ALVO
Alvotech
ALVO's outlook is improving, though it still trails on the overall score.
UNH
UnitedHealth Group Incorporated
UNH has the edge over ALVO overall, supported by stronger fundamentals and lower modeled downside.
ALVO Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| Weak | |
| Weak |
ALVO's revenue, profitability, cash flow and balance sheet are all currently under pressure.
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.
ALVO PE Valuation
ALVO has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 19x next year's earnings.
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.
ALVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
ALVO 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.
ALVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.25 | — |
| Q2 2026 | -$0.63 | -432% |
| Q1 2026 | -$0.34 | -200% |
| Q4 2025 | $0.00 | +$0.83 |
| Q3 2025 | $0.21 | +$1.86 |
| Q3 2024 | -$1.65 | +$0.56 |
| Q1 2021 | -$4.90 | -$4.07 |
| Q4 2020 | -$0.69 | +$0.19 |
ALVO has swung to a loss: it lost $0.63 per share over the past year, after a profit the year before.
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 ALVO on earnings quality, reporting a profit while its opponent remains loss making.
ALVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $105.8M | -39% |
| Q1 2026 | $105.9M | -20% |
| Q4 2025 | $166.4M | +10% |
| Q3 2025 | $114M | +11% |
| Q2 2025 | $173.2M | -13% |
| Q1 2025 | $132.8M | +260% |
| Q4 2024 | $151.2M | +183% |
| Q3 2024 | $102.9M | +478% |
ALVO's revenue has slid since its 2024 peak: $106M last quarter, down 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -11% | -22 points |
| Q1 2026 | 9.1% | +1.1 points |
| Q4 2025 | 29% | +20 points |
| Q3 2025 | 1.2% | -11 points |
| Q2 2025 | 10% | -36 points |
| Q1 2025 | 8% | +139 points |
| Q4 2024 | 8.9% | +157 points |
| Q3 2024 | 12% | +511 points |
ALVO's operating margin was −11% last quarter, down 22 points from the same quarter a year ago.
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 ALVO on profitability, with a higher operating margin.
ALVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$47.7M | -213% |
| Q1 2026 | -$106.6M | -$95.8M |
| Q4 2025 | -$71.5M | -$1.2M |
| Q3 2025 | -$74.5M | +$11M |
| Q2 2025 | $42.1M | +$99.8M |
| Q1 2025 | -$10.8M | +$69.2M |
| Q4 2024 | -$70.3M | +$7.4M |
| Q3 2024 | -$85.5M | +$38.4M |
ALVO has burned cash in almost every quarter: −$300M over the past year, against −$124M 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 ALVO on cash generation, producing positive trailing cash flow while its opponent burns cash.
ALVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +8% | +26.5M shares |
| 1 year | +14% | +43.4M shares |
| 3 years | +56% | +128M shares |
| 5 years | +1042% | +326M shares |
| Available history | +46% | +113M shares |
ALVO has 357M diluted shares, up 14% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ALVO hasn't bought back shares in the past year.
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 ALVO 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.
ALVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 200.4x | High |
| Q1 2026 | 23.3x | High |
| Q4 2025 | 8.8x | High |
| Q3 2025 | 11.3x | High |
| Q2 2025 | 5.4x | High |
| Q1 2025 | 8.6x | High |
| Q3 2022 | 8.1x | High |
ALVO's net debt is more than 20 years of its operating earnings (EBITDA), up from 5.4 years a year ago.
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 has the edge over ALVO on leverage, with a lower net debt burden relative to earnings.
ALVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.9 | Neutral |
| Stochastic | 40.7 | Neutral |
ALVO's weekly RSI is 50 (neutral) and its Stochastic is 41 (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).
ALVO PE vs Healthcare Sector
| Metric | ALVO | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
ALVO 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.
ALVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.09 | 8.3% below |
| 20 week MA | $4.60 | 1.5% above |
| 50 week MA | $4.33 | 7.9% above |
| 100 week MA | $6.96 | 33% below |
| 200 week MA | $9.28 | 50% below |
ALVO's trend is mixed: it's above two of its five weekly moving averages, and 50% 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 ALVO on trend strength, trading above more of its moving averages.
ALVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $9.70 | $10.0 | +3.1% |
| 2023 | $10.0 | $11.5 | +15% |
| 2024 | $11.5 | $12.7 | +10% |
| 2025 | $12.7 | $5.26 | -58% |
| 2026 YTD | $5.26 | $4.67 | -11% |
ALVO has finished higher in three of the last four years. It's down 11% so far in 2026.
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 the edge over ALVO on returns for 2026, with the stronger performance.