UNH
UnitedHealth Group Incorporated
UNH has a slight edge over ZTS overall, supported by stronger modeled upside and lower modeled downside.
ZTS
Zoetis Inc.
ZTS offers stronger valuation, 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.
ZTS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
ZTS's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
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.
ZTS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 13x | $82.96 | — |
| Current | 14x | $82.96 | — |
| Cheap | 25x | $149 | +79% |
| Fair | 37x | $219 | +164% |
| Expensive | 47x | $275 | +232% |
Historical ranges are pointers, not guarantees.
ZTS has the edge over UNH in the historical PE scenario, which offers more potential upside but is not a forecast.
UNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Moderate | |
| Low |
UNH has the edge over ZTS on the outlook, with more favorable valuation and earnings expectations.
ZTS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect ZTS's earnings, revenue and profitability to hold roughly steady.
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's earnings per share have fallen from their peak: $17.55 over the past year, against $23.89 in early 2025.
ZTS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.18 | +5.2% |
| Q3 2026 | $5.88 | -1% |
| Q2 2026 | $6.07 | +4.5% |
| Q1 2026 | $6.03 | +8.3% |
| Q4 2025 | $6.02 | +10% |
| Q3 2025 | $5.94 | +12% |
| Q2 2025 | $5.81 | +14% |
| Q1 2025 | $5.57 | +7.3% |
| Q4 2024 | $5.47 | +7.9% |
ZTS has the edge over UNH on earnings, with more consistent year-over-year improvement.
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 ZTS on sales, with stronger typical year-over-year growth.
| 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.
ZTS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | -0.4% |
| Q2 2026 | $2.5B | +0.3% |
| Q1 2026 | $2.3B | +1.9% |
| Q4 2025 | $2.4B | +3% |
| Q3 2025 | $2.4B | +0.5% |
| Q2 2025 | $2.5B | +4.2% |
| Q1 2025 | $2.2B | +1.4% |
| Q4 2024 | $2.3B | +4.7% |
ZTS's revenue grew through 2024 and has held roughly level since: $2.4B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | -6.5 points |
| Q2 2026 | 35% | -1.6 points |
| Q1 2026 | 34% | -3 points |
| Q4 2025 | 32% | +0.3 points |
| Q3 2025 | 37% | +0.4 points |
| Q2 2025 | 37% | +3.6 points |
| Q1 2025 | 36% | +2.4 points |
| Q4 2024 | 32% | +2.2 points |
ZTS 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 ZTS on cash flow, with more consistent year-over-year improvement.
ZTS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $717M | -11% |
| Q2 2026 | $538M | +75% |
| Q1 2026 | $291M | -34% |
| Q4 2025 | $732M | +6.2% |
| Q3 2025 | $805M | +2.7% |
| Q2 2025 | $308M | -17% |
| Q1 2025 | $438M | -3.7% |
| Q4 2024 | $689M | -1.4% |
ZTS's free cash flow has been positive every quarter for seven years: $2.3B over the past year, up 1.7% from 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 902M diluted shares, down 0.7% from a year ago, with $5B in buybacks over the past year.
| 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.
ZTS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.5% | -6.1M shares |
| 1 year | -7.1% | -31.6M shares |
| 3 years | -11% | -49.8M shares |
| 5 years | -14% | -64.7M shares |
| Available history | -15% | -70.2M shares |
ZTS has the edge over UNH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $500M |
| Q2 2026 | $584M |
| Q1 2026 | $606M |
| Q4 2025 | $2.1B |
| Q3 2025 | $394M |
| Q2 2025 | $338M |
| Q1 2025 | $443M |
| Q4 2024 | $553M |
ZTS spent $3.8B buying back its own shares over the past year, up 117% from the year before.
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 ZTS on leverage, with a lower net debt burden relative to earnings.
ZTS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.3x | Healthy |
ZTS's net debt is about 2.1 years of its operating earnings (EBITDA), up from 1.3 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).
ZTS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 67.3 | Neutral |
ZTS's weekly RSI is 50 (neutral) and its Stochastic is 67 (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.
ZTS PE vs Healthcare Sector
| Metric | ZTS | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 26x | 45% below |
| PE % | 7 | 29 | 22 pts below |
ZTS has the edge over UNH on valuation relative to its sector.
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 ZTS on trend strength, trading above more of its moving averages.
ZTS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $77.3 | 7.4% above |
| 20 week MA | $76.0 | 9.2% above |
| 50 week MA | $96.6 | 14% below |
| 100 week MA | $125.5 | 34% below |
| 200 week MA | $151.4 | 45% below |
ZTS has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 45% 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 ZTS on returns for 2026, with the stronger performance.
ZTS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $133.3 | $160.7 | +21% |
| 2021 | $160.7 | $242.5 | +51% |
| 2022 | $242.5 | $145.8 | -40% |
| 2023 | $145.8 | $197.4 | +35% |
| 2024 | $197.4 | $164.6 | -17% |
| 2025 | $164.6 | $126.2 | -23% |
| 2026 YTD | $126.2 | $83.0 | -34% |
ZTS has finished lower in three of the last six years. It's down 34% so far in 2026.