EVH
Evolent Health, Inc.
EVH's outlook is improving, though it still trails on the overall score.
UNH
UnitedHealth Group Incorporated
UNH has the edge over EVH overall, supported by lower modeled downside and stronger valuation.
EVH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Stable | |
| Weak |
EVH's revenue is currently healthy, and its cash flow is stable, but its profitability and balance sheet are weak.
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.
EVH PE Valuation
EVH 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.
EVH Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for EVH, with profitability holding steady. However, they disagree widely on these estimates.
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.
EVH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.40 | — |
| Q3 2026 | -$4.54 | -$2.96 |
| Q2 2026 | -$4.57 | -$2.96 |
| Q1 2026 | -$4.76 | -$3.53 |
| Q4 2025 | -$5.15 | -$4.33 |
| Q3 2025 | -$1.58 | -$0.67 |
| Q2 2025 | -$1.61 | -$0.67 |
| Q1 2025 | -$1.23 | +$0.02 |
| Q4 2024 | -$0.82 | +$0.45 |
EVH is still losing money, but less than at its worst: $4.54 per share over the past year, against $6.11 at its worst in late 2020.
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 EVH on earnings quality, reporting a profit while its opponent remains loss making.
EVH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $725.4M | +51% |
| Q2 2026 | $652.5M | +47% |
| Q1 2026 | $496.2M | +2.6% |
| Q4 2025 | $468.7M | -28% |
| Q3 2025 | $479.5M | -23% |
| Q2 2025 | $444.3M | -31% |
| Q1 2025 | $483.6M | -24% |
| Q4 2024 | $646.5M | +16% |
EVH's revenue is growing: $725M last quarter, up 51% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.8% | -1 points |
| Q2 2026 | -1.5% | -1.2 points |
| Q1 2026 | -2.1% | -1.8 points |
| Q4 2025 | -87% | -84 points |
| Q3 2025 | 0.2% | +2.8 points |
| Q2 2025 | -0.3% | -1.5 points |
| Q1 2025 | -0.3% | +1.8 points |
| Q4 2024 | -2.9% | +1 points |
EVH's operating margin was −0.8% last quarter, down 1 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 EVH 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 EVH on profitability, with a higher operating margin.
EVH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $26.4M | +67% |
| Q2 2026 | -$9.3M | +$21M |
| Q1 2026 | -$984K | -122% |
| Q4 2025 | $48.8M | +$75M |
| Q3 2025 | $15.8M | -15% |
| Q2 2025 | -$30.3M | -242% |
| Q1 2025 | $4.6M | -7% |
| Q4 2024 | -$26.2M | -129% |
EVH's free cash flow has turned positive again: $65M over the past year, against −$36M 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 EVH on cash flow, with more consistent year-over-year improvement.
EVH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +529K shares |
| 1 year | -0.9% | -995K shares |
| 3 years | +0.7% | +789K shares |
| 5 years | +32% | +27.3M shares |
| Available history | +37% | +30.7M shares |
EVH has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
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.
EVH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 11.9x | High |
| Q2 2025 | 9.8x | High |
| Q1 2025 | 6.8x | High |
| Q4 2024 | 7.2x | High |
| Q3 2024 | 6.7x | High |
| Q2 2024 | 6.5x | High |
| Q1 2024 | 8.8x | High |
| Q4 2023 | 7.7x | High |
EVH's net debt is about 12 years of its operating earnings (EBITDA), up from 6.7 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's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as a year ago.
EVH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.3 | Neutral |
| Stochastic | 72.6 | Neutral |
EVH's weekly RSI is 54 (neutral) and its Stochastic is 73 (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).
EVH PE vs Healthcare Sector
EVH 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.
EVH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.27 | 12% above |
| 20 week MA | $4.45 | 7.2% above |
| 50 week MA | $3.92 | 22% above |
| 100 week MA | $6.50 | 27% below |
| 200 week MA | $17.2 | 72% below |
EVH has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 72% 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 EVH on trend strength, trading above more of its moving averages.
EVH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.85 | $16.3 | +84% |
| 2021 | $16.3 | $27.0 | +66% |
| 2022 | $27.0 | $27.3 | +1.3% |
| 2023 | $27.3 | $33.0 | +21% |
| 2024 | $33.0 | $11.1 | -66% |
| 2025 | $11.1 | $4.12 | -63% |
| 2026 YTD | $4.12 | $4.77 | +16% |
EVH has finished higher in four of the last six years, two of them by more than 50%. It's up 16% 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 EVH on returns for 2026, with the stronger performance.