UNH
UnitedHealth Group Incorporated
UNH has the edge over ZLAB overall, supported by stronger fundamentals and lower modeled downside.
ZLAB
Zai Lab Limited
ZLAB's outlook is improving, though it still trails on the overall score.
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.
ZLAB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Under pressure | |
| Unavailable |
ZLAB's revenue is currently stable, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
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.
ZLAB PE Valuation
ZLAB 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.
ZLAB Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ZLAB's losses to shrink, 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 edge over ZLAB on earnings quality, reporting a profit while its opponent remains loss making.
ZLAB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.19 | +$0.01 |
| Q2 2026 | -$0.18 | +$0.03 |
| Q1 2026 | -$0.17 | +$0.08 |
| Q4 2025 | -$0.16 | +$0.10 |
| Q3 2025 | -$0.20 | +$0.07 |
| Q2 2025 | -$0.21 | +$0.09 |
| Q1 2025 | -$0.25 | +$0.10 |
| Q4 2024 | -$0.26 | +$0.09 |
ZLAB is still losing money, but far less than before: $0.19 per share over the past year, against $0.46 at its worst in late 2022.
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 ZLAB on profitability, with a higher operating margin.
ZLAB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $108.2M | -6.8% |
| Q2 2026 | $106.3M | -3.3% |
| Q1 2026 | $99.6M | -6.5% |
| Q4 2025 | $127.6M | +17% |
| Q3 2025 | $116.1M | +14% |
| Q2 2025 | $110M | +9.4% |
| Q1 2025 | $106.5M | +22% |
| Q4 2024 | $109.1M | +66% |
ZLAB's revenue has held roughly level: $108M last quarter, down 6.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -58% | -16 points |
| Q2 2026 | -72% | -22 points |
| Q1 2026 | -70% | -17 points |
| Q4 2025 | -54% | +7.9 points |
| Q3 2025 | -42% | +24 points |
| Q2 2025 | -50% | +26 points |
| Q1 2025 | -53% | +28 points |
| Q4 2024 | -62% | +126 points |
ZLAB's operating margin was −58% last quarter, down 16 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 ZLAB on cash generation, producing positive trailing cash flow while its opponent burns cash.
ZLAB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$58.8M | -$23.8M |
| Q2 2026 | -$64.7M | -$30.8M |
| Q1 2026 | -$13.1M | +$50.1M |
| Q4 2025 | -$26.7M | +$31.7M |
| Q3 2025 | -$35M | -$6.9M |
| Q2 2025 | -$33.9M | +$9M |
| Q1 2025 | -$63.2M | +$27.8M |
| Q4 2024 | -$58.4M | -$43.2M |
ZLAB has burned cash in almost every quarter: −$163M over the past year, against −$191M 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 ZLAB 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.
ZLAB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +6.4M shares |
| 1 year | +1.9% | +21.3M shares |
| 3 years | +16% | +155M shares |
ZLAB has 1.1B diluted shares, up 1.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
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.
ZLAB Net Leverage
ZLAB's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ZLAB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.3 | Neutral |
| Stochastic | 60.8 | Neutral |
ZLAB's weekly RSI is 58 (neutral) and its Stochastic is 61 (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.
ZLAB PE vs Healthcare Sector
ZLAB 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.
ZLAB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $24.4 | 6.8% above |
| 20 week MA | $23.5 | 11% above |
| 50 week MA | $20.8 | 25% above |
| 100 week MA | $25.9 | 0.5% above |
| 200 week MA | $25.8 | 0.8% above |
ZLAB 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.
ZLAB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.3 | $133.8 | +232% |
| 2021 | $133.8 | $65.8 | -51% |
| 2022 | $65.8 | $30.8 | -53% |
| 2023 | $30.8 | $27.3 | -11% |
| 2024 | $27.3 | $26.6 | -2.6% |
| 2025 | $26.6 | $18.3 | -31% |
| 2026 YTD | $18.3 | $26.0 | +42% |
ZLAB has the edge over UNH on returns for 2026, with the stronger performance.