FTRE
Fortrea Holdings Inc.
FTRE offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over FTRE overall, supported by lower modeled downside and stronger modeled upside.
FTRE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
FTRE's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is 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.
FTRE PE Valuation
FTRE 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.
FTRE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect FTRE's earnings to grow and its profitability to improve, with its revenue 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.
FTRE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.95 | — |
| Q3 2026 | -$0.63 | +$10.61 |
| Q2 2026 | -$0.81 | +$10.57 |
| Q1 2026 | -$4.81 | +$3.98 |
| Q4 2025 | -$10.81 | -$7.14 |
| Q3 2025 | -$11.24 | -$7.84 |
| Q2 2025 | -$11.38 | -$8.14 |
| Q1 2025 | -$8.79 | -$7.42 |
| Q4 2024 | -$3.67 | -$3.57 |
FTRE is still losing money, but far less than before: $0.63 per share over the past year, against $11.38 at its worst in mid-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 FTRE on earnings quality, reporting a profit while its opponent remains loss making.
FTRE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $691.5M | -1.4% |
| Q2 2026 | $678.2M | -4.5% |
| Q1 2026 | $636.5M | -2.3% |
| Q4 2025 | $660.5M | -5.2% |
| Q3 2025 | $701.3M | +3.9% |
| Q2 2025 | $710.3M | +7.2% |
| Q1 2025 | $651.3M | -1.6% |
| Q4 2024 | $697M | -10% |
FTRE's revenue has held roughly level: $692M last quarter, down 1.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.2% | +3.4 points |
| Q2 2026 | 2.2% | +49 points |
| Q1 2026 | -0.5% | +79 points |
| Q4 2025 | -2.1% | +5.9 points |
| Q3 2025 | -1.2% | +1.4 points |
| Q2 2025 | -47% | -39 points |
| Q1 2025 | -80% | -74 points |
| Q4 2024 | -8% | -6.6 points |
FTRE's operating margin was 2.2% last quarter, up 3.4 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 FTRE 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 FTRE on profitability, with a higher operating margin.
FTRE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $52.5M | -34% |
| Q2 2026 | $19.9M | +39% |
| Q1 2026 | -$25M | +$102.1M |
| Q4 2025 | $121.6M | +499% |
| Q3 2025 | $79.5M | +$90.1M |
| Q2 2025 | $14.3M | -95% |
| Q1 2025 | -$127.1M | -$92.2M |
| Q4 2024 | $20.3M | +577% |
FTRE's free cash flow has turned positive again: $169M over the past year, against −$13M 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.
FTRE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +6.8% | +6.4M shares |
| 1 year | +9.5% | +8.8M shares |
| 3 years | +14% | +12.4M shares |
FTRE has 101M diluted shares, up 9.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
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 FTRE 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.
FTRE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.1x | High |
| Q2 2026 | 13.1x | High |
| Q2 2024 | 118.8x | High |
| Q1 2024 | 15.7x | High |
| Q4 2023 | 10.0x | High |
| Q3 2023 | 10.6x | High |
| Q2 2023 | 7.5x | High |
| Q1 2023 | 6.2x | High |
FTRE's net debt is about 9.1 years of its operating earnings (EBITDA), down from 10 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 FTRE on leverage, with a lower net debt burden relative to earnings.
FTRE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.3 | Neutral |
| Stochastic | 49.9 | Neutral |
FTRE's weekly RSI is 55 (neutral) and its Stochastic is 50 (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).
FTRE PE vs Healthcare Sector
FTRE 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.
FTRE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $21.3 | 5.7% below |
| 20 week MA | $19.5 | 3% above |
| 50 week MA | $15.9 | 26% above |
| 100 week MA | $12.9 | 56% above |
UNH has stronger trend alignment. FTRE is above 3 of 4 weekly averages versus UNH above 4 of 5.
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.
FTRE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $34.0 | $34.9 | +2.6% |
| 2024 | $34.9 | $19.4 | -45% |
| 2025 | $19.4 | $17.4 | -10% |
| 2026 YTD | $17.4 | $20.1 | +15% |
FTRE has finished lower in two of the last three years. It's up 15% 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 FTRE on returns for 2026, with the stronger performance.