IMCR
Immunocore Holdings plc
IMCR offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over IMCR overall, supported by stronger modeled upside and stronger valuation.
IMCR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Unavailable |
IMCR's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
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.
IMCR PE Valuation
IMCR 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.
IMCR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
IMCR 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.
IMCR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.66 | -$0.09 |
| Q2 2026 | -$0.38 | +$0.02 |
| Q1 2026 | -$0.56 | -$0.13 |
| Q4 2025 | -$0.71 | +$0.31 |
| Q3 2025 | -$0.57 | +$0.41 |
| Q2 2025 | -$0.40 | +$0.70 |
| Q1 2025 | -$0.43 | +$0.82 |
| Q4 2024 | -$1.02 | +$0.21 |
IMCR is still losing money, but far less than before: $0.66 per share over the past year, against $4.12 at its worst in late 2021.
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 IMCR on earnings quality, reporting a profit while its opponent remains loss making.
IMCR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $102.2M | -1.4% |
| Q2 2026 | $115.9M | +18% |
| Q1 2026 | $106.7M | +14% |
| Q4 2025 | $104.5M | +24% |
| Q3 2025 | $103.7M | +29% |
| Q2 2025 | $98M | +30% |
| Q1 2025 | $93.9M | +33% |
| Q4 2024 | $84.1M | +13% |
IMCR has the edge over UNH on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -13% | -6.4 points |
| Q2 2026 | -2.6% | +13 points |
| Q1 2026 | 6.8% | +11 points |
| Q4 2025 | -19% | +4.3 points |
| Q3 2025 | -6.9% | +3.7 points |
| Q2 2025 | -15% | +6.1 points |
| Q1 2025 | -3.9% | +34 points |
| Q4 2024 | -23% | +1.2 points |
IMCR's operating margin was −13% last quarter, down 6.4 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'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 has the edge over IMCR on profitability, with a higher operating margin.
IMCR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $17.7M | +$22.9M |
| Q2 2026 | $15.1M | -41% |
| Q1 2026 | -$15.6M | -11455% |
| Q4 2025 | -$35.5M | -$18M |
| Q3 2025 | -$5.2M | -126% |
| Q2 2025 | $25.6M | +10% |
| Q1 2025 | $137K | +$5.2M |
| Q4 2024 | -$17.5M | +$1M |
IMCR has burned cash in most quarters: −$18M over the past year, against $3M 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 IMCR on cash generation, producing positive trailing cash flow while its opponent burns cash.
IMCR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.1% | +585K shares |
| 1 year | +2.3% | +1.2M shares |
| 3 years | -4.8% | -2.6M shares |
| 5 years | +18% | +7.8M shares |
| Available history | +89% | +24.3M shares |
IMCR has 52M diluted shares, up 2.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| 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 IMCR 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.
IMCR Net Leverage
IMCR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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.
IMCR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 30.2 | Neutral |
IMCR's weekly RSI is 45 (neutral) and its Stochastic is 30 (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).
IMCR PE vs Healthcare Sector
IMCR 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.
IMCR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.3 | 0.7% above |
| 20 week MA | $32.6 | 6.6% below |
| 50 week MA | $32.1 | 5% below |
| 100 week MA | $32.1 | 5.1% below |
| 200 week MA | $42.0 | 27% below |
IMCR has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 27% 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 IMCR on trend strength, trading above more of its moving averages.
IMCR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $43.2 | $35.4 | -18% |
| 2022 | $35.4 | $57.8 | +63% |
| 2023 | $57.8 | $68.3 | +18% |
| 2024 | $68.3 | $29.2 | -57% |
| 2025 | $29.2 | $36.1 | +24% |
| 2026 YTD | $36.1 | $30.5 | -16% |
IMCR has finished higher in three of the last five years. It's down 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 IMCR on returns for 2026, with the stronger performance.