UNH
UnitedHealth Group Incorporated
UNH has the edge over XNCR overall, supported by lower modeled downside and stronger modeled upside.
XNCR
Xencor, Inc.
XNCR offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
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.
XNCR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Weak | |
| Weak | |
| Strong |
XNCR's revenue and balance sheet are currently strong, but its profitability and cash flow are weak.
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.
XNCR PE Valuation
XNCR 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 |
Analysts expect UNH's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
XNCR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect XNCR's losses to grow, with revenue declining. 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 edge over XNCR on earnings quality, reporting a profit while its opponent remains loss making.
XNCR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.59 | +$0.13 |
| Q2 2026 | -$2.17 | +$0.19 |
| Q1 2026 | -$2.29 | +$0.75 |
| Q4 2025 | -$1.24 | +$2.34 |
| Q3 2025 | -$1.72 | +$1.70 |
| Q2 2025 | -$2.36 | +$0.74 |
| Q1 2025 | -$3.04 | -$0.66 |
| Q4 2024 | -$3.58 | -$1.38 |
XNCR is still losing money, but far less than before: $1.59 per share over the past year, against $3.58 at its worst in late 2024.
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's operating margin was 5.8% last quarter, up 2 points from the same quarter a year ago.
XNCR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $116.5M | +455% |
| Q2 2026 | $51.2M | +17% |
| Q1 2026 | $4.5M | -86% |
| Q4 2025 | $28.2M | -47% |
| Q3 2025 | $21M | +18% |
| Q2 2025 | $43.6M | +82% |
| Q1 2025 | $32.7M | +105% |
| Q4 2024 | $52.8M | +3.6% |
XNCR's revenue is recovering but still below its 2021 peak: $117M last quarter, up 455% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +246 points |
| Q2 2026 | -72% | +3.7 points |
| Q1 2026 | -1724% | -1592 points |
| Q4 2025 | -190% | -165 points |
| Q3 2025 | -226% | +84 points |
| Q2 2025 | -76% | +156 points |
| Q1 2025 | -132% | +210 points |
| Q4 2024 | -25% | +29 points |
XNCR has the edge over UNH on profitability, with a higher operating margin.
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 XNCR on cash generation, producing positive trailing cash flow while its opponent burns cash.
XNCR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $838K | +$31.8M |
| Q2 2026 | -$56.2M | -$19.4M |
| Q1 2026 | -$68.2M | -$50.6M |
| Q4 2025 | -$52.9M | -$1.4M |
| Q3 2025 | -$31M | -$1.6M |
| Q2 2025 | -$36.8M | +$33.6M |
| Q1 2025 | -$17.7M | +$39.3M |
| Q4 2024 | -$51.5M | -400% |
XNCR has burned cash in most quarters: −$176M over the past year, against −$137M 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 XNCR 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.
XNCR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.3% | +2.5M shares |
| 1 year | +5.3% | +3.9M shares |
| 3 years | +29% | +17.7M shares |
| 5 years | +34% | +20M shares |
| Available history | +34% | +19.9M shares |
XNCR has 78M diluted shares, up 5.3% from 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.
XNCR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | -0.9x | Net Cash |
| Q2 2022 | -0.9x | Net Cash |
| Q1 2022 | -0.8x | Net Cash |
| Q4 2021 | -2.8x | Net Cash |
| Q4 2019 | -2.8x | Net Cash |
XNCR has more cash than debt.
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).
XNCR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 81.4 | Overbought |
| Stochastic | 85.8 | Overbought |
XNCR's weekly RSI is 81 (overbought) and its Stochastic is 86 (overbought).
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.
XNCR PE vs Healthcare Sector
| Metric | XNCR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
XNCR 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 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.
XNCR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $28.1 | 36% above |
| 20 week MA | $24.3 | 57% above |
| 50 week MA | $17.5 | 118% above |
| 100 week MA | $15.0 | 154% above |
| 200 week MA | $19.0 | 101% above |
XNCR has the edge over UNH on trend strength, trading above more of its moving averages.
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.
XNCR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.4 | $46.1 | +30% |
| 2021 | $46.1 | $40.7 | -12% |
| 2022 | $40.7 | $26.1 | -36% |
| 2023 | $26.1 | $21.2 | -19% |
| 2024 | $21.2 | $24.3 | +14% |
| 2025 | $24.3 | $15.2 | -37% |
| 2026 YTD | $15.2 | $38.1 | +151% |
XNCR has the edge over UNH on returns for 2026, with the stronger performance.