BMY
Bristol-Myers Squibb Company
BMY has the edge over UNH overall, supported by stronger fundamentals and stronger valuation.
UNH
UnitedHealth Group Incorporated
UNH offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BMY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Stable |
BMY's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
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.
BMY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.7x | $62.32 | — |
| Cheap | 14x | $65.37 | +4.9% |
| Current | 14x | $62.32 | — |
| Fair | 18x | $83.24 | +34% |
| Expensive | 25x | $114 | +83% |
Historical ranges are pointers, not guarantees.
BMY 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.
BMY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect BMY's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
BMY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.45 | +43% |
| Q3 2026 | $4.52 | +52% |
| Q2 2026 | $4.55 | +83% |
| Q1 2026 | $3.57 | +33% |
| Q4 2025 | $3.46 | +$7.87 |
| Q3 2025 | $2.97 | +$6.56 |
| Q2 2025 | $2.49 | +$5.75 |
| Q1 2025 | $2.68 | +$5.78 |
| Q4 2024 | -$4.41 | -214% |
BMY 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.
BMY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13.1B | +6.9% |
| Q2 2026 | $13B | +5.7% |
| Q1 2026 | $11.5B | +2.6% |
| Q4 2025 | $12.5B | +1.3% |
| Q3 2025 | $12.2B | +2.8% |
| Q2 2025 | $12.3B | +0.6% |
| Q1 2025 | $11.2B | -5.6% |
| Q4 2024 | $12.3B | +7.5% |
BMY's revenue has grown year over year for six quarters in a row: $13.1B last quarter, up 6.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -6.1 points |
| Q2 2026 | 32% | +17 points |
| Q1 2026 | 28% | +1.7 points |
| Q4 2025 | 12% | +10 points |
| Q3 2025 | 25% | +11 points |
| Q2 2025 | 14% | +3.9 points |
| Q1 2025 | 27% | +124 points |
| Q4 2024 | 1.4% | -13 points |
BMY 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 has the edge over BMY on sales, with stronger typical year-over-year growth.
| 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.
BMY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.8B | -36% |
| Q2 2026 | $3.1B | -13% |
| Q1 2026 | $757M | -55% |
| Q4 2025 | $1.6B | -61% |
| Q3 2025 | $6B | +14% |
| Q2 2025 | $3.6B | +72% |
| Q1 2025 | $1.7B | -34% |
| Q4 2024 | $4.1B | +3.5% |
BMY's free cash flow has been positive every quarter for seven years: $9.3B over the past year, down 39% 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 BMY on cash flow, with more consistent year-over-year improvement.
BMY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +5M shares |
| 1 year | +0.7% | +14M shares |
| 3 years | -0.5% | -11M shares |
| 5 years | -8.5% | -190M shares |
| Available history | -9.1% | -205M shares |
BMY has 2.1B diluted shares, up 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | $4B |
| Q2 2023 | $905M |
| Q1 2023 | $250M |
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 BMY 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.
BMY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.4x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.8x | Moderate |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 32.2x | High |
BMY's net debt is about 2.4 years of its operating earnings (EBITDA), down from 2.6 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 BMY on leverage, with a lower net debt burden relative to earnings.
BMY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.7 | Neutral |
| Stochastic | 49.4 | Neutral |
BMY's weekly RSI is 54 (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).
BMY PE vs Healthcare Sector
| Metric | BMY | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 47% below |
| PE % | 12 | 29 | 17 pts below |
BMY has the edge over UNH on valuation relative to its sector.
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.
BMY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $61.4 | 1.5% above |
| 20 week MA | $62.5 | 0.4% below |
| 50 week MA | $59.4 | 4.9% above |
| 100 week MA | $54.9 | 13% above |
| 200 week MA | $55.4 | 13% above |
BMY's trend is mixed: it's above four of its five weekly moving averages, and 13% 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.
BMY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $64.1 | $61.2 | -4.7% |
| 2021 | $61.2 | $62.1 | +1.5% |
| 2022 | $62.1 | $72.9 | +17% |
| 2023 | $72.9 | $51.3 | -30% |
| 2024 | $51.3 | $57.7 | +12% |
| 2025 | $57.7 | $54.6 | -5.3% |
| 2026 YTD | $54.6 | $62.3 | +14% |
BMY has finished lower in three of the last six years. It's up 14% 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 BMY on returns for 2026, with the stronger performance.