MDT
Medtronic plc
MDT has a slight edge over UNH overall, supported by stronger fundamentals and lower modeled downside.
UNH
UnitedHealth Group Incorporated
UNH offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
MDT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
MDT's revenue, profitability and cash flow are currently healthy, and its balance sheet is 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.
MDT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $101 | — |
| Cheap | 24x | $98.52 | -2.4% |
| Current | 25x | $101 | — |
| Fair | 27x | $111 | +9.9% |
| Expensive | 33x | $135 | +34% |
Historical ranges are pointers, not guarantees.
MDT 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.
MDT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Moderate | |
| High |
MDT 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.
MDT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.16 | +52% |
| Q3 2026 | $4.06 | +12% |
| Q2 2026 | $3.73 | +3.3% |
| Q1 2026 | $3.58 | +8.5% |
| Q4 2025 | $3.70 | +13% |
| Q3 2025 | $3.62 | +22% |
| Q2 2025 | $3.61 | +31% |
| Q1 2025 | $3.30 | +5.1% |
| Q4 2024 | $3.28 | +6.8% |
MDT 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.
MDT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.8B | +14% |
| Q2 2026 | $9.8B | +9.9% |
| Q1 2026 | $9B | +8.7% |
| Q4 2025 | $9B | +6.6% |
| Q3 2025 | $8.6B | +8.4% |
| Q2 2025 | $8.9B | +3.9% |
| Q1 2025 | $8.3B | +2.5% |
| Q4 2024 | $8.4B | +5.2% |
MDT's revenue has grown year over year for 14 quarters in a row: $9.8B last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +1.2 points |
| Q2 2026 | 19% | +3 points |
| Q1 2026 | 16% | -3.6 points |
| Q4 2025 | 19% | -0.2 points |
| Q3 2025 | 17% | +0.7 points |
| Q2 2025 | 16% | +3.8 points |
| Q1 2025 | 20% | +1.5 points |
| Q4 2024 | 19% | +2.2 points |
MDT 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.
MDT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +121% |
| Q2 2026 | $2.1B | +0.8% |
| Q1 2026 | $2.3B | +9.7% |
| Q4 2025 | $457M | -18% |
| Q3 2025 | $584M | +25% |
| Q2 2025 | $2.1B | -12% |
| Q1 2025 | $2.1B | -1.5% |
| Q4 2024 | $554M | +177% |
MDT generated $6.1B in free cash flow over the past year, up 16% 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.
MDT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -3M shares |
| 1 year | -0.2% | -2M shares |
| 3 years | -3.7% | -48.7M shares |
| 5 years | -5.3% | -71.3M shares |
| Available history | -4.9% | -66.3M shares |
MDT has 1.3B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $267M |
| Q2 2026 | $435M |
| Q1 2026 | $105M |
| Q4 2025 | $372M |
| Q3 2025 | $123M |
| Q2 2025 | $274M |
| Q1 2025 | $181M |
| Q4 2024 | $288M |
MDT spent $1.2B buying back its own shares over the past year, up 36% from 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 the edge over MDT 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.
MDT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 3.0x | Moderate |
| Q4 2025 | 3.0x | Elevated |
| Q3 2025 | 3.0x | Elevated |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.4x | Elevated |
MDT's net debt is about 2.7 years of its operating earnings (EBITDA), down from 3.0 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 MDT on leverage, with a lower net debt burden relative to earnings.
MDT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.9 | Neutral |
| Stochastic | 81.3 | Overbought |
MDT's weekly RSI is 66 (neutral) and its Stochastic is 81 (overbought).
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).
MDT PE vs Healthcare Sector
| Metric | MDT | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 26x | 3.8% below |
| PE % | 22 | 29 | 7 pts below |
MDT is trading at 25x earnings, in line with 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 MDT on valuation relative to its sector.
MDT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $94.1 | 7.3% above |
| 20 week MA | $90.6 | 11% above |
| 50 week MA | $90.0 | 12% above |
| 100 week MA | $89.9 | 12% above |
| 200 week MA | $86.6 | 17% above |
MDT 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.
MDT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $113.4 | $114.0 | +0.6% |
| 2021 | $114.0 | $102.9 | -9.8% |
| 2022 | $102.9 | $77.5 | -25% |
| 2023 | $77.5 | $82.4 | +6.3% |
| 2024 | $82.4 | $80.7 | -2% |
| 2025 | $80.7 | $96.5 | +20% |
| 2026 YTD | $96.5 | $101.0 | +4.6% |
MDT has finished lower in three of the last six years. It's up 4.6% 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 MDT on returns for 2026, with the stronger performance.