UNH
UnitedHealth Group Incorporated
UNH's fundamentals are mixed: free cash flow grew 31%, but earnings per share fell 8.5%. At 23x earnings, it's trading right at its usual valuation. Analysts expect strong earnings growth, though they disagree widely on how much.
VALN
Valneva SE
There isn't enough reported data to score VALN yet.
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.
VALN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Under pressure | |
| Weak |
VALN's revenue, profitability, cash flow and balance sheet are all currently under pressure.
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.
VALN PE Valuation
VALN has no meaningful PE right now: it lost money over the past year.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over VALN on the outlook, with more favorable earnings and profitability expectations.
VALN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect VALN's losses to grow, with revenue holding steady. However, they disagree widely on these estimates.
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 stronger earnings trend. Trailing diluted EPS is down 8.5% for UNH versus VALN down 1,613%.
VALN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | -$1.21 | -1613% |
| Q3 2025 | -$1.16 | -1155% |
| Q2 2025 | -$0.73 | -$0.43 |
| Q1 2025 | -$0.98 | -$0.83 |
| Q4 2024 | $0.08 | +$1.45 |
| Q3 2024 | $0.11 | +$1.65 |
| Q2 2024 | -$0.30 | -140% |
| Q1 2024 | -$0.15 | +$2.34 |
VALN has swung to a loss: it lost $1.21 per share over the past year, after a profit the year before.
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 stronger quarterly revenue trend. Revenue is down 0.4% for UNH versus down 9.9% for VALN.
| 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.
VALN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $53M | -9.9% |
| Q3 2025 | $32.7M | -36% |
| Q2 2025 | $53.7M | +27% |
| Q1 2025 | $54.7M | +50% |
| Q4 2024 | $58.8M | +26% |
| Q3 2024 | $50.9M | +20% |
| Q2 2024 | $42.3M | -5.4% |
| Q1 2024 | $36.4M | -2.3% |
VALN's revenue fell from its 2021 peak and has held roughly level since: $53M last quarter, down 9.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -59% | -20 points |
| Q3 2025 | -126% | -99 points |
| Q2 2025 | -22% | +34 points |
| Q1 2025 | -12% | -220 points |
| Q4 2024 | -39% | +20 points |
| Q3 2024 | -27% | +31 points |
| Q2 2024 | -57% | -11 points |
| Q1 2024 | 208% | +258 points |
VALN's operating margin was −59% last quarter, down 20 points from the same quarter a year ago.
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 |
VALN has the stronger cash trend. Its trailing FCF is up 31% versus its history, compared with UNH at up 5.2%.
VALN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$28.4M | -552% |
| Q3 2025 | -$20.1M | +$9.2M |
| Q2 2025 | -$4.5M | +$37.1M |
| Q1 2025 | -$10.7M | +$25.9M |
| Q4 2024 | $6.3M | +$86M |
| Q3 2024 | -$29.3M | +$51.4M |
| Q2 2024 | -$41.6M | +$7.8M |
| Q1 2024 | -$36.6M | -$5.4M |
VALN has burned cash in most quarters: −$64M over the past year, against −$101M 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 the edge over VALN 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.
VALN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +96% | +82.3M shares |
| 1 year | +15% | +22.5M shares |
| 3 years | +46% | +52.7M shares |
| 5 years | +266% | +122M shares |
| Available history | +307% | +127M shares |
VALN has 168M diluted shares, up 15% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q3 2023 | $49,991 |
| Q2 2023 | $101,092 |
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.
VALN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2020 | 5.5x | High |
| Q4 2019 | 2.3x | Moderate |
| Q3 2019 | 1.3x | Healthy |
| Q2 2019 | 0.4x | Very low |
| Q1 2019 | 0.5x | Very low |
| Q4 2018 | -1.4x | Net Cash |
| Q3 2018 | 18.4x | High |
| Q2 2018 | 12.1x | High |
VALN's net debt is about 5.5 years of its operating earnings (EBITDA), up from less than a year a year ago.
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).
VALN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.9 | Neutral |
| Stochastic | 23.6 | Neutral |
VALN's weekly RSI is 46 (neutral) and its Stochastic is 24 (neutral).
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.
VALN PE vs Healthcare Sector
VALN has no meaningful PE right now: it lost money over the past year.
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 VALN on trend strength, trading above more of its moving averages.
VALN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.66 | 1.8% above |
| 20 week MA | $5.81 | 0.9% below |
| 50 week MA | $7.03 | 18% below |
| 100 week MA | $7.19 | 20% below |
| 200 week MA | $8.51 | 32% below |
VALN has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 32% below its 200-week average.
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 VALN on returns for 2026, with the stronger performance.
VALN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $29.5 | $57.3 | +94% |
| 2022 | $57.3 | $14.2 | -75% |
| 2023 | $14.2 | $10.4 | -27% |
| 2024 | $10.4 | $4.33 | -58% |
| 2025 | $4.33 | $8.41 | +94% |
| 2026 YTD | $8.41 | $5.76 | -32% |
VALN has finished lower in three of the last five years. It's down 32% so far in 2026.