BHC
Bausch Health Companies Inc.
BHC offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over BHC overall, supported by lower modeled downside and stronger modeled upside.
BHC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Strong | |
| Weak |
BHC's revenue and cash flow are currently healthy, but its profitability and balance sheet are 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.
BHC PE Valuation
BHC 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.
BHC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect BHC's earnings, revenue and profitability to hold roughly steady.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over BHC on the outlook, with more favorable earnings and profitability expectations.
BHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.30 | — |
| Q3 2026 | -$2.29 | -339% |
| Q2 2026 | -$2.96 | -1284% |
| Q1 2026 | -$3.24 | -$3.12 |
| Q4 2025 | $0.42 | +$0.55 |
| Q3 2025 | $0.96 | +$1.44 |
| Q2 2025 | $0.25 | +$1.53 |
| Q1 2025 | -$0.12 | +$1.12 |
| Q4 2024 | -$0.13 | +$1.49 |
BHC has swung to a loss: it lost $2.29 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 BHC on earnings quality, reporting a profit while its opponent remains loss making.
BHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.9B | +9.7% |
| Q2 2026 | $2.9B | +13% |
| Q1 2026 | $2.5B | +12% |
| Q4 2025 | $2.8B | +9.3% |
| Q3 2025 | $2.7B | +6.8% |
| Q2 2025 | $2.5B | +5.3% |
| Q1 2025 | $2.3B | +4.9% |
| Q4 2024 | $2.6B | +6.3% |
BHC's revenue has grown year over year for 15 quarters in a row: $2.9B last quarter, up 9.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 33% | +10 points |
| Q2 2026 | 26% | +8.4 points |
| Q1 2026 | -38% | -50 points |
| Q4 2025 | 17% | -4.9 points |
| Q3 2025 | 23% | +10 points |
| Q2 2025 | 18% | +1.4 points |
| Q1 2025 | 12% | -0.8 points |
| Q4 2024 | 22% | +6.8 points |
BHC 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.
BHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $748M | +138% |
| Q2 2026 | $593M | +212% |
| Q1 2026 | $121M | +26% |
| Q4 2025 | $403M | -19% |
| Q3 2025 | $314M | -6% |
| Q2 2025 | $190M | -37% |
| Q1 2025 | $96M | -26% |
| Q4 2024 | $495M | +70% |
BHC generated $1.9B in free cash flow over the past year, up 70% from 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 BHC on cash flow, with more consistent year-over-year improvement.
BHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +2.6M shares |
| 1 year | +1.4% | +5.2M shares |
| 3 years | +4.2% | +15.3M shares |
| 5 years | +4.6% | +16.7M shares |
| Available history | +8.1% | +28.6M shares |
BHC has 381M diluted shares, up 1.4% 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 BHC 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.
BHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.6x | High |
| Q2 2026 | 9.2x | High |
| Q1 2026 | 10.9x | High |
| Q4 2025 | 6.5x | High |
| Q3 2025 | 6.3x | High |
| Q2 2025 | 7.1x | High |
| Q1 2025 | 7.3x | High |
| Q4 2024 | 7.3x | High |
BHC's net debt is about 7.6 years of its operating earnings (EBITDA), up from 6.3 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 BHC on leverage, with a lower net debt burden relative to earnings.
BHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.2 | Overbought |
| Stochastic | 78.2 | Neutral |
BHC's weekly RSI is 71 (overbought) and its Stochastic is 78 (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).
BHC PE vs Healthcare Sector
| Metric | BHC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
BHC 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.
BHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.86 | 20% above |
| 20 week MA | $6.22 | 33% above |
| 50 week MA | $6.00 | 38% above |
| 100 week MA | $6.22 | 33% above |
| 200 week MA | $7.03 | 17% above |
BHC 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.
BHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.7 | $20.3 | -32% |
| 2021 | $20.3 | $28.0 | +38% |
| 2022 | $28.0 | $6.33 | -77% |
| 2023 | $6.33 | $8.02 | +27% |
| 2024 | $8.02 | $7.65 | -4.6% |
| 2025 | $7.65 | $7.20 | -5.9% |
| 2026 YTD | $7.20 | $8.25 | +15% |
BHC has finished lower in four of the last six years. It's up 15% 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 BHC on returns for 2026, with the stronger performance.