CHE
Chemed Corporation
CHE has a slight edge over UNH overall, supported by stronger fundamentals and lower modeled downside.
UNH
UnitedHealth Group Incorporated
UNH offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
CHE Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Healthy |
CHE's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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.
CHE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $550 | — |
| Cheap | 24x | $500 | -9.2% |
| Current | 26x | $550 | — |
| Fair | 29x | $602 | +9.5% |
| Expensive | 34x | $710 | +29% |
Historical ranges are pointers, not guarantees.
CHE 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.
CHE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for CHE, with profitability 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.
CHE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $27.06 | +30% |
| Q3 2026 | $20.87 | +10% |
| Q2 2026 | $19.88 | +2.3% |
| Q1 2026 | $18.32 | -11% |
| Q4 2025 | $18.34 | -7.8% |
| Q3 2025 | $18.89 | -4.6% |
| Q2 2025 | $19.43 | -1.5% |
| Q1 2025 | $20.51 | +10% |
| Q4 2024 | $19.89 | +11% |
CHE 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.
CHE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $690.9M | +11% |
| Q2 2026 | $673.3M | +8.8% |
| Q1 2026 | $657.5M | +1.6% |
| Q4 2025 | $639.3M | -0.1% |
| Q3 2025 | $624.9M | +3.1% |
| Q2 2025 | $618.8M | +3.8% |
| Q1 2025 | $646.9M | +9.8% |
| Q4 2024 | $640M | +9.2% |
CHE's revenue is growing: $691M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +2 points |
| Q2 2026 | 13% | +2.3 points |
| Q1 2026 | 13% | -1.8 points |
| Q4 2025 | 16% | -2 points |
| Q3 2025 | 12% | -3.2 points |
| Q2 2025 | 11% | -3.8 points |
| Q1 2025 | 15% | +2.4 points |
| Q4 2024 | 18% | -1.2 points |
CHE 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 CHE 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.
CHE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $37.9M | -43% |
| Q2 2026 | $69.3M | -44% |
| Q1 2026 | $71.1M | +265% |
| Q4 2025 | $117.2M | -23% |
| Q3 2025 | $65.9M | -14% |
| Q2 2025 | $122.8M | +85% |
| Q1 2025 | $19.5M | -73% |
| Q4 2024 | $152.2M | +57% |
CHE's free cash flow has been positive every quarter for seven years: $295M over the past year, down 18% 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 CHE on cash flow, with more consistent year-over-year improvement.
CHE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -64K shares |
| 1 year | -8.8% | -1.3M shares |
| 3 years | -14% | -2.1M shares |
| 5 years | -17% | -2.7M shares |
| Available history | -21% | -3.4M shares |
CHE has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $62.5M |
| Q2 2026 | $97.5M |
| Q1 2026 | $190M |
| Q4 2025 | $174.6M |
| Q3 2025 | $180.8M |
| Q2 2025 | $42.9M |
| Q1 2025 | $33.2M |
| Q4 2024 | $209.3M |
CHE spent $525M buying back its own shares over the past year, up 13% 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 902M diluted shares, down 0.7% from a year ago, with $5B in buybacks over the past year.
| 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.
CHE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.4x | Very low |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | -0.2x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
CHE 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.
CHE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.7 | Neutral |
| Stochastic | 65.1 | Neutral |
CHE's weekly RSI is 66 (neutral) and its Stochastic is 65 (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).
CHE PE vs Healthcare Sector
| Metric | CHE | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 26x | 2% above |
| PE % | 32 | 29 | 3 pts above |
CHE is trading at 26x earnings, in line with the Healthcare sector's median of 26x.
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 CHE on valuation relative to its sector.
CHE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $519.7 | 5.9% above |
| 20 week MA | $518.9 | 6% above |
| 50 week MA | $462.7 | 19% above |
| 100 week MA | $488.0 | 13% above |
| 200 week MA | $523.0 | 5.2% above |
CHE 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.
CHE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $438.7 | $536.7 | +22% |
| 2021 | $536.7 | $525.3 | -2.1% |
| 2022 | $525.3 | $516.2 | -1.7% |
| 2023 | $516.2 | $584.8 | +13% |
| 2024 | $584.8 | $522.8 | -11% |
| 2025 | $522.8 | $432.2 | -17% |
| 2026 YTD | $432.2 | $550.2 | +27% |
CHE 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.