ANET
Arista Networks, Inc.
ANET has the edge over UNH overall, supported by stronger fundamentals and stronger modeled upside.
UNH
UnitedHealth Group Incorporated
UNH has lower modeled downside risk, despite its lower overall score.
ANET Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
ANET's revenue, profitability, cash flow and balance sheet are all currently strong.
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.
ANET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 31x | $115 | -44% |
| Forward | 36x | $207 | — |
| Fair | 40x | $147 | -29% |
| Expensive | 52x | $194 | -6% |
| Current | 56x | $207 | — |
Historical ranges are pointers, not guarantees.
ANET's PE is in its expensive range at 56x. If earnings grow as analysts expect, today's price would be 36x next year's earnings, in its fair range.
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 ANET in the historical PE scenario, which offers more potential upside but is not a forecast.
ANET Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
ANET 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.
ANET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.67 | +53% |
| Q3 2026 | $3.71 | +41% |
| Q2 2026 | $3.16 | +24% |
| Q1 2026 | $2.91 | +23% |
| Q4 2025 | $2.75 | +23% |
| Q3 2025 | $2.64 | +27% |
| Q2 2025 | $2.55 | +32% |
| Q1 2025 | $2.37 | +32% |
| Q4 2024 | $2.23 | +35% |
ANET 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.
ANET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +58% |
| Q2 2026 | $3B | +38% |
| Q1 2026 | $2.7B | +35% |
| Q4 2025 | $2.5B | +29% |
| Q3 2025 | $2.3B | +27% |
| Q2 2025 | $2.2B | +30% |
| Q1 2025 | $2B | +28% |
| Q4 2024 | $1.9B | +25% |
ANET has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 45% | +2.5 points |
| Q2 2026 | 45% | +0.7 points |
| Q1 2026 | 43% | -0.1 points |
| Q4 2025 | 42% | +0.1 points |
| Q3 2025 | 42% | -1 points |
| Q2 2025 | 45% | +3.3 points |
| Q1 2025 | 43% | +0.8 points |
| Q4 2024 | 41% | -0.1 points |
ANET 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.
ANET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | -11% |
| Q2 2026 | $1.1B | -10% |
| Q1 2026 | $1.6B | +167% |
| Q4 2025 | $1.2B | +20% |
| Q3 2025 | $1.2B | +6.1% |
| Q2 2025 | $1.2B | +19% |
| Q1 2025 | $613.3M | +22% |
| Q4 2024 | $1B | +96% |
ANET has the edge over UNH on cash flow, with more consistent year-over-year improvement.
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 still generates free cash flow, though less than at its 2022 peak: $22.8B over the past year.
ANET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +2.2M shares |
| 1 year | +0.1% | +1.6M shares |
| 3 years | +0.6% | +7.7M shares |
| 5 years | 0% | -344K shares |
| Available history | -1.2% | -15.9M shares |
ANET has 1.3B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $620.1M |
| Q3 2025 | — |
| Q2 2025 | $195.9M |
| Q1 2025 | $787.1M |
| Q4 2024 | $123.8M |
ANET spent $620M buying back its own shares over the past year, down 44% from the year before.
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 ANET 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.
ANET Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.6x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
ANET 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.
ANET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 40.9 | Neutral |
ANET's weekly RSI is 60 (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).
ANET PE vs Technology Sector
| Metric | ANET | Sector median | Relative |
|---|---|---|---|
| PE | 56x | 28x | 100% above |
| PE % | 91 | 35 | 56 pts above |
ANET is trading at 56x earnings, a 100% premium to the Technology sector's median of 28x.
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH has the edge over ANET on valuation relative to its sector.
ANET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $190.8 | 8.3% above |
| 20 week MA | $188.0 | 9.9% above |
| 50 week MA | $160.7 | 29% above |
| 100 week MA | $136.6 | 51% above |
| 200 week MA | $99.6 | 107% above |
ANET 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.
ANET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.8 | $18.1 | +41% |
| 2021 | $18.1 | $35.5 | +96% |
| 2022 | $35.5 | $29.9 | -16% |
| 2023 | $29.9 | $58.9 | +97% |
| 2024 | $58.9 | $113.0 | +92% |
| 2025 | $113.0 | $131.8 | +17% |
| 2026 YTD | $131.8 | $206.6 | +57% |
ANET 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.