SNDL
SNDL Inc.
SNDL offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over SNDL overall, supported by stronger modeled upside and lower modeled downside.
SNDL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Strong |
SNDL's balance sheet is currently strong, and its revenue, profitability and cash flow are 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.
SNDL PE Valuation
SNDL 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.
SNDL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Decline | |
| Stable | |
| Limited | |
| High |
Analysts expect SNDL's losses to shrink, with revenue declining.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over SNDL on the outlook, with more favorable revenue and profitability expectations.
SNDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.18 | +$0.07 |
| Q2 2026 | -$0.07 | +$0.20 |
| Q1 2026 | -$0.04 | +$0.25 |
| Q4 2025 | -$0.05 | +$0.21 |
| Q3 2025 | -$0.25 | +$0.04 |
| Q2 2025 | -$0.27 | +$0.03 |
| Q1 2025 | -$0.29 | +$0.08 |
| Q4 2024 | -$0.26 | +$0.20 |
SNDL is still losing money, but far less than before: $0.18 per share over the past year, against $23.08 at its worst in mid-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 SNDL on earnings quality, reporting a profit while its opponent remains loss making.
SNDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $165.7M | -3.5% |
| Q2 2026 | $165.8M | -3.7% |
| Q1 2026 | $137.7M | -4.4% |
| Q4 2025 | $177.5M | -2% |
| Q3 2025 | $171.7M | +3.1% |
| Q2 2025 | $172.1M | +7.3% |
| Q1 2025 | $144.1M | +3.6% |
| Q4 2024 | $181.2M | +3.7% |
SNDL's revenue grew through 2023 and has held roughly level since: $166M last quarter, down 3.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1.4% | +2.5 points |
| Q2 2026 | -2.3% | -3.5 points |
| Q1 2026 | -5.7% | -1.7 points |
| Q4 2025 | 4.1% | +34 points |
| Q3 2025 | -3.8% | +4 points |
| Q2 2025 | 1.2% | +3.3 points |
| Q1 2025 | -4% | -1.8 points |
| Q4 2024 | -30% | +4.7 points |
SNDL's operating margin was −1.4% last quarter, up 2.5 points from the same quarter a year ago.
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 SNDL 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 has the edge over SNDL on profitability, with a higher operating margin.
SNDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.1M | -35% |
| Q2 2026 | $1.3M | -53% |
| Q1 2026 | $592.7K | -86% |
| Q4 2025 | $15M | +2.5% |
| Q3 2025 | $18.6M | +42% |
| Q2 2025 | $2.8M | +15% |
| Q1 2025 | $4.4M | +648% |
| Q4 2024 | $14.6M | +84% |
SNDL generated $29M in free cash flow over the past year, down 28% 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.
SNDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.8% | -9.7M shares |
| 1 year | -4% | -10.4M shares |
| 3 years | -5.2% | -13.5M shares |
| 5 years | +20% | +41.3M shares |
| Available history | +2217% | +236M shares |
SNDL has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.7M |
| Q2 2026 | $16.5M |
| Q1 2026 | $6.7M |
| Q4 2025 | $220,754 |
| Q3 2025 | $2,109 |
| Q2 2025 | — |
| Q1 2025 | $10.6M |
| Q4 2024 | $9.3M |
SNDL spent $30M buying back its own shares over the past year, up 52% from 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.
SNDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -2.1x | Net Cash |
SNDL 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.
SNDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.8 | Neutral |
| Stochastic | 66.2 | Neutral |
SNDL's weekly RSI is 52 (neutral) and its Stochastic is 66 (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).
SNDL PE vs Healthcare Sector
SNDL 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.
SNDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.31 | 6.1% above |
| 20 week MA | $1.31 | 6.1% above |
| 50 week MA | $1.45 | 4.1% below |
| 100 week MA | $1.60 | 13% below |
| 200 week MA | $1.69 | 18% below |
SNDL has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 18% 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 SNDL on trend strength, trading above more of its moving averages.
SNDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.7 | $4.73 | -79% |
| 2021 | $4.73 | $6.70 | +42% |
| 2022 | $6.70 | $2.08 | -69% |
| 2023 | $2.08 | $1.64 | -21% |
| 2024 | $1.64 | $1.79 | +9.1% |
| 2025 | $1.79 | $1.73 | -3.4% |
| 2026 YTD | $1.73 | $1.39 | -20% |
SNDL has finished lower in four of the last six years. It's down 20% 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 SNDL on returns for 2026, with the stronger performance.