INNV
InnovAge Holding Corp.
INNV has the edge over UNH overall, supported by stronger fundamentals.
UNH
UnitedHealth Group Incorporated
UNH has lower modeled downside risk, despite its lower overall score.
INNV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
INNV'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.
INNV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $9.40 | — |
| Cheap | 44x | $2.62 | -72% |
| Fair | 87x | $5.22 | -44% |
| Expensive | 150x | $8.97 | -4.6% |
| Current | 157x | $9.40 | — |
Historical ranges are pointers, not guarantees.
INNV's PE is in its expensive range at 157x. If earnings grow as analysts expect, today's price would be 21x next year's earnings, in its cheap range.
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 has the edge over INNV in the historical PE scenario, which offers more potential upside but is not a forecast.
INNV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
INNV 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.
INNV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.45 | +655% |
| Q3 2026 | $0.06 | +$0.18 |
| Q2 2026 | -$0.02 | +$0.20 |
| Q1 2026 | -$0.08 | +$0.15 |
| Q4 2025 | $0.06 | +$0.25 |
| Q3 2025 | -$0.12 | $0.00 |
| Q2 2025 | -$0.22 | -$0.06 |
| Q1 2025 | -$0.23 | $0.00 |
| Q4 2024 | -$0.19 | +$0.05 |
INNV 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.
INNV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $264.8M | +12% |
| Q2 2026 | $262M | +18% |
| Q1 2026 | $251.9M | +15% |
| Q4 2025 | $239.7M | +15% |
| Q3 2025 | $236.1M | +15% |
| Q2 2025 | $221.4M | +11% |
| Q1 2025 | $218.1M | +13% |
| Q4 2024 | $209M | +11% |
INNV has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.6% | +4.1 points |
| Q2 2026 | 3.9% | +4.8 points |
| Q1 2026 | -12% | -6.9 points |
| Q4 2025 | 5.5% | +12 points |
| Q3 2025 | 3.5% | +5.9 points |
| Q2 2025 | -1% | +1.5 points |
| Q1 2025 | -4.7% | -1.7 points |
| Q4 2024 | -6% | -5.1 points |
INNV 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.
INNV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $25.8M | +$25.9M |
| Q2 2026 | $17M | +85% |
| Q1 2026 | $14.5M | -33% |
| Q4 2025 | $19M | +251% |
| Q3 2025 | -$153K | +$9.6M |
| Q2 2025 | $9.2M | +$10.6M |
| Q1 2025 | $21.7M | +611% |
| Q4 2024 | $5.4M | +$16.3M |
INNV 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.
INNV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +1.4M shares |
| 1 year | +0.2% | +308K shares |
| 3 years | +0.9% | +1.3M shares |
| 5 years | +1.1% | +1.6M shares |
| Available history | +1.2% | +1.6M shares |
INNV has 137M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q4 2020 | — |
| Q3 2020 | $77.6M |
| Q2 2020 | — |
| Q1 2020 | — |
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 INNV 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.
INNV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.0x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | -4.4x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -3.1x | Net Cash |
| Q3 2024 | 9.3x | High |
| Q2 2022 | -11.8x | Net Cash |
| Q1 2022 | -4.0x | Net Cash |
INNV has the edge over UNH on leverage, with a lower net debt burden relative to earnings.
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.
INNV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 20.7 | Neutral |
INNV's weekly RSI is 50 (neutral) and its Stochastic is 21 (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).
INNV PE vs Healthcare Sector
| Metric | INNV | Sector median | Relative |
|---|---|---|---|
| PE | 157x | 26x | 506% above |
| PE % | 90 | 35 | 55 pts above |
INNV is trading at 157x earnings, a 506% 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 INNV on valuation relative to its sector.
INNV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.13 | 3% above |
| 20 week MA | $10.4 | 9.2% below |
| 50 week MA | $8.59 | 9.4% above |
| 100 week MA | $6.26 | 50% above |
| 200 week MA | $6.08 | 55% above |
INNV's trend is mixed: it's above four of its five weekly moving averages, and 55% 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 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.
INNV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $24.1 | $5.31 | -78% |
| 2022 | $5.31 | $6.85 | +29% |
| 2023 | $6.85 | $6.00 | -12% |
| 2024 | $6.00 | $3.92 | -35% |
| 2025 | $3.92 | $5.54 | +41% |
| 2026 YTD | $5.54 | $9.40 | +70% |
INNV 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.