IMTX
Immatics N.V.
IMTX trails on the overall score without a compensating advantage in the available component scores.
UNH
UnitedHealth Group Incorporated
UNH has the edge over IMTX overall, supported by stronger fundamentals and stronger modeled upside.
IMTX Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Strong |
IMTX's balance sheet is currently strong, but its revenue, profitability and cash flow are 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.
IMTX PE Valuation
IMTX 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.
IMTX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect IMTX's losses to grow, with revenue declining. 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.
IMTX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$1.77 | -$1.15 |
| Q1 2026 | -$1.90 | -$1.73 |
| Q4 2025 | -$1.79 | -1153% |
| Q3 2025 | -$0.97 | -$0.28 |
| Q2 2025 | -$0.62 | +$0.30 |
| Q1 2025 | -$0.17 | +$0.92 |
| Q4 2024 | $0.17 | +$1.51 |
| Q3 2024 | -$0.69 | +$0.50 |
IMTX is still losing money, but far less than before: $1.77 per share over the past year, against $4.09 at its worst in mid-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 IMTX on earnings quality, reporting a profit while its opponent remains loss making.
IMTX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $10.2M | +93% |
| Q1 2026 | $8.5M | -59% |
| Q4 2025 | $22M | -65% |
| Q3 2025 | $5.8M | -90% |
| Q2 2025 | $5.3M | -75% |
| Q1 2025 | $20.6M | -39% |
| Q4 2024 | $62.5M | +253% |
| Q3 2024 | $56.2M | +753% |
IMTX's revenue is recovering but still below its 2022 peak: $10M last quarter, up 93% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -735% | +387 points |
| Q1 2026 | -868% | -678 points |
| Q4 2025 | -197% | -198 points |
| Q3 2025 | -1053% | -1054 points |
| Q2 2025 | -1122% | -980 points |
| Q1 2025 | -190% | -146 points |
| Q4 2024 | 1.6% | +176 points |
| Q3 2024 | 1% | +562 points |
IMTX's operating margin was −735% last quarter, up 387 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 IMTX 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 IMTX on profitability, with a higher operating margin.
IMTX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$69M | -$23.8M |
| Q1 2026 | -$48.3M | -$6.9M |
| Q4 2025 | -$65.1M | +$1.8M |
| Q3 2025 | -$50.9M | -$10.3M |
| Q2 2025 | -$45.1M | -$5.1M |
| Q1 2025 | -$41.5M | +$5.2M |
| Q4 2024 | -$66.9M | -186% |
| Q3 2024 | -$40.6M | +$557.7K |
IMTX has burned cash in most quarters: −$233M over the past year, against −$194M 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 IMTX on cash generation, producing positive trailing cash flow while its opponent burns cash.
IMTX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +2M shares |
| 1 year | +12% | +15.1M shares |
| 3 years | +77% | +59.4M shares |
| 5 years | +117% | +73.8M shares |
| Available history | +117% | +73.8M shares |
IMTX has 137M diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
IMTX hasn't bought back shares in the past year.
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 IMTX 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.
IMTX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2024 | -6.4x | Net Cash |
| Q4 2022 | -3.6x | Net Cash |
| Q3 2022 | -7.9x | Net Cash |
| Q2 2022 | -13.0x | Net Cash |
| Q1 2022 | -20.1x | Net Cash |
IMTX 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.
IMTX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.4 | Neutral |
| Stochastic | 11.5 | Oversold |
IMTX's weekly RSI is 33 (neutral) and its Stochastic is 12 (oversold).
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).
IMTX PE vs Healthcare Sector
| Metric | IMTX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
IMTX 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.
IMTX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.19 | 9.3% below |
| 20 week MA | $8.45 | 23% below |
| 50 week MA | $9.48 | 31% below |
| 100 week MA | $7.91 | 18% below |
| 200 week MA | $9.15 | 29% below |
IMTX is in a downtrend: it's below all five of its weekly moving averages, and 29% 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 IMTX on trend strength, trading above more of its moving averages.
IMTX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.4 | $9.99 | -3.9% |
| 2021 | $9.99 | $13.0 | +30% |
| 2022 | $13.0 | $8.51 | -34% |
| 2023 | $8.51 | $10.5 | +24% |
| 2024 | $10.5 | $7.13 | -32% |
| 2025 | $7.13 | $10.2 | +43% |
| 2026 YTD | $10.2 | $6.52 | -36% |
IMTX has finished lower in three of the last six years. It's down 36% 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 IMTX on returns for 2026, with the stronger performance.