CI
Cigna Corporation
CI offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has a slight edge over CI overall, supported by stronger modeled upside and stronger valuation.
CI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Healthy |
CI's balance sheet is currently healthy, and its revenue, profitability and cash flow 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.
CI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.1x | $296 | — |
| Cheap | 12x | $262 | -12% |
| Current | 13x | $296 | — |
| Fair | 14x | $327 | +10% |
| Expensive | 19x | $439 | +48% |
Historical ranges are pointers, not guarantees.
CI 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.
CI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for CI, 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.
CI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $32.62 | +44% |
| Q3 2026 | $22.66 | +0.5% |
| Q2 2026 | $24.17 | +33% |
| Q1 2026 | $23.59 | +31% |
| Q4 2025 | $22.18 | +83% |
| Q3 2025 | $22.55 | +113% |
| Q2 2025 | $18.20 | +43% |
| Q1 2025 | $17.94 | +47% |
| Q4 2024 | $12.12 | -30% |
CI 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.
CI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $73.7B | +5.6% |
| Q2 2026 | $71.7B | +6.7% |
| Q1 2026 | $68.5B | +4.6% |
| Q4 2025 | $72.5B | +10% |
| Q3 2025 | $69.7B | +9.5% |
| Q2 2025 | $67.2B | +11% |
| Q1 2025 | $65.5B | +14% |
| Q4 2024 | $65.6B | +28% |
CI has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.3% | -0.5 points |
| Q2 2026 | 3.7% | +0.3 points |
| Q1 2026 | 3.4% | +0.4 points |
| Q4 2025 | 3.2% | -0.1 points |
| Q3 2025 | 3.7% | -0.3 points |
| Q2 2025 | 3.4% | -0.6 points |
| Q1 2025 | 3% | -0.9 points |
| Q4 2024 | 3.3% | -0.7 points |
CI's operating margin was 3.3% last quarter, about level with the same quarter a year ago.
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 has the edge over CI on profitability, with a higher operating margin.
CI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | -25% |
| Q2 2026 | -$421M | +$1.5B |
| Q1 2026 | $1.1B | -41% |
| Q4 2025 | $6.1B | +18% |
| Q3 2025 | $3.4B | +7330% |
| Q2 2025 | -$1.9B | -812% |
| Q1 2025 | $1.9B | -60% |
| Q4 2024 | $5.2B | +255% |
CI generated $9.4B in free cash flow over the past year, up 8.8% 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 CI on cash flow, with more consistent year-over-year improvement.
CI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -174K shares |
| 1 year | -1.4% | -3.7M shares |
| 3 years | -11% | -33.3M shares |
| 5 years | -22% | -73.8M shares |
| Available history | -31% | -116M shares |
CI has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $251M |
| Q2 2026 | $280M |
| Q1 2026 | — |
| Q4 2025 | $1B |
| Q3 2025 | — |
| Q2 2025 | $1.1B |
| Q1 2025 | $1.5B |
| Q4 2024 | $2B |
CI spent $1.5B buying back its own shares over the past year, down 67% 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.
CI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.0x | Healthy |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 2.0x | Moderate |
CI's net debt is about 2.0 years of its operating earnings (EBITDA), down from 2.4 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 CI on leverage, with a lower net debt burden relative to earnings.
CI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.0 | Neutral |
| Stochastic | 60.8 | Neutral |
CI's weekly RSI is 56 (neutral) and its Stochastic is 61 (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).
CI PE vs Healthcare Sector
| Metric | CI | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 26x | 49% below |
| PE % | 40 | 29 | 11 pts above |
CI 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.
CI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $290.3 | 2.1% above |
| 20 week MA | $285.7 | 3.7% above |
| 50 week MA | $281.4 | 5.3% above |
| 100 week MA | $291.1 | 1.8% above |
| 200 week MA | $299.9 | 1.2% below |
CI has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 1.2% 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 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.
CI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $204.0 | $198.8 | -2.5% |
| 2021 | $198.8 | $225.9 | +14% |
| 2022 | $225.9 | $334.3 | +48% |
| 2023 | $334.3 | $299.5 | -10% |
| 2024 | $299.5 | $278.7 | -6.9% |
| 2025 | $278.7 | $276.5 | -0.8% |
| 2026 YTD | $276.5 | $296.3 | +7.1% |
CI has finished three years in a row lower, and it's up 7.1% 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 CI on returns for 2026, with the stronger performance.