ADPT
Adaptive Biotechnologies Corporation
ADPT offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has a slight edge over ADPT overall, supported by lower modeled downside and stronger modeled upside.
ADPT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Unavailable |
ADPT's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
UNH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Healthy |
UNH's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
ADPT PE Valuation
ADPT has no meaningful PE right now: it lost money over the past year.
UNH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $405 | — |
| Cheap | 19x | $325 | -20% |
| Fair | 23x | $410 | +1.2% |
| Current | 23x | $405 | — |
| Expensive | 30x | $526 | +30% |
Historical ranges are pointers, not guarantees.
UNH's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
ADPT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
ADPT has the edge over UNH on the outlook, with more favorable revenue expectations.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
Analysts expect UNH's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
ADPT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.44 | +$0.09 |
| Q2 2026 | -$0.40 | +$0.41 |
| Q1 2026 | -$0.32 | +$0.63 |
| Q4 2025 | -$0.39 | +$0.69 |
| Q3 2025 | -$0.53 | +$0.81 |
| Q2 2025 | -$0.81 | +$0.66 |
| Q1 2025 | -$0.95 | +$0.54 |
| Q4 2024 | -$1.08 | +$0.48 |
ADPT is still losing money, but far less than before: $0.44 per share over the past year, against $1.65 at its worst in mid-2022.
UNH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.65 | +29% |
| Q3 2026 | $17.55 | -8.5% |
| Q2 2026 | $15.58 | -33% |
| Q1 2026 | $13.28 | -44% |
| Q4 2025 | $13.23 | -15% |
| Q3 2025 | $19.17 | +25% |
| Q2 2025 | $23.09 | +53% |
| Q1 2025 | $23.89 | +46% |
| Q4 2024 | $15.51 | -35% |
UNH has the edge over ADPT on earnings quality, reporting a profit while its opponent remains loss making.
ADPT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $83.9M | -11% |
| Q2 2026 | $71.6M | +22% |
| Q1 2026 | $70.9M | +35% |
| Q4 2025 | $71.7M | +51% |
| Q3 2025 | $94M | +102% |
| Q2 2025 | $58.9M | +36% |
| Q1 2025 | $52.4M | +25% |
| Q4 2024 | $47.5M | +3.7% |
ADPT has the edge over UNH on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.5% | -12 points |
| Q2 2026 | -22% | +21 points |
| Q1 2026 | -27% | +29 points |
| Q4 2025 | -18% | +54 points |
| Q3 2025 | 11% | +81 points |
| Q2 2025 | -43% | +67 points |
| Q1 2025 | -56% | +60 points |
| Q4 2024 | -71% | +84 points |
ADPT's operating margin was −0.5% last quarter, down 11 points from the same quarter a year ago, near the top of its range since 2019.
UNH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.7B | -0.4% |
| Q2 2026 | $112B | +0.4% |
| Q1 2026 | $111.7B | +2% |
| Q4 2025 | $113.2B | +12% |
| Q3 2025 | $113.2B | +12% |
| Q2 2025 | $111.6B | +13% |
| Q1 2025 | $109.6B | +9.8% |
| Q4 2024 | $100.8B | +6.8% |
UNH's revenue has held roughly level: $113B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +2 points |
| Q2 2026 | 7.1% | +2.5 points |
| Q1 2026 | 8.1% | -0.3 points |
| Q4 2025 | 0.3% | -7.4 points |
| Q3 2025 | 3.8% | -4.8 points |
| Q2 2025 | 4.6% | -3.4 points |
| Q1 2025 | 8.3% | +0.4 points |
| Q4 2024 | 7.7% | -0.4 points |
UNH has the edge over ADPT on profitability, with a higher operating margin.
ADPT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $7.7M | +$15.2M |
| Q2 2026 | -$7.6M | +$5.5M |
| Q1 2026 | -$10.3M | +$19.4M |
| Q4 2025 | $1.4M | +$14M |
| Q3 2025 | -$7.5M | +$19.9M |
| Q2 2025 | -$13.1M | +$5.9M |
| Q1 2025 | -$29.7M | +$10.1M |
| Q4 2024 | -$12.6M | +$15.7M |
ADPT has burned cash in almost every quarter: −$9M over the past year, against −$63M the year before.
UNH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.3B | -16% |
| Q2 2026 | $10.3B | +63% |
| Q1 2026 | $8.1B | +79% |
| Q4 2025 | $160M | -89% |
| Q3 2025 | $5.1B | -61% |
| Q2 2025 | $6.3B | +6.9% |
| Q1 2025 | $4.6B | +1037% |
| Q4 2024 | $1.5B | +$7.6B |
UNH has the edge over ADPT on cash generation, producing positive trailing cash flow while its opponent burns cash.
ADPT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +17% | +27M shares |
| 1 year | +15% | +23.7M shares |
| 3 years | +29% | +42.2M shares |
| 5 years | +33% | +46M shares |
| Available history | +48% | +60.8M shares |
ADPT has 187M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
UNH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -4M shares |
| 1 year | -0.7% | -6M shares |
| 3 years | -3.6% | -34M shares |
| 5 years | -5.5% | -53M shares |
| Available history | -6.6% | -64M shares |
UNH has the edge over ADPT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.4B |
| Q2 2026 | $1.6B |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $2.5B |
| Q1 2025 | $3B |
| Q4 2024 | $5B |
UNH spent $5B buying back its own shares over the past year, down 52% from the year before.
ADPT Net Leverage
ADPT's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
UNH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
UNH's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as a year ago.
ADPT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.8 | Neutral |
| Stochastic | 64.0 | Neutral |
ADPT's weekly RSI is 67 (neutral) and its Stochastic is 64 (neutral).
UNH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 60.0 | Neutral |
UNH's weekly RSI is 56 (neutral) and its Stochastic is 60 (neutral).
ADPT PE vs Healthcare Sector
ADPT has no meaningful PE right now: it lost money over the past year.
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH is trading at 23x earnings, a 11% discount to the Healthcare sector's median of 26x.
ADPT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $27.2 | 8.2% above |
| 20 week MA | $25.3 | 17% above |
| 50 week MA | $19.4 | 52% above |
| 100 week MA | $15.1 | 95% above |
| 200 week MA | $10.3 | 187% above |
ADPT has the edge over UNH on trend strength, trading above more of its moving averages.
UNH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $394.2 | 2.8% above |
| 20 week MA | $400.5 | 1.2% above |
| 50 week MA | $361.2 | 12% above |
| 100 week MA | $376.0 | 7.8% above |
| 200 week MA | $446.6 | 9.3% below |
UNH has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 9.3% below its 200-week average.
ADPT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.3 | $62.5 | +114% |
| 2021 | $62.5 | $28.4 | -55% |
| 2022 | $28.4 | $7.50 | -74% |
| 2023 | $7.50 | $4.90 | -35% |
| 2024 | $4.90 | $6.29 | +28% |
| 2025 | $6.29 | $16.7 | +166% |
| 2026 YTD | $16.7 | $29.5 | +77% |
ADPT has the edge over UNH on returns for 2026, with the stronger performance.
UNH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.0 | $340.8 | +15% |
| 2021 | $340.8 | $495.4 | +45% |
| 2022 | $495.4 | $531.3 | +7.3% |
| 2023 | $531.3 | $526.5 | -0.9% |
| 2024 | $526.5 | $510.0 | -3.1% |
| 2025 | $510.0 | $331.8 | -35% |
| 2026 YTD | $331.8 | $405.1 | +22% |
UNH has finished three years in a row lower, and it's up 22% so far in 2026.