UNH
UnitedHealth Group Incorporated
UNH has the edge over XRAY overall, supported by stronger modeled upside and lower modeled downside.
XRAY
DENTSPLY SIRONA Inc.
XRAY 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.
XRAY Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Weak |
XRAY's cash flow is currently healthy, and its revenue and profitability are stable, but its balance sheet is 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.
XRAY PE Valuation
XRAY 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 XRAY on the outlook, with more favorable earnings and profitability expectations.
XRAY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Low |
Analysts expect XRAY's earnings, revenue and profitability to hold roughly 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 edge over XRAY on earnings quality, reporting a profit while its opponent remains loss making.
XRAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.26 | — |
| Q3 2026 | -$0.62 | +$3.73 |
| Q2 2026 | -$2.75 | +$1.92 |
| Q1 2026 | -$3.15 | +$1.32 |
| Q4 2025 | -$3.00 | +$1.48 |
| Q3 2025 | -$4.35 | -$2.28 |
| Q2 2025 | -$4.67 | -$3.81 |
| Q1 2025 | -$4.47 | -$4.03 |
| Q4 2024 | -$4.48 | -$3.86 |
XRAY is still losing money, but far less than before: $0.62 per share over the past year, against $4.82 at its worst in early 2023.
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 XRAY 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 XRAY on profitability, with a higher operating margin.
XRAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $836M | -7.5% |
| Q2 2026 | $898M | -4.1% |
| Q1 2026 | $880M | +0.1% |
| Q4 2025 | $961M | +6.2% |
| Q3 2025 | $904M | -4.9% |
| Q2 2025 | $936M | -4.9% |
| Q1 2025 | $879M | -7.8% |
| Q4 2024 | $905M | -11% |
XRAY's revenue fell from its 2019 peak and has held roughly level since: $836M last quarter, down 7.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.4% | +29 points |
| Q2 2026 | 9.1% | +23 points |
| Q1 2026 | -4% | -11 points |
| Q4 2025 | -14% | +42 points |
| Q3 2025 | -24% | +25 points |
| Q2 2025 | -14% | -19 points |
| Q1 2025 | 7.2% | +2.8 points |
| Q4 2024 | -56% | -64 points |
XRAY's operating margin was 4.4% last quarter, up 29 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 |
UNH has the edge over XRAY on cash flow, with more consistent year-over-year improvement.
XRAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $0 | -100% |
| Q2 2026 | $55M | +244% |
| Q1 2026 | -$12M | $0 |
| Q4 2025 | $60M | +67% |
| Q3 2025 | $40M | -59% |
| Q2 2025 | $16M | -90% |
| Q1 2025 | -$12M | -$3M |
| Q4 2024 | $36M | -70% |
XRAY still generates free cash flow, though less than at its 2019 peak: $103M over the past year.
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 XRAY 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.
XRAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1.3M shares |
| 1 year | -0.2% | -300K shares |
| 3 years | -5.9% | -12.6M shares |
| 5 years | -9.7% | -21.3M shares |
| Available history | -11% | -25.2M shares |
XRAY has 199M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $13M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $100M |
| Q2 2024 | $150M |
| Q1 2024 | — |
| Q4 2023 | $150M |
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 has the edge over XRAY on leverage, with a lower net debt burden relative to earnings.
XRAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.1x | High |
| Q2 2026 | 50.9x | High |
| Q3 2024 | 39.2x | High |
| Q2 2024 | 6.6x | High |
| Q1 2024 | 5.9x | High |
| Q4 2023 | 6.9x | High |
| Q3 2023 | 6.9x | High |
| Q2 2022 | 1.9x | Healthy |
XRAY's net debt is about 7.1 years of its operating earnings (EBITDA), up from 5.9 years 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).
XRAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.7 | Neutral |
| Stochastic | 22.9 | Neutral |
XRAY's weekly RSI is 41 (neutral) and its Stochastic is 23 (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.
XRAY PE vs Healthcare Sector
| Metric | XRAY | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
XRAY 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 XRAY on trend strength, trading above more of its moving averages.
XRAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.14 | 1.1% above |
| 20 week MA | $10.7 | 14% below |
| 50 week MA | $11.3 | 18% below |
| 100 week MA | $13.2 | 30% below |
| 200 week MA | $22.7 | 59% below |
XRAY has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 59% 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 XRAY on returns for 2026, with the stronger performance.
XRAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.8 | $51.8 | -8.8% |
| 2021 | $51.8 | $55.4 | +7% |
| 2022 | $55.4 | $31.8 | -43% |
| 2023 | $31.8 | $35.6 | +12% |
| 2024 | $35.6 | $18.9 | -47% |
| 2025 | $18.9 | $11.5 | -39% |
| 2026 YTD | $11.5 | $9.24 | -20% |
XRAY has finished lower in four of the last six years. It's down 20% so far in 2026.