ARQT
Arcutis Biotherapeutics, Inc.
ARQT has the edge over UNH overall, supported by stronger fundamentals.
UNH
UnitedHealth Group Incorporated
UNH has lower modeled downside risk, despite its lower overall score.
ARQT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Weak |
ARQT's revenue, profitability and cash flow are currently healthy, but its balance sheet 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.
ARQT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 41x | $27.53 | — |
| Cheap | 110x | $24.27 | -12% |
| Fair | 116x | $25.54 | -7.2% |
| Current | 125x | $27.53 | — |
| Expensive | 129x | $28.33 | +2.9% |
Historical ranges are pointers, not guarantees.
ARQT has the edge over UNH in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
ARQT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
ARQT 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.
ARQT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.67 | +206% |
| Q3 2026 | $0.22 | +$0.58 |
| Q2 2026 | $0.22 | +$0.97 |
| Q1 2026 | -$0.02 | +$1.02 |
| Q4 2025 | -$0.13 | +$1.03 |
| Q3 2025 | -$0.36 | +$1.29 |
| Q2 2025 | -$0.75 | +$1.30 |
| Q1 2025 | -$1.04 | +$1.75 |
| Q4 2024 | -$1.16 | +$2.62 |
ARQT 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.
ARQT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $143.9M | +45% |
| Q2 2026 | $129.9M | +59% |
| Q1 2026 | $105.4M | +60% |
| Q4 2025 | $129.5M | +81% |
| Q3 2025 | $99.2M | +122% |
| Q2 2025 | $81.5M | +164% |
| Q1 2025 | $65.8M | +33% |
| Q4 2024 | $71.4M | +428% |
ARQT has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.6% | -2 points |
| Q2 2026 | 13% | +31 points |
| Q1 2026 | -8.6% | +29 points |
| Q4 2025 | 14% | +25 points |
| Q3 2025 | 8.6% | +96 points |
| Q2 2025 | -18% | +144 points |
| Q1 2025 | -37% | +27 points |
| Q4 2024 | -11% | +442 points |
ARQT 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.
ARQT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18.8M | +$20.6M |
| Q2 2026 | $12.5M | +4974% |
| Q1 2026 | $2.2M | +$33.2M |
| Q4 2025 | $26.2M | +$26.9M |
| Q3 2025 | -$1.8M | +$33.1M |
| Q2 2025 | $246K | +$45.4M |
| Q1 2025 | -$31M | +$615K |
| Q4 2024 | -$748K | +$55.5M |
ARQT 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.
ARQT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +938K shares |
| 1 year | +7.7% | +9.8M shares |
| 3 years | +124% | +75.7M shares |
| 5 years | +189% | +89.6M shares |
| Available history | +259% | +98.7M shares |
ARQT has 137M diluted shares, up 7.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
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 ARQT 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.
ARQT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2024 | 12.5x | High |
| Q1 2024 | 0.1x | Very low |
| Q4 2023 | 0.8x | Very low |
| Q3 2023 | 0.7x | Very low |
ARQT's net debt is about 13 years of its operating earnings (EBITDA).
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.
ARQT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.0 | Neutral |
| Stochastic | 48.9 | Neutral |
ARQT's weekly RSI is 53 (neutral) and its Stochastic is 49 (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).
ARQT PE vs Healthcare Sector
| Metric | ARQT | Sector median | Relative |
|---|---|---|---|
| PE | 125x | 26x | 384% above |
ARQT is trading at 125x earnings, a 384% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
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 ARQT on valuation relative to its sector.
ARQT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $28.0 | 1.6% below |
| 20 week MA | $26.7 | 3.2% above |
| 50 week MA | $25.7 | 7.2% above |
| 100 week MA | $21.0 | 31% above |
| 200 week MA | $15.0 | 84% above |
ARQT's trend is up, with a small recent dip: it's below only its 8-week average, and 84% above 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 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.
ARQT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.8 | $29.6 | +36% |
| 2021 | $29.6 | $20.1 | -32% |
| 2022 | $20.1 | $14.3 | -29% |
| 2023 | $14.3 | $3.23 | -77% |
| 2024 | $3.23 | $14.3 | +343% |
| 2025 | $14.3 | $29.0 | +103% |
| 2026 YTD | $29.0 | $27.5 | -5% |
ARQT's yearly returns have swung widely, from +343% in 2024 to −77% in 2023. It's down 5% 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 ARQT on returns for 2026, with the stronger performance.