Universal Health Services management check
UHS · Health Care · Health Care Facilities · CEO Marc D. Miller
Filings as of
4 good · 0 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $163, against $284 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.95 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- n/a
What does the CEO cost owners?
Not enough dataNo pay or net income figure for the latest year.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -4.1% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Good
Is leadership stable?
5 leadership filings in 3 yearsCEO in the pay table: Marc D. Miller. 5 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Health Care.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 26 | |
| Pay for performance | 97 | 85 | |
| CEO cost | — | — | 44 |
| Skin in the game | — | — | 46 |
| Dilution | 100 | 68 | |
| Stable leadership | 100 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Health Care Facilities, by management score. Universal Health Services is 6th of 60 in its sector.
Pay versus performance
From the proxy statement filed April 9, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Marc D. Miller | $16.1m | $27.7m | $5.5m | $163 | $284 | — |
| 2024 | Marc D. Miller | $15.0m | $25.8m | $5.4m | $133 | $187 | — |
| 2023 | Marc D. Miller | $14.4m | $15.0m | $5.8m | $113 | $168 | — |
| 2022 | Marc D. Miller | $10.9m | $13.5m | $3.3m | $104 | $146 | — |
| 2021 | Marc D. Miller | $14.0m | $9.8m | $6.7m | $95 | $158 | — |
The board says pay is tied most to Adjusted earnings per share, diluted. Its other key measures: Income before income taxes for each of the acute care and behavioral health division, Return on capital, Earnings before interest, taxes, depreciation and amortization, and the impacts of other income/expense and net income attributable to noncontrolling interests ("Adjusted EBITDA net of NCI").
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- May 21, 2026Leadership change8-K 5.02
- Mar 30, 2026Leadership change8-K 5.02
- Dec 31, 2025Leadership change8-K 5.02
- Mar 20, 2025Leadership change8-K 5.02
- Mar 25, 2024Leadership change8-K 5.02
- Mar 24, 2023Leadership change8-K 5.02
- Mar 17, 2023Leadership change8-K 5.02
- Dec 7, 2022Leadership change8-K/A 5.02
- Oct 25, 2022Leadership change8-K 5.02
- Sep 22, 2022Leadership change8-K 5.02
- Mar 28, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.5bn returned to owners in buybacks and dividends, 90% of net income, and $441.8m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $12.6bn | $13.4bn | $14.3bn | $15.8bn | $17.4bn |
| Net income | $991.6m | $675.6m | $717.8m | $1.1bn | $1.5bn |
| Stock-based pay | $73.7m | $85.4m | $87.7m | $99.3m | $95.7m |
| Buybacks | $1.2bn | $832.9m | $547.4m | $670.8m | $968.0m |
| Dividends | $65.9m | $58.4m | $55.5m | $53.3m | $51.3m |
| Diluted shares | 84m | 74m | 70m | 68m | 64m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.