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On February 19, 2026 the board declared a cash dividend of $0.885 per share payable April 24, 2026. In March 2026 the company completed a $1.0 billion public offering of fixed-to-fixed junior subordinated notes, increasing debt-to-capital and providing additional liquidity for strategic operations and growth initiatives.
Technical Analysis
The ADX reads 33.64, indicating a strong trend in place; the strength gives conviction to momentum-driven price expectations tied to the membership-growth narrative and supports the view of continued directional price movement over the near term.
DI+ at 34.59 shows a dip-and-reverse (increasing), which registers as a bullish directional signal; DI- at 17.39 shows a peak-and-reverse (decreasing), which also reads bullish. Together these directional indicators favor further upside movement relative to the current valuation backdrop.
MACD stands at 13.16 with the MACD line above the signal line (10.52) and an increasing MACD_trend; the cross above the signal line constitutes a bullish momentum signal that aligns with the ADX/DI directional bias.
MRO equals 16.47 and the MRO_trend increases; because MRO is positive, price currently sits above target and carries risk of mean reversion toward fair-value ranges, which tempers the bullish momentum signals for immediate gains.
RSI at 59.24 and rising indicates constructive momentum without overbought extremes, leaving room for additional appreciation before exhaustion becomes likely; this supports a continuation scenario while monitoring for RSI moves above typical overbought thresholds.
Price structure confirms the momentum picture: last close $246.33 exceeds the 20-day average ($226.48), 50-day average ($193.04) and slightly exceeds the 200-day average ($240.50), with the 12-day EMA (price12dayEMA) rising above the 26-day EMA—an additional bullish alignment. Price sits above the 1x Bollinger upper band ($241.32), signaling short-term extension relative to recent volatility.
Volume sits modestly below the 10-day average but above the 50-day average; 42‑day and 52‑week betas (0.65 and 0.53) indicate below-market volatility, which reduces the likelihood of abrupt directional reversals but also compresses the potential amplitude of short-term moves relative to higher-beta peers.
Fundamental Analysis
Total revenue reached $39,648,000,000 with reported EBIT $1,788,000,000, producing an EBIT margin of 4.51%. That EBIT margin sits below the industry peer mean (6.79%) and slightly below the industry peer median (4.69%), indicating margins trail the peer mean while approximating the peer median.
YoY revenue growth reads 121.06% and the trailing revenue growth figure shows 21.94%; the company reports material membership gains that drive top-line expansion. Free cash flow of $1,133,000,000 yields 4.69%, above the industry peer mean of 2.47%, supporting cash generation relative to peers.
EPS came in at $10.31 versus an estimate of $10.20, an EPS surprise of approximately 1.08%; forward EPS sits at $3.82 producing a forward PE of 52.34 versus a current PE of 19.53, reflecting market expectations for lower near-term earnings per share.
Balance-sheet and coverage metrics remain supportive: debt-to-assets at 25.31% falls below the industry peer mean of 29.43%; interest coverage ratio equals 9.26, above the industry peer mean of 5.43, limiting short-term solvency risk while the company absorbs recent capital-market activity. Dividend payout ratio sits near 9.02% with a dividend yield of 0.44% and available cash plus short-term investments of $21,965,000,000 provide liquidity for operational and strategic uses.
QoQ and YoY notes: EBIT margin moved -269.55% QoQ and -21.76% YoY as reported; return-on-equity decreased QoQ by 241.59% and YoY by 8.92%; use caution integrating large QoQ swings into trend interpretation because membership and benefit timing can produce quarter-level distortion. The company reaffirmed individual Medicare Advantage membership growth guidance for 2026, which underpins the top-line trajectory.
WMDST values the stock as under-valued based on free cash flow yield above the industry peer mean, strong interest coverage, and membership-driven revenue growth that supports near-term cash generation despite margins below the peer mean.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-29 |
| NEXT REPORT DATE: | 2026-07-29 |
| CASH FLOW | Begin Period Cash Flow | $ 4.2 B |
| Operating Cash Flow | $ 1.3 B | |
| Capital Expenditures | $ -121.00 M | |
| Change In Working Capital | $ -215.00 M | |
| Dividends Paid | $ -107.00 M | |
| Cash Flow Delta | $ 751.0 M | |
| End Period Cash Flow | $ 5.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 39.6 B | |
| Forward Revenue | $ 3.8 B | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 183.0 M | |
| Depreciation and Amortization | $ 194.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 38.1 B | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | $ 1.8 B | |
| Operating Income | — | |
| Interest Income | — | |
| Interest Expense | $ 193.0 M | |
| Net Interest Income | $ -193.00 M | |
| Income Before Tax | $ 1.6 B | |
| Tax Provision | $ 395.0 M | |
| Tax Rate | 24.765 % | |
| Net Income | $ 1.2 B | |
| Net Income From Continuing Operations | $ 1.2 B | |
| EARNINGS | ||
| EPS Estimate | $ 10.20 | |
| EPS Actual | $ 10.31 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 1.078 % | |
| Forward EPS | $ 3.82 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 55.3 B | |
| Intangible Assets | $ 10.5 B | |
| Net Tangible Assets | $ 8.1 B | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | $ 22.0 B | |
| Cash | $ 5.0 B | |
| Net Receivables | $ 5.2 B | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 19.2 B | |
| Short-Term Debt | $ 1.7 B | |
| Total Current Liabilities | — | |
| Net Debt | $ 9.0 B | |
| Total Debt | $ 14.0 B | |
| Total Liabilities | $ 36.6 B | |
| EQUITY | ||
| Total Equity | $ 18.6 B | |
| Retained Earnings | $ 30.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 154.75 | |
| Shares Outstanding | 120.061 M | |
| Revenue Per-Share | $ 330.23 | |
| VALUATION | Market Capitalization | $ 24.2 B |
| Enterprise Value | $ 16.2 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 0.409 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.975 | |
| Asset To Liability | 1.509 | |
| Debt To Capital | 0.43 | |
| Debt To Assets | 0.253 | |
| Debt To Assets QoQ | 0.091 % | |
| Debt To Assets YoY | -3.112 % | |
| Debt To Assets IPRWA | high: 0.384 median: 0.31 mean: 0.294 HUM: 0.253 low: 0.009 |
|
| Debt To Equity | 0.753 | |
| Debt To Equity QoQ | 7.509 % | |
| Debt To Equity YoY | 0.471 % | |
| Debt To Equity IPRWA | high: 1.595 median: 1.011 mean: 0.886 HUM: 0.753 low: 0.009 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.301 | |
| Price To Book QoQ | -21.685 % | |
| Price To Book YoY | -28.793 % | |
| Price To Book IPRWA | high: 23.876 mean: 4.334 HUM: 1.301 median: 1.281 low: 0.496 |
|
| Price To Earnings (P/E) | 19.527 | |
| Price To Earnings QoQ | -131.792 % | |
| Price To Earnings YoY | -15.846 % | |
| Price To Earnings IPRWA | high: 165.793 mean: 52.98 median: 30.133 HUM: 19.527 low: -50.098 |
|
| PE/G Ratio | -0.054 | |
| Price To Sales (P/S) | 0.61 | |
| Price To Sales QoQ | -32.417 % | |
| Price To Sales YoY | -39.634 % | |
| Price To Sales IPRWA | high: 22.583 mean: 5.068 low: 0.988 median: 0.988 HUM: 0.61 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 52.337 | |
| Forward PE/G | -0.145 | |
| Forward P/S | 6.332 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -13.981 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.761 | |
| Asset Turnover Ratio QoQ | 15.429 % | |
| Asset Turnover Ratio YoY | 15.434 % | |
| Asset Turnover Ratio IPRWA | high: 1.061 HUM: 0.761 median: 0.397 mean: 0.36 low: 0.06 |
|
| Receivables Turnover | 9.342 | |
| Receivables Turnover Ratio QoQ | -14.466 % | |
| Receivables Turnover Ratio YoY | 4.194 % | |
| Receivables Turnover Ratio IPRWA | HUM: 9.342 high: 5.509 median: 5.509 mean: 4.305 low: 0.924 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 9.768 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 9.768 | |
| Cash Conversion Cycle Days QoQ | 16.912 % | |
| Cash Conversion Cycle Days YoY | -4.025 % | |
| Cash Conversion Cycle Days IPRWA | high: 83.862 mean: 26.233 median: 17.779 HUM: 9.768 low: -39.8 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.003 | |
| CapEx To Depreciation | -0.661 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 30.9 B | |
| Net Invested Capital | $ 32.6 B | |
| Invested Capital | $ 32.6 B | |
| Net Tangible Assets | $ 8.1 B | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.102 % | |
| Interest Coverage Ratio | 9.264 | |
| Interest Coverage Ratio QoQ | -256.368 % | |
| Interest Coverage Ratio YoY | -19.92 % | |
| Interest Coverage Ratio IPRWA | high: 18.797 HUM: 9.264 median: 6.088 mean: 5.426 low: -86.056 |
|
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 11.084 | |
| Dividend Payout Ratio | 0.09 | |
| Dividend Rate | $ 0.89 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 13.026 % | |
| Revenue Growth | 21.938 % | |
| Revenue Growth QoQ | -5450.732 % | |
| Revenue Growth YoY | 121.06 % | |
| Revenue Growth IPRWA | high: 21.958 % HUM: 21.938 % mean: -2.532 % median: -4.983 % low: -15.485 % |
|
| Earnings Growth | -360.354 % | |
| Earnings Growth QoQ | 62.159 % | |
| Earnings Growth YoY | -43.35 % | |
| Earnings Growth IPRWA | high: 180.0 % mean: 86.097 % median: 4.423 % low: -83.333 % HUM: -360.354 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | 4.51 % | |
| EBIT Margin QoQ | -269.549 % | |
| EBIT Margin YoY | -21.756 % | |
| EBIT Margin IPRWA | high: 22.167 % mean: 6.794 % median: 4.692 % HUM: 4.51 % low: -60.342 % |
|
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 1.1 B | |
| Free Cash Flow Yield | 4.687 % | |
| Free Cash Flow Yield QoQ | -174.15 % | |
| Free Cash Flow Yield YoY | 543.819 % | |
| Free Cash Flow Yield IPRWA | HUM: 4.687 % high: 3.426 % median: 3.426 % mean: 2.465 % low: -2.575 % |
|
| Free Cash Growth | -161.111 % | |
| Free Cash Growth QoQ | -49.93 % | |
| Free Cash Growth YoY | 19.693 % | |
| Free Cash Growth IPRWA | high: 422.536 % median: 30.468 % mean: 2.945 % HUM: -161.111 % low: -318.97 % |
|
| Free Cash To Net Income | 0.955 | |
| Cash Flow Margin | 7.491 % | |
| Cash Flow To Earnings | 2.504 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.277 % | |
| Return On Assets QoQ | -241.078 % | |
| Return On Assets YoY | -10.846 % | |
| Return On Assets IPRWA | high: 6.035 % HUM: 2.277 % mean: 1.641 % median: 1.162 % low: -2.254 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.064 | |
| Return On Equity QoQ | -241.593 % | |
| Return On Equity YoY | -8.918 % | |
| Return On Equity IPRWA | high: 0.207 HUM: 0.064 mean: 0.052 median: 0.038 low: -0.065 |
|
| DuPont ROE | 6.545 % | |
| Return On Invested Capital (ROIC) | 4.13 % | |
| Return On Invested Capital QoQ | -290.235 % | |
| Return On Invested Capital YoY | -8.1 % | |
| Return On Invested Capital IPRWA | high: 5.126 % HUM: 4.13 % median: 2.517 % mean: 2.203 % low: -10.552 % |
|