ETON
Eton Pharmaceuticals, Inc.
ETON has the edge over UNH overall, supported by stronger fundamentals.
UNH
UnitedHealth Group Incorporated
UNH has lower modeled downside risk, despite its lower overall score.
ETON Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
ETON's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
ETON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $61.45 | — |
| Current | 41x | $61.45 | — |
| Cheap | 79x | $121 | +97% |
| Fair | 85x | $130 | +111% |
| Expensive | 149x | $227 | +269% |
Historical ranges are pointers, not guarantees.
ETON 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.
ETON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
ETON has the edge over UNH on the outlook, with more favorable revenue expectations.
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.
ETON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.51 | +65% |
| Q3 2026 | $1.52 | +$1.77 |
| Q2 2026 | $0.39 | +$0.55 |
| Q1 2026 | -$0.06 | +$0.12 |
| Q4 2025 | -$0.17 | -$0.02 |
| Q3 2025 | -$0.25 | -$0.03 |
| Q2 2025 | -$0.16 | +$0.10 |
| Q1 2025 | -$0.18 | -550% |
| Q4 2022 | -$0.35 | -$0.27 |
ETON 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.
ETON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $57.9M | +158% |
| Q2 2026 | $37.6M | +99% |
| Q1 2026 | $24.3M | +40% |
| Q4 2025 | $21.3M | +83% |
| Q3 2025 | $22.5M | +118% |
| Q2 2025 | $18.9M | +109% |
| Q1 2025 | $17.3M | +117% |
| Q4 2024 | $11.6M | +59% |
ETON has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +46 points |
| Q2 2026 | 34% | +42 points |
| Q1 2026 | 10% | +13 points |
| Q4 2025 | 12% | +6.2 points |
| Q3 2025 | -6.1% | -11 points |
| Q2 2025 | -7.8% | +25 points |
| Q1 2025 | -2.7% | +7.3 points |
| Q4 2024 | 5.4% | +33 points |
ETON 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'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's operating margin was 5.8% last quarter, up 2 points from the same quarter a year ago.
ETON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $35.2M | +200% |
| Q2 2026 | $7.3M | -8.8% |
| Q1 2026 | $7.3M | +251% |
| Q4 2025 | -$11.6M | -$10.8M |
| Q3 2025 | $11.7M | +298% |
| Q2 2025 | $8M | +534% |
| Q1 2025 | $2.1M | +$4.6M |
| Q4 2024 | -$777K | -301% |
ETON generated $38M in free cash flow over the past year, up 82% 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 still generates free cash flow, though less than at its 2022 peak: $22.8B over the past year.
ETON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +477K shares |
| 1 year | +24% | +6.4M shares |
| 3 years | +32% | +8.1M shares |
| 5 years | +58% | +12.2M shares |
ETON has 33M diluted shares, up 24% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2020 | — |
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 ETON 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.
ETON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 1.8x | Healthy |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | -9.6x | Net Cash |
| Q2 2025 | 2.6x | Moderate |
| Q1 2024 | -7.9x | Net Cash |
| Q3 2023 | -7.1x | Net Cash |
ETON 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.
ETON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.9 | Neutral |
| Stochastic | 58.6 | Neutral |
ETON's weekly RSI is 70 (neutral) and its Stochastic is 59 (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).
ETON PE vs Healthcare Sector
| Metric | ETON | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 26x | 57% above |
| PE % | 4 | 29 | 25 pts below |
ETON is trading at 41x earnings, a 57% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
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 ETON on valuation relative to its sector.
ETON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $54.8 | 12% above |
| 20 week MA | $52.1 | 18% above |
| 50 week MA | $34.3 | 79% above |
| 100 week MA | $25.2 | 144% above |
| 200 week MA | $14.9 | 313% above |
ETON 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.
ETON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.02 | $8.78 | +25% |
| 2021 | $8.78 | $4.26 | -51% |
| 2022 | $4.26 | $3.05 | -28% |
| 2023 | $3.05 | $4.38 | +44% |
| 2024 | $4.38 | $13.1 | +198% |
| 2025 | $13.1 | $16.8 | +29% |
| 2026 YTD | $16.8 | $61.5 | +265% |
ETON 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.