INVA
Innoviva, Inc.
INVA offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over INVA overall, supported by stronger valuation and stronger modeled upside.
INVA Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| Unavailable | |
| Strong |
INVA's profitability and balance sheet are currently strong. There isn't enough data to rate its revenue and cash flow.
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.
INVA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.1x | $11.47 | -40% |
| Fair | 6.8x | $15.21 | -20% |
| Current | 8.5x | $18.97 | — |
| Forward | 9.3x | $18.97 | — |
| Expensive | 20x | $44.09 | +132% |
Historical ranges are pointers, not guarantees.
INVA's PE is in its expensive range at 8.5x. On analysts' estimates for next year's earnings, today's price would be 9.3x.
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 INVA in the historical PE scenario, which offers more potential upside but is not a forecast.
INVA Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for INVA, with profitability holding steady. 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.
INVA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.03 | -9.4% |
| Q3 2026 | $2.24 | +45% |
| Q2 2026 | $4.35 | +806% |
| Q1 2026 | $6.26 | +$7.10 |
| Q4 2025 | $3.30 | +817% |
| Q3 2025 | $1.54 | +117% |
| Q2 2025 | $0.48 | -71% |
| Q1 2025 | -$0.84 | -138% |
| Q4 2024 | $0.36 | -84% |
INVA 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.
INVA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $114.6M | +25% |
| Q4 2024 | $91.8M | +7% |
| Q4 2023 | $85.8M | +30% |
| Q3 2021 | $97.9M | +10% |
| Q2 2021 | $100.8M | +28% |
| Q1 2021 | $85.5M | +8.7% |
| Q4 2020 | $90.5M | +19% |
INVA has the stronger quarterly revenue trend. Revenue is up 17% for INVA versus down 0.4% for UNH.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | 34% | +7.1 points |
| Q4 2024 | 27% | -44 points |
| Q4 2023 | 71% | +170 points |
| Q4 2022 | -98% | N/A |
| Q3 2021 | 97% | +1.4 points |
| Q2 2021 | 96% | -0.2 points |
| Q1 2021 | 93% | -3.8 points |
| Q4 2020 | 94% | -3.2 points |
INVA's operating margin was 34% last quarter, down 63 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's operating margin was 5.8% last quarter, up 2 points from the same quarter a year ago.
INVA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $51.5M | +17% |
| Q1 2026 | $34.8M | -28% |
| Q4 2025 | $54.5M | -8% |
| Q2 2025 | $44.1M | +0.8% |
| Q1 2025 | $48.6M | +31% |
| Q4 2024 | $59.2M | +79% |
| Q3 2024 | $48.4M | +11% |
| Q2 2024 | $43.7M | +14% |
UNH has the stronger cash trend. Its trailing FCF is up 5.2% versus its history, compared with INVA at down 21%.
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.
INVA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -1.4M shares |
| 1 year | -15% | -12.9M shares |
| 3 years | +10% | +6.6M shares |
| 5 years | -37% | -41.5M shares |
INVA has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $26.1M |
| Q2 2026 | $31.1M |
| Q1 2026 | $20.2M |
| Q4 2025 | $4.5M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
INVA spent $82M buying back its own shares over the past year, after none the year before.
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 902M diluted shares, down 0.7% from a year ago, with $5B in buybacks over the past year.
| 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.
INVA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 0.4x | Very low |
| Q2 2022 | 0.7x | Very low |
| Q1 2022 | 0.8x | Very low |
| Q4 2021 | 0.5x | Very low |
| Q3 2021 | 0.7x | Very low |
| Q2 2021 | 1.0x | Very low |
| Q1 2021 | 0.3x | Very low |
| Q4 2020 | 0.4x | Very low |
INVA's net debt is less than a year of its operating earnings (EBITDA).
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.
INVA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.1 | Neutral |
| Stochastic | 22.2 | Neutral |
INVA's weekly RSI is 36 (neutral) and its Stochastic is 22 (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).
INVA PE vs Healthcare Sector
| Metric | INVA | Sector median | Relative |
|---|---|---|---|
| PE | 8.5x | 26x | 67% below |
| PE % | 68 | 29 | 39 pts above |
INVA 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.
INVA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.4 | 7% below |
| 20 week MA | $20.9 | 9.4% below |
| 50 week MA | $21.5 | 12% below |
| 100 week MA | $20.2 | 6.1% below |
| 200 week MA | $17.6 | 7.5% above |
INVA has fallen below most of its moving averages, though it's still 7.5% 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 the edge over INVA on trend strength, trading above more of its moving averages.
INVA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.3 | $12.3 | -13% |
| 2021 | $12.3 | $17.6 | +43% |
| 2022 | $17.6 | $13.2 | -25% |
| 2023 | $13.2 | $16.0 | +21% |
| 2024 | $16.0 | $17.6 | +9.4% |
| 2025 | $17.6 | $19.8 | +13% |
| 2026 YTD | $19.8 | $19.0 | -4.2% |
INVA has finished higher in four of the last six years. It's down 4.2% 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 INVA on returns for 2026, with the stronger performance.