RMD
ResMed Inc.
RMD has the edge over UNH overall, supported by stronger valuation and stronger fundamentals.
UNH
UnitedHealth Group Incorporated
UNH offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
RMD Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Strong |
RMD'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.
RMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 19x | $239 | — |
| Current | 22x | $239 | — |
| Cheap | 26x | $280 | +17% |
| Fair | 37x | $410 | +71% |
| Expensive | 54x | $595 | +149% |
Historical ranges are pointers, not guarantees.
RMD 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.
RMD Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect RMD's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
RMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.30 | +12% |
| Q3 2026 | $10.98 | +12% |
| Q2 2026 | $10.43 | +9.7% |
| Q1 2026 | $10.37 | +17% |
| Q4 2025 | $10.11 | +20% |
| Q3 2025 | $9.77 | +30% |
| Q2 2025 | $9.51 | +37% |
| Q1 2025 | $8.90 | +37% |
| Q4 2024 | $8.46 | +40% |
RMD 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.
RMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +5.9% |
| Q2 2026 | $1.5B | +8.6% |
| Q1 2026 | $1.4B | +11% |
| Q4 2025 | $1.4B | +11% |
| Q3 2025 | $1.3B | +9.1% |
| Q2 2025 | $1.3B | +10% |
| Q1 2025 | $1.3B | +7.9% |
| Q4 2024 | $1.3B | +10% |
RMD has the edge over UNH on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | -1.4 points |
| Q2 2026 | 31% | -3.1 points |
| Q1 2026 | 35% | +1.9 points |
| Q4 2025 | 35% | +2 points |
| Q3 2025 | 33% | +1.8 points |
| Q2 2025 | 34% | +2.5 points |
| Q1 2025 | 33% | +1.7 points |
| Q4 2024 | 33% | +8.9 points |
RMD 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.
RMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $373.7M | -9.8% |
| Q2 2026 | $403.5M | -21% |
| Q1 2026 | $520.5M | -6.7% |
| Q4 2025 | $311.2M | +8.1% |
| Q3 2025 | $414.4M | +35% |
| Q2 2025 | $508.2M | +22% |
| Q1 2025 | $557.9M | +46% |
| Q4 2024 | $288M | +15% |
RMD generated $1.6B in free cash flow over the past year, down 9% 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.
RMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -2.6M shares |
| 1 year | -2.4% | -3.5M shares |
| 3 years | -2.8% | -4.1M shares |
| 5 years | -2.3% | -3.4M shares |
| Available history | -1.5% | -2.2M shares |
RMD has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $936.4M |
| Q2 2026 | $200M |
| Q1 2026 | $175M |
| Q4 2025 | $175M |
| Q3 2025 | $150M |
| Q2 2025 | $100M |
| Q1 2025 | $75M |
| Q4 2024 | $75M |
RMD spent $1.5B buying back its own shares over the past year, about four times what it spent 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 902M diluted shares, down 0.7% from a year ago, with $5B in buybacks over the past year.
| 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.
RMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.5x | Net Cash |
| Q4 2025 | -0.4x | Net Cash |
| Q3 2025 | -0.4x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | 0.1x | Very low |
RMD 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.
RMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.7 | Neutral |
| Stochastic | 60.7 | Neutral |
RMD's weekly RSI is 56 (neutral) and its Stochastic is 61 (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).
RMD PE vs Healthcare Sector
| Metric | RMD | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 26x | 16% below |
| PE % | 6 | 29 | 23 pts below |
RMD has the edge over UNH on valuation relative to its sector.
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.
RMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $233.4 | 2.4% above |
| 20 week MA | $223.3 | 7% above |
| 50 week MA | $227.8 | 4.8% above |
| 100 week MA | $238.7 | 0.1% above |
| 200 week MA | $220.5 | 8.3% above |
RMD 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.
RMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $156.2 | $212.4 | +36% |
| 2021 | $212.4 | $258.8 | +22% |
| 2022 | $258.8 | $208.3 | -20% |
| 2023 | $208.3 | $172.0 | -17% |
| 2024 | $172.0 | $233.2 | +36% |
| 2025 | $233.2 | $244.8 | +5% |
| 2026 YTD | $244.8 | $238.9 | -2.4% |
RMD has finished higher in four of the last six years. It's down 2.4% 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 RMD on returns for 2026, with the stronger performance.