115M |
| FY2017, ended Dec 31, 2017 | $3.37B | $157M |
| FY2018, ended Dec 31, 2018 | $1.09B | $137M |
| FY2019, ended Dec 31, 2019 | $1.07B | $163M |
| FY2020, ended Dec 31, 2020 | $1.82B | $181M |
| FY2021, ended Dec 31, 2021 | $79.0M | $180M |
| FY2022, ended Dec 31, 2022 | $2.10B | $216M |
| FY2023, ended Dec 31, 2023 | $1.57B | $175M |
| FY2024, ended Dec 31, 2024 | $817M | $207M |
| FY2025, ended Dec 31, 2025 | $151M | $241M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $249M | $243M |
Revenue (TTM)
$137B
+14.1% YoY
Net income (TTM)
$1.13B
−33.9% YoY
Cash
$4.95B
+16.5% YoY
Total debt
$14.0B
+5.2% YoY
Valuation
At current price- Market Cap
- $49.8B
- P/E
- 44.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.4×
- Price / Book
- 2.7×
- EV / EBITDA
- 18.8×
Growth
Trailing 12 months- Revenue (TTM)
- $137B
- Revenue Growth YoY
- 14.1%
- Revenue CAGR 3Y
- 11.8%
- Revenue CAGR 5Y
- 10.9%
- EPS Growth YoY
- −33.9%
- Net Income Growth YoY
- −33.9%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 1.8%
- Net Margin
- 0.8%
- FCF Margin
- 0.9%
- Return on Equity
- 6.2%
Earnings
Trailing 12 months- Net Income
- $1.13B
- EPS (diluted)
- $9.37
- EBITDA
- $3.12B
- Operating Income
- $2.44B
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $4.95B
- Total Debt
- $14.0B
- Net Debt
- $9.04B
- Total Assets
- $55.3B
- Total Liabilities
- $36.6B
- Shareholders' Equity
- $18.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.84B
- Capital Expenditure
- $572M
- Free Cash Flow
- $1.27B
Dividends and risk
Last 12 months- Dividend Yield
- 0.9%
- Dividend / Share
- $3.54
- Beta (5Y)
- 0.74
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 14.1% year over year, at $137B.
Note
Net margin of 0.8% over the last 12 months.
Note
Net debt of $9.04B is 2.9× EBITDA.
Note
Free cash flow of $1.27B, 0.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 19, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K36Serious concerns
36Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 20, 2025 · Read the filing on EDGAR
- Revenue rose 10.7% to $117.8 billion, but net income fell 51.1% to $1.2 billion as medical costs kept climbing.
- The benefit ratio (share of premiums paid out in medical costs) rose to 89.8% from 87.3%. Insurance segment profit fell 51.4%.
- Only about 25% of Medicare Advantage members are in plans rated 4 stars or higher for 2025, down from 94%. Humana has sued to overturn the ratings.
- Humana expects about 550,000 fewer individual Medicare Advantage members in 2025.
Business momentum
Sharp deterioration
“Net income attributable to Humana was $1.2 billion, or $9.98 per diluted common share, and $2.5 billion, or $20.00 per diluted common share, in 2024 and 2023, respectively.”
Outlook
Cautious
“For the full year 2025, we anticipate net membership decline in our individual Medicare Advantage offerings of approximately 550,000 members.”
Financial stress
Low
“We believe our cash balances, investment securities, operating cash flows, and funds available under our credit agreement and our commercial paper program or from other public or private financing sources, taken together, provide adequate resources”
Tone against the previous report
More negative
Red flags
- Medium
Other
“approximately 25% of our Medicare Advantage members are currently enrolled in plans rated 4-star or higher for 2025, as compared to 94% based on our 2024 Star Ratings”
- Minor
Large write-down
“Impairment tests completed for 2024 and 2023 resulted in impairment charges of $200 million and $55 million, respectively.”
Positives
Revenue grew on higher Medicare premiums and membership
“Consolidated premiums revenue increased $10.8 billion, or 10.7%, from $101.3 billion in the 2023 period to $112.1 billion in the 2024 period”
Lower administrative cost ratio
“The consolidated operating cost ratio decreased 70 basis points from 12.5% in the 2023 period to 11.8% in the 2024 period.”
Primary care revenue growing fast
“Primary care 1,248 842 406 48.2 %”
Concerns
Medical costs still rising faster than premiums
“The consolidated benefit ratio increased 250 basis points from 87.3% in the 2023 period to 89.8% in the 2024 period primarily due to the continued impact of elevated Medicare Advantage and state-based contracts medical cost trends”
Cash on hand more than halved
“Cash and cash equivalents decreased to $2.2 billion at December 31, 2024 from $4.7 billion at December 31, 2023.”
Rising interest costs
“Interest expense increased $167 million, or 33.9%, from $493 million in the 2023 period to $660 million in the 2024 period”
New risks since the previous report
Star Ratings collapse threatens 2026 bonus payments
“If we are not successful, the decline in our Star Ratings performance for 2025 will negatively impact our 2026 quality bonus payments from CMS”
Part D drug benefit redesign from 2025
“Beginning in 2025, changes to Part D under the Inflation Reduction Act are expected to increase risk-adjusted direct subsidies and cap members' out-of-pocket costs and as a result significantly impact seasonality and cost trends.”
Planned loss of Medicare Advantage members in 2025
“For the full year 2025, we anticipate net membership decline in our individual Medicare Advantage offerings of approximately 550,000 members.”
Primary care hit by Medicare's new payment model (v28)
“primarily due to the unfavorable impact of the v28 risk model revision to the primary care business”
Smaller new military (TRICARE) contract
“The T-5 East Region contract commenced on January 1, 2025 and comprises 24 states, and Washington D.C., and approximately 4.6 million beneficiaries.”
Biggest risks named
- Star Ratings decline cutting 2026 bonus payments
- Medicare Advantage medical costs outpacing premiums
- Medicare audit rule (RADV) repayments, challenged in court
- Heavy reliance on government programs (about 94% of revenue)
- Goodwill and license write-downs at home health ($4.4B goodwill)
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −3.3 | |
| New risks | −2 | |
| Score | 36 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 19, 2026 | Pro | |||
| 10-K | Feb 20, 2025 | 36 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 15, 2024 | 48 | Mixed | 2 minor | |
| 10-K | Feb 16, 2023 | 66 | Improving | 1 medium1 minor | |
| 10-K | Feb 17, 2022 | 50 | Mixed | 1 minor | |
| 10-K | Feb 18, 2021 | 69 | Strong improvement | None | |
| 10-K | Feb 20, 2020 | 75 | Strong improvement | None | |
| 10-K | Feb 21, 2019 | 55 | Mixed | 1 medium | |
| 10-K | Feb 16, 2018 | 69 | Improving | None | |
| 10-K | Feb 17, 2017 | 30 | Sharp deterioration | 4 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed Apr 29, 2026. View filings on SEC EDGAR