PTGX
Protagonist Therapeutics, Inc.
PTGX offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has a slight edge over PTGX overall, supported by lower modeled downside and stronger modeled upside.
PTGX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
PTGX's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
PTGX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $62.70 | -53% |
| Current | 28x | $134 | — |
| Fair | 42x | $197 | +47% |
| Expensive | 131x | $618 | +360% |
| Forward | 1,897x | $134 | — |
Historical ranges are pointers, not guarantees.
PTGX's PE is in its fair range at 28x. Analysts expect earnings to fall, which would put today's price at 1897x next year's earnings, in its expensive range.
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 PTGX in the historical PE scenario, which offers more potential upside but is not a forecast.
PTGX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect PTGX's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over PTGX on the outlook, with more favorable valuation and earnings expectations.
PTGX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.07 | -98% |
| Q3 2026 | $4.72 | +626% |
| Q2 2026 | $1.03 | +41% |
| Q1 2026 | -$1.81 | -332% |
| Q4 2025 | -$2.05 | -148% |
| Q3 2025 | $0.65 | -76% |
| Q2 2025 | $0.73 | -73% |
| Q1 2025 | $0.78 | -69% |
| Q4 2024 | $4.23 | +$5.62 |
PTGX's earnings per share have jumped to their highest in seven years: $4.72 over the past year, up from $0.65 the year before.
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.
PTGX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $274.4M | +5724% |
| Q2 2026 | $213.5M | +3749% |
| Q1 2026 | $56.4M | +99% |
| Q4 2025 | $7.4M | -96% |
| Q3 2025 | $4.7M | +0.8% |
| Q2 2025 | $5.5M | +33% |
| Q1 2025 | $28.3M | -89% |
| Q4 2024 | $170.6M | +184% |
PTGX's revenue is growing: $274M last quarter, up 5724% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +1065 points |
| Q2 2026 | 74% | +832 points |
| Q1 2026 | -6.5% | +62 points |
| Q4 2025 | -677% | -751 points |
| Q3 2025 | -985% | -99 points |
| Q2 2025 | -758% | +173 points |
| Q1 2025 | -68% | -149 points |
| Q4 2024 | 74% | +36 points |
PTGX 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.
PTGX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$23.5M | -$21.4M |
| Q2 2026 | $218.9M | +$248.5M |
| Q1 2026 | -$49.2M | -139% |
| Q4 2025 | -$37.1M | -$7.6M |
| Q3 2025 | -$2M | +$26.6M |
| Q2 2025 | -$29.6M | -111% |
| Q1 2025 | $124.8M | +$152.5M |
| Q4 2024 | -$29.5M | -274% |
PTGX has burned cash in almost every quarter: $109M over the past year, up 71% 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 has the edge over PTGX on cash flow, with more consistent year-over-year improvement.
PTGX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +725K shares |
| 1 year | +12% | +8M shares |
| 3 years | +21% | +12.5M shares |
| 5 years | +49% | +23.7M shares |
| Available history | +177% | +45.8M shares |
PTGX has 72M diluted shares, up 12% 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 PTGX 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.
PTGX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -7.0x | Net Cash |
| Q3 2025 | -5.7x | Net Cash |
| Q2 2025 | -6.8x | Net Cash |
| Q1 2025 | -5.0x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
| Q3 2024 | -0.9x | Net Cash |
| Q2 2024 | -2.3x | Net Cash |
PTGX 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.
PTGX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.7 | Neutral |
| Stochastic | 31.1 | Neutral |
PTGX's weekly RSI is 53 (neutral) and its Stochastic is 31 (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).
PTGX PE vs Healthcare Sector
| Metric | PTGX | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 26x | 10% above |
| PE % | 49 | 29 | 20 pts above |
PTGX is trading at 28x earnings, a 10% 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 PTGX on valuation relative to its sector.
PTGX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $138.0 | 2.6% below |
| 20 week MA | $140.9 | 4.6% below |
| 50 week MA | $113.3 | 19% above |
| 100 week MA | $83.7 | 61% above |
| 200 week MA | $55.7 | 141% above |
PTGX has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 141% 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 PTGX on trend strength, trading above more of its moving averages.
PTGX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.00 | $23.8 | +239% |
| 2021 | $23.8 | $34.3 | +44% |
| 2022 | $34.3 | $10.1 | -71% |
| 2023 | $10.1 | $22.9 | +127% |
| 2024 | $22.9 | $39.0 | +70% |
| 2025 | $39.0 | $88.8 | +128% |
| 2026 YTD | $88.8 | $134.4 | +51% |
PTGX has the edge over UNH on returns for 2026, with the stronger performance.
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 finished three years in a row lower, and it's up 22% so far in 2026.