HRMY
Harmony Biosciences Holdings, Inc.
HRMY offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over HRMY overall, supported by stronger modeled upside and lower modeled downside.
HRMY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
HRMY'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.
HRMY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.7x | $33.80 | — |
| Cheap | 11x | $33.44 | -1.1% |
| Current | 11x | $33.80 | — |
| Fair | 13x | $39.95 | +18% |
| Expensive | 22x | $66.11 | +96% |
Historical ranges are pointers, not guarantees.
HRMY 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.
HRMY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for HRMY, but weaker profitability. 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.
HRMY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.90 | +29% |
| Q3 2026 | $3.02 | -5% |
| Q2 2026 | $3.08 | -0.6% |
| Q1 2026 | $2.48 | -5.3% |
| Q4 2025 | $2.71 | +8% |
| Q3 2025 | $3.18 | +50% |
| Q2 2025 | $3.10 | +58% |
| Q1 2025 | $2.62 | +13% |
| Q4 2024 | $2.51 | +18% |
HRMY 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.
HRMY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $268.9M | +12% |
| Q2 2026 | $261.3M | +30% |
| Q1 2026 | $215.4M | +17% |
| Q4 2025 | $243.8M | +21% |
| Q3 2025 | $239.5M | +29% |
| Q2 2025 | $200.5M | +16% |
| Q1 2025 | $184.7M | +19% |
| Q4 2024 | $201.3M | +20% |
HRMY has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -7.2 points |
| Q2 2026 | 34% | +10 points |
| Q1 2026 | 17% | -13 points |
| Q4 2025 | 16% | -12 points |
| Q3 2025 | 27% | -5.8 points |
| Q2 2025 | 24% | +12 points |
| Q1 2025 | 30% | -3.2 points |
| Q4 2024 | 28% | +3.8 points |
HRMY 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.
HRMY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | $126M | +68% |
| Q3 2025 | $108.7M | +54% |
| Q2 2025 | $79.3M | +89% |
| Q1 2025 | $33.9M | +8.7% |
| Q4 2024 | $75M | -2% |
| Q3 2024 | $70.5M | +12% |
| Q4 2023 | $76.6M | +187% |
| Q3 2023 | $63.1M | +14% |
HRMY has the stronger cash trend. Its trailing FCF is up 128% versus its history, compared with UNH at up 5.2%.
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.
HRMY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.6% | +924K shares |
| 1 year | +1.6% | +961K shares |
| 3 years | -1.7% | -1M shares |
| 5 years | +3.4% | +2M shares |
| Available history | +8% | +4.4M shares |
HRMY has 60M diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $50M |
| Q4 2020 | — |
| Q2 2020 | $167,000 |
| Q1 2020 | — |
| Q4 2019 | — |
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 HRMY 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.
HRMY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -1.4x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
| Q3 2024 | -1.0x | Net Cash |
| Q2 2024 | -0.7x | Net Cash |
| Q1 2024 | -0.6x | Net Cash |
| Q4 2023 | -0.6x | Net Cash |
HRMY has more cash than debt.
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.
HRMY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.6 | Neutral |
| Stochastic | 23.6 | Neutral |
HRMY's weekly RSI is 44 (neutral) and its Stochastic is 24 (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).
HRMY PE vs Healthcare Sector
| Metric | HRMY | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 26x | 57% below |
| PE % | 18 | 32 | 14 pts below |
HRMY 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.
HRMY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 10% below |
| 20 week MA | $38.0 | 11% below |
| 50 week MA | $35.0 | 3.4% below |
| 100 week MA | $34.2 | 1.2% below |
| 200 week MA | $34.0 | 0.7% below |
HRMY is in a downtrend: it's below all five of its weekly moving averages, and 0.7% 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 HRMY on trend strength, trading above more of its moving averages.
HRMY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.0 | $36.5 | +1.3% |
| 2021 | $36.5 | $43.9 | +20% |
| 2022 | $43.9 | $56.7 | +29% |
| 2023 | $56.7 | $32.3 | -43% |
| 2024 | $32.3 | $34.2 | +5.9% |
| 2025 | $34.2 | $38.1 | +11% |
| 2026 YTD | $38.1 | $33.8 | -11% |
HRMY has finished higher in five of the last six years. It's down 11% 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 HRMY on returns for 2026, with the stronger performance.