HUM
Humana Inc.
HUM's fundamentals are mixed, but it looks expensive: trading at 43x earnings, about twice its usual 20x. Analysts expect strong earnings growth, though they disagree widely on how much.
HUM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Stable |
HUM's revenue is currently healthy, and its profitability and balance sheet are stable, but its cash flow is under pressure.
HUM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $171 | -62% |
| Fair | 20x | $205 | -54% |
| Expensive | 24x | $251 | -43% |
| Forward | 26x | $444 | — |
| Current | 43x | $444 | — |
Historical ranges are pointers, not guarantees.
HUM's PE is in its expensive range at 43x. If earnings grow as analysts expect, today's price would be 26x next year's earnings.
HUM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Stable | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for HUM, with profitability holding steady. However, they disagree widely on these estimates.
HUM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $17.03 | +65% |
| Q3 2026 | $10.29 | -3.8% |
| Q2 2026 | $10.58 | -19% |
| Q1 2026 | $9.37 | -34% |
| Q4 2025 | $9.84 | -1.4% |
| Q3 2025 | $10.70 | -6.7% |
| Q2 2025 | $13.06 | -8% |
| Q1 2025 | $14.17 | -13% |
| Q4 2024 | $9.98 | -50% |
HUM's earnings per share have fallen from their peak: $10.29 over the past year, against $31.20 in late 2020.
HUM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $41.2B | +26% |
| Q2 2026 | $40.9B | +26% |
| Q1 2026 | $39.6B | +23% |
| Q4 2025 | $32.5B | +11% |
| Q3 2025 | $32.6B | +11% |
| Q2 2025 | $32.4B | +9.6% |
| Q1 2025 | $32.1B | +8.4% |
| Q4 2024 | $29.2B | +10% |
HUM's revenue has grown year over year every quarter since late 2020: $41.2B last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.2% | -1.1 points |
| Q2 2026 | 3.3% | -0.1 points |
| Q1 2026 | 4.4% | -1.8 points |
| Q4 2025 | -2.5% | -0.6 points |
| Q3 2025 | 1.2% | -1.3 points |
| Q2 2025 | 3.4% | -0.5 points |
| Q1 2025 | 6.3% | +2.1 points |
| Q4 2024 | -1.9% | -0.5 points |
HUM's operating margin was 0.2% last quarter, down 1.1 points from the same quarter a year ago.
HUM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2B | +142% |
| Q2 2026 | -$558M | -148% |
| Q1 2026 | $1.1B | +380% |
| Q4 2025 | -$1.9B | -$1.2B |
| Q3 2025 | $836M | -52% |
| Q2 2025 | $1.2B | +5.3% |
| Q1 2025 | $236M | -4.1% |
| Q4 2024 | -$682M | +$6.7B |
HUM still generates free cash flow, though less than at its 2022 peak: $747M over the past year.
HUM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +935K shares |
| 1 year | +0.9% | +1.1M shares |
| 3 years | -1.7% | -2.2M shares |
| 5 years | -5.7% | -7.4M shares |
| Available history | -9.6% | -12.9M shares |
HUM has 122M diluted shares, up 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2M |
| Q2 2026 | $1M |
| Q1 2026 | $107M |
| Q4 2025 | $42M |
| Q3 2025 | — |
| Q2 2025 | $100M |
| Q1 2025 | $9M |
| Q4 2024 | $49M |
HUM spent $152M buying back its own shares over the past year, down 3.8% from the year before.
HUM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.0x | Healthy |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.0x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.2x | Moderate |
| Q4 2024 | 2.8x | Moderate |
HUM's net debt is about 2.0 years of its operating earnings (EBITDA), about the same as a year ago.
HUM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.9 | Neutral |
| Stochastic | 74.1 | Neutral |
HUM's weekly RSI is 67 (neutral) and its Stochastic is 74 (neutral).
HUM PE vs Healthcare Sector
| Metric | HUM | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 26x | 67% above |
| PE % | 100 | 29 | 71 pts above |
HUM is trading at 43x earnings, a 67% premium to the Healthcare sector's median of 26x.
HUM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $418.2 | 6.1% above |
| 20 week MA | $401.2 | 11% above |
| 50 week MA | $309.6 | 43% above |
| 100 week MA | $285.0 | 56% above |
| 200 week MA | $349.2 | 27% above |
HUM has climbed back above all five of its weekly moving averages, and it's now 27% above its 200-week average.
HUM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $371.0 | $404.8 | +9.1% |
| 2021 | $404.8 | $460.5 | +14% |
| 2022 | $460.5 | $514.0 | +12% |
| 2023 | $514.0 | $457.8 | -11% |
| 2024 | $457.8 | $255.6 | -44% |
| 2025 | $255.6 | $258.8 | +1.2% |
| 2026 YTD | $258.8 | $443.7 | +71% |
HUM has finished higher in four of the last six years. It's up 71% so far in 2026.