ELV
Elevance Health Inc.
ELV trails on the overall score without a compensating advantage in the available component scores.
UNH
UnitedHealth Group Incorporated
UNH has the edge over ELV overall, supported by stronger modeled upside and stronger valuation.
ELV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Stable |
ELV's cash flow is currently healthy, and its revenue, profitability 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.
ELV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $333 | -22% |
| Forward | 15x | $430 | — |
| Fair | 18x | $416 | -3.3% |
| Current | 18x | $430 | — |
| Expensive | 20x | $470 | +9.4% |
Historical ranges are pointers, not guarantees.
ELV 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.
ELV Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Stable | |
| Moderate | |
| Low |
Analysts expect ELV's earnings to grow, with its revenue and profitability 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 ELV on the outlook, with more favorable profitability expectations.
ELV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $28.82 | +22% |
| Q3 2026 | $23.54 | -4% |
| Q2 2026 | $22.59 | -4.2% |
| Q1 2026 | $23.60 | -8.2% |
| Q4 2025 | $25.21 | -1.8% |
| Q3 2025 | $24.53 | -11% |
| Q2 2025 | $23.57 | -18% |
| Q1 2025 | $25.70 | -3.1% |
| Q4 2024 | $25.68 | +1.8% |
ELV earned $23.54 per share over the past year, down 4% from 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's earnings per share have fallen from their peak: $17.55 over the past year, against $23.89 in early 2025.
ELV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $51.4B | +1.4% |
| Q2 2026 | $50.5B | +1.4% |
| Q1 2026 | $50.2B | +2.6% |
| Q4 2025 | $49.7B | +9.5% |
| Q3 2025 | $50.7B | +12% |
| Q2 2025 | $49.8B | +13% |
| Q1 2025 | $48.9B | +15% |
| Q4 2024 | $45.4B | +6.6% |
ELV's revenue has grown year over year every quarter since late 2020: $51.4B last quarter, up 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.5% | -0.1 points |
| Q2 2026 | 3.5% | -1.4 points |
| Q1 2026 | 4.2% | -2.3 points |
| Q4 2025 | 0.6% | -0.9 points |
| Q3 2025 | 2.5% | -0.6 points |
| Q2 2025 | 4.9% | -1.4 points |
| Q1 2025 | 6.5% | -0.6 points |
| Q4 2024 | 1.5% | -1.5 points |
ELV's operating margin was 2.5% 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 ELV on profitability, with a higher operating margin.
ELV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1B | +29% |
| Q2 2026 | $1.6B | -9% |
| Q1 2026 | $4.1B | +399% |
| Q4 2025 | -$209M | -154% |
| Q3 2025 | $775M | -67% |
| Q2 2025 | $1.8B | +1341% |
| Q1 2025 | $821M | -52% |
| Q4 2024 | $384M | +$3.7B |
ELV still generates free cash flow, though less than at its 2023 peak: $6.5B 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 ELV on cash flow, with more consistent year-over-year improvement.
ELV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -300K shares |
| 1 year | -2.7% | -6.1M shares |
| 3 years | -8% | -18.9M shares |
| 5 years | -12% | -28.4M shares |
| Available history | -16% | -42.7M shares |
ELV has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $330M |
| Q2 2026 | $234M |
| Q1 2026 | $1.1B |
| Q4 2025 | $471M |
| Q3 2025 | $876M |
| Q2 2025 | $378M |
| Q1 2025 | $880M |
| Q4 2024 | $1.8B |
ELV spent $2.2B buying back its own shares over the past year, down 45% 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.
ELV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 3.0x | Moderate |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.6x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.6x | Moderate |
ELV's net debt is about 3.0 years of its operating earnings (EBITDA), up 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 ELV on leverage, with a lower net debt burden relative to earnings.
ELV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.8 | Neutral |
| Stochastic | 68.7 | Neutral |
ELV's weekly RSI is 60 (neutral) and its Stochastic is 69 (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).
ELV PE vs Healthcare Sector
| Metric | ELV | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 26x | 29% below |
| PE % | 57 | 29 | 28 pts above |
ELV 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.
ELV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $417.4 | 3% above |
| 20 week MA | $406.3 | 5.8% above |
| 50 week MA | $373.0 | 15% above |
| 100 week MA | $368.4 | 17% above |
| 200 week MA | $424.7 | 1.2% above |
ELV 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.
ELV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $306.4 | $308.7 | +0.7% |
| 2021 | $308.7 | $455.7 | +48% |
| 2022 | $455.7 | $514.3 | +13% |
| 2023 | $514.3 | $471.6 | -8.3% |
| 2024 | $471.6 | $371.1 | -21% |
| 2025 | $371.1 | $349.9 | -5.7% |
| 2026 YTD | $349.9 | $429.9 | +23% |
ELV 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.