TNDM
Tandem Diabetes Care, Inc.
TNDM offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
UNH
UnitedHealth Group Incorporated
UNH has the edge over TNDM overall, supported by lower modeled downside and stronger modeled upside.
TNDM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Strong |
TNDM's revenue and balance sheet are currently healthy, and its profitability is stable, but its cash flow 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.
TNDM PE Valuation
TNDM 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.
TNDM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
TNDM 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.
TNDM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.33 |
| Q2 2026 | -$0.93 | +$2.16 |
| Q1 2026 | -$1.40 | +$1.38 |
| Q4 2025 | -$3.07 | -$1.61 |
| Q3 2025 | -$3.05 | -$1.12 |
| Q2 2025 | -$3.09 | -$1.00 |
| Q1 2025 | -$2.78 | -$0.61 |
| Q4 2024 | -$1.46 | +$1.98 |
TNDM is still losing money, but far less than before: $0.72 per share over the past year, against $3.48 at its worst in mid-2023.
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 TNDM on earnings quality, reporting a profit while its opponent remains loss making.
TNDM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $283.7M | +14% |
| Q2 2026 | $254.6M | +5.8% |
| Q1 2026 | $247.2M | +5.5% |
| Q4 2025 | $290.4M | +2.7% |
| Q3 2025 | $249.3M | +2.2% |
| Q2 2025 | $240.7M | +8.5% |
| Q1 2025 | $234.4M | +22% |
| Q4 2024 | $282.6M | +44% |
TNDM's revenue has grown year over year for 11 quarters in a row: $284M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.8% | +8.3 points |
| Q2 2026 | -5.4% | +16 points |
| Q1 2026 | -7% | +45 points |
| Q4 2025 | 2.9% | +3.1 points |
| Q3 2025 | -9.2% | +1.5 points |
| Q2 2025 | -22% | -7.7 points |
| Q1 2025 | -52% | -30 points |
| Q4 2024 | -0.2% | +18 points |
TNDM's operating margin was −0.8% last quarter, up 8.3 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'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 has the edge over TNDM on profitability, with a higher operating margin.
TNDM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$5.5M | -232% |
| Q2 2026 | -$38.7M | -$23M |
| Q1 2026 | $4.8M | +$26M |
| Q4 2025 | $3.1M | -59% |
| Q3 2025 | $4.2M | -81% |
| Q2 2025 | -$15.7M | -$4M |
| Q1 2025 | -$21.2M | -$8.8M |
| Q4 2024 | $7.6M | +$20.1M |
TNDM's free cash flow was −$36M over the past year, against −$25M 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 TNDM on cash generation, producing positive trailing cash flow while its opponent burns cash.
TNDM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +639K shares |
| 1 year | +3% | +2M shares |
| 3 years | +7% | +4.5M shares |
| 5 years | +7.5% | +4.9M shares |
| Available history | +19% | +11.1M shares |
TNDM has 70M diluted shares, up 3% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $30M |
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 TNDM 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.
TNDM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | -16.5x | Net Cash |
| Q1 2022 | -3.8x | Net Cash |
| Q4 2021 | -2.0x | Net Cash |
| Q3 2021 | -2.7x | Net Cash |
| Q2 2021 | -3.0x | Net Cash |
| Q1 2021 | -8.3x | Net Cash |
| Q4 2020 | -37.9x | Net Cash |
TNDM has more cash than debt.
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.
TNDM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.4 | Neutral |
| Stochastic | 30.2 | Neutral |
TNDM's weekly RSI is 48 (neutral) and its Stochastic is 30 (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).
TNDM PE vs Healthcare Sector
| Metric | TNDM | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
TNDM 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.
TNDM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.9 | 3.4% above |
| 20 week MA | $18.1 | 3.4% below |
| 50 week MA | $19.1 | 8.4% below |
| 100 week MA | $19.9 | 12% below |
| 200 week MA | $26.5 | 34% below |
TNDM has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 34% 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 TNDM on trend strength, trading above more of its moving averages.
TNDM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.2 | $93.9 | +56% |
| 2021 | $93.9 | $151.8 | +62% |
| 2022 | $151.8 | $42.0 | -72% |
| 2023 | $42.0 | $29.6 | -30% |
| 2024 | $29.6 | $36.9 | +25% |
| 2025 | $36.9 | $22.4 | -39% |
| 2026 YTD | $22.4 | $17.5 | -22% |
TNDM has finished lower in three of the last six years. It's down 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 TNDM on returns for 2026, with the stronger performance.