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EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null}],"analysis":"보험·의료서비스 통합 기업. 2026년 +21.9%다. 본주(+21.9%)와 공급단(평균 -3.2%)이 같은 보폭으로 움직인다.","analysis_en":"UnitedHealth Group Incorporated operates across Integrated health benefits and services. It is +21.9% in 2026. The stock (+21.9%) and its supply side (avg -3.2%) are moving in step. CMS premiums are its largest revenue concentration, and its major outlays include member medical care, prescription drugs and pharmacy network payments.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investor","counterparty":"Berkshire Hathaway","counterparty_slug":"berkshire-hathaway","confidence":"high","metric":{"type":"count","unit":"shares","as_of":"2025-08-14","basis":"Berkshire Hathaway 13F의 UnitedHealth Group 보유 주식 두 행 합계","value":5039564,"period":"2025-06-30","basis_en":"Sum of Berkshire Hathaway's two UnitedHealth Group share positions reported on Form 13F","qualifier":null},"note":"Berkshire Hathaway는 2025년 2분기 말 13F에서 유나이티드헬스 그룹 주식 5,039,564주를 처음 공개했다. 두 보고 행의 평가액 합계는 약 15억 7,200만달러였다.","note_en":"Berkshire Hathaway disclosed 5,039,564 UnitedHealth Group shares in its quarter-end June 2025 Form 13F. The two reported positions had an aggregate filing value of about $1.572 billion.","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"The Korea Economic Daily","kind":"news","lang":"ko","published_at":"2025-08-15","url":"https://www.hankyung.com/article/2025081529471","title":"美 보험주 유나이티드헬스, 버핏 2.2조원 규모 순매수","title_en":"Berkshire Buys $1.6 Billion Stake in U.S. Insurer UnitedHealth","excerpt":"美 보험주 유나이티드헬스, 버핏 2.2조원 규모 순매수","excerpt_en":"Berkshire bought more than five million UnitedHealth shares, valued at about $1.6 billion."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-14","url":"https://www.sec.gov/Archives/edgar/data/1067983/000095012325008343/xslForm13F_X02/43977.xml","title":"Berkshire Hathaway Inc. Form 13F Information Table (Q2 2025)","title_en":"Berkshire Hathaway Inc. Form 13F Information Table (Q2 2025)","excerpt":"13F 정보표의 UnitedHealth Group 두 행은 1,954,900주와 3,084,664주를 보고한다.","excerpt_en":"The filing reports UnitedHealth Group positions of 1,954,900 shares and 3,084,664 shares."}]},{"direction":"revenue","counterparty":"미국 메디케어·메디케이드 서비스센터(CMS)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-03-02","basis":"FY2025 연결매출 중 CMS 보험료 매출 비중","value":44,"period":"FY2025","basis_en":"CMS premium revenue as a share of FY2025 consolidated revenue","qualifier":null},"note":"CMS는 Medicare Advantage와 Part D 등을 통해 보험료를 지급하는 최대 단일 매출원이다. FY2025 CMS 보험료는 연결매출의 44%였고, 대부분 유나이티드헬스케어 Medicare & Retirement에서 발생했다.","note_en":"CMS is the largest single revenue source through Medicare Advantage, Part D and related programs. In FY2025, CMS premiums represented 44% of consolidated revenue, mostly within UnitedHealthcare Medicare & Retirement.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm","title":"UNITEDHEALTH GROUP INC 10-K (2026-03-02)","title_en":"UNITEDHEALTH GROUP INC 10-K (2026-03-02)","excerpt":"2025년 CMS 보험료 매출은 연결매출의 44%였고, 대부분 Medicare & Retirement에서 발생했다.","excerpt_en":"Premium revenues from CMS represented 44% of UnitedHealth Group's total consolidated revenues in 2025."},{"stance":"confirms","publisher":"KFF","publisher_en":"KFF","kind":"analysis","lang":"en","published_at":"2024-11-15","url":"https://www.kff.org/medicare/medicare-advantage-2025-spotlight-a-first-look-at-plan-offerings/","title":"Medicare Advantage 2025 Spotlight: A First Look at Plan Offerings","title_en":"Medicare Advantage 2025 Spotlight: A First Look at Plan Offerings","excerpt":"KFF는 CMS 자료를 분석해 2025년 UnitedHealthcare가 2,808개 카운티에서 Medicare Advantage 플랜을 제공한다고 집계했다.","excerpt_en":"UnitedHealthcare is offering plans in 2,808 counties in 2025."}]},{"direction":"cost","counterparty":"Epic Pharmacy Network","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-18","basis":"EPN 회원 약국에 대한 비용 기반 처방 조제 상환액","value":null,"period":"FY2025","basis_en":"Cost-based prescription reimbursement paid to EPN member pharmacies","qualifier":"confirmed_no_disclosed_value"},"note":"Optum Rx는 EPN 회원 독립약국에 처방 조제비를 상환한다. 양측은 2025년에 비용 기반 상환 모델을 시작했지만 지급 총액은 공개하지 않았다.","note_en":"Optum Rx reimburses independent pharmacies represented by EPN for prescriptions. The parties began a cost-based reimbursement model in 2025, but no aggregate payment amount was disclosed.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm","title":"UNITEDHEALTH GROUP INC 10-K (2026-03-02)","title_en":"UNITEDHEALTH GROUP INC 10-K (2026-03-02)","excerpt":"Optum Rx는 대금을 받았는지와 무관하게 네트워크 약국 제공자에게 지급할 의무를 주로 부담한다.","excerpt_en":"We are primarily obligated to pay our network pharmacy providers for benefits provided to their customers."},{"stance":"confirms","publisher":"Optum","publisher_en":"Optum","kind":"ir","lang":"en","published_at":"2025-12-18","url":"https://www.optum.com/en/newsroom/pharmacy-medications/optum-rx-updates-reimbursements-community-pharmacies.html","title":"Optum Rx updates reimbursements for community pharmacies","title_en":"Optum Rx updates reimbursements for community pharmacies","excerpt":"EPN은 1,400개 약국을 대표하며 Optum Rx와 새 비용 기반 상환 모델을 시작했다.","excerpt_en":"EPN, representing 1,400 pharmacies, started a new cost-based reimbursement model with Optum Rx."}]},{"direction":"revenue","counterparty":"로드아일랜드주 보건복지국","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-04-07","basis":"로드아일랜드 Medicaid 관리의료 계약의 인두보험료 수입","value":null,"period":"SFY2025","basis_en":"Capitation premium revenue under Rhode Island's Medicaid managed care contract","qualifier":"confirmed_no_disclosed_value"},"note":"UnitedHealthcare of New England는 로드아일랜드주의 Medicaid 관리의료 서비스를 제공하고 주정부에서 인두보험료를 받는다. 공개된 계약 개정서는 SFY2025 요율 체계를 확인하지만 계약 전체 수령액은 밝히지 않는다.","note_en":"UnitedHealthcare of New England provides Rhode Island Medicaid managed care services and receives capitation premiums from the state. The public amendment confirms the SFY2025 rate framework but does not disclose aggregate contract receipts.","sources":[{"stance":"confirms","publisher":"로드아일랜드주 보건복지국","publisher_en":"Rhode Island Executive Office of Health and Human Services","kind":"filing","lang":"en","published_at":"2025-04-07","url":"https://eohhs.ri.gov/sites/g/files/xkgbur226/files/2025-04/UHC_Amend_15B_StandAlone_fully%20executed_20250407.pdf","title":"UnitedHealthcare of New England Amendment No. 15B","title_en":"UnitedHealthcare of New England Amendment No. 15B","excerpt":"이 개정서는 UnitedHealthcare of New England의 Medicaid 관리의료 서비스와 SFY2025 인두보험료율을 규정한다.","excerpt_en":"The parties desire to amend the Agreement to adjust the capitation rates for SFY 2025."}]},{"direction":"cost","counterparty":"랩코프","counterparty_slug":"labcorp","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-08","basis":"UnitedHealthcare 계약 검사기관 관계의 상대별 매출","value":null,"period":"2026 Preferred Lab Network year","basis_en":"Counterparty revenue from UnitedHealthcare's contracted laboratory relationship","qualifier":"confirmed_no_disclosed_value"},"note":"유나이티드헬스 그룹은 UnitedHealthcare를 통해 랩코프를 2026년 선호 검사기관 네트워크의 전체 검사 메뉴 제공기관으로 선정해 보험 가입자의 검사 의뢰와 보험급여 매출이 랩코프로 이어지게 했지만, 상대별 금액은 공개하지 않았다.","note_en":"UnitedHealth Group, through UnitedHealthcare, selected Labcorp as a full-test-menu provider in its 2026 Preferred Lab Network, directing covered testing volume and reimbursement to Labcorp without disclosing counterparty-specific revenue.","sources":[{"stance":"confirms","publisher":"유나이티드헬스케어","publisher_en":"UnitedHealthcare","kind":"ir","lang":"en","published_at":"2026-06-08","url":"https://www.uhcprovider.com/content/dam/provider/docs/public/reports/Preferred-Lab-Network-Frequently-Asked-Questions.pdf","title":"선호 검사기관 네트워크 자주 묻는 질문","title_en":"Preferred Lab Network Frequently Asked Questions","excerpt":"2026년 7월 1일부터 랩코프가 전체 검사 메뉴를 제공하는 선호 검사기관 네트워크에 참여한다고 명시한다.","excerpt_en":"The following labs will participate in the Preferred Lab Network, effective July 1, 2026: Laboratory Corporation of America (Labcorp)."}]},{"direction":"cost","counterparty":"퀘스트 다이아그노스틱스","counterparty_slug":"quest-diagnostics","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-06-08","basis":"UnitedHealthcare 우선 검사실 네트워크에서 발생하는 퀘스트의 상대별 매출","value":null,"period":"2026 Preferred Lab Network","basis_en":"Quest revenue attributable to participation in UnitedHealthcare's Preferred Lab Network","qualifier":"confirmed_no_disclosed_value"},"note":"유나이티드헬스 그룹은 보험 자회사 UnitedHealthcare를 통해 퀘스트를 2026년 Preferred Lab Network의 종합검사 제공자로 선정했으며, 퀘스트의 10-K도 이 네트워크 참여를 직접 확인하지만 상대별 매출은 공개하지 않았다.","note_en":"UnitedHealth Group, through its insurance subsidiary UnitedHealthcare, selected Quest as a full-test-menu provider in its 2026 Preferred Lab Network, and Quest's 10-K confirms participation but does not disclose revenue attributable to this payer.","sources":[{"stance":"confirms","publisher":"유나이티드헬스케어","publisher_en":"UnitedHealthcare","kind":"ir","lang":"en","published_at":"2026-06-08","url":"https://www.uhcprovider.com/content/dam/provider/docs/public/reports/Preferred-Lab-Network-Frequently-Asked-Questions.pdf","title":"선호 검사기관 네트워크 자주 묻는 질문","title_en":"Preferred Lab Network Frequently Asked Questions","excerpt":"2026년 7월부터 퀘스트가 종합검사 제공자로 참여한다.","excerpt_en":"Quest Diagnostics, Inc."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/1022079/000102207926000015/dgx-20251231.htm","title":"QUEST DIAGNOSTICS INC 10-K (2026-02-26)","title_en":"QUEST DIAGNOSTICS INC 10-K (2026-02-26)","excerpt":"UnitedHealthcare Preferred Lab Network가 퀘스트를 참여 사업자로 선정했다고 공시했다.","excerpt_en":"The UnitedHealthcare Preferred Lab Network, which chose us to participate."}]},{"direction":"cost","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-01-01","basis":"Optum Rx 네트워크의 Walmart·Sam's Club 약국에 대한 처방 조제 상환액","value":null,"period":"FY2025","basis_en":"Prescription reimbursement paid to Walmart and Sam's Club pharmacies in the Optum Rx network","qualifier":"confirmed_no_disclosed_value"},"note":"Walmart와 Sam's Club 약국은 Optum Rx 네트워크 약국으로 처방약을 조제하고 상환을 받는다. 공개 문서는 네트워크 참여와 Optum Rx의 일반적인 지급 의무를 각각 확인하지만 Walmart에 지급한 금액은 밝히지 않는다.","note_en":"Walmart and Sam's Club pharmacies dispense prescriptions as Optum Rx network pharmacies and receive reimbursement. Public documents establish network participation and Optum Rx's general payment obligation, but do not disclose payments to Walmart.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/731766/000073176626000062/unh-20251231.htm","title":"UNITEDHEALTH GROUP INC 10-K (2026-03-02)","title_en":"UNITEDHEALTH GROUP INC 10-K (2026-03-02)","excerpt":"Optum Rx는 네트워크 약국 제공자에게 고객 처방 혜택 대금을 지급할 의무를 주로 부담한다.","excerpt_en":"We are primarily obligated to pay our network pharmacy providers for benefits provided to their customers."},{"stance":"confirms","publisher":"Walmart","publisher_en":"Walmart","kind":"ir","lang":"en","published_at":"2025-01-01","url":"https://one.walmart.com/content/dam/themepage/pdfs/AssociateBenefitsBook-2025.pdf","title":"2025 Associate Benefits Book: Summary Plan Descriptions","title_en":"2025 Associate Benefits Book: Summary Plan Descriptions","excerpt":"Walmart의 2025 복지 문서는 Walmart와 Sam's Club 약국을 Optum Rx 네트워크 약국으로 안내한다.","excerpt_en":"OptumRx network pharmacies include Walmart, Sam's Club, and thousands of independent pharmacies."}]}]}