MMSI
Merit Medical Systems, Inc.
MMSI has the edge over UNH overall, supported by stronger fundamentals and stronger valuation.
UNH
UnitedHealth Group Incorporated
UNH's outlook is improving, though it still trails on the overall score.
MMSI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
MMSI's profitability, cash flow and balance sheet are currently healthy, and its revenue 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.
MMSI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $86.69 | — |
| Current | 32x | $86.69 | — |
| Cheap | 42x | $112 | +29% |
| Fair | 49x | $132 | +52% |
| Expensive | 84x | $223 | +157% |
Historical ranges are pointers, not guarantees.
MMSI 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.
MMSI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
MMSI 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.
MMSI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.49 | +68% |
| Q3 2026 | $2.67 | +37% |
| Q2 2026 | $2.43 | +23% |
| Q1 2026 | $2.32 | +14% |
| Q4 2025 | $2.13 | +4.9% |
| Q3 2025 | $1.95 | -4.4% |
| Q2 2025 | $1.97 | -1.5% |
| Q1 2025 | $2.04 | +17% |
| Q4 2024 | $2.03 | +25% |
MMSI 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.
MMSI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $416.2M | +8.4% |
| Q2 2026 | $418.8M | +9.5% |
| Q1 2026 | $381.9M | +7.5% |
| Q4 2025 | $393.9M | +11% |
| Q3 2025 | $384.2M | +13% |
| Q2 2025 | $382.5M | +13% |
| Q1 2025 | $355.4M | +9.8% |
| Q4 2024 | $355.2M | +9.4% |
MMSI has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +3 points |
| Q2 2026 | 14% | +2.2 points |
| Q1 2026 | 12% | 0 points |
| Q4 2025 | 14% | +3.5 points |
| Q3 2025 | 11% | +0.1 points |
| Q2 2025 | 12% | -1.3 points |
| Q1 2025 | 12% | +0.5 points |
| Q4 2024 | 10% | -0.1 points |
MMSI 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.
MMSI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $52.9M | +0.7% |
| Q2 2026 | $51.9M | -25% |
| Q1 2026 | $24.7M | +26% |
| Q4 2025 | $74M | +13% |
| Q3 2025 | $52.5M | +38% |
| Q2 2025 | $69.6M | +20% |
| Q1 2025 | $19.5M | -20% |
| Q4 2024 | $65.3M | +18% |
MMSI 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.
MMSI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +373K shares |
| 1 year | +0.8% | +460K shares |
| 3 years | +3.4% | +2M shares |
| 5 years | +4.9% | +2.8M shares |
| Available history | +7.4% | +4.1M shares |
MMSI has 60M diluted shares, up 0.8% from a year ago.
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 MMSI 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.
MMSI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.4x | Healthy |
MMSI 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.
MMSI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.9 | Neutral |
| Stochastic | 40.0 | Neutral |
MMSI's weekly RSI is 56 (neutral) and its Stochastic is 40 (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).
MMSI PE vs Healthcare Sector
| Metric | MMSI | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 26x | 26% above |
| PE % | 6 | 29 | 23 pts below |
MMSI is trading at 32x earnings, a 26% 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 MMSI on valuation relative to its sector.
MMSI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $87.8 | 1.3% below |
| 20 week MA | $85.2 | 1.8% above |
| 50 week MA | $78.5 | 10% above |
| 100 week MA | $85.8 | 1.1% above |
| 200 week MA | $82.9 | 4.5% above |
MMSI's trend is up, with a small recent dip: it's below only its 8-week average, and 4.5% 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 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.
MMSI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $31.3 | $54.5 | +74% |
| 2021 | $54.5 | $63.7 | +17% |
| 2022 | $63.7 | $70.9 | +11% |
| 2023 | $70.9 | $76.0 | +7.2% |
| 2024 | $76.0 | $97.3 | +28% |
| 2025 | $97.3 | $87.4 | -10% |
| 2026 YTD | $87.4 | $86.7 | -0.8% |
MMSI has finished higher in five of the last six years. It's down 0.8% 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 MMSI on returns for 2026, with the stronger performance.