UNH vs ELV – Comparing 10-Year Total Returns & Dividend Growth of UnitedHealth vs. Elevance Health

Compare the 10-year performance and dividend income and total return of two leading companies in the Health Insurance field: Elevance Health Inc (ELV) and UnitedHealth Group Inc (UNH).

Elevance Health Inc. ELV | NYSE

$421.45 -$9.87 | -2.29%

10 Year Returns (with DRIP): 298.3%

Dividend (Quarterly): $1.72

Dividend Yield (FWD): 1.63%

UnitedHealth Group Incorporated UNH | NYSE

$410.63 -$0.07 | -0.02%

10 Year Returns (with DRIP): 244.3%

Dividend (Quarterly): $2.32

Dividend Yield (FWD): 2.26%

10 years returns for UNH & ELV - dividends, price growth and total returns:

Stats below compares the performance of a $10,000 investment into each company 10 years ago, with dividends being automatically reinvested (DRIP) on the payout day, with no additional investments.

Here is a chart comparing the 10-year total returns of UNH and ELV, shown side-by-side. These total return figures take into account dividend reinvestment and represent the value of all shares owned at each respective point in time.

Estimate Dividend Snowball and total future returns for UNH and ELV with our dividend (DRIP) calculator.

UnitedHealth Group Incorporated (UNH) and Elevance Health Inc. (ELV) are two names in the Medical - Healthcare Plans business, both trading on NYSE. UNH is roughly 4.0x ELV's size — a $371.5B market cap against $92.3B. Over the trailing twelve months, UNH booked $450.1B in revenue against ELV's $201.1B. On price, ELV has been the faster grower — a 13.06%/yr CAGR over the last 10 years versus 11.21%/yr for UNH. The numbers on this page — total returns of a $10,000 dividend-reinvested (DRIP) position, price history, dividend growth, valuation and growth — come straight from our market data.

UNH vs ELV at a glance

Over the past 10 years, ELV delivered the stronger run: a $10,000 position with dividends reinvested grew to $39,825, a 298.3% total return — a clear step ahead of the same $10,000 in UNH, which reached $34,426 (244.3%). That is a 54-point spread, measured, not projected.

On the dividend side, UNH pays $2.32 quarterly — a 2.26% yield at today's $410.63 price — while ELV pays $1.72 quarterly for a 1.63% yield at $421.45. Over the window, the $10,000 position collected $4,446 in UNH dividends against $4,212 from ELV. UNH has raised its payout faster, compounding 14.34%/yr against 10.51%/yr for ELV.

Every figure in this comparison is computed from DRIPCalc's own price and dividend history for UNH and ELV — the same data behind every chart and calculator on this page.

Compare Earnings, Free Cash Flow, Dividend Payout Ratios and other metrics for UNH vs ELV — or open each ticker's full history: UNH, ELV.

Here are 5 year price charts for UNH & ELV:

In the span of 10 years, the price of UNH climbed 193%, from $140.35 to $410.63 — a compound annual growth rate (CAGR) of 11.21%.

In the span of 10 years, the price of ELV climbed 247%, from $121.62 to $421.45 — a compound annual growth rate (CAGR) of 13.06%.

Dividend payments and yield graphs for UNH & ELV:

The 10-year window opened with UNH paying $0.63 per share; the latest payment is $2.32 — a dividend CAGR of 14.34%. ELV went from $0.65 to $1.72 over the same stretch, a 10.51% CAGR.

Expanded Chart

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Charts above show historic dividend payments for each company, with the Dividend Yield curve overlaying the payments and the Dividend CAGR for the last 1, 2, 5 and 10 years. A rising yield curve means the price was cheap relative to the dividend at those payment dates; a sloping-down curve means the stock was getting more expensive relative to its dividends.

Based on UNH's 10-year CAGR, it would take 5.02 years to double your dividend yield-on-cost.
Based on ELV's 10-year CAGR, it would take 6.85 years to double your dividend yield-on-cost.

Rule of 72: divide 72 by a growth rate to approximate the years it takes to double — the doubling times above come straight from each dividend CAGR on this page. One caution: extreme double-digit yields have historically often preceded dividend cuts.

Investing $10,000 in UNH & ELV today: Estimated Future Return & Dividends:

Looking across up to ten years of history, UNH achieved a share price compound annual growth rate (CAGR) of 11.21%, accompanied by a dividend CAGR of 14.34%.

By the same measure, ELV recorded a share price CAGR of 13.06%, along with a dividend CAGR of 10.51%.

How a $10,000 investment could perform based on these historic CAGR numbers:

If you invest $10000 today into one of these companies, applying these CAGR figures forecasts the 10-year path of your initial investment, assuming dividends are continuously reinvested (DRIP), as detailed below:

And here is how your $10,000 investment into UnitedHealth Group Incorporated or Elevance Health Inc. could perform based on the CAGR figures above, represented on a graph - a Dividend DRIP Snowball:

Try our dividend DRIP calculator: UNH or ELV - estimate your returns and dividend income!

Using our dividend calculator, you can customize initial investment, projected Dividend & Price growth rate, additional investment amount and frequency, to fit your investing style and goals.

The figures above are projections built on each stock's historical Dividend and Price CAGR under a DRIP assumption — estimations only, and actual returns will vary.

Latest price & signal check: UNH vs ELV

UNH$410.63

Trend Signal:|Oct 15 '26|RSI 60UNH has a Trend Signal — Oct 15 '26 (13 days ago)

ELV$421.45

Trend Signal:|Oct 13 '26|RSI 52ELV has a Trend Signal — Oct 13 '26 (15 days ago)

Signal states are computed by our signals engine from price data — shown here as data points, not recommendations.

Longer-term price trends: UNH vs ELV

UNH last closed at $410.63, 5.9% below its 52-week high of $436.35. The share price has gone up 12.2% over the last year, a -2%/yr pace over five years, compounded 11.2%/yr over the decade.

ELV last closed at $421.45, 5.4% below its 52-week high of $445.28. The share price has gone up 23.1% over the last year, a -0.6%/yr pace over five years, compounded 13.1%/yr over the decade.

Price CAGRs are computed from closing prices over each window — descriptive history, not a projection.

Earnings power: what UNH and ELV actually earn

Over the trailing twelve months, UNH earned $15.55 per share on $450.13B of revenue, while ELV earned $22.50 per share on $201.11B — UNH's revenue base is roughly 2.2 times ELV's.

UNH compounded reported EPS at -11.4%/yr over 3 years (0.5%/yr over 5). Meanwhile ELV compounded reported EPS at -5.5%/yr over 3 years (5.7%/yr over 5). Both rates compare reported results with reported results — the forward view further down uses estimates against estimates.

Against expectations: UNH beat GAAP-based street numbers in 2 of the last 8 quarters.

Note: reported (GAAP) and street (adjusted) EPS differ materially for ELV; growth shown is estimate-over-estimate.

Head-to-head: UNH vs ELV across four metric families

Each family scores its own game — cheaper wins valuation, faster wins growth, higher wins profitability, cleaner wins cash quality. A cell is highlighted when the gap tops 3%; anything tighter is scored even.

* forward figures use street estimates for quarters past the last reported one (45-day window). Forward EPS growth = the next 4 quarters' street estimates over the last 4 quarters' street estimates (estimate over estimate, never estimates over reported actuals) — the same figure as each stock page's Company Overview. PEG = forward PE ÷ that growth (N/M under 2% growth). Forward PE is price over estimated earnings — the market convention.

Free cash flow: the money that's actually left over

UNH generated $23.62B of free cash flow over the trailing twelve months — more than 3 times ELV's $6.29B.

Per share, quarter by quarter — the cleaner lens once buybacks enter the picture:

Quality check — UNH converts 167% of net income into free cash (up from 119% a year ago); ELV converts 127% of net income into free cash (up from 100% a year ago). Above 100% means the business throws off more cash than its accounting profit suggests.

Capital intensity: capex eats 0.8¢ of every revenue dollar at UNH — flat year over year; capex eats 0.6¢ of every revenue dollar at ELV — flat year over year.

The margin story: who keeps more of each sale

UNH's net margin averaged 3.2% over the last four quarters vs 5.1% the year before — contracting. ELV's net margin averaged 2.5% over the last four quarters vs 2.8% the year before — holding steady.

If the trends hold: a 5-year back-of-the-envelope for UNH & ELV

UNH has no forecastable earnings line, so we extend its own price trend: at its historical 11.2%/yr price CAGR, $410.63 becomes $698.51 in five years; a 15%/yr hurdle prices that path at up to $347.28 today.

ELV has no forecastable earnings line, so we extend its own price trend: at its historical 13.1%/yr price CAGR, $421.45 becomes $778.56 in five years; a 15%/yr hurdle prices that path at up to $387.08 today.

Caveat, prominently: these paths extrapolate historical price trend alone five years into the future. Past trends bend, multiples compress and cycles turn — treat this as arithmetic, not prophecy.

Yield-on-cost, five years out

At today's 2.26% yield, five more years of UNH's 14.34%/yr dividend growth would put the yield-on-cost at 4.42% of today's price. Meanwhile, at today's 1.63% yield, five more years of ELV's 10.51%/yr dividend growth would put the yield-on-cost at 2.69% of today's price.

UNH vs ELV: quick answers