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Health insurance and services

The 17 companies in this industry listed on the NYSE and Nasdaq are worth $656 bn combined; the largest are UnitedHealth Group (UNH), Elevance Health (ELV) and The Cigna Group (CI). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Comfortable leader
17 companies value 656 bn revenue 1.4 tn margin 1.6% free cash flow 56 bn avg. score 4.2
UNH holds 55.6% of the group's value, 3.9x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 UNH UnitedHealth Group
United States · score 6.6
 56% 365 bn 450 bn 3.1% 24 bn 6.5% 2.2% UnitedHealthcare health plans and Optum services · World's largest health insurer; Optum is the largest employer of physicians in the US
2 ELV Elevance Health
United States · score 5.8
 14% 93 bn 201 bn 2.5% 6.3 bn 6.7% 1.6% Anthem and Blue Cross Blue Shield health plans · 2nd largest US health insurer (Blue Cross brand in 14 states)
3 CI The Cigna Group
United States · score 7.1
 12% 79 bn 282 bn 2.3% 10 bn 13.0% 2.1% Health plans and pharmacy benefit management · Leader in pharmacy benefit management (Evernorth)
4 HUM Humana
United States · score 4.8
 8% 50 bn 146 bn 0.9% 1.9 bn 3.9% 0.9% Medicare Advantage health plans · Medicare Advantage specialist, the fastest-growing segment
5 CNC Centene
United States · score 4.5
 5% 34 bn 203 bn -2.5% 8.9 bn 26.4% — Medicaid, Medicare and marketplace health plans · Largest US operator of government health plans (Medicaid)
6 MOH Molina Healthcare
United States · score 1.9
 2% 11 bn 45 bn 0.0% 0.3 bn 2.5% — Medicaid and Medicare health plans · Specialist in government health plans for low-income people
7 OSCR Oscar Health, Inc.
United States · score 7.7
 2% 10 bn 15 bn 3.6% 4.4 bn 43.6% — Health insurer built on its own technology platform · New York — revenue of $15.3bn
8 PRVA Privia Health Group, Inc.
United States · score 5.5
 0% 2.9 bn 2.4 bn 1.2% 0.1 bn 4.6% 0.1% Technology platform that enables medical practices · Virginia — revenue of $2.4bn
9 CLOV CLOVER HEALTH INVESTMENTS, CORP. /DE
United States · score 2.6
 0% 2.4 bn 2.5 bn -0.7% 0.1 bn 3.1% — Medicare Advantage health plan with its own technology · New Jersey — revenue of $2.5bn
10 PGNY Progyny, Inc.
United States · score 6.7
 0% 2.1 bn 1.3 bn 6.0% 0.2 bn 8.4% — Fertility and women's health benefits for employers · New York — revenue of $1.3bn
11 ASTH Astrana Health, Inc.
United States · score 4.4
 0% 1.8 bn 3.8 bn 1.1% 0.1 bn 5.2% 0.1% Physician-centric healthcare, with technology and risk-taking · California — revenue of $3.8bn
12 ALHC Alignment Healthcare, Inc.
United States · score 5.5
 0% 1.7 bn 4.6 bn 0.9% 0.2 bn 10.2% — Medicare Advantage health plan · California — revenue of $4.6bn
13 AGL agilon health
United States · score 0.0
 0% 1.5 bn 5.9 bn -3.9% -0.1 bn -5.7% — Value-based care management for primary care doctors · Organizes primary care practices into Medicare risk contracts
14 INNV InnovAge Holding Corp.
United States · score 3.4
 0% 1.2 bn 1.0 bn -0.3% 0.1 bn 4.2% — Comprehensive capitated care for high-cost seniors · Colorado — revenue of $990m
15 EVH Evolent Health, Inc.
United States · score 3.1
 0% 0.5 bn 2.1 bn -24.1% 0.1 bn 10.7% — Value-based care management for health plans · Virginia — revenue of $2.1bn
16 PIII P3 Health Partners Inc.
United States · score 0.0
 0% 0.0 bn 1.5 bn -6.6% -0.1 bn -471.6% — Physician-led population health management · Illinois — revenue of $1.5bn
17 EUDA EUDA Health Holdings Ltd
Singapore · score 1.0
 — — 0.0 bn -32.7% 0.0 bn — — Affordable personalized healthcare · Singapore — revenue of $7m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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