DH
Definitive Healthcare Corp.
DH offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over DH overall, supported by lower modeled downside and stronger modeled upside.
DH Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Under pressure | |
| Stable | |
| Weak |
DH's cash flow is currently stable, but its revenue, 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.
DH PE Valuation
DH 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.
DH Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect DH's profitability to improve, with its earnings and revenue holding steady. However, they disagree widely on these estimates.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over DH on the outlook, with more favorable earnings expectations.
DH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.19 | — |
| Q3 2026 | -$1.55 | +$0.14 |
| Q2 2026 | -$1.65 | +$1.02 |
| Q1 2026 | -$1.67 | +$2.74 |
| Q4 2025 | -$1.30 | +$2.24 |
| Q3 2025 | -$1.69 | +$1.42 |
| Q2 2025 | -$2.67 | +$0.82 |
| Q1 2025 | -$4.41 | -$2.65 |
| Q4 2024 | -$3.54 | -$1.75 |
DH is still losing money, but far less than before: $1.55 per share over the past year, against $4.41 at its worst in early 2025.
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 DH on earnings quality, reporting a profit while its opponent remains loss making.
DH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.7M | -9% |
| Q2 2026 | $55.2M | -9.1% |
| Q1 2026 | $55.9M | -5.5% |
| Q4 2025 | $61.5M | -1.2% |
| Q3 2025 | $60M | -4.2% |
| Q2 2025 | $60.8M | -4.7% |
| Q1 2025 | $59.2M | -6.8% |
| Q4 2024 | $62.3M | -5.5% |
DH's revenue has slid since its 2023 peak: $55M last quarter, down 9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -9.1% | +5.4 points |
| Q2 2026 | -12% | -5.4 points |
| Q1 2026 | -360% | -48 points |
| Q4 2025 | -43% | +117 points |
| Q3 2025 | -14% | +345 points |
| Q2 2025 | -6.9% | +573 points |
| Q1 2025 | -312% | -287 points |
| Q4 2024 | -160% | -145 points |
DH's operating margin was −9.1% last quarter, up 5.4 points from 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 has the edge over DH 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 DH on profitability, with a higher operating margin.
DH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $9M | -33% |
| Q2 2026 | $8.5M | +21% |
| Q1 2026 | $8.4M | -54% |
| Q4 2025 | -$1.7M | +$1M |
| Q3 2025 | $13.4M | -28% |
| Q2 2025 | $7M | -49% |
| Q1 2025 | $18.4M | +12% |
| Q4 2024 | -$2.8M | -167% |
DH still generates free cash flow, though less than at its 2024 peak: $24M over the past year.
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 DH on cash flow, with more consistent year-over-year improvement.
DH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +957K shares |
| 1 year | +2.9% | +3M shares |
| 3 years | -6.8% | -7.8M shares |
| 5 years | +21% | +18.5M shares |
| Available history | -9.8% | -11.5M shares |
DH has 107M diluted shares, up 2.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $9.2M |
| Q2 2025 | $19.1M |
| Q1 2025 | $21.2M |
| Q4 2024 | $7.3M |
DH hasn't bought back shares in the past year.
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 DH 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.
DH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2021 | 8.5x | High |
| Q1 2021 | 0.5x | Very low |
| Q4 2020 | 8.9x | High |
DH's net debt is about 8.5 years of its operating earnings (EBITDA).
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.
DH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.1 | Neutral |
| Stochastic | 86.0 | Overbought |
DH's weekly RSI is 60 (neutral) and its Stochastic is 86 (overbought).
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).
DH PE vs Healthcare Sector
DH 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.
DH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.06 | 18% above |
| 20 week MA | $0.91 | 37% above |
| 50 week MA | $1.26 | 0.8% below |
| 100 week MA | $2.43 | 49% below |
| 200 week MA | $5.21 | 76% below |
DH has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 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 DH on trend strength, trading above more of its moving averages.
DH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $49.0 | $28.4 | -42% |
| 2022 | $28.4 | $11.4 | -60% |
| 2023 | $11.4 | $9.94 | -13% |
| 2024 | $9.94 | $4.23 | -57% |
| 2025 | $4.23 | $2.63 | -38% |
| 2026 YTD | $2.63 | $1.25 | -52% |
DH has finished every year since 2021 lower, and it's down 52% 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 DH on returns for 2026, with the stronger performance.