TDOC
Teladoc Health, Inc.
TDOC offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over TDOC overall, supported by lower modeled downside and stronger modeled upside.
TDOC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Healthy | |
| Healthy |
TDOC's cash flow and balance sheet are currently healthy, and its revenue is stable, but its profitability is 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.
TDOC PE Valuation
TDOC 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.
TDOC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect TDOC's losses to shrink, with revenue holding steady. However, they disagree widely on these estimates.
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.
TDOC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.86 | +$0.41 |
| Q2 2026 | -$0.99 | +$0.19 |
| Q1 2026 | -$0.97 | +$4.94 |
| Q4 2025 | -$1.14 | +$4.73 |
| Q3 2025 | -$1.27 | +$4.50 |
| Q2 2025 | -$1.18 | +$4.75 |
| Q1 2025 | -$5.91 | -$4.50 |
| Q4 2024 | -$5.87 | -$4.53 |
TDOC is still losing money, but far less than before: $0.86 per share over the past year, against $84.60 at its worst in late 2022.
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 TDOC on earnings quality, reporting a profit while its opponent remains loss making.
TDOC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $605.1M | -3.4% |
| Q2 2026 | $606.9M | -4% |
| Q1 2026 | $613.8M | -2.5% |
| Q4 2025 | $642.3M | +0.3% |
| Q3 2025 | $626.4M | -2.2% |
| Q2 2025 | $631.9M | -1.6% |
| Q1 2025 | $629.4M | -2.6% |
| Q4 2024 | $640.5M | -3% |
TDOC's revenue grew through 2022 and has held roughly level since: $605M last quarter, down 3.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4.6% | +3.6 points |
| Q2 2026 | -6.1% | +2.5 points |
| Q1 2026 | -10% | +9.1 points |
| Q4 2025 | -5.6% | +1.9 points |
| Q3 2025 | -8.3% | -1.4 points |
| Q2 2025 | -8.6% | +122 points |
| Q1 2025 | -19% | -5.7 points |
| Q4 2024 | -7.5% | -2.2 points |
TDOC's operating margin was −4.6% last quarter, up 3.6 points from the same quarter a year ago, near the top of its range since 2019.
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 TDOC 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 TDOC on profitability, with a higher operating margin.
TDOC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $105.2M | +8.5% |
| Q2 2026 | $63.7M | -29% |
| Q1 2026 | $7.9M | -40% |
| Q4 2025 | $85.1M | +6.7% |
| Q3 2025 | $97M | -11% |
| Q2 2025 | $90.2M | +3.9% |
| Q1 2025 | $13.2M | +70% |
| Q4 2024 | $79.8M | -38% |
TDOC generated $262M in free cash flow over the past year, down 6.5% 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 TDOC on cash flow, with more consistent year-over-year improvement.
TDOC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +850K shares |
| 1 year | +2.8% | +4.9M shares |
| 3 years | +10% | +16.8M shares |
| 5 years | +14% | +22.4M shares |
| Available history | +151% | +109M shares |
TDOC has 182M diluted shares, up 2.8% 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 TDOC 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.
TDOC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.1x | Net Cash |
| Q2 2026 | -4.3x | Net Cash |
| Q1 2026 | -4.6x | Net Cash |
| Q4 2025 | -7.7x | Net Cash |
| Q3 2025 | -8.7x | Net Cash |
| Q2 2025 | -7.4x | Net Cash |
TDOC 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.
TDOC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.1 | Neutral |
| Stochastic | 75.8 | Neutral |
TDOC's weekly RSI is 63 (neutral) and its Stochastic is 76 (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).
TDOC PE vs Healthcare Sector
TDOC 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.
TDOC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.92 | 26% above |
| 20 week MA | $7.22 | 20% above |
| 50 week MA | $6.68 | 30% above |
| 100 week MA | $7.51 | 16% above |
| 200 week MA | $12.6 | 31% below |
TDOC has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 31% 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 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.
TDOC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $83.4 | $208.0 | +149% |
| 2021 | $208.0 | $95.1 | -54% |
| 2022 | $95.1 | $23.5 | -75% |
| 2023 | $23.5 | $21.6 | -8.4% |
| 2024 | $21.6 | $9.45 | -56% |
| 2025 | $9.45 | $7.12 | -25% |
| 2026 YTD | $7.12 | $8.69 | +22% |
TDOC has finished five years in a row lower, and it's up 22% 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 TDOC on returns for 2026, with the stronger performance.