HALO
Halozyme Therapeutics, Inc.
HALO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has a slight edge over HALO overall, supported by stronger valuation and stronger modeled upside.
HALO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Under pressure |
HALO's revenue, profitability and cash flow are currently healthy, but its balance sheet is 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.
HALO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $101 | — |
| Cheap | 15x | $60.40 | -40% |
| Fair | 21x | $84.87 | -16% |
| Current | 25x | $101 | — |
| Expensive | 35x | $139 | +38% |
Historical ranges are pointers, not guarantees.
HALO 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.
HALO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Moderate |
HALO 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.
HALO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.06 | +151% |
| Q3 2026 | $4.00 | -16% |
| Q2 2026 | $3.42 | -22% |
| Q1 2026 | $2.85 | -24% |
| Q4 2025 | $2.56 | -25% |
| Q3 2025 | $4.75 | +58% |
| Q2 2025 | $4.37 | +70% |
| Q1 2025 | $3.76 | +56% |
| Q4 2024 | $3.43 | +63% |
HALO 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.
HALO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $493M | +39% |
| Q2 2026 | $481M | +48% |
| Q1 2026 | $376.7M | +42% |
| Q4 2025 | $451.8M | +52% |
| Q3 2025 | $354.3M | +22% |
| Q2 2025 | $325.7M | +41% |
| Q1 2025 | $264.9M | +35% |
| Q4 2024 | $298M | +30% |
HALO has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 60% | -1.7 points |
| Q2 2026 | 60% | -2.4 points |
| Q1 2026 | 49% | -4.5 points |
| Q4 2025 | -21% | -80 points |
| Q3 2025 | 62% | +5.3 points |
| Q2 2025 | 62% | +12 points |
| Q1 2025 | 53% | +4.7 points |
| Q4 2024 | 59% | +15 points |
HALO 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.
HALO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $255.2M | +45% |
| Q2 2026 | $236.7M | +141% |
| Q1 2026 | $176.3M | +15% |
| Q4 2025 | $217.6M | +24% |
| Q3 2025 | $175.6M | +54% |
| Q2 2025 | $98.1M | +84% |
| Q1 2025 | $153.3M | +22% |
| Q4 2024 | $175.4M | +76% |
HALO has the edge over UNH on cash flow, with more consistent year-over-year improvement.
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.
HALO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +1.4M shares |
| 1 year | +0.2% | +280K shares |
| 3 years | -8.6% | -11.5M shares |
| 5 years | -16% | -24.1M shares |
| Available history | -13% | -18.4M shares |
HALO has 123M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $67.3M |
| Q4 2025 | — |
| Q3 2025 | $38.9M |
| Q4 2024 | $250M |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $252.3M |
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 HALO 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.
HALO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 4.2x | High |
| Q3 2025 | 1.5x | Healthy |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 2.2x | Moderate |
| Q4 2024 | 2.5x | Moderate |
HALO's net debt is about 3.2 years of its operating earnings (EBITDA), up from 1.5 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 HALO on leverage, with a lower net debt burden relative to earnings.
HALO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.3 | Neutral |
| Stochastic | 47.7 | Neutral |
HALO's weekly RSI is 51 (neutral) and its Stochastic is 48 (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).
HALO PE vs Healthcare Sector
| Metric | HALO | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 26x | 2.6% below |
| PE % | 65 | 29 | 36 pts above |
HALO is trading at 25x earnings, in line with the Healthcare sector's median of 26x.
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 HALO on valuation relative to its sector.
HALO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $114.6 | 12% below |
| 20 week MA | $103.0 | 2.3% below |
| 50 week MA | $82.3 | 22% above |
| 100 week MA | $71.8 | 40% above |
| 200 week MA | $57.6 | 75% above |
HALO has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 75% above 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 HALO on trend strength, trading above more of its moving averages.
HALO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.0 | $42.9 | +139% |
| 2021 | $42.9 | $40.2 | -6.2% |
| 2022 | $40.2 | $57.5 | +43% |
| 2023 | $57.5 | $37.0 | -36% |
| 2024 | $37.0 | $48.1 | +30% |
| 2025 | $48.1 | $68.9 | +43% |
| 2026 YTD | $68.9 | $100.7 | +46% |
HALO 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.