BCYC
Bicycle Therapeutics plc
BCYC offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over BCYC overall, supported by lower modeled downside and stronger modeled upside.
BCYC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
BCYC's revenue is currently healthy, 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.
BCYC PE Valuation
BCYC 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.
BCYC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect BCYC's losses to shrink, with revenue declining. However, they disagree widely on these estimates.
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.
BCYC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.03 | +$1.61 |
| Q2 2026 | -$2.73 | +$0.80 |
| Q1 2026 | -$3.15 | +$0.01 |
| Q4 2025 | -$3.16 | -$0.26 |
| Q3 2025 | -$3.64 | -$0.40 |
| Q2 2025 | -$3.53 | +$0.23 |
| Q1 2025 | -$3.16 | +$1.24 |
| Q4 2024 | -$2.90 | +$2.18 |
BCYC is still losing money, but far less than before: $2.03 per share over the past year, against $5.08 at its worst in late 2023.
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 BCYC on earnings quality, reporting a profit while its opponent remains loss making.
BCYC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $34.1M | +190% |
| Q2 2026 | $629K | -78% |
| Q1 2026 | $887K | -91% |
| Q4 2025 | $48M | +1193% |
| Q3 2025 | $11.7M | +338% |
| Q2 2025 | $2.9M | -69% |
| Q1 2025 | $10M | -49% |
| Q4 2024 | $3.7M | -30% |
BCYC's revenue is growing: $34M last quarter, up 190% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -40% | +519 points |
| Q2 2026 | -8674% | -5708 points |
| Q1 2026 | -7382% | -6679 points |
| Q4 2025 | -52% | +1773 points |
| Q3 2025 | -559% | +1827 points |
| Q2 2025 | -2966% | -2468 points |
| Q1 2025 | -704% | -541 points |
| Q4 2024 | -1825% | -807 points |
BCYC's operating margin was −40% last quarter, up 519 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 has the edge over BCYC on sales, with more consistent year-over-year improvement.
| 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 BCYC on profitability, with a higher operating margin.
BCYC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$40.6M | +$31.2M |
| Q2 2026 | -$49.9M | +$23.4M |
| Q1 2026 | -$66.6M | +$20.3M |
| Q4 2025 | -$19.9M | -$10.2M |
| Q3 2025 | -$71.8M | -$31.6M |
| Q2 2025 | -$73.3M | -$28.2M |
| Q1 2025 | -$87M | -$16.1M |
| Q4 2024 | -$9.8M | +$37.6M |
BCYC has burned cash in almost every quarter: −$177M over the past year, against −$242M 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 BCYC on cash generation, producing positive trailing cash flow while its opponent burns cash.
BCYC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +175K shares |
| 1 year | +1% | +676K shares |
| 3 years | +77% | +30.4M shares |
| 5 years | +179% | +44.9M shares |
| Available history | +290% | +52.1M shares |
BCYC has 70M diluted shares, up 1% from a year ago.
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 BCYC 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.
BCYC Net Leverage
BCYC'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.
BCYC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.2 | Neutral |
| Stochastic | 20.6 | Neutral |
BCYC's weekly RSI is 39 (neutral) and its Stochastic is 21 (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).
BCYC PE vs Healthcare Sector
BCYC 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.
BCYC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.59 | 3.9% below |
| 20 week MA | $3.89 | 11% below |
| 50 week MA | $4.79 | 28% below |
| 100 week MA | $6.92 | 50% below |
| 200 week MA | $14.4 | 76% below |
BCYC is in a downtrend: it's below all five of its weekly moving averages, and 76% 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 BCYC on trend strength, trading above more of its moving averages.
BCYC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.07 | $19.9 | +119% |
| 2021 | $19.9 | $60.3 | +203% |
| 2022 | $60.3 | $30.0 | -50% |
| 2023 | $30.0 | $18.1 | -40% |
| 2024 | $18.1 | $14.6 | -20% |
| 2025 | $14.6 | $6.82 | -53% |
| 2026 YTD | $6.82 | $3.45 | -49% |
BCYC has finished four years in a row lower, and it's down 49% 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 BCYC on returns for 2026, with the stronger performance.