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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 19, 2026.

As of Oct 19, 2026, Fair Value Calculator sees UnitedHealth Group as the more attractively valued of the two: Amgen trades at $432 versus a fair value of $454 (+5.0%), while UnitedHealth Group trades at $401 versus $532 (+32.5%).
Amgen
AMGN · USD · Health Care
+5.0%
upside to fair value
fairly valued
Price$432
Fair Value$454
Quality63/100
UnitedHealth Group
UNH · USD · Health Care
+32.5%
upside to fair value
undervalued
Price$401
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
27.2×P/E (TTM)25.9×
35.5×P/E ex one-offs (FY2025)28.7×
17.7×Forward P/E (FY2027)17.8×
21.8×Median P/E at FY-end (10 FY, ex one-offs where documented)22.1×
6.18×P/S (TTM)0.81×
27.17× · book value is mostly goodwillP/B3.86× · book value is mostly goodwill
16.0×EV/EBITDA15.4×
2.48×PEG1.01×
+5.0%Fair value upside+32.5%
2.3%Dividend yield2.2%
$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%
8.5%Return on assets3.9%
Growth
9.5%Revenue growth (YoY)0.4%
11.8%Avg. growth/yr (3Y)11.4%
7.6%Avg. growth/yr (5Y)11.7%
+2.1%Value creation/yr−0.5%
Balance & size
3.9×Interest coverage (EBIT/interest)4.7×
5.78×Debt / equity0.77×
$235BMarket cap$364B
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.
Amgen, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2017, FY2024, FY2025 ex one-offs: 21.8. UnitedHealth Group, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 4 of the years ex one-offs: 22.1.
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: 7 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.

Amgen UnitedHealth Group
ProfitabilityHow much profit the company makes from its sales and capital
64
52
Quality GrowthAre margins and returns getting better?
79
48
CashflowDo the profits arrive as real cash?
78
52
Financial strengthDebt, balance sheet and risk of trouble
22
50
InvestmentDoes it invest with discipline instead of growing at any price?
42
76
Low VolatilityHow calm the share price moves, does not count
84
72
MomentumPrice trend of the last 3 to 12 months, does not count
71
52
Near the 52-week highDistance to the 52-week high, does not count
91
66
New sharesBuys back shares or issues new ones?
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 $432UnitedHealth GroupPrice $401
DCF Models−13.3%close to the price$375+11.4%close to the price$447
Earnings-Based−64.9%below the price$152−50.7%below the price$198
Dividend Discount−50.8%below the price$213n/a
Multiples−41.8%below the price$252−26.4%below the price$295
Growth DCF−20.8%below the price$342+23.8%above the price$497
Economic Profit−63.2%below the price$159−47.2%below the price$212
Growth Earnings−39.7%below the price$261−26.4%below the price$295
Minimum−64.9%below the price$152−50.7%below the price$198
Maximum−13.3%close to the price$375+23.8%above the price$497
Median−41.8%below the price$252−26.4%below the price$295
Geometric mean−45.0%below the price$238−23.9%below the price$306

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: 21 of 24 models see the stock below the current price.

UnitedHealth Group: 14 of 22 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 $432
Fair Value $454
Bear $311Bull $590
UnitedHealth Group
Price $401
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 · above median
Fair value upside+5.0% · above median

UnitedHealth Group · Health Care

Quality score61 · above median
Fair value upside+32.5% · Top 25%

Bottom line

As of Oct 19, 2026, Fair Value Calculator sees UnitedHealth Group as the more attractively valued of the two: Amgen trades at $432 versus a fair value of $454 (+5.0%), while UnitedHealth Group trades at $401 versus $532 (+32.5%).

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.