ICUI
ICU Medical, Inc.
ICUI offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over ICUI overall, supported by stronger valuation.
ICUI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
ICUI's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
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.
ICUI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $177 | — |
| Cheap | 46x | $110 | -38% |
| Fair | 52x | $124 | -30% |
| Current | 74x | $177 | — |
| Expensive | 136x | $325 | +83% |
Historical ranges are pointers, not guarantees.
ICUI 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.
ICUI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
ICUI 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.
ICUI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.19 | +283% |
| Q3 2026 | $2.40 | +$2.71 |
| Q2 2026 | $1.19 | +$2.71 |
| Q1 2026 | $1.86 | +$5.69 |
| Q4 2025 | $0.03 | +$4.86 |
| Q3 2025 | -$0.31 | +$4.26 |
| Q2 2025 | -$1.52 | +$1.40 |
| Q1 2025 | -$3.83 | -$1.38 |
| Q4 2024 | -$4.83 | -$3.60 |
ICUI 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.
ICUI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $560.4M | +4.4% |
| Q2 2026 | $551.7M | +0.5% |
| Q1 2026 | $530.2M | -12% |
| Q4 2025 | $540.7M | -14% |
| Q3 2025 | $537M | -8.9% |
| Q2 2025 | $548.9M | -8% |
| Q1 2025 | $604.7M | +6.7% |
| Q4 2024 | $629.8M | +7.1% |
ICUI's revenue is down over the past year, though its latest quarter was up: $560M last quarter, up 4.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.3% | +6.8 points |
| Q2 2026 | 7.1% | +5.2 points |
| Q1 2026 | 2.6% | +0.4 points |
| Q4 2025 | 1% | -4.9 points |
| Q3 2025 | 2.5% | +1.1 points |
| Q2 2025 | 1.9% | +0.6 points |
| Q1 2025 | 2.1% | +4 points |
| Q4 2024 | 6% | +8.1 points |
ICUI 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 has the edge over ICUI 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's operating margin was 5.8% last quarter, up 2 points from the same quarter a year ago.
ICUI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $83.4M | +202% |
| Q2 2026 | $61.6M | +$70.1M |
| Q1 2026 | $27.6M | -25% |
| Q4 2025 | $36M | +123% |
| Q3 2025 | $27.6M | +71% |
| Q2 2025 | -$8.5M | -114% |
| Q1 2025 | $36.7M | +23% |
| Q4 2024 | $16.1M | -74% |
ICUI generated $209M in free cash flow over the past year, up 190% 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.
ICUI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +101K shares |
| 1 year | +1.9% | +459K shares |
| 3 years | +3.2% | +777K shares |
| 5 years | +16% | +3.4M shares |
| Available history | +17% | +3.6M shares |
ICUI has 25M diluted shares, up 1.9% from a year ago.
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 ICUI 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.
ICUI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 4.1x | High |
| Q4 2025 | 4.0x | High |
| Q3 2025 | 3.7x | Elevated |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 4.5x | High |
| Q4 2024 | 4.9x | High |
ICUI's net debt is about 2.7 years of its operating earnings (EBITDA), down from 3.6 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 ICUI on leverage, with a lower net debt burden relative to earnings.
ICUI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 49.5 | Neutral |
ICUI's weekly RSI is 62 (neutral) and its Stochastic is 49 (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).
ICUI PE vs Healthcare Sector
| Metric | ICUI | Sector median | Relative |
|---|---|---|---|
| PE | 74x | 26x | 186% above |
| PE % | 70 | 29 | 41 pts above |
ICUI is trading at 74x earnings, a 186% premium to 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 ICUI on valuation relative to its sector.
ICUI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $165.9 | 6.9% above |
| 20 week MA | $166.1 | 6.7% above |
| 50 week MA | $149.5 | 19% above |
| 100 week MA | $143.8 | 23% above |
| 200 week MA | $141.8 | 25% above |
ICUI 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.
ICUI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $186.2 | $211.7 | +14% |
| 2021 | $211.7 | $235.7 | +11% |
| 2022 | $235.7 | $156.0 | -34% |
| 2023 | $156.0 | $99.7 | -36% |
| 2024 | $99.7 | $154.5 | +55% |
| 2025 | $154.5 | $147.9 | -4.3% |
| 2026 YTD | $147.9 | $177.3 | +20% |
ICUI has finished lower in three of the last six years. It's up 20% 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 ICUI on returns for 2026, with the stronger performance.