THC
Tenet Healthcare Corporation
THC has the edge over UNH overall, supported by stronger fundamentals and stronger valuation.
UNH
UnitedHealth Group Incorporated
UNH has slightly lower modeled downside risk, despite its lower overall score.
THC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Healthy |
THC'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.
THC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6x | $207 | -28% |
| Current | 8.3x | $287 | — |
| Fair | 11x | $365 | +27% |
| Forward | 14x | $287 | — |
| Expensive | 17x | $590 | +106% |
Historical ranges are pointers, not guarantees.
THC 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.
THC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect THC's earnings to grow and its profitability to improve, with its revenue holding steady. 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 THC on the outlook, with more favorable valuation expectations.
THC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.30 | -41% |
| Q3 2026 | $34.48 | +129% |
| Q2 2026 | $25.93 | +61% |
| Q1 2026 | $19.23 | +23% |
| Q4 2025 | $15.49 | -53% |
| Q3 2025 | $15.06 | -52% |
| Q2 2025 | $16.09 | -41% |
| Q1 2025 | $15.59 | -40% |
| Q4 2024 | $32.70 | +473% |
THC 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.
THC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.6B | +6.5% |
| Q2 2026 | $5.6B | +6.8% |
| Q1 2026 | $5.4B | +2.8% |
| Q4 2025 | $5.5B | +9% |
| Q3 2025 | $5.3B | +3.3% |
| Q2 2025 | $5.3B | +3.3% |
| Q1 2025 | $5.2B | -2.7% |
| Q4 2024 | $5.1B | -5.7% |
THC's revenue has grown year over year for six quarters in a row: $5.6B last quarter, up 6.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 31% | +14 points |
| Q2 2026 | 27% | +11 points |
| Q1 2026 | 24% | +6.1 points |
| Q4 2025 | 15% | -0.8 points |
| Q3 2025 | 17% | -4.5 points |
| Q2 2025 | 16% | +0.7 points |
| Q1 2025 | 18% | -43 points |
| Q4 2024 | 16% | +2.5 points |
THC 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 has the edge over THC 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.
THC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +39% |
| Q2 2026 | $417M | -44% |
| Q1 2026 | $1.5B | +128% |
| Q4 2025 | $367M | +$1B |
| Q3 2025 | $778M | -6.2% |
| Q2 2025 | $743M | +23% |
| Q1 2025 | $642M | +86% |
| Q4 2024 | -$661M | -207% |
THC generated $3.3B in free cash flow over the past year, up 122% 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.
THC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4% | -3.4M shares |
| 1 year | -9% | -8M shares |
| 3 years | -23% | -23.8M shares |
| 5 years | -26% | -28.2M shares |
| Available history | -22% | -22.8M shares |
THC has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $255M |
| Q2 2026 | $1B |
| Q1 2026 | $318M |
| Q4 2025 | $198M |
| Q3 2025 | $93M |
| Q2 2025 | $747M |
| Q1 2025 | $348M |
| Q4 2024 | — |
THC spent $1.8B buying back its own shares over the past year, up 53% 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.
THC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 2.2x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.4x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 1.5x | Healthy |
THC's net debt is about 1.7 years of its operating earnings (EBITDA), down from 2.4 years a year ago.
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.
THC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.8 | Overbought |
| Stochastic | 73.5 | Neutral |
THC's weekly RSI is 72 (overbought) and its Stochastic is 73 (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).
THC PE vs Healthcare Sector
| Metric | THC | Sector median | Relative |
|---|---|---|---|
| PE | 8.3x | 26x | 68% below |
| PE % | 32 | 29 | 3 pts above |
THC 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.
THC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $270.2 | 6.2% above |
| 20 week MA | $256.0 | 12% above |
| 50 week MA | $220.8 | 30% above |
| 100 week MA | $190.8 | 50% above |
| 200 week MA | $144.1 | 99% above |
THC 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.
THC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $38.3 | $40.1 | +4.9% |
| 2021 | $40.1 | $79.3 | +98% |
| 2022 | $79.3 | $46.6 | -41% |
| 2023 | $46.6 | $75.6 | +62% |
| 2024 | $75.6 | $128.0 | +69% |
| 2025 | $128.0 | $200.6 | +57% |
| 2026 YTD | $200.6 | $286.9 | +43% |
THC 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.