PIII
P3 Health Partners Inc.
PIII offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over PIII overall, supported by stronger valuation.
PIII Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
PIII's revenue is currently healthy, and its profitability is stable, but its cash flow and balance sheet are under pressure.
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.
PIII PE Valuation
PIII has no meaningful PE right now: it lost money over the past year.
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.
PIII Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| -- | |
| Limited | |
| -- |
Analysts expect PIII's losses to shrink, with revenue growing.
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.
PIII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$33.06 | +$17.95 |
| Q1 2026 | -$38.66 | +$13.62 |
| Q4 2025 | -$45.26 | +$8.74 |
| Q3 2025 | -$45.18 | -$4.18 |
| Q2 2025 | -$51.01 | -$19.51 |
| Q1 2025 | -$52.28 | -$23.78 |
| Q4 2024 | -$54.00 | -$22.50 |
| Q3 2024 | -$41.00 | +$93.00 |
PIII is still losing money, but far less than before: $33.06 per share over the past year, against $134.00 at its worst in late 2023.
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 PIII on earnings quality, reporting a profit while its opponent remains loss making.
PIII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $396.3M | +15% |
| Q2 2026 | $386.4M | +8.6% |
| Q1 2026 | $386.4M | +3.5% |
| Q4 2025 | $384.8M | +3.8% |
| Q3 2025 | $345.3M | -4.7% |
| Q2 2025 | $355.8M | -6.2% |
| Q1 2025 | $373.2M | -3.9% |
| Q4 2024 | $370.7M | +6.9% |
PIII's revenue has grown year over year for four quarters in a row: $396M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.8% | +19 points |
| Q2 2026 | 11% | +20 points |
| Q1 2026 | 2.1% | +12 points |
| Q4 2025 | -40% | -2.6 points |
| Q3 2025 | -13% | +17 points |
| Q2 2025 | -9.6% | -1.3 points |
| Q1 2025 | -10% | +1.1 points |
| Q4 2024 | -37% | -19 points |
PIII's operating margin was 5.8% last quarter, up 19 points from the same quarter a year ago, near the top of its range since 2020.
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 has the edge over PIII on sales, with more consistent year-over-year improvement.
| 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.
PIII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$61.9M | -$45.3M |
| Q1 2026 | -$27.5M | +$6M |
| Q4 2025 | -$25.7M | +$31.5M |
| Q2 2025 | -$16.6M | -$6.4M |
| Q1 2025 | -$33.5M | -$13.4M |
| Q4 2024 | -$57.2M | -$41.6M |
| Q3 2024 | -$22.6M | -$14.6M |
| Q2 2024 | -$10.2M | +$19.8M |
UNH has the stronger cash trend. Its trailing FCF is up 5.2% versus its history, compared with PIII at down 6.5%.
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.
PIII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +97% | +3.3M shares |
| 1 year | +103% | +3.4M shares |
| 3 years | +6% | +373K shares |
PIII has 7M diluted shares, up 103% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | $180,000 |
| 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 PIII 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.
PIII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 28.6x | High |
PIII's net debt is more than 20 years 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 has the edge over PIII on leverage, with a lower net debt burden relative to earnings.
PIII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.3 | Oversold |
| Stochastic | 2.8 | Oversold |
PIII's weekly RSI is 29 (oversold) and its Stochastic is 3 (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).
PIII PE vs Healthcare Sector
PIII 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.
PIII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.68 | 41% below |
| 20 week MA | $7.81 | 65% below |
| 50 week MA | $6.16 | 55% below |
| 100 week MA | $7.25 | 62% below |
| 200 week MA | $34.7 | 92% below |
PIII is in a downtrend: it's below all five of its weekly moving averages, and 92% 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 PIII on trend strength, trading above more of its moving averages.
PIII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $488.5 | $363.0 | -26% |
| 2022 | $363.0 | $101.5 | -72% |
| 2023 | $101.5 | $70.5 | -31% |
| 2024 | $70.5 | $10.0 | -86% |
| 2025 | $10.0 | $3.57 | -64% |
| 2026 YTD | $3.57 | $2.75 | -23% |
PIII has finished every year since 2021 lower, and it's down 23% 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 PIII on returns for 2026, with the stronger performance.