TMCI
Treace Medical Concepts, Inc.
TMCI's outlook is improving, though it still trails on the overall score.
UNH
UnitedHealth Group Incorporated
UNH has the edge over TMCI overall, supported by lower modeled downside and stronger fundamentals.
TMCI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Weak |
TMCI's revenue is currently stable, but its profitability, cash flow and balance sheet are 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.
TMCI PE Valuation
TMCI 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.
TMCI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
TMCI has the edge over UNH on the outlook, with more favorable revenue expectations.
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.
TMCI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.85 | -$0.05 |
| Q2 2026 | -$0.92 | -$0.13 |
| Q1 2026 | -$0.96 | -$0.11 |
| Q4 2025 | -$0.93 | -$0.03 |
| Q3 2025 | -$0.80 | +$0.19 |
| Q2 2025 | -$0.79 | +$0.23 |
| Q1 2025 | -$0.85 | +$0.03 |
| Q4 2024 | -$0.90 | -$0.09 |
TMCI is still losing money, but less than at its worst: $0.85 per share over the past year, against $1.02 at its worst in mid-2024.
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 TMCI on earnings quality, reporting a profit while its opponent remains loss making.
TMCI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $48.3M | -3.9% |
| Q2 2026 | $45.4M | -4.2% |
| Q1 2026 | $47.2M | -10% |
| Q4 2025 | $62.5M | -9% |
| Q3 2025 | $50.2M | +11% |
| Q2 2025 | $47.4M | +6.6% |
| Q1 2025 | $52.6M | +2.9% |
| Q4 2024 | $68.7M | +10% |
TMCI's revenue has slid since its 2024 peak: $48M last quarter, down 3.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -24% | +7.3 points |
| Q2 2026 | -33% | +2.9 points |
| Q1 2026 | -36% | -6.7 points |
| Q4 2025 | -9.5% | -9.2 points |
| Q3 2025 | -31% | +2.4 points |
| Q2 2025 | -36% | +12 points |
| Q1 2025 | -30% | +7.5 points |
| Q4 2024 | -0.3% | +11 points |
TMCI's operating margin was −24% last quarter, up 7.3 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 TMCI 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 TMCI on profitability, with a higher operating margin.
TMCI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$5.4M | +$6.5M |
| Q2 2026 | -$6.9M | +$918K |
| Q1 2026 | $4.2M | +538% |
| Q4 2025 | -$10.4M | -$3.1M |
| Q3 2025 | -$11.9M | +$2.8M |
| Q2 2025 | -$7.8M | +$7.8M |
| Q1 2025 | $655K | +$11.8M |
| Q4 2024 | -$7.3M | -$5.6M |
TMCI has burned cash in almost every quarter: −$19M over the past year, against −$26M 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 TMCI on cash generation, producing positive trailing cash flow while its opponent burns cash.
TMCI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +415K shares |
| 1 year | +3.1% | +1.9M shares |
| 3 years | +6.3% | +3.9M shares |
| 5 years | +24% | +12.7M shares |
| Available history | +49% | +21.6M shares |
TMCI has 65M diluted shares, up 3.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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 TMCI 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.
TMCI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2020 | 36.3x | High |
TMCI's net debt is more than 20 years of its operating earnings (EBITDA).
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.
TMCI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.8 | Neutral |
| Stochastic | 57.5 | Neutral |
TMCI's weekly RSI is 65 (neutral) and its Stochastic is 58 (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).
TMCI PE vs Healthcare Sector
TMCI 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.
TMCI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.35 | 23% above |
| 20 week MA | $4.41 | 21% above |
| 50 week MA | $3.22 | 66% above |
| 100 week MA | $5.03 | 6.2% above |
| 200 week MA | $9.47 | 44% below |
TMCI has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 44% 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.
TMCI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $25.5 | $17.3 | -32% |
| 2022 | $17.3 | $23.9 | +39% |
| 2023 | $23.9 | $12.8 | -47% |
| 2024 | $12.8 | $6.98 | -45% |
| 2025 | $6.98 | $2.42 | -65% |
| 2026 YTD | $2.42 | $5.34 | +121% |
TMCI 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.