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STOCK COMPARISON

Amgen vs UnitedHealth Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Amgen (AMGN) and UnitedHealth Group (UNH) compare, as of Oct 7, 2026.

As of Oct 7, 2026, Fair Value Calculator sees UnitedHealth Group as the more attractively valued of the two: Amgen trades at $403 versus a fair value of $443 (+10.1%), while UnitedHealth Group trades at $376 versus $532 (+41.3%).
Amgen
AMGN · USD · Health Care
+10.1%
upside to fair value
undervalued
Price$403
Fair Value$443
Quality63/100
UnitedHealth Group
UNH · USD · Health Care
+41.3%
upside to fair value
undervalued
Price$376
Fair Value$532
Quality61/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

AmgenUnitedHealth Group
Valuation
25.3×P/E (TTM)24.3×
33.0×P/E ex one-offs (FY2025)28.6×
16.5×Forward P/E (FY2027)16.6×
n/aMedian P/E at FY-end (10 FY, ex one-offs where documented)22.3×
5.75×P/S (TTM)0.76×
25.30× · book value is mostly goodwillP/B3.62× · book value is mostly goodwill
15.1×EV/EBITDA14.6×
2.48×PEG1.01×
+10.1%Fair value upside+41.3%
2.4%Dividend yield2.4%
$9.80Dividend per share$8.95
Profitability
35.6%Operating margin7.1%
0.81×EBIT margin trend (5Y)0.48×
91.5%Return on equity14.2%
8.7%Return on assets4.9%
Growth
9.5%Revenue growth (YoY)0.4%
11.8%Avg. growth/yr (3Y)11.4%
7.6%Avg. growth/yr (5Y)11.7%
+2.2%Value creation/yr−1.3%
Balance & size
3.9×Interest coverage (EBIT/interest)4.7×
5.78×Debt / equity0.77×
$219BMarket cap$341B
healthyGrowth qualitymixed
The P/E excluding one-off items is scored: for at least one of the two companies, special items (write-downs, restructuring, litigation) move the reported P/E by 15 % or more. The trailing P/E is shown for reference.
UnitedHealth Group, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2022, FY2023, FY2024 ex one-offs: 22.3.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

UnitedHealth Group leads: 6 to 8 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Amgenof which business quality 60 · market factors 76 UnitedHealth Groupof which business quality 59 · market factors 58
ProfitabilityMargins and returns on capital today
64
52
Quality GrowthAre margins and returns improving?
79
48
CashflowEarnings quality: real cash, not paper profit
78
52
Fin. StrengthBalance sheet, leverage, solvency risk
22
50
InvestmentDisciplined investing over empire-building
42
76
Low VolatilityCalm price path (market factor)
84
72
MomentumPrice trend over the last 3–12 months (market factor)
70
50
52W MomentumDistance to the 52-week high (market factor)
76
55
Net IssuanceShare count: buybacks or dilution?
78
90

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyAmgenPrice $403UnitedHealth GroupPrice $376
DCF Models−13.3%close to the price$349+14.4%close to the price$431
Earnings-Based−62.5%below the price$151−47.4%below the price$198
Dividend Discount−55.0%below the price$181n/a
Multiples−38.2%below the price$249−30.4%below the price$262
Asset-Based−97.3%below the price$10.73−81.3%below the price$70.25
Growth DCF−26.9%below the price$294+20.4%above the price$453
Economic Profit−66.5%below the price$135−50.0%below the price$188
Growth Earnings−35.2%below the price$261−21.5%below the price$295
Minimum−97.3%below the price$10.73−81.3%below the price$70.25
Maximum−13.3%close to the price$349+20.4%above the price$453
Median−46.6%below the price$215−30.4%below the price$262
Geometric mean−62.6%below the price$151−37.6%below the price$235

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Amgen: 23 of 26 models see the stock below the current price.

UnitedHealth Group: 15 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Amgen
Price $403
Fair Value $443
Bear $303Bull $576
UnitedHealth Group
Price $376
Fair Value $532
Bear $377Bull $691

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Amgen · Health Care

Quality score63 · Top 25%
Fair value upside+10.1% · above median

UnitedHealth Group · Health Care

Quality score61 · above median
Fair value upside+41.3% · Top 25%

Bottom line

As of Oct 7, 2026, Fair Value Calculator sees UnitedHealth Group as the more attractively valued of the two: Amgen trades at $403 versus a fair value of $443 (+10.1%), while UnitedHealth Group trades at $376 versus $532 (+41.3%).

Amgen has the higher quality score (63/100).

Open UnitedHealth Group live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.