UNH
UnitedHealth Group Incorporated
UNH has the edge over ZYME overall, supported by stronger valuation and stronger modeled upside.
ZYME
Zymeworks Inc.
ZYME 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.
ZYME Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Weak | |
| Weak |
ZYME's revenue and profitability are currently healthy, but its cash flow and balance sheet 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 has the edge over ZYME in the historical PE scenario, which offers more potential upside but is not a forecast.
ZYME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $1.33 | -95% |
| Fair | 3.2x | $1.65 | -94% |
| Expensive | 4.5x | $2.34 | -91% |
| Forward | 49x | $26.47 | — |
| Current | 51x | $26.47 | — |
Historical ranges are pointers, not guarantees.
ZYME's PE is in its expensive range at 51x. On analysts' estimates for next year's earnings, today's price would be 49x.
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.
ZYME Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong decline | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect ZYME's revenue to grow, but its earnings and profitability to decline. 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's earnings per share have fallen from their peak: $17.55 over the past year, against $23.89 in early 2025.
ZYME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.54 | +4.1% |
| Q3 2026 | $0.52 | +$1.37 |
| Q2 2026 | -$2.02 | -$1.04 |
| Q1 2026 | -$1.37 | +$0.13 |
| Q4 2025 | -$1.08 | +$0.54 |
| Q3 2025 | -$0.85 | +$0.63 |
| Q2 2025 | -$0.98 | +$0.52 |
| Q1 2025 | -$1.50 | +$0.27 |
| Q4 2024 | -$1.62 | +$0.10 |
ZYME 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'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.
ZYME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $256.5M | +829% |
| Q2 2026 | $4.6M | -91% |
| Q1 2026 | $2.4M | -91% |
| Q4 2025 | $2.5M | -92% |
| Q3 2025 | $27.6M | +73% |
| Q2 2025 | $48.7M | +153% |
| Q1 2025 | $27.1M | +170% |
| Q4 2024 | $31M | +83% |
ZYME's revenue is recovering but still below its 2022 peak: $256M last quarter, up 829% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 69% | +149 points |
| Q2 2026 | -919% | -918 points |
| Q1 2026 | -1957% | -1862 points |
| Q4 2025 | -1756% | -1684 points |
| Q3 2025 | -80% | +134 points |
| Q2 2025 | -1.4% | +222 points |
| Q1 2025 | -94% | +282 points |
| Q4 2024 | -72% | +67 points |
ZYME 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 ZYME on cash generation, producing positive trailing cash flow while its opponent burns cash.
ZYME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$24.1M | +$7.7M |
| Q2 2026 | -$31.9M | -376% |
| Q1 2026 | -$45.9M | -$42.5M |
| Q4 2025 | -$10.8M | +$31M |
| Q3 2025 | -$31.8M | -$25M |
| Q2 2025 | $11.6M | +$37.1M |
| Q1 2025 | -$3.4M | +$34.4M |
| Q4 2024 | -$41.8M | -408% |
ZYME has burned cash in almost every quarter: −$113M over the past year, against −$66M 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 ZYME 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.
ZYME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.5% | +3.3M shares |
| 1 year | +0.6% | +477K shares |
| 3 years | +8% | +5.7M shares |
| 5 years | +46% | +24M shares |
| Available history | +101% | +38.2M shares |
ZYME has 76M diluted shares, up 0.6% from a year ago, despite $166M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12M |
| Q2 2026 | $51.9M |
| Q1 2026 | $76.2M |
| Q4 2025 | $25.5M |
| Q4 2024 | $9.4M |
ZYME spent $166M buying back its own shares over the past year.
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 ZYME on leverage, with a lower net debt burden relative to earnings.
ZYME Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.9x | High |
ZYME's net debt is about 4.8 years of its operating earnings (EBITDA).
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).
ZYME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.4 | Neutral |
| Stochastic | 63.0 | Neutral |
ZYME's weekly RSI is 51 (neutral) and its Stochastic is 63 (neutral).
UNH PE vs Healthcare Sector
| Metric | UNH | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 26x | 11% below |
| PE % | 47 | 29 | 18 pts above |
UNH has the edge over ZYME on valuation relative to its sector.
ZYME PE vs Healthcare Sector
| Metric | ZYME | Sector median | Relative |
|---|---|---|---|
| PE | 51x | 26x | 97% above |
| PE % | 100 | 29 | 71 pts above |
ZYME is trading at 51x earnings, a 97% premium to the Healthcare sector's median of 26x.
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.
ZYME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $26.9 | 1.7% below |
| 20 week MA | $26.2 | 1% above |
| 50 week MA | $25.3 | 4.8% above |
| 100 week MA | $19.9 | 33% above |
| 200 week MA | $14.8 | 79% above |
ZYME's trend is up, with a small recent dip: it's below only its 8-week average, and 79% above 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 ZYME on returns for 2026, with the stronger performance.
ZYME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $44.7 | $50.1 | +12% |
| 2021 | $50.1 | $16.6 | -67% |
| 2022 | $16.6 | $8.04 | -51% |
| 2023 | $8.04 | $10.4 | +29% |
| 2024 | $10.4 | $14.5 | +40% |
| 2025 | $14.5 | $26.9 | +85% |
| 2026 YTD | $26.9 | $26.5 | -1.5% |
ZYME has finished higher in four of the last six years. It's down 1.5% so far in 2026.