Unitedhealth Group Incorporated's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Unitedhealth Group Incorporated (UNH) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Unitedhealth Group Incorporated vs Its Competitors
- TTM: Trailing 12-month revenue of 450,129M vs 1,327,752M combined for its competitors (25.3% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-0.4% annualized vs trailing 12 months), vs holding steady (+1.4%) for its tracked peer group.
- Growth: Unitedhealth Group Incorporated generated 0.4% revenue growth year over year in Q2 2026, vs 6.2% for its competitors combined.
- Profitability: Its 5.1% net margin compares with 3.0% for the peer group.
- Scale: Unitedhealth Group Incorporated ranks #1 of 14 companies by market capitalization in the Accident & Health Insurance industry, holding 48.7% of industry market cap.
- Peer revenue share: Unitedhealth Group Incorporated accounted for 25.0% of combined revenue among its tracked peer group, down from 26.1% a year earlier.
- Peer differentiation: Revenue per employee of $1.15M compares with $1.52M for the peer group (0.8x).
- Structure: Unitedhealth Group Incorporated operates in the following segments: UnitedHealthcare, Total Optum, Optum Rx, Optum Health, Optum Insight, Corporate and Unallocated.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
UNH Sales vs. its Competitors, Q2 2026
Unitedhealth Group Incorporated reported revenue growth of 0.37 % year on year in Q2 2026, below its competitors' combined revenue growth of 6.23 %.
With a net margin of 5.06 %, Unitedhealth Group Incorporated achieved higher profitability than its competitors (3.01 %).
Unitedhealth Group Incorporated generated 24.97 % of the combined sales of its peer group, down from 26.05 % a year earlier.
Unitedhealth Group Incorporated vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Unitedhealth Group Incorporated reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Unitedhealth Group Incorporated and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Unitedhealth Group Incorporated | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (12) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Unitedhealth Group Incorporated's competitor groups requires a Commercial License.
For context: the Accident & Health Insurance industry grew revenue 6.5% year over year, combined, vs 0.4% for Unitedhealth Group Incorporated. Unitedhealth Group Incorporated's share of combined industry revenue moved from 31.36% to 29.54%, a loss of 1.81 percentage points.
Unitedhealth Group Incorporated's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Unitedhealth Group Incorporated | Yes | Yes | No | No |
| Competitors combined (30) | ||||
| High-Confidence Competitors (17) | ||||
| Similar-Size Competitors (5) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
UNH Stock Performance relative to its Competitors
UNH Stock Performance relative to High-Confidence Competitors
UNH Stock Performance relative to Similar-Size Competitors
UNH Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Agilon Health Inc | 282.9% | Outperformed |
| 2 | Marpai Inc | 282.9% | Outperformed |
| 3 | Centene Corporation | 282.9% | Outperformed |
| 4 | Humana Inc | 282.9% | Outperformed |
| 5 | Cno Financial Group Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Unitedhealth Group Incorporated's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Unitedhealth Group Incorporated's Comment on Competition and Industry Peers
As a diversified health and well-being services company, we operate in highly competitive markets. Our competitors include managed health care companies, insurance companies, HMOs, TPAs and business services outsourcing companies, health care professionals that have formed networks to contract directly with employers or with CMS, specialty benefit providers, government entities, disease management companies, and various health information and consulting companies. For our UnitedHealthcare businesses, our competitors include Aetna Inc., Cigna Corporation, Health Net, Inc., Humana Inc., Kaiser Permanente, WellPoint, Inc., numerous for-profit and not-for-profit organizations operating under licenses from the Blue Cross Blue Shield Association, and, with respect to our Brazilian operations, several established competitors in Brazil, and other enterprises that serve more limited geographic areas. For our OptumRx businesses, our competitors include CVS Caremark Corporation, Express Scripts, Inc. and Catamaran Corporation. New entrants into the markets in which we compete, as well as consolidation within these markets, also contribute to a competitive environment. We compete on the basis of the sales, marketing and pricing of our products and services; product innovation; consumer engagement and satisfaction; the level and quality of products and services; care delivery; network and clinical management capabilities; market share; product distribution systems; efficiency of administration operations; financial strength; and marketplace reputation.
Publicly Traded Peers of Unitedhealth Group Incorporated
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Unitedhealth Group Incorporated |
366,422.64 | 450,129.00 |
 Cvs Health Corporation |
117,644.67 | 415,086.00 |
 Futu Holdings Ltd |
116,036.18 | 2,935.37 |
 Elevance Health Inc |
90,032.00 | 201,831.00 |
 The Cigna Group |
77,984.93 | 282,382.00 |
 Metlife Inc |
65,123.42 | 79,403.00 |
| SUBTOTAL | 1,093,294.21 | 2,073,487.06 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Unitedhealth Group Incorporated versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Unitedhealth Group Incorporated's Competitors Named by the Company
Competitive relationships identified from Unitedhealth Group Incorporated reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Astrana Health Inc | Company report | 85% |
| Molina Healthcare Inc | Company report | 85% |
| Dlh Holdings Corp | Company report | 85% |
| Healthequity Inc | Company report | 85% |
| Brightspring Health Services Inc | Company report | 85% |
| Option Care Health Inc | Company report | 85% |
| The Cigna Group | Company report | 85% |
| Leidos Holdings Inc | Company report | 85% |
| Iqvia Holdings Inc | Company report | 85% |
| Health Catalyst Inc | Company report | 85% |
| Surgery Partners Inc | Company report | 85% |
| Msp Recovery Inc | Company report | 85% |
| LIFW | Company report | 85% |
| AMBC | Company report | 85% |
| Accolade Inc | Company report | 85% |
| Maximus Inc | Company report | 85% |
| Cerner Corporation | Company report | 85% |
| UnitedHealthcare Medicare & Retirement | Company report | 85% |
| Sanofi | Company report | 85% |
| Cvs Health Corporation | Company report | 85% |
| Adapthealth Corp | Company report | 85% |
| Neuehealth Inc | Company report | 85% |
| Powered Brands | Company report | 85% |
| Cno Financial Group Inc | Company report | 85% |
| Privia Health Group Inc | Company report | 85% |
| Elevance Health Inc | Company report | 85% |
| Centene Corporation | Company report | 85% |
| Humana Inc | Company report | 85% |
| Unum Group | Company report | 85% |
| Walgreens Boots Alliance Inc | Company report | 85% |
| Agilon Health Inc | Company report | 85% |
| Triple s Management Corporation | Company report | 85% |
| Sharecare Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Unitedhealth Group Incorporated's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Unitedhealth Group Incorporated's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Unitedhealth Group Incorporated | UnitedHealthcare 76.61 % |
| Cvs Health Corporation | Health Services 48.03 % |
| Elevance Health Inc | Reportable 100.00 % |
| The Cigna Group | Evernorth 85.32 % |
| Metlife Inc | Group Benefits 36.13 % |
| Aflac Incorporated | Aflac Japan 52.49 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Unitedhealth Group Incorporated's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Unitedhealth Group Incorporated | 366,423 | 1,154,177 | 38,236 |
| Cvs Health Corporation | 117,645 | 1,383,620 | 16,283 |
| Futu Holdings Ltd | 116,036 | 14,531,554 | 7,211,243 |
| Elevance Health Inc | 90,032 | 2,078,589 | 52,873 |
| The Cigna Group | 77,985 | 4,171,078 | 102,555 |
| Metlife Inc | 65,123 | 1,726,152 | 79,543 |
| PEERS TOTAL | 726,872 | 1,518,593 | 24,915 |
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Unitedhealth Group Incorporated's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Omnicell inc | United States 89.89 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Unitedhealth Group Incorporated's Position in Industry Market Structure
Market-capitalization share and concentration across all 14 companies in Unitedhealth Group Incorporated's industry classification, broader than the peer set above. Market cap in millions of $.Unitedhealth Group Incorporated ranks #1 of 14 companies by market capitalization in its industry, holding 48.67 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,773, indicating a highly concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Unitedhealth Group Incorporated | 366,423 | 48.67 % |
| 2 | Elevance Health Inc | 90,156 | 11.97 % |
| 3 | The Cigna Group | 77,985 | 10.36 % |
| 4 | Aflac Incorporated | 62,712 | 8.33 % |
| 5 | Humana Inc | 1,234 | 5.2% |
| 6 | Centene Corporation | 1,234 | 5.2% |
| 7 | Principal Financial Group inc | 1,234 | 5.2% |
| 8 | Unum Group | 1,234 | 5.2% |
| 9 | Oscar Health Inc | 1,234 | 5.2% |
| 10 | Molina Healthcare Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Unitedhealth Group Incorporated's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-03.
Unitedhealth Group Incorporated's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Unitedhealth Group Incorporated | 366,423 | 17.16 % |
| 2 | Elevance Health Inc | 90,156 | 30.51 % |
| 3 | The Cigna Group | 1,234 | 12.3% |
| 4 | Aflac Incorporated | 1,234 | 12.3% |
| 5 | Humana Inc | 1,234 | 12.3% |
| 6 | Centene Corporation | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Unitedhealth Group Incorporated's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-03. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Unitedhealth Group Incorporated's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Accident & Health Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (16 companies). See the full Accident & Health Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.89 % | 12.52 % (avg) | -11.6 pp |
| Operating Margin | 0.05 % | industry median | -1.9 pp |
| EBITDA Margin | 0.06 % | 2.45 % (avg) | -2.4 pp |
| Capital Intensity (Capex / Revenue) | 0.76 % | 0.55 % (avg) | +0.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Unitedhealth Group Incorporated's Valuation vs Competitive Position
Valuation multiples vs the Accident & Health Insurance industry average (16 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Accident & Health Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 23.8x | 28.5x | -4.6x |
| EV / EBITDA | 15.2x | 14.7x | +0.5x |
| P/B | 3.3x | 3.1x | +0.2x |
| Return on Equity | 0.14 % | industry aggregate | -10.91 % |
| Return on Invested Capital | 0.12 % | 9.96 % (avg) | -9.84 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Unitedhealth Group Incorporated's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 8.83 % | 12.47 % | 7.03 % | 13.87 % | 12.71 % | 14.64 % | 7.71 % | 11.81 % |
| Operating Margin | 7.56 % | 7.67 % | 8.13 % | 8.33 % | 8.77 % | 8.71 % | 6.13 % | 4.24 % |
| Return on Invested Capital | 11.74 % | 11.92 % | 11.95 % | 11.76 % | 12.85 % | 12.52 % | 8.74 % | 6.37 % |
| P/E | 20.8x | 21.4x | 19.7x | 25.9x | 24.5x | 22.4x | 36.7x | 25.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Unitedhealth Group Incorporated's Strategic Group Map
Unitedhealth Group Incorporated is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Unitedhealth Group Incorporated's trailing-12-month revenue growth of 6.5% and operating margin of 0.0% compares with an average of 6.4% growth and 0.1% margin across its 8 closest peers by combined growth, margin and ROIC -- Unitedhealth Group Incorporated sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Unitedhealth Group Incorporated's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Unitedhealth Group Incorporated falls in the Cash Cow quadrant: relative market share of 4.06x vs its largest competitor, in an industry growing revenue 9.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Unitedhealth Group Incorporated's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 2,773 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 0.76 % vs industry average 0.55 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Unitedhealth Group Incorporated's dedicated Suppliers and Customers pages, not here.
Unitedhealth Group Incorporated's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Unitedhealth Group Incorporated falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Unitedhealth Group Incorporated's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 14, 48.67 % share).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 10.9 points below the industry aggregate.
Opportunities
No rule matched.
Threats
- Losing revenue share to the broader industry (-1.8 points over the past year).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Unitedhealth Group Incorporated's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Unitedhealth Group Incorporated | 0.24 | 0.81 | 0.75 |
| Cvs Health Corporation | 0.11 | 0.85 | 0.83 |
| Futu Holdings Ltd | 0.06 | 1.19 | 0.30 |
| Elevance Health Inc | 0.23 | 1.50 | 0.71 |
| The Cigna Group | 0.12 | 0.82 | 0.76 |
| Metlife Inc | 0.08 | 0.29 | 0.70 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Unitedhealth Group Incorporated's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Unitedhealth Group Incorporated | Q2 2026 | +0.4 % | +58.7 % |
| Cvs Health Corporation | Q2 2026 | +7.3 % | +195.7 % |
| Futu Holdings Ltd | Q4 2025 | +67.8 % | +107.9 % |
| Elevance Health Inc | Q3 2026 | +1.4 % | +15.0 % |
| The Cigna Group | Q2 2026 | +6.7 % | +22.4 % |
| Metlife Inc | Q2 2026 | +10.5 % | +6.0 % |
| PEERS TOTAL | +5.7 % | +207.2 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Unitedhealth Group Incorporated's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Unitedhealth Group Incorporated | Q2 2026 | +2.7 % | -9.8 % |
| Cvs Health Corporation | Q2 2026 | +9.0 % | +13.8 % |
| Futu Holdings Ltd | Q4 2025 | +29.0 % | -67.4 % |
| Elevance Health Inc | Q3 2026 | +4.8 % | -25.8 % |
| The Cigna Group | Q2 2026 | +6.4 % | - |
| Metlife Inc | Q2 2026 | +1,959.3 % | - |
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Unitedhealth Group Incorporated's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Unitedhealth Group Incorporated | 4.78% | 7.51% | 14.55% |
| Cvs Health Corporation | 1.92% | 2.81% | 6.39% |
| Futu Holdings Ltd | 4.96% | 19.74% | 28.34% |
| Elevance Health Inc | 4.09% | 6.32% | 11.54% |
| The Cigna Group | 4.44% | 6.84% | 16.41% |
| Metlife Inc | 0.49% | 0.77% | 12.93% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Unitedhealth Group Incorporated's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Unitedhealth Group Incorporated | 26.02 | 0.81 |
| Cvs Health Corporation | 24.06 | 0.28 |
| Futu Holdings Ltd | 79.54 | 39.53 |
| Elevance Health Inc | 17.67 | 0.45 |
| The Cigna Group | 12.25 | 0.28 |
| Metlife Inc | 19.32 | 0.82 |
| PEERS AVERAGE | 26.32 | 0.53 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.