PHAT
Phathom Pharmaceuticals, Inc.
PHAT offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over PHAT overall, supported by lower modeled downside and stronger modeled upside.
PHAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
PHAT's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
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.
PHAT PE Valuation
PHAT has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 29x next year's earnings.
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.
PHAT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
PHAT 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.
PHAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.22 | — |
| Q3 2026 | -$1.00 | +$2.76 |
| Q2 2026 | -$1.25 | +$3.42 |
| Q1 2026 | -$2.09 | +$3.09 |
| Q4 2025 | -$3.03 | +$2.26 |
| Q3 2025 | -$3.76 | +$1.98 |
| Q2 2025 | -$4.67 | +$0.51 |
| Q1 2025 | -$5.18 | -$0.72 |
| Q4 2024 | -$5.29 | -$1.36 |
PHAT is still losing money, but far less than before: $1.00 per share over the past year, against $24.12 at its worst in early 2020.
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 PHAT on earnings quality, reporting a profit while its opponent remains loss making.
PHAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $84.7M | +71% |
| Q2 2026 | $74.3M | +88% |
| Q1 2026 | $58.3M | +104% |
| Q4 2025 | $57.6M | +94% |
| Q3 2025 | $49.5M | +203% |
| Q2 2025 | $39.5M | +439% |
| Q1 2025 | $28.5M | +1392% |
PHAT has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.1% | +31 points |
| Q2 2026 | -5.3% | +146 points |
| Q1 2026 | -27% | +250 points |
| Q4 2025 | -10% | +190 points |
| Q3 2025 | -31% | +402 points |
| Q2 2025 | -152% | +904 points |
| Q1 2025 | -277% | +3382 points |
| Q4 2024 | -200% | N/A |
PHAT's operating margin was −0.1% last quarter, up 31 points from the same quarter a year ago, near the top of its range since 2024.
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 has the edge over PHAT on profitability, with a higher operating margin.
PHAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.7M | +$15.9M |
| Q2 2026 | -$2M | +$60.9M |
| Q1 2026 | -$15.7M | +$69.2M |
| Q4 2025 | -$5.1M | +$58.4M |
| Q3 2025 | -$14.1M | +$49.5M |
| Q2 2025 | -$62.8M | +$7.9M |
| Q1 2025 | -$84.9M | -$15.9M |
| Q4 2024 | -$63.5M | -$19.2M |
PHAT has burned cash in almost every quarter: −$21M over the past year, against −$225M 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 PHAT on cash generation, producing positive trailing cash flow while its opponent burns cash.
PHAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.4% | +1.1M shares |
| 1 year | +16% | +11.5M shares |
| 3 years | +50% | +28.1M shares |
| 5 years | +128% | +47.6M shares |
| Available history | +244% | +60.2M shares |
PHAT has 85M diluted shares, up 16% 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 PHAT 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.
PHAT Net Leverage
PHAT's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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.
PHAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.0 | Neutral |
| Stochastic | 13.6 | Oversold |
PHAT's weekly RSI is 37 (neutral) and its Stochastic is 14 (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).
PHAT PE vs Healthcare Sector
PHAT 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.
PHAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.42 | 3% below |
| 20 week MA | $8.39 | 26% below |
| 50 week MA | $10.9 | 43% below |
| 100 week MA | $9.72 | 36% below |
| 200 week MA | $10.4 | 40% below |
PHAT is in a downtrend: it's below all five of its weekly moving averages, and 40% 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 PHAT on trend strength, trading above more of its moving averages.
PHAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.0 | $36.3 | +10% |
| 2021 | $36.3 | $19.8 | -46% |
| 2022 | $19.8 | $11.3 | -43% |
| 2023 | $11.3 | $9.13 | -19% |
| 2024 | $9.13 | $8.18 | -10% |
| 2025 | $8.18 | $17.6 | +115% |
| 2026 YTD | $17.6 | $6.23 | -65% |
PHAT's yearly returns have swung widely, from +115% in 2025 to −46% in 2021. It's down 65% 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 PHAT on returns for 2026, with the stronger performance.