UnitedHealth Stock Has Quietly Soared 80% off Its Low. Is the Worst Finally Behind It?

UnitedHealth stock has rebounded 80% from its 2025 low of $234.60 to near $427, outpacing the S&P 500. The company's medical care ratio improved and management raised 2026 earnings guidance, signaling operational stabilization. However, the stock's forward P/E ratio has risen to 23 from 13, and an unresolved Department of Justice investigation into Medicare Advantage billing practices creates uncertainty. The analyst suggests the easy gains have been made and recommends watching from the sidelines.