UNH: From Healthcare King to $10M Quarterly Profit
$10 million. That's what UnitedHealth Group earned in Q4 2025 — on $113 billion of revenue. For context, that's a net margin of 0.009%. A lemonade stand with a good weekend could match it. UnitedHealth Group (NYSE: UNH) was the largest company in the S&P 500 by revenue. It was the gold standard of managed care — a $600 stock that compounded earnings for two decades straight. Then 2025 happened. The stock sits at $285, down 53% from its 52-week high of $606. The year low hit $235. The medical loss ratio blew out. The CEO resigned under DOJ investigation. And the Trump administration proposed Medicare Advantage rate increases of 0.09% — not the 6% the industry expected. The question isn't whether UNH is cheap. At 21.6x trailing earnings, it looks reasonable. The question is whether those earnings still exist. Q4 2025 says they don't.