AGEN
Agenus Inc.
AGEN offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over AGEN overall, supported by lower modeled downside and stronger modeled upside.
AGEN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Weak | |
| Strong |
AGEN's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
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.
AGEN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.1x | $1.52 | -78% |
| Fair | 3.1x | $2.20 | -68% |
| Current | 9.7x | $6.87 | — |
| Expensive | 15x | $10.89 | +58% |
Historical ranges are pointers, not guarantees.
AGEN's PE is 9.7x, but its earnings don't support one, so it isn't a reliable read right now.
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 has the edge over AGEN in the historical PE scenario, which offers more potential upside but is not a forecast.
AGEN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Turning to a loss | |
| Strong decline | |
| -- | |
| Limited | |
| High |
Analysts expect AGEN's earnings and revenue to decline, though with profitability holding steady.
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.
AGEN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.71 | +$2.75 |
| Q2 2026 | $2.63 | +$9.69 |
| Q1 2026 | $1.64 | +$10.22 |
| Q4 2025 | -$0.41 | +$10.18 |
| Q3 2022 | -$14.52 | -$12.16 |
| Q2 2022 | $3.34 | +$25.32 |
| Q1 2022 | -$0.59 | +$19.63 |
| Q4 2021 | -$2.16 | +$18.84 |
AGEN has the edge over UNH on earnings, with more consistent year-over-year improvement.
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's earnings per share have fallen from their peak: $17.55 over the past year, against $23.89 in early 2025.
AGEN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $31.5M | +4.1% |
| Q2 2026 | $34.5M | +34% |
| Q1 2026 | $33.7M | +40% |
| Q4 2025 | $34.2M | +27% |
| Q3 2025 | $30.2M | +20% |
| Q2 2025 | $25.7M | +9.3% |
| Q1 2025 | $24.1M | -14% |
| Q4 2024 | $26.8M | -68% |
AGEN's revenue has grown year over year for six quarters in a row: $31M last quarter, up 4.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 36% | +51 points |
| Q2 2026 | 33% | +98 points |
| Q1 2026 | 45% | +100 points |
| Q4 2025 | 42% | +139 points |
| Q3 2025 | -15% | +110 points |
| Q2 2025 | -65% | +63 points |
| Q1 2025 | -55% | +62 points |
| Q4 2024 | -96% | -92 points |
AGEN has the edge over UNH on profitability, with a higher operating margin.
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's operating margin was 5.8% last quarter, up 2 points from the same quarter a year ago.
AGEN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$20.1M | -$5.4M |
| Q2 2026 | -$31.2M | -$11M |
| Q1 2026 | -$36M | -$10.3M |
| Q4 2025 | -$16.6M | +$12.1M |
| Q3 2025 | -$14.7M | +$38.6M |
| Q2 2025 | -$20.2M | +$18.4M |
| Q1 2025 | -$25.6M | +$12.6M |
| Q4 2024 | -$28.7M | +$11.9M |
AGEN has burned cash in almost every quarter: −$104M over the past year, against −$89M 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 AGEN on cash generation, producing positive trailing cash flow while its opponent burns cash.
AGEN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +101% | +41.9M shares |
| 1 year | +196% | +55.2M shares |
| 3 years | +795% | +74M shares |
AGEN has 83M diluted shares, up 196% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $42,000 |
| Q3 2023 | $328,000 |
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 AGEN 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.
AGEN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | -0.3x | Net Cash |
| Q2 2022 | -3.6x | Net Cash |
| Q1 2022 | -6.1x | Net Cash |
| Q4 2021 | -8.6x | Net Cash |
| Q3 2021 | -3.7x | Net Cash |
AGEN has the edge over UNH on leverage, with a lower net debt burden relative to earnings.
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.
AGEN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.3 | Neutral |
| Stochastic | 22.9 | Neutral |
AGEN's weekly RSI is 54 (neutral) and its Stochastic is 23 (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).
AGEN PE vs Healthcare Sector
| Metric | AGEN | Sector median | Relative |
|---|---|---|---|
| PE | 9.7x | 26x | 62% below |
| PE % | 64 | 29 | 35 pts above |
AGEN has the edge over UNH on valuation relative to its sector.
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.
AGEN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.22 | 4.8% below |
| 20 week MA | $6.81 | 0.9% above |
| 50 week MA | $4.78 | 44% above |
| 100 week MA | $4.30 | 60% above |
| 200 week MA | $11.7 | 41% below |
AGEN's trend is mixed: it's above three of its five weekly moving averages, and 41% below its 200-week average.
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 the edge over AGEN on trend strength, trading above more of its moving averages.
AGEN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $82.8 | $67.7 | -18% |
| 2021 | $67.7 | $71.6 | +5.8% |
| 2022 | $71.6 | $49.1 | -32% |
| 2023 | $49.1 | $16.6 | -66% |
| 2024 | $16.6 | $2.75 | -83% |
| 2025 | $2.75 | $3.31 | +20% |
| 2026 YTD | $3.31 | $6.87 | +108% |
AGEN 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.