Sector Alpha Week of 2026-07-28
20-quarter listed-company comparison

Healthcare Plans Stocks

Healthcare Plans: UnitedHealth Group Incorporated owns the largest revenue base; Clover Health Investments, Corp. has the fastest current growth.

The industry itself · before any single company

How has Healthcare Plans moved against S&P 500?

The line below covers 5.2 years. Over the most recent two of them this industry is 1% ahead of S&P 500. Earnings across its companies fell 17% on average over the last four reported quarters. It has been ahead of S&P 500 on a rolling three-month view for 14 weeks running.

LEADER · ahead 14wMoving with the index7 of 11 companies ahead of S&P 500 by 5% or more over three months

RS ↑14w · 10/11 >200d (−1) · 7/11 lead (−3) · EPS 3/11↑

200202620252024202320222021 261348 TRAILING 12-MONTH EPS · 100 AT THE START0100118Mar 22Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 8 reportingJun 2022 · trailing 12-month earnings per share at 104, against 100 at the start · no comparable year yet · 8 reportingSep 2022 · trailing 12-month earnings per share at 106, against 100 at the start · no comparable year yet · 8 reportingDec 2022 · trailing 12-month earnings per share at 95, against 100 at the start · no comparable year yet · 8 reportingMar 2023 · trailing 12-month earnings per share at 105, against 100 at the start · up 4.6% on a year ago · 8 reportingJun 2023 · trailing 12-month earnings per share at 118, against 100 at the start · up 13.0% on a year ago · 8 reportingSep 2023 · trailing 12-month earnings per share at 110, against 100 at the start · up 12.4% on a year ago · 8 reportingDec 2023 · trailing 12-month earnings per share at 109, against 100 at the start · up 25.6% on a year ago · 8 reportingMar 2024 · trailing 12-month earnings per share at 99, against 100 at the start · up 15.2% on a year ago · 8 reportingJun 2024 · trailing 12-month earnings per share at 103, against 100 at the start · up 8.6% on a year ago · 8 reportingSep 2024 · trailing 12-month earnings per share at 94, against 100 at the start · down 12.1% on a year ago · 8 reportingDec 2024 · trailing 12-month earnings per share at 93, against 100 at the start · down 18.8% on a year ago · 8 reportingMar 2025 · trailing 12-month earnings per share at 107, against 100 at the start · up 4.6% on a year ago · 8 reportingJun 2025 · trailing 12-month earnings per share at 109, against 100 at the start · down 6.7% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 101, against 100 at the start · down 8.2% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 73, against 100 at the start · down 8.4% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 56, against 100 at the start · down 44.6% on a year ago · 8 reportingNot reported yet — earnings trail price by a quarter or two56 · Mar 26No earnings on file this far back — the price series reaches further than the filings do
200202620252024202320222021 261348 TRAILING 12-MONTH EPS · 100 AT THE START0100118Mar 22Mar 23Mar 24Mar 25Mar 26Mar 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 8 reportingJun 2022 · trailing 12-month earnings per share at 104, against 100 at the start · no comparable year yet · 8 reportingSep 2022 · trailing 12-month earnings per share at 106, against 100 at the start · no comparable year yet · 8 reportingDec 2022 · trailing 12-month earnings per share at 95, against 100 at the start · no comparable year yet · 8 reportingMar 2023 · trailing 12-month earnings per share at 105, against 100 at the start · up 4.6% on a year ago · 8 reportingJun 2023 · trailing 12-month earnings per share at 118, against 100 at the start · up 13.0% on a year ago · 8 reportingSep 2023 · trailing 12-month earnings per share at 110, against 100 at the start · up 12.4% on a year ago · 8 reportingDec 2023 · trailing 12-month earnings per share at 109, against 100 at the start · up 25.6% on a year ago · 8 reportingMar 2024 · trailing 12-month earnings per share at 99, against 100 at the start · up 15.2% on a year ago · 8 reportingJun 2024 · trailing 12-month earnings per share at 103, against 100 at the start · up 8.6% on a year ago · 8 reportingSep 2024 · trailing 12-month earnings per share at 94, against 100 at the start · down 12.1% on a year ago · 8 reportingDec 2024 · trailing 12-month earnings per share at 93, against 100 at the start · down 18.8% on a year ago · 8 reportingMar 2025 · trailing 12-month earnings per share at 107, against 100 at the start · up 4.6% on a year ago · 8 reportingJun 2025 · trailing 12-month earnings per share at 109, against 100 at the start · down 6.7% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 101, against 100 at the start · down 8.2% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 73, against 100 at the start · down 8.4% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 56, against 100 at the start · down 44.6% on a year ago · 8 reportingNot reported yet — earnings trail price by a quarter or two56No earnings on file this far back — the price series reaches further than the filings do
Healthcare Plans, equal-weighted, based at 200 S&P 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy Broad but lateHow much of the industry is participating, how recently, and whether the movers score well.
Together7 of 11 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +7 vs the industry average
Down the cap ladder — bar is now, tick is four weeks ago
Large 2/3−1
Mid 2/4−1
Small 3/4−1

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the industry line is an equal-weighted index of its 11 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the industry taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Healthcare Plans outperforming S&P 500?

Healthcare Plans has outperformed S&P 500 by 46.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 26.5%. 9 of 11 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Oscar Health, Inc. is the strongest against the sector itself at +26.9%.

+26.5%Sector vs S&P 500 · 13 weeks
+46.9%Sector vs S&P 500 · 52 weeks
9/11Stocks leading S&P 500
4/11Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Healthcare Plans has outperformed S&P 500 by 46.9% over 52 weeks and 26.5% over 13 weeks. 9 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 11 beat the sector itself. UnitedHealth Group Incorporated leads with revenue of $450,129 million, based on 9 of 11 comparable companies through Jun 2026.

Is the Healthcare Plans sector outperforming S&P 500?

Healthcare Plans has outperformed S&P 500 by 46.9% over 52 weeks and 26.5% over 13 weeks. 9 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 11 beat the sector itself.

Which Healthcare Plans company is largest by revenue?

UnitedHealth Group Incorporated leads with revenue of $450,129 million, based on 9 of 11 comparable companies through Jun 2026.

Which Healthcare Plans company is growing fastest?

Clover Health Investments, Corp. has the fastest current revenue growth at 48.9%, across 9 of 11 comparable companies.

Which Healthcare Plans company has the strongest 4-Factor Sector Score?

Progyny, Inc. ranks first at 70.6/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Healthcare Plans company reports the most CAPEX?

CVS Health Corporation reports the largest latest CAPEX at $849 million, with 11 of 11 companies comparable.

Which Healthcare Plans company has the least gross debt?

Clover Health Investments, Corp. has the lowest comparable gross debt at $0 million. CVS Health Corporation has the highest at $78,345 million.

Which Healthcare Plans company has the lowest comparable PEG?

The Cigna Group has the lowest comparable Guarded PEG at 0.37, among 4 of 11 companies that pass the metric’s comparability rules.

How much history does this Healthcare Plans comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
11
complete canonical membership
Combined market value
$798.8B
UnitedHealth Group Incorporated
Revenue growing
9/9
positive TTM year-on-year growth
Beating S&P 500
9/11
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Progyny, Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82% evidence confidence.
Centene Corporation has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Progyny, Inc. · PGNY

70.6/100 · Favorable setup · 82% evidence

Exact sum: 24.6 + 17 + 15.2 + 13.8 = 70.6

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

24.6/35Growth & earnings

Revenue 6.6% · PAT 28.9% · OPM change 3.3 pp

83% evidence

17.0/25Capital efficiency

ROCE 7.4% · debt/equity 0.05×

80% evidence

15.2/20Valuation

P/E 22.1× · PEG 0.63

65% evidence

13.8/20Relative strength

RS sector -1.8% · RS bench 23.7% · 1Y 36.8%

100% evidence

2. Oscar Health, Inc. · OSCR

69.6/100 · Favorable setup · 72% evidence

Exact sum: 22.3 + 18.5 + 8.8 + 20 = 69.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.3/35Growth & earnings

Revenue 32% · PAT -130.4% · OPM change 5.4 pp

83% evidence

18.5/25Capital efficiency

ROCE 36.6% · debt/equity 0.26×

80% evidence

8.8/20Valuation

P/E 46.8× · PEG —

15% evidence

20.0/20Relative strength

RS sector 26.9% · RS bench 57.3% · 1Y 131.2%

100% evidence

3. Clover Health Investments, Corp. · CLOV

66.7/100 · Favorable setup · 62% evidence

Exact sum: 25 + 13.8 + 10 + 17.9 = 66.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

25.0/35Growth & earnings

Revenue 48.9% · PAT — · OPM change 3.9 pp

62% evidence

13.8/25Capital efficiency

ROCE 7.5% · debt/equity 0×

80% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

17.9/20Relative strength

RS sector 12% · RS bench 38.6% · 1Y 55.8%

100% evidence

4. Centene Corporation · CNC

50.2/100 · Mixed-positive evidence · 72% evidence

Exact sum: 14.7 + 10.9 + 11.2 + 13.4 = 50.2

Decision use: Price leads the evidence: RS versus the benchmark is 37%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

14.7/35Growth & earnings

Revenue 17% · PAT -287% · OPM change 0.4 pp

83% evidence

10.9/25Capital efficiency

ROCE 4.1% · debt/equity 0.76×

80% evidence

11.2/20Valuation

P/E 13.4× · PEG —

15% evidence

13.4/20Relative strength

RS sector 9.8% · RS bench 37% · 1Y 146.7%

100% evidence

5. UnitedHealth Group Incorporated · UNH

49.4/100 · Mixed-negative evidence · 81% evidence

Exact sum: 17.3 + 11.1 + 14.8 + 6.2 = 49.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.3/35Growth & earnings

Revenue 6.5% · PAT -32.5% · OPM change 2.5 pp

95% evidence

11.1/25Capital efficiency

ROCE 2.6% · debt/equity —

57% evidence

14.8/20Valuation

P/E 26.7× · PEG 0.73

65% evidence

6.2/20Relative strength

RS sector -6.9% · RS bench 17.4% · 1Y 80.3%

100% evidence

6. Humana Inc. · HUM

48.2/100 · Mixed-negative evidence · 76% evidence

Exact sum: 12.3 + 10.9 + 8.5 + 16.5 = 48.2

Decision use: Price leads the evidence: RS versus the benchmark is 34.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

12.3/35Growth & earnings

Revenue 14.1% · PAT -33.3% · OPM change -1.9 pp

83% evidence

10.9/25Capital efficiency

ROCE 3.3% · debt/equity —

57% evidence

8.5/20Valuation

P/E 18.5× · PEG 2.15

65% evidence

16.5/20Relative strength

RS sector 8.1% · RS bench 34.9% · 1Y 57.2%

100% evidence

7. The Cigna Group · CI

47.2/100 · Mixed-negative evidence · 82% evidence

Exact sum: 18.3 + 9.2 + 16.5 + 3.2 = 47.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.3/35Growth & earnings

Revenue 8.8% · PAT 24.8% · OPM change 0.4 pp

83% evidence

9.2/25Capital efficiency

ROCE 2.4% · debt/equity 0.73×

80% evidence

16.5/20Valuation

P/E 11.3× · PEG 0.37

65% evidence

3.2/20Relative strength

RS sector -22.5% · RS bench -1% · 1Y 14.8%

100% evidence

8. CVS Health Corporation · CVS

43.6/100 · Mixed-negative evidence · 72% evidence

Exact sum: 14.3 + 9.2 + 9.5 + 10.6 = 43.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.3/35Growth & earnings

Revenue 7.6% · PAT -44.6% · OPM change 1.1 pp

83% evidence

9.2/25Capital efficiency

ROCE 2.8% · debt/equity 1.01×

80% evidence

9.5/20Valuation

P/E 31.6× · PEG —

15% evidence

10.6/20Relative strength

RS sector -2.1% · RS bench 23.6% · 1Y 75%

100% evidence

9. Elevance Health, Inc. · ELV

38.6/100 · Thin evidence · provisional · 59% evidence

Exact sum: 13.6 + 10.4 + 10.8 + 3.8 = 38.6

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

13.6/35Growth & earnings

Revenue — · PAT — · OPM change -2.2 pp

45% evidence

10.4/25Capital efficiency

ROCE 2.1% · debt/equity 0.69×

80% evidence

10.8/20Valuation

P/E 17.2× · PEG —

15% evidence

3.8/20Relative strength

RS sector -17.9% · RS bench 4.1% · 1Y 40.4%

100% evidence

10. Alignment Healthcare, Inc. · ALHC

37.2/100 · Mixed-negative evidence · 65% evidence

Exact sum: 22.6 + 6.1 + 8.5 + 0 = 37.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

22.6/35Growth & earnings

Revenue 41.9% · PAT — · OPM change 1.9 pp

62% evidence

6.1/25Capital efficiency

ROCE 3.2% · debt/equity 1.59×

80% evidence

8.5/20Valuation

P/E 195.8× · PEG —

15% evidence

0.0/20Relative strength

RS sector -27.8% · RS bench -7.9% · 1Y 42.1%

100% evidence

11. Molina Healthcare, Inc. · MOH

33.7/100 · Thin evidence · provisional · 59% evidence

Exact sum: 11.4 + 6.6 + 9.2 + 6.5 = 33.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

11.4/35Growth & earnings

Revenue — · PAT — · OPM change -3.1 pp

45% evidence

6.6/25Capital efficiency

ROCE 1.7% · debt/equity 0.95×

80% evidence

9.2/20Valuation

P/E 39.4× · PEG —

15% evidence

6.5/20Relative strength

RS sector -14.7% · RS bench 7.6% · 1Y 29.1%

100% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

UnitedHealth Group Incorporated has the highest Revenue among the 11 Healthcare Plans companies compared here, at $450,129 million. CVS Health Corporation is next at $407,905 million. Clover Health Investments, Corp. has the highest Revenue growth at 48.9%, so level and change sit with different companies. 9 of 11 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: UnitedHealth Group Incorporated is the scale leader at $450,129 million, 10.4% ahead of CVS Health Corporation. Clover Health Investments, Corp.'s growth is 48.9% from a $2,212 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderUnitedHealth Group Incorporated · $450,129 million
Gap10.4% versus #2 · CVS Health Corporation
Persistence8/8 recent comparable periods
Coverage9/11 companies · 210 observations

Investor read: UnitedHealth Group Incorporated is the scale benchmark; Clover Health Investments, Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: UnitedHealth Group Incorporated's growth falls below Clover Health Investments, Corp.'s for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1UnitedHealth Group Incorporated UNH$450.1B
2CVS Health Corporation CVS$407.9B
3The Cigna Group CI$277.9B
4Centene Corporation CNC$198.1B
5Humana Inc. HUM$137.2B
Revenue growthfastest growers
1Clover Health Investments, Corp. CLOV49%
2Alignment Healthcare, Inc. ALHC42%
3Oscar Health, Inc. OSCR32%
4Centene Corporation CNC17%
5Humana Inc. HUM14%
Revenue · company comparison
9/11 level · 9/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
UnitedHealth Group Incorporated UNH$112.0B0.4%Jun 2026
CVS Health Corporation CVS$100.4B6.2%Mar 2026
The Cigna Group CI$68.5B4.6%Mar 2026
Centene Corporation CNC$49.9B7.1%Mar 2026
Elevance Health, Inc. ELV$49.5B1.5%Jun 2026
Humana Inc. HUM$39.6B23%Mar 2026
Molina Healthcare, Inc. MOH$10.8B-3.2%Jun 2026
Oscar Health, Inc. OSCR$4.6B53%Mar 2026
Alignment Healthcare, Inc. ALHC$1.2B33%Mar 2026
Clover Health Investments, Corp. CLOV$749M62%Mar 2026
Progyny, Inc. PGNY$329M1.5%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Alignment Healthcare, Inc. · ALHC

$293M
$298M
$346M
$366M
$360M
$362M
$439M
$462M
$457M
$465M
$629M
$681M
$692M
$701M
$927M
$1.0B
$994M
$1.0B
$1.2B

Centene Corporation · CNC

$32.4B
$32.6B
$37.2B
$35.9B
$35.9B
$35.6B
$38.9B
$37.6B
$38.0B
$39.5B
$40.4B
$39.8B
$42.0B
$40.8B
$46.6B
$48.7B
$49.7B
$49.7B
$49.9B

Clover Health Investments, Corp. · CLOV

$427M
$432M
$874M
$847M
$857M
$276M
$322M
$320M
$306M
$312M
$347M
$356M
$331M
$337M
$462M
$478M
$497M
$488M
$749M

CVS Health Corporation · CVS

$73.8B
$76.6B
$76.8B
$80.6B
$81.2B
$83.8B
$85.3B
$88.9B
$89.8B
$93.8B
$88.4B
$91.2B
$95.4B
$97.7B
$94.6B
$98.9B
$102.9B
$105.7B
$100.4B

Elevance Health, Inc. · ELV

$35.5B
$36.0B
$37.9B
$38.5B
$39.6B
$39.7B
$41.9B
$43.4B
$42.5B
$42.5B
$42.3B
$43.2B
$44.7B
$45.0B
$48.8B
$49.4B
$50.1B
$49.3B
$49.5B

Humana Inc. · HUM

$20.7B
$21.1B
$24.0B
$23.7B
$22.8B
$22.4B
$26.7B
$26.7B
$26.4B
$26.5B
$29.6B
$29.5B
$29.4B
$29.2B
$32.1B
$32.4B
$32.6B
$32.5B
$39.6B

Molina Healthcare, Inc. · MOH

$7.0B
$7.4B
$7.8B
$8.1B
$7.9B
$8.2B
$8.1B
$8.3B
$8.5B
$9.0B
$9.9B
$9.9B
$10.3B
$10.5B
$11.1B
$11.4B
$11.5B
$11.4B
$10.8B

Oscar Health, Inc. · OSCR

$444M
$496M
$973M
$1.0B
$978M
$995M
$1.5B
$1.5B
$1.4B
$1.4B
$2.1B
$2.2B
$2.4B
$2.4B
$3.0B
$2.9B
$3.0B
$2.8B
$4.6B

Progyny, Inc. · PGNY

$122M
$128M
$172M
$195M
$205M
$214M
$258M
$279M
$281M
$270M
$278M
$304M
$287M
$298M
$324M
$333M
$313M
$318M
$329M

The Cigna Group · CI

$44.3B
$45.7B
$44.0B
$45.5B
$45.3B
$45.8B
$46.5B
$48.6B
$49.0B
$51.1B
$57.3B
$60.5B
$63.7B
$65.6B
$65.5B
$67.2B
$69.7B
$72.5B
$68.5B

UnitedHealth Group Incorporated · UNH

$72.3B
$73.7B
$80.1B
$80.3B
$80.9B
$82.8B
$91.9B
$92.9B
$92.4B
$94.4B
$99.8B
$98.9B
$100.8B
$100.8B
$109.6B
$111.6B
$113.2B
$113.2B
$111.7B
$112.0B

Revenue growth · reported quarter history

Alignment Healthcare, Inc. · ALHC

18%
23%
21%
27%
26%
27%
28%
43%
47%
51%
51%
47%
49%
44%
45%
33%

Centene Corporation · CNC

16%
11%
9.2%
4.6%
4.7%
6.1%
11%
3.9%
5.9%
10%
3.4%
15%
22%
18%
22%
7.1%

Clover Health Investments, Corp. · CLOV

106%
101%
-36%
-63%
-62%
-64%
13%
7.8%
11%
8.2%
8.0%
33%
34%
50%
45%
62%

CVS Health Corporation · CVS

11%
10.0%
9.5%
11%
10%
11%
12%
3.7%
2.6%
6.3%
4.2%
7.0%
8.4%
7.8%
8.2%
6.2%

Elevance Health, Inc. · ELV

16%
11%
10%
11%
13%
7.2%
7.0%
0.9%
-0.4%
5.3%
6.0%
15%
14%
12%
9.6%
1.5%

Humana Inc. · HUM

15%
10%
6.6%
12%
13%
16%
18%
11%
10%
11%
10%
8.5%
9.6%
11%
11%
23%

Molina Healthcare, Inc. · MOH

18%
13%
11%
4.9%
3.4%
7.8%
10%
22%
19%
21%
16%
12%
16%
11%
8.3%
-3.2%

Oscar Health, Inc. · OSCR

92%
120%
101%
51%
50%
47%
44%
46%
46%
68%
67%
42%
29%
23%
17%
53%

Progyny, Inc. · PGNY

51%
68%
67%
50%
43%
37%
26%
7.8%
9.0%
2.1%
10%
17%
9.5%
9.1%
6.7%
1.5%

The Cigna Group · CI

5.4%
2.2%
0.2%
5.7%
6.8%
8.3%
12%
23%
25%
30%
28%
14%
11%
9.5%
10%
4.6%

UnitedHealth Group Incorporated · UNH

13%
12%
12%
15%
16%
14%
14%
8.6%
6.4%
9.2%
6.8%
9.8%
13%
12%
12%
2.0%
0.4%
02 · compare level, then change

Operating Economics & Margin Trend

Oscar Health, Inc. has the highest OPM among the 11 Healthcare Plans companies compared here, at 15.2%. Progyny, Inc. is next at 10.8%. The same company also holds the highest Margin change, at +5.4 percentage points. 11 of 11 companies report a comparable reading, the latest through Mar 2026. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: Oscar Health, Inc. leads both opm at 15.2% and margin change at +5.4 percentage points.

LeaderOscar Health, Inc. · 15.2%
Gap40.7% versus #2 · Progyny, Inc.
Persistence5/8 recent comparable periods
Coverage11/11 companies · 210 observations

Investor read: Oscar Health, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Oscar Health, Inc. OSCR15%
2Progyny, Inc. PGNY11%
3UnitedHealth Group Incorporated UNH7.1%
4CVS Health Corporation CVS4.7%
5Humana Inc. HUM4.4%
Margin changefastest expanders
1Oscar Health, Inc. OSCR+5.4 pp
2Clover Health Investments, Corp. CLOV+3.9 pp
3Progyny, Inc. PGNY+3.3 pp
4UnitedHealth Group Incorporated UNH+2.5 pp
5Alignment Healthcare, Inc. ALHC+1.9 pp
Operating margin · company comparison
11/11 level · 11/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Oscar Health, Inc. OSCR15%+5.4 ppMar 2026
Progyny, Inc. PGNY11%+3.3 ppMar 2026
UnitedHealth Group Incorporated UNH7.1%+2.5 ppJun 2026
CVS Health Corporation CVS4.7%+1.1 ppMar 2026
Humana Inc. HUM4.4%−1.9 ppMar 2026
Elevance Health, Inc. ELV4.0%−2.2 ppJun 2026
Centene Corporation CNC3.7%+0.4 ppMar 2026
Clover Health Investments, Corp. CLOV3.6%+3.9 ppMar 2026
The Cigna Group CI3.4%+0.4 ppMar 2026
Alignment Healthcare, Inc. ALHC1.3%+1.9 ppMar 2026
Molina Healthcare, Inc. MOH0.8%−3.1 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Alignment Healthcare, Inc. · ALHC

-14%
-15%
-11%
-1.8%
-9.3%
-14%
-7.4%
-5.1%
-6.5%
-9.0%
-6.5%
-2.7%
-2.8%
-3.2%
-0.6%
2.2%
0.8%
-1.0%
1.3%

Centene Corporation · CNC

1.7%
1.9%
3.4%
-0.4%
1.3%
-0.8%
3.1%
3.1%
1.9%
-0.5%
2.7%
3.1%
1.6%
0.4%
3.3%
-0.9%
-14%
-3.5%
3.7%

Clover Health Investments, Corp. · CLOV

-35%
-43%
-10%
-12%
-8.6%
-263%
-25%
-9.0%
-11%
-20%
-6.5%
2.0%
-2.7%
-6.4%
-0.3%
-2.2%
-4.9%
-10%
3.6%

CVS Health Corporation · CVS

4.1%
3.1%
4.6%
5.8%
-4.8%
4.4%
4.0%
3.6%
4.1%
3.6%
2.6%
3.3%
0.9%
2.4%
3.6%
2.4%
-3.1%
2.0%
4.7%

Elevance Health, Inc. · ELV

5.4%
15%
6.1%
5.7%
5.1%
2.6%
6.2%
5.5%
3.6%
2.5%
6.9%
6.0%
2.9%
1.1%
6.2%
4.6%
2.3%
0.3%
4.0%

Humana Inc. · HUM

3.0%
0.3%
5.4%
5.1%
5.1%
0.6%
6.4%
5.4%
4.6%
-1.3%
4.2%
3.9%
2.5%
-1.9%
6.3%
3.4%
1.2%
-2.5%
4.4%

Molina Healthcare, Inc. · MOH

3.1%
2.6%
4.8%
4.5%
4.2%
1.3%
5.6%
5.3%
4.2%
3.5%
4.3%
4.4%
4.5%
3.6%
3.9%
3.3%
1.2%
-1.4%
0.8%

Oscar Health, Inc. · OSCR

-48%
-40%
-7.0%
-11%
-20%
-22%
-1.7%
-0.4%
-4.0%
-10%
8.7%
3.1%
-2.0%
-6.2%
9.8%
-8.0%
-4.3%
-12%
15%

Progyny, Inc. · PGNY

7.4%
-0.1%
0.0%
4.5%
5.5%
1.5%
5.8%
5.4%
6.5%
5.1%
6.7%
6.8%
4.3%
5.3%
7.5%
7.3%
6.9%
4.8%
11%

The Cigna Group · CI

5.2%
3.4%
5.0%
5.2%
4.7%
3.8%
4.3%
4.6%
4.6%
4.0%
3.9%
4.0%
4.0%
3.3%
3.0%
3.4%
3.7%
3.2%
3.4%

UnitedHealth Group Incorporated · UNH

7.9%
7.5%
8.7%
8.9%
9.2%
8.3%
8.8%
8.7%
9.2%
8.1%
7.9%
8.0%
8.6%
7.7%
8.3%
4.6%
3.8%
0.3%
8.0%
7.1%

Margin change · reported quarter history

Alignment Healthcare, Inc. · ALHC

+11.3 pp
+4.8 pp
+0.2 pp
+3.2 pp
−3.3 pp
+2.8 pp
+5.4 pp
+0.9 pp
+2.4 pp
+3.7 pp
+5.8 pp
+5.9 pp
+4.9 pp
+3.6 pp
+2.2 pp
+1.9 pp

Centene Corporation · CNC

+0.9 pp
−0.4 pp
−2.7 pp
−0.3 pp
+3.5 pp
+0.6 pp
+0.3 pp
−0.4 pp
0.0 pp
−0.3 pp
+0.9 pp
+0.6 pp
−4.0 pp
−15.6 pp
−3.9 pp
+0.4 pp

Clover Health Investments, Corp. · CLOV

+32.0 pp
+26.3 pp
−219.5 pp
−14.8 pp
+3.1 pp
−2.4 pp
+242.5 pp
+18.3 pp
+11.0 pp
+8.3 pp
+13.8 pp
+6.2 pp
−4.2 pp
−2.2 pp
−3.7 pp
+3.9 pp

CVS Health Corporation · CVS

−0.2 pp
−8.9 pp
+1.3 pp
−0.6 pp
−2.2 pp
+8.9 pp
−0.8 pp
−1.4 pp
−0.3 pp
−3.2 pp
−1.2 pp
+1.0 pp
−0.9 pp
−4.0 pp
−0.4 pp
+1.1 pp

Elevance Health, Inc. · ELV

−0.3 pp
−0.3 pp
−12.3 pp
+0.1 pp
−0.2 pp
−1.5 pp
−0.1 pp
+0.7 pp
+0.5 pp
−0.7 pp
−1.4 pp
−0.7 pp
−1.4 pp
−0.6 pp
−0.8 pp
−2.2 pp

Humana Inc. · HUM

−0.9 pp
+2.1 pp
+0.3 pp
+1.0 pp
+0.3 pp
−0.5 pp
−1.9 pp
−2.2 pp
−1.5 pp
−2.1 pp
−0.6 pp
+2.1 pp
−0.5 pp
−1.3 pp
−0.6 pp
−1.9 pp

Molina Healthcare, Inc. · MOH

+0.5 pp
+1.1 pp
−1.3 pp
+0.8 pp
+0.8 pp
0.0 pp
+2.2 pp
−1.3 pp
−0.9 pp
+0.3 pp
+0.1 pp
−0.4 pp
−1.1 pp
−3.3 pp
−5.0 pp
−3.1 pp

Oscar Health, Inc. · OSCR

+3.2 pp
+28.0 pp
+17.2 pp
+5.3 pp
+10.1 pp
+15.7 pp
+12.2 pp
+10.4 pp
+3.5 pp
+2.0 pp
+4.0 pp
+1.1 pp
−11.1 pp
−2.3 pp
−5.7 pp
+5.4 pp

Progyny, Inc. · PGNY

−4.6 pp
−1.9 pp
+1.6 pp
+5.8 pp
+0.9 pp
+1.0 pp
+3.6 pp
+0.9 pp
+1.4 pp
−2.2 pp
+0.2 pp
+0.8 pp
+0.5 pp
+2.6 pp
−0.5 pp
+3.3 pp

The Cigna Group · CI

+0.2 pp
−0.5 pp
+0.4 pp
−0.7 pp
−0.6 pp
−0.1 pp
+0.2 pp
−0.4 pp
−0.6 pp
−0.6 pp
−0.7 pp
−0.9 pp
−0.6 pp
−0.3 pp
−0.1 pp
+0.4 pp

UnitedHealth Group Incorporated · UNH

+0.5 pp
+1.3 pp
+0.8 pp
+0.1 pp
−0.2 pp
0.0 pp
−0.2 pp
−0.9 pp
−0.7 pp
−0.6 pp
−0.4 pp
+0.4 pp
−3.4 pp
−4.8 pp
−7.4 pp
−0.3 pp
+2.5 pp
03 · compare level, then change

Profit Scale & Acceleration

UnitedHealth Group Incorporated has the highest Net profit among the 11 Healthcare Plans companies compared here, at $14,912 million. The Cigna Group is next at $6,740 million. Progyny, Inc. has the highest Profit growth at 28.9%, so level and change sit with different companies. 9 of 11 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: UnitedHealth Group Incorporated leads with $14,912 million of TTM profit, 121.2% above The Cigna Group. Progyny, Inc. shows 28.9% growth from a $67 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderUnitedHealth Group Incorporated · $14,912 million
Gap121.2% versus #2 · The Cigna Group
Persistence4/8 recent comparable periods
Coverage9/11 companies · 210 observations

Investor read: UnitedHealth Group Incorporated sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1UnitedHealth Group Incorporated UNH$14.9B
2The Cigna Group CI$6.7B
3CVS Health Corporation CVS$2.9B
4Humana Inc. HUM$1.1B
5Progyny, Inc. PGNY$67M
Profit growthfastest growers
1Progyny, Inc. PGNY29%
2The Cigna Group CI25%
3UnitedHealth Group Incorporated UNH-33%
4Humana Inc. HUM-33%
5CVS Health Corporation CVS-45%
Net profit · company comparison
9/11 level · 7/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
UnitedHealth Group Incorporated UNH$5.7B59%Jun 2026
CVS Health Corporation CVS$3.0B66%Mar 2026
The Cigna Group CI$1.9B32%Mar 2026
Elevance Health, Inc. ELV$1.8B-19%Jun 2026
Centene Corporation CNC$1.5B17%Mar 2026
Humana Inc. HUM$1.2B-4.7%Mar 2026
Oscar Health, Inc. OSCR$679M146%Mar 2026
Clover Health Investments, Corp. CLOV$27M-257%Mar 2026
Progyny, Inc. PGNY$24M60%Mar 2026
Molina Healthcare, Inc. MOH$14M-95%Jun 2026
Alignment Healthcare, Inc. ALHC$11MMar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Alignment Healthcare, Inc. · ALHC

$-46M
$-48M
$-41M
$-12M
$-40M
$-57M
$-37M
$-28M
$-35M
$-47M
$-47M
$-24M
$-26M
$-31M
$-9M
$16M
$4M
$-11M
$11M

Centene Corporation · CNC

$581M
$593M
$852M
$-171M
$740M
$-219M
$1.1B
$1.1B
$475M
$39M
$1.2B
$1.1B
$710M
$280M
$1.3B
$-259M
$-6.6B
$-1.1B
$1.5B

Clover Health Investments, Corp. · CLOV

$-265M
$-187M
$-75M
$-104M
$-75M
$-727M
$-80M
$-29M
$-34M
$-68M
$-23M
$7M
$-9M
$-21M
$-1M
$-11M
$-24M
$-49M
$27M

CVS Health Corporation · CVS

$1.6B
$1.4B
$2.4B
$3.0B
$-3.4B
$2.3B
$2.1B
$1.9B
$2.3B
$2.0B
$1.1B
$1.8B
$71M
$1.6B
$1.8B
$1.0B
$-4.0B
$2.9B
$3.0B

Elevance Health, Inc. · ELV

$1.5B
$1.2B
$1.8B
$1.6B
$1.6B
$877M
$2.0B
$1.9B
$1.3B
$831M
$2.2B
$2.3B
$1.0B
$413M
$2.2B
$1.7B
$1.2B
$546M
$1.8B

Humana Inc. · HUM

$1.5B
$-13M
$930M
$697M
$1.2B
$-18M
$1.2B
$956M
$830M
$-540M
$739M
$678M
$480M
$-683M
$1.2B
$543M
$194M
$-776M
$1.2B

Molina Healthcare, Inc. · MOH

$143M
$103M
$258M
$248M
$230M
$56M
$321M
$309M
$245M
$216M
$301M
$301M
$326M
$251M
$298M
$255M
$79M
$-160M
$14M

Oscar Health, Inc. · OSCR

$-211M
$-198M
$-77M
$-112M
$-194M
$-227M
$-40M
$-15M
$-66M
$-150M
$177M
$56M
$-54M
$-153M
$276M
$-228M
$-137M
$-352M
$679M

Progyny, Inc. · PGNY

$17M
$15M
$5M
$9M
$13M
$3M
$18M
$15M
$16M
$13M
$17M
$16M
$10M
$11M
$15M
$17M
$14M
$12M
$24M

The Cigna Group · CI

$1.6B
$1.1B
$1.2B
$1.6B
$2.8B
$1.2B
$1.3B
$1.5B
$1.4B
$1.1B
$-212M
$1.6B
$825M
$1.5B
$1.4B
$1.6B
$2.0B
$1.3B
$1.9B

UnitedHealth Group Incorporated · UNH

$4.2B
$4.2B
$5.1B
$5.2B
$5.4B
$4.9B
$5.8B
$5.7B
$6.0B
$5.7B
$-1.2B
$4.4B
$6.3B
$5.8B
$6.5B
$3.6B
$2.5B
$218M
$6.5B
$5.7B

Profit growth · reported quarter history

Centene Corporation · CNC

27%
-137%
33%
-36%
2.5%
8.6%
49%
618%
13%
-123%
-1,034%
-493%
17%

Clover Health Investments, Corp. · CLOV

-257%

CVS Health Corporation · CVS

8.9%
-314%
68%
-9.0%
-37%
-12%
-48%
-7.6%
-97%
-21%
59%
-43%
-5,720%
80%
66%

Elevance Health, Inc. · ELV

-9.3%
6.4%
-26%
13%
14%
-19%
-5.3%
12%
24%
-22%
-50%
-2.9%
-24%
18%
32%
-19%

Humana Inc. · HUM

19%
-22%
33%
37%
-30%
-40%
-29%
-42%
68%
-20%
-60%
-4.7%

Molina Healthcare, Inc. · MOH

34%
61%
-46%
24%
25%
6.5%
286%
-6.2%
-2.6%
33%
16%
-1.0%
-15%
-76%
-164%
-95%

Oscar Health, Inc. · OSCR

56%
-507%
146%

Progyny, Inc. · PGNY

-53%
-24%
-80%
260%
67%
23%
333%
-5.6%
6.7%
-38%
-15%
-12%
6.3%
40%
9.1%
60%

The Cigna Group · CI

6.4%
70%
7.4%
7.8%
-3.8%
-48%
-9.4%
-116%
7.9%
-43%
39%
0.2%
139%
-17%
32%

UnitedHealth Group Incorporated · UNH

19%
28%
17%
12%
8.8%
12%
16%
-121%
-22%
3.6%
1.9%
-19%
-59%
-96%
0.1%
59%
04 · compare level, then change

Capacity Spending & Returns On It

CVS Health Corporation has the highest CAPEX among the 11 Healthcare Plans companies compared here, at $849 million. UnitedHealth Group Incorporated is next at $799 million. Progyny, Inc. has the highest CAPEX intensity at 1.8%, so level and change sit with different companies. 11 of 11 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: CVS Health Corporation reports $849 million of CAPEX; Progyny, Inc. has the highest covered intensity at 1.8%. Coverage is only 11 of 11 companies and 209 reported observations, so this is partial evidence—not a complete sector rank.

LeaderCVS Health Corporation · $849 million
Gap6.3% versus #2 · UnitedHealth Group Incorporated
Persistence8/8 recent comparable periods
Coverage11/11 companies · 209 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1CVS Health Corporation CVS$849M
2UnitedHealth Group Incorporated UNH$799M
3Elevance Health, Inc. ELV$287M
4The Cigna Group CI$267M
5Centene Corporation CNC$200M
CAPEX intensityhighest reinvestment intensity
1Progyny, Inc. PGNY1.8%
2CVS Health Corporation CVS0.8%
3UnitedHealth Group Incorporated UNH0.7%
4Alignment Healthcare, Inc. ALHC0.6%
5Elevance Health, Inc. ELV0.5%
Capital expenditure · company comparison
11/11 level · 11/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
CVS Health Corporation CVS$849M0.8%Mar 2026
UnitedHealth Group Incorporated UNH$799M0.7%Jun 2026
Elevance Health, Inc. ELV$287M0.5%Jun 2026
The Cigna Group CI$267M0.4%Mar 2026
Centene Corporation CNC$200M0.4%Mar 2026
Humana Inc. HUM$121M0.3%Mar 2026
Molina Healthcare, Inc. MOH$30M0.3%Jun 2026
Oscar Health, Inc. OSCR$9M0.2%Mar 2026
Alignment Healthcare, Inc. ALHC$7M0.6%Mar 2026
Progyny, Inc. PGNY$6M1.8%Mar 2026
Clover Health Investments, Corp. CLOV$1M0.1%Mar 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Alignment Healthcare, Inc. · ALHC

$6M
$3M
$5M
$6M
$7M
$6M
$7M
$9M
$10M
$11M
$11M
$12M
$9M
$9M
$8M
$8M
$5M
$5M
$7M

Centene Corporation · CNC

$225M
$248M
$242M
$282M
$247M
$233M
$225M
$215M
$136M
$223M
$151M
$186M
$153M
$154M
$135M
$208M
$211M
$213M
$200M

Clover Health Investments, Corp. · CLOV

$0M
$0M
$0M
$0M
$0M
$4M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$0M
$1M
$1M
$1M
$1M

CVS Health Corporation · CVS

$608M
$597M
$1.1B
$408M
$580M
$688M
$984M
$591M
$545M
$911M
$705M
$638M
$670M
$768M
$743M
$607M
$698M
$784M
$849M

Elevance Health, Inc. · ELV

$258M
$340M
$254M
$295M
$305M
$298M
$301M
$350M
$319M
$326M
$279M
$323M
$332M
$322M
$196M
$267M
$360M
$293M
$235M
$287M

Humana Inc. · HUM

$326M
$397M
$295M
$279M
$288M
$275M
$223M
$264M
$234M
$177M
$114M
$130M
$95M
$114M
$135M
$121M

Molina Healthcare, Inc. · MOH

$27M
$21M
$23M
$27M
$31M
$10M
$32M
$31M
$26M
$5M
$27M
$27M
$35M
$11M
$22M
$42M
$38M
$1M
$27M
$30M

Oscar Health, Inc. · OSCR

$6M
$7M
$6M
$6M
$10M
$7M
$7M
$6M
$6M
$6M
$6M
$8M
$8M
$7M
$9M
$9M
$9M
$9M
$9M

Progyny, Inc. · PGNY

$1M
$1M
$1M
$0M
$1M
$1M
$1M
$1M
$1M
$1M
$1M
$1M
$2M
$2M
$3M
$5M
$5M
$6M
$6M

The Cigna Group · CI

$350M
$304M
$288M
$324M
$338M
$345M
$408M
$397M
$403M
$365M
$300M
$370M
$399M
$337M
$327M
$285M
$278M
$322M
$267M

UnitedHealth Group Incorporated · UNH

$629M
$695M
$555M
$657M
$724M
$866M
$760M
$829M
$838M
$959M
$743M
$853M
$991M
$912M
$898M
$886M
$890M
$948M
$763M
$799M

CAPEX intensity · reported quarter history

Alignment Healthcare, Inc. · ALHC

2.0%
1.0%
1.4%
1.6%
1.9%
1.7%
1.6%
1.9%
2.2%
2.4%
1.7%
1.8%
1.3%
1.3%
0.9%
0.8%
0.5%
0.5%
0.6%

Centene Corporation · CNC

0.7%
0.8%
0.7%
0.8%
0.7%
0.7%
0.6%
0.6%
0.4%
0.6%
0.4%
0.5%
0.4%
0.4%
0.3%
0.4%
0.4%
0.4%
0.4%

Clover Health Investments, Corp. · CLOV

0.0%
0.0%
0.0%
0.0%
0.0%
1.4%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.2%
0.2%
0.1%

CVS Health Corporation · CVS

0.8%
0.8%
1.4%
0.5%
0.7%
0.8%
1.2%
0.7%
0.6%
1.0%
0.8%
0.7%
0.7%
0.8%
0.8%
0.6%
0.7%
0.7%
0.8%

Elevance Health, Inc. · ELV

0.7%
0.9%
0.7%
0.8%
0.8%
0.8%
0.7%
0.8%
0.8%
0.8%
0.7%
0.7%
0.7%
0.7%
0.4%
0.5%
0.7%
0.6%
0.5%

Humana Inc. · HUM

1.6%
1.9%
1.2%
1.2%
1.3%
1.2%
0.8%
1.0%
0.9%
0.6%
0.4%
0.4%
0.3%
0.4%
0.4%
0.3%

Molina Healthcare, Inc. · MOH

0.4%
0.3%
0.3%
0.3%
0.4%
0.1%
0.4%
0.4%
0.3%
0.1%
0.3%
0.3%
0.3%
0.1%
0.2%
0.4%
0.3%
0.0%
0.3%

Oscar Health, Inc. · OSCR

1.4%
1.4%
0.6%
0.6%
1.0%
0.7%
0.5%
0.4%
0.4%
0.4%
0.3%
0.4%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.2%

Progyny, Inc. · PGNY

0.8%
0.8%
0.6%
0.0%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%
0.4%
0.3%
0.7%
0.7%
0.9%
1.5%
1.6%
1.9%
1.8%

The Cigna Group · CI

0.8%
0.7%
0.7%
0.7%
0.7%
0.8%
0.9%
0.8%
0.8%
0.7%
0.5%
0.6%
0.6%
0.5%
0.5%
0.4%
0.4%
0.4%
0.4%

UnitedHealth Group Incorporated · UNH

0.9%
0.9%
0.7%
0.8%
0.9%
1.0%
0.8%
0.9%
0.9%
1.0%
0.7%
0.9%
1.0%
0.9%
0.8%
0.8%
0.8%
0.8%
0.7%
0.7%
Annual capital allocation · 5-year view
11/11 capacity base · 11/11 OCF · 11/11 CAPEX · 11/11 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Humana Inc. · HUM

$3.1B
$3.2B
$3.0B
$2.5B
$2.2B

Progyny, Inc. · PGNY

$13M
$15M
$28M
$30M
$55M

The Cigna Group · CI

$3.7B
$3.8B
$3.7B
$3.7B
$3.7B

Operating cash flow · fiscal-year history

Humana Inc. · HUM

$2.3B
$4.6B
$4.0B
$3.0B
$921M

Oscar Health, Inc. · OSCR

$-182M
$380M
$-272M
$978M
$1.1B

Progyny, Inc. · PGNY

$26M
$80M
$189M
$179M
$210M

The Cigna Group · CI

$7.2B
$8.7B
$11.8B
$10.4B
$9.6B

CAPEX · reported cash flow · fiscal-year history

Humana Inc. · HUM

$1.3B
$1.1B
$1.0B
$575M
$546M

Progyny, Inc. · PGNY

$2M
$3M
$4M
$5M
$18M

The Cigna Group · CI

$1.2B
$1.3B
$1.6B
$1.4B
$1.2B

Free cash flow · fiscal-year history

Humana Inc. · HUM

$920M
$3.5B
$3.0B
$2.4B
$375M

Oscar Health, Inc. · OSCR

$-208M
$351M
$-298M
$950M
$1.1B

Progyny, Inc. · PGNY

$24M
$77M
$185M
$174M
$192M

The Cigna Group · CI

$6.0B
$7.4B
$10.2B
$9.0B
$8.4B
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Clover Health Investments, Corp. has the lowest Gross debt among the 11 Healthcare Plans companies compared here, at $0 million. Progyny, Inc. is next at $23 million. Centene Corporation has the lowest Net debt at $7,370 million net cash, so level and change sit with different companies. 9 of 11 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Centene Corporation has the clearest covered balance-sheet capacity with $7,370 million net cash and gross debt of $16,371 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderClover Health Investments, Corp. · $0 million
Gap100% versus #2 · Progyny, Inc.
Persistence8/8 recent comparable periods
Coverage9/11 companies · 173 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Clover Health Investments, Corp. CLOV$0M
2Progyny, Inc. PGNY$23M
3Alignment Healthcare, Inc. ALHC$330M
4Oscar Health, Inc. OSCR$431M
5Molina Healthcare, Inc. MOH$4.0B
Net debtlowest net debt
1Centene Corporation CNC$-7.4B
2Elevance Health, Inc. ELV$-6.5B
3Oscar Health, Inc. OSCR$-6.4B
4Molina Healthcare, Inc. MOH$-5.0B
5Alignment Healthcare, Inc. ALHC$-396M
Debt and balance-sheet capacity · company comparison
9/11 level · 9/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
CVS Health Corporation CVS$78.3B$66.5BMar 2026
Elevance Health, Inc. ELV$31.0B$-6.5BJun 2026
The Cigna Group CI$30.9B$23.0BMar 2026
Centene Corporation CNC$16.4B$-7.4BMar 2026
Molina Healthcare, Inc. MOH$4.0B$-5.0BJun 2026
Oscar Health, Inc. OSCR$431M$-6.4BMar 2026
Alignment Healthcare, Inc. ALHC$330M$-396MMar 2026
Progyny, Inc. PGNY$23M$-202MMar 2026
Clover Health Investments, Corp. CLOV$0M$-204MMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Alignment Healthcare, Inc. · ALHC

$157M
$158M
$158M
$159M
$165M
$165M
$164M
$171M
$171M
$171M
$170M
$220M
$220M
$329M
$330M
$330M
$330M
$330M
$330M

Centene Corporation · CNC

$18.8B
$18.8B
$18.9B
$18.8B
$18.3B
$18.0B
$18.3B
$18.0B
$18.0B
$17.8B
$18.0B
$17.6B
$17.6B
$18.5B
$18.3B
$17.6B
$17.6B
$17.4B
$16.4B

Clover Health Investments, Corp. · CLOV

$28M
$28M
$27M
$27M
$26M
$6M
$6M
$5M
$5M
$0M
$4M
$4M
$4M
$0M
$0M
$0M
$0M
$0M
$0M

CVS Health Corporation · CVS

$78.7B
$76.0B
$75.9B
$74.2B
$71.1B
$70.0B
$76.5B
$82.1B
$80.1B
$79.4B
$81.8B
$83.8B
$82.7B
$82.9B
$81.2B
$82.7B
$81.8B
$80.0B
$78.3B

Elevance Health, Inc. · ELV

$22.8B
$23.0B
$23.3B
$23.6B
$23.8B
$24.1B
$25.5B
$25.1B
$24.8B
$25.1B
$26.5B
$27.7B
$27.1B
$31.2B
$30.0B
$30.2B
$32.1B
$32.0B
$31.8B
$31.0B

Molina Healthcare, Inc. · MOH

$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.4B
$2.5B
$3.1B
$3.8B
$3.6B
$3.9B
$4.0B
$3.9B
$4.0B

Oscar Health, Inc. · OSCR

$0M
$0M
$297M
$298M
$298M
$298M
$298M
$298M
$299M
$299M
$299M
$299M
$299M
$300M
$300M
$300M
$686M
$430M
$431M

Progyny, Inc. · PGNY

$8M
$7M
$7M
$7M
$7M
$6M
$18M
$18M
$18M
$17M
$17M
$17M
$17M
$16M
$26M
$26M
$25M
$24M
$23M

The Cigna Group · CI

$34.3B
$33.7B
$33.2B
$33.4B
$31.6B
$31.1B
$32.5B
$32.7B
$31.1B
$30.9B
$32.8B
$31.9B
$32.8B
$32.0B
$30.4B
$30.8B
$34.0B
$31.5B
$30.9B

Net debt · reported quarter history

Alignment Healthcare, Inc. · ALHC

$-343M
$-309M
$-291M
$-294M
$-402M
$-245M
$-324M
$-347M
$-345M
$-148M
$-132M
$-144M
$-161M
$-142M
$-150M
$-174M
$-314M
$-274M
$-396M

Centene Corporation · CNC

$3.9B
$4.2B
$6.0B
$3.5B
$1.2B
$3.6B
$332M
$-1.4B
$-2.4B
$-1.8B
$-1.7B
$-2.6B
$36M
$1.8B
$1.0B
$296M
$-1.7B
$-2.9B
$-7.4B

Clover Health Investments, Corp. · CLOV

$-414M
$-587M
$-537M
$-481M
$-686M
$-329M
$-411M
$-516M
$-512M
$-236M
$-338M
$-375M
$-329M
$-222M
$-160M
$-201M
$-203M
$-120M
$-204M

CVS Health Corporation · CVS

$65.8B
$63.5B
$64.6B
$59.2B
$51.1B
$54.3B
$58.8B
$65.2B
$63.9B
$67.9B
$68.7B
$67.6B
$73.0B
$71.9B
$68.6B
$68.6B
$70.5B
$69.4B
$66.5B

Elevance Health, Inc. · ELV

$-11.2B
$-10.0B
$-10.8B
$-10.2B
$-12.1B
$-10.2B
$-12.7B
$-13.2B
$-14.1B
$-11.2B
$-9.8B
$-8.3B
$-10.8B
$-3.4B
$-3.6B
$-4.6B
$-4.1B
$-4.1B
$-5.2B
$-6.5B

Molina Healthcare, Inc. · MOH

$-4.9B
$-5.2B
$-5.4B
$-5.5B
$-5.5B
$-5.1B
$-6.0B
$-6.4B
$-7.3B
$-6.7B
$-6.6B
$-6.3B
$-6.7B
$-5.9B
$-5.5B
$-5.2B
$-4.6B
$-4.3B
$-5.3B
$-5.0B

Oscar Health, Inc. · OSCR

$-1.7B
$-1.7B
$-2.6B
$-3.0B
$-2.5B
$-2.7B
$-3.1B
$-3.3B
$-2.1B
$-2.3B
$-2.5B
$-2.3B
$-1.4B
$-1.9B
$-2.7B
$-3.2B
$-2.4B
$-3.6B
$-6.4B

Progyny, Inc. · PGNY

$-106M
$-112M
$-99M
$-115M
$-134M
$-183M
$-190M
$-264M
$-318M
$-354M
$-355M
$-245M
$-219M
$-212M
$-230M
$-279M
$-320M
$-286M
$-202M

The Cigna Group · CI

$29.5B
$27.7B
$28.0B
$28.2B
$23.7B
$24.3B
$23.7B
$22.3B
$21.6B
$22.2B
$23.2B
$24.0B
$26.1B
$23.8B
$21.4B
$25.6B
$27.1B
$22.7B
$23.0B
06 · compare level, then change

Return On Capital Employed

Oscar Health, Inc. has the highest ROCE among the 11 Healthcare Plans companies compared here, at 36.6%. Clover Health Investments, Corp. is next at 7.5%. The same company also holds the highest ROCE change, at +17.4 percentage points. 11 of 11 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Oscar Health, Inc. leads ROCE at 36.6%, 29.1 percentage points above Clover Health Investments, Corp.. Oscar Health, Inc. has the strongest latest improvement at +17.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderOscar Health, Inc. · 36.6%
Gap388% versus #2 · Clover Health Investments, Corp.
Persistence5/8 recent comparable periods
Coverage11/11 companies · 212 observations

Investor read: Oscar Health, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Oscar Health, Inc. OSCR37%
2Clover Health Investments, Corp. CLOV7.5%
3Progyny, Inc. PGNY7.4%
4Centene Corporation CNC4.1%
5Humana Inc. HUM3.3%
ROCE changefastest improvers
1Oscar Health, Inc. OSCR+17.4 pp
2Clover Health Investments, Corp. CLOV+7.9 pp
3Alignment Healthcare, Inc. ALHC+4.7 pp
4Progyny, Inc. PGNY+2.9 pp
5Centene Corporation CNC+1.0 pp
Return on capital · company comparison
11/11 level · 11/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Oscar Health, Inc. OSCR37%+17.4 ppMar 2026
Clover Health Investments, Corp. CLOV7.5%+7.9 ppMar 2026
Progyny, Inc. PGNY7.4%+2.9 ppMar 2026
Centene Corporation CNC4.1%+1.0 ppMar 2026
Humana Inc. HUM3.3%−0.7 ppMar 2026
Alignment Healthcare, Inc. ALHC3.2%+4.7 ppMar 2026
CVS Health Corporation CVS2.8%+0.8 ppMar 2026
UnitedHealth Group Incorporated UNH2.6%+0.9 ppJun 2026
The Cigna Group CI2.4%+0.4 ppMar 2026
Elevance Health, Inc. ELV2.1%−1.0 ppJun 2026
Molina Healthcare, Inc. MOH1.7%−3.1 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Alignment Healthcare, Inc. · ALHC

-12%
-13%
-7.6%
-1.4%
-7.3%
-12%
-7.7%
-5.7%
-7.5%
-11%
-12%
-5.1%
-5.6%
-5.9%
-1.5%
5.6%
1.9%
-2.2%
3.2%

Centene Corporation · CNC

1.1%
1.2%
2.5%
-0.3%
0.9%
-0.6%
2.4%
2.3%
1.5%
-0.4%
2.2%
2.4%
1.4%
0.4%
3.1%
-0.9%
-16%
-4.0%
4.1%

Clover Health Investments, Corp. · CLOV

-19%
-55%
-14%
-14%
-13%
-152%
-18%
-7.1%
-8.7%
-18%
-6.9%
2.1%
-2.5%
-6.3%
-0.4%
-2.9%
-6.6%
-14%
7.5%

CVS Health Corporation · CVS

1.8%
1.4%
2.1%
2.8%
-2.4%
2.3%
2.1%
1.9%
2.2%
2.0%
1.4%
1.8%
0.5%
1.4%
2.0%
1.4%
-1.9%
1.3%
2.8%

Elevance Health, Inc. · ELV

3.2%
8.9%
3.8%
3.5%
3.3%
1.6%
4.1%
3.7%
2.4%
1.6%
4.3%
3.8%
1.8%
0.7%
4.2%
3.1%
1.4%
0.2%
2.5%
2.1%

Humana Inc. · HUM

1.5%
0.2%
3.1%
2.9%
2.4%
0.3%
3.4%
2.8%
2.3%
-0.8%
2.4%
2.1%
1.4%
-1.2%
4.0%
2.2%
0.8%
-1.7%
3.3%

Molina Healthcare, Inc. · MOH

4.8%
3.9%
7.5%
7.1%
6.4%
2.0%
8.2%
7.7%
6.0%
5.2%
6.7%
6.4%
6.8%
5.3%
5.7%
4.8%
1.8%
-2.0%
1.0%
1.7%

Oscar Health, Inc. · OSCR

-20%
-19%
-3.9%
-6.3%
-13%
-16%
-1.7%
-0.4%
-4.2%
-12%
14%
4.8%
-3.4%
-12%
19%
-15%
-7.8%
-24%
37%

Progyny, Inc. · PGNY

5.0%
-0.1%
0.0%
3.3%
3.8%
1.0%
4.1%
3.8%
4.1%
2.9%
3.6%
4.3%
2.5%
3.1%
4.5%
4.8%
4.2%
3.1%
7.4%

The Cigna Group · CI

2.0%
1.3%
1.9%
2.1%
1.9%
1.6%
1.9%
2.1%
2.2%
2.0%
2.2%
2.4%
2.5%
2.2%
2.0%
2.4%
2.6%
2.4%
2.4%

UnitedHealth Group Incorporated · UNH

2.8%
2.7%
3.3%
3.2%
3.3%
3.0%
3.2%
3.2%
3.2%
3.0%
2.8%
2.8%
3.0%
2.7%
3.1%
1.7%
1.4%
0.1%
2.9%
2.6%

ROCE change · reported quarter history

Alignment Healthcare, Inc. · ALHC

+5.1 pp
+1.4 pp
−0.1 pp
−4.3 pp
−0.2 pp
+0.6 pp
−4.2 pp
+0.6 pp
+1.9 pp
+5.5 pp
+10.4 pp
+10.7 pp
+7.5 pp
+3.7 pp
+4.7 pp

Centene Corporation · CNC

−0.2 pp
−1.8 pp
−0.1 pp
+2.6 pp
+0.6 pp
+0.2 pp
−0.2 pp
+0.1 pp
−0.1 pp
+0.8 pp
+0.9 pp
−3.3 pp
−16.9 pp
−4.4 pp
+1.0 pp

Clover Health Investments, Corp. · CLOV

+6.4 pp
−97.1 pp
−4.0 pp
+6.7 pp
+4.2 pp
+133.5 pp
+11.4 pp
+9.2 pp
+6.2 pp
+12.1 pp
+6.5 pp
−5.0 pp
−4.1 pp
−7.8 pp
+7.9 pp

CVS Health Corporation · CVS

−4.2 pp
+0.9 pp
0.0 pp
−0.9 pp
+4.6 pp
−0.3 pp
−0.7 pp
−0.1 pp
−1.7 pp
−0.6 pp
+0.6 pp
−0.4 pp
−2.4 pp
−0.1 pp
+0.8 pp

Elevance Health, Inc. · ELV

+0.1 pp
−7.3 pp
+0.3 pp
+0.2 pp
−0.9 pp
0.0 pp
+0.2 pp
+0.1 pp
−0.6 pp
−0.9 pp
−0.1 pp
−0.7 pp
−0.4 pp
−0.5 pp
−1.7 pp
−1.0 pp

Humana Inc. · HUM

+0.9 pp
+0.1 pp
+0.3 pp
−0.1 pp
−0.1 pp
−1.1 pp
−1.0 pp
−0.7 pp
−0.9 pp
−0.4 pp
+1.6 pp
+0.1 pp
−0.6 pp
−0.5 pp
−0.7 pp

Molina Healthcare, Inc. · MOH

+1.6 pp
−1.9 pp
+0.7 pp
+0.6 pp
−0.4 pp
+3.2 pp
−1.5 pp
−1.3 pp
+0.8 pp
+0.1 pp
−1.0 pp
−1.6 pp
−5.0 pp
−7.3 pp
−4.7 pp
−3.1 pp

Oscar Health, Inc. · OSCR

+6.8 pp
+2.6 pp
+2.2 pp
+5.9 pp
+8.6 pp
+4.4 pp
+15.4 pp
+5.2 pp
+0.8 pp
+0.3 pp
+5.5 pp
−20.0 pp
−4.4 pp
−11.9 pp
+17.4 pp

Progyny, Inc. · PGNY

−1.2 pp
+1.1 pp
+4.1 pp
+0.5 pp
+0.3 pp
+1.9 pp
−0.5 pp
+0.5 pp
−1.6 pp
+0.2 pp
+0.9 pp
+0.5 pp
+1.7 pp
0.0 pp
+2.9 pp

The Cigna Group · CI

−0.1 pp
+0.3 pp
0.0 pp
0.0 pp
+0.3 pp
+0.4 pp
+0.3 pp
+0.3 pp
+0.3 pp
+0.2 pp
−0.2 pp
0.0 pp
+0.1 pp
+0.2 pp
+0.4 pp

UnitedHealth Group Incorporated · UNH

+0.5 pp
+0.3 pp
−0.1 pp
0.0 pp
−0.1 pp
0.0 pp
−0.4 pp
−0.4 pp
−0.2 pp
−0.3 pp
+0.3 pp
−1.1 pp
−1.6 pp
−2.6 pp
−0.2 pp
+0.9 pp
07 · compare level, then change

Valuation Against Growth & Quality

The Cigna Group has the lowest Guarded PEG among the 11 Healthcare Plans companies compared here, at 0.37×. Progyny, Inc. is next at 0.63×. The same company also holds the lowest P/E, at 11.3×. 4 of 11 companies report a comparable reading, the latest through Mar 2026. Its Guarded PEG series carries 5 reported observations across the 20-quarter window.

What the numbers say: The Cigna Group has the lowest comparable Guarded PEG at 0.37×, 41.3% below Progyny, Inc.. Only 4 of 11 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderThe Cigna Group · 0.37×
Gap41.3% versus #2 · Progyny, Inc.
Persistence0/8 recent comparable periods
Coverage4/11 companies · 41 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1The Cigna Group CI0.4
2Progyny, Inc. PGNY0.6
3UnitedHealth Group Incorporated UNH0.7
4Humana Inc. HUM2.2
P/Elowest P/E
1The Cigna Group CI11.3
2Centene Corporation CNC13.4
3Elevance Health, Inc. ELV17.2
4Humana Inc. HUM18.5
5Progyny, Inc. PGNY22.1
Valuation · company comparison
4/11 level · 10/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Humana Inc. HUM2.218.5Mar 2026
Elevance Health, Inc. ELV2.117.2Jun 2026
Molina Healthcare, Inc. MOH1.339.4Jun 2026
UnitedHealth Group Incorporated UNH0.726.8Jun 2026
Progyny, Inc. PGNY0.622.1Mar 2026
The Cigna Group CI0.411.3Mar 2026
Centene Corporation CNC0.313.4Mar 2026
CVS Health Corporation CVS31.6Mar 2026
Oscar Health, Inc. OSCR46.8Mar 2026
Alignment Healthcare, Inc. ALHC195.8Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Centene Corporation · CNC

0.3
0.5
1.5
0.4
0.4
0.3

Elevance Health, Inc. · ELV

2.8
2.3
2.1

Humana Inc. · HUM

1.8
2.2

Molina Healthcare, Inc. · MOH

0.7
0.8
1.7
0.5
0.9
1.0
0.8
1.6
1.3
1.3

Progyny, Inc. · PGNY

12.3
2.8
1.5
1.6
2.5
4.0
2.8
0.6

The Cigna Group · CI

0.3
0.4
0.4
0.4
0.4

UnitedHealth Group Incorporated · UNH

1.1
1.3
1.7
1.8
0.5
0.3
0.7

P/E · reported quarter history

Alignment Healthcare, Inc. · ALHC

195.8

Centene Corporation · CNC

50.3
36.1
33.4
26.9
22.7
39.6
23.9
13.9
15.5
15.0
15.6
12.6
13.1
9.6
9.0
13.4

CVS Health Corporation · CVS

14.8
17.1
16.7
14.9
38.9
28.6
23.8
29.9
10.5
12.2
14.0
10.5
16.0
12.3
16.2
19.3
198.4
57.1
31.6

Elevance Health, Inc. · ELV

16.7
18.6
19.4
19.5
18.0
21.1
18.2
16.9
17.3
18.7
19.6
19.0
19.0
14.4
17.0
16.6
13.2
13.9
12.5
17.2

Humana Inc. · HUM

18.8
20.5
18.5
19.1
22.0
23.2
19.7
16.7
20.2
22.9
21.6
26.7
28.1
25.4
18.7
18.8
24.4
26.0
18.5

Molina Healthcare, Inc. · MOH

26.9
28.3
28.4
21.8
23.0
24.4
18.2
19.1
20.4
19.3
22.3
16.3
17.5
14.3
15.9
14.7
11.9
19.5
39.4

Oscar Health, Inc. · OSCR

134.4
46.8

Progyny, Inc. · PGNY

62.2
76.3
91.8
63.2
88.2
103.8
74.7
80.3
65.4
60.0
62.5
45.4
28.9
30.3
39.2
37.3
34.2
39.5
22.1

The Cigna Group · CI

8.4
14.6
14.8
15.7
13.2
15.5
11.6
12.7
16.1
17.2
29.8
26.0
32.7
22.8
18.2
18.0
12.7
12.4
11.3

UnitedHealth Group Incorporated · UNH

24.2
27.8
27.9
26.8
24.7
25.0
21.6
21.5
21.9
22.1
30.2
33.8
38.1
32.6
21.9
13.5
18.0
25.0
20.4
26.8
08 · compare level, then change

Enterprise Value & Book Value

Oscar Health, Inc. has the lowest EV/EBITDA among the 11 Healthcare Plans companies compared here, at 3.19×. Humana Inc. is next at 6.43×. Centene Corporation has the lowest P/BV at 0.75×, so level and change sit with different companies. 11 of 11 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Oscar Health, Inc. leads ev/ebitda at 3.19×; Centene Corporation leads p/bv at 0.75×.

LeaderOscar Health, Inc. · 3.19×
Gap50.4% versus #2 · Humana Inc.
Persistence0/8 recent comparable periods
Coverage11/11 companies · 176 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Oscar Health, Inc. OSCR3.2
2Humana Inc. HUM6.4
3The Cigna Group CI7.6
4Centene Corporation CNC8.6
5Progyny, Inc. PGNY11.1
P/BVlowest P/BV
1Centene Corporation CNC0.8
2Humana Inc. HUM1.1
3CVS Health Corporation CVS1.2
4The Cigna Group CI1.7
5Elevance Health, Inc. ELV1.9
Enterprise and book valuation · company comparison
11/11 level · 11/11 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Alignment Healthcare, Inc. ALHC53.117.6Mar 2026
CVS Health Corporation CVS26.51.2Mar 2026
Clover Health Investments, Corp. CLOV24.82.7Mar 2026
Molina Healthcare, Inc. MOH18.72.9Jun 2026
UnitedHealth Group Incorporated UNH14.62.5Jun 2026
Elevance Health, Inc. ELV11.71.9Jun 2026
Progyny, Inc. PGNY11.13.0Mar 2026
Centene Corporation CNC8.60.8Mar 2026
The Cigna Group CI7.61.7Mar 2026
Humana Inc. HUM6.41.1Mar 2026
Oscar Health, Inc. OSCR3.22.1Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Alignment Healthcare, Inc. · ALHC

241.2
80.2
53.0
83.1
53.1

Centene Corporation · CNC

15.4
16.8
15.9
13.9
12.3
17.8
13.0
9.0
8.3
9.0
9.9
7.8
9.5
7.2
6.5
8.6

Clover Health Investments, Corp. · CLOV

0.0
0.1
8,089.6
4,549.3
24.8

CVS Health Corporation · CVS

13.2
11.3
14.8
13.3
26.6
14.4
19.6
24.0
8.4
9.4
9.9
11.5
10.8
9.8
16.0
17.4
17.5
18.4
26.5

Elevance Health, Inc. · ELV

10.3
12.1
4.3
4.1
3.6
12.2
10.1
9.3
9.5
11.0
11.6
12.2
11.9
9.1
10.7
9.7
8.0
8.8
8.1
11.7

Humana Inc. · HUM

18.3
15.5
17.1
17.7
16.5
13.8
11.9
10.4
11.1
11.4
9.4
10.7
10.3
8.7
7.5
7.0
8.2
8.8
6.4

Molina Healthcare, Inc. · MOH

10.4
11.5
12.0
8.3
9.6
10.4
6.6
7.3
7.6
8.2
10.3
6.6
7.1
5.5
6.4
5.9
3.4
4.7
2.6
18.7

Oscar Health, Inc. · OSCR

0.1
0.9
3.6
2.7
3.7
3.2
3.5
3.1
0.8
108.6
18.2
42.5
17.0
3.2

Progyny, Inc. · PGNY

139.4
70.5
212.6
134.8
153.7
39.2
70.7
74.6
54.7
36.9
48.6
31.8
18.4
17.8
22.0
19.9
17.0
20.6
11.1

The Cigna Group · CI

9.1
9.4
9.5
9.9
9.7
10.8
8.9
9.6
9.5
9.5
10.7
9.8
10.2
8.2
9.3
9.8
8.9
8.0
7.6

UnitedHealth Group Incorporated · UNH

14.9
17.6
17.7
17.2
15.9
15.8
13.6
13.3
13.4
13.7
12.9
13.3
15.2
13.0
12.9
8.4
10.5
13.2
10.9
14.6

P/BV · reported quarter history

Alignment Healthcare, Inc. · ALHC

9.2
8.6
7.2
7.3
8.2
9.3
5.4
5.2
7.0
10.4
7.2
12.1
19.8
21.6
34.0
19.7
21.6
22.5
17.6

Centene Corporation · CNC

1.4
1.8
1.8
1.9
1.8
1.9
1.4
1.4
1.5
1.5
1.6
1.3
1.4
1.1
1.1
1.0
0.8
1.0
0.8

Clover Health Investments, Corp. · CLOV

7.6
3.3
3.4
2.4
2.1
1.3
1.3
1.3
1.6
1.6
1.4
1.9
4.1
4.7
5.4
4.1
4.6
4.0
2.7

CVS Health Corporation · CVS

1.5
1.8
1.8
1.6
1.8
1.7
1.3
1.2
1.2
1.3
1.4
1.0
1.1
0.8
1.1
1.1
1.3
1.3
1.2

Elevance Health, Inc. · ELV

2.5
3.1
3.3
3.2
3.0
3.4
2.9
2.7
2.7
2.8
3.0
3.0
2.8
2.0
2.3
2.0
1.6
1.8
1.5
1.9

Humana Inc. · HUM

3.1
3.7
3.6
3.8
3.8
4.2
3.7
3.3
3.5
3.4
2.6
2.7
2.2
1.9
1.8
1.6
1.7
1.8
1.1

Molina Healthcare, Inc. · MOH

6.3
7.0
7.0
5.7
6.3
6.5
4.7
4.8
4.9
5.0
5.4
3.6
4.1
3.6
4.1
3.5
2.3
2.2
1.7
2.9

Oscar Health, Inc. · OSCR

2.3
1.2
1.6
0.7
1.0
0.6
1.5
1.9
1.4
2.6
3.4
3.4
4.5
3.3
2.5
4.8
4.8
4.4
2.1

Progyny, Inc. · PGNY

22.3
18.2
16.9
8.6
9.8
7.7
7.1
8.0
6.3
6.5
6.4
5.7
3.4
3.5
4.1
3.7
3.3
4.2
3.0

The Cigna Group · CI

1.4
1.6
1.7
1.8
1.9
2.2
1.7
1.8
1.9
1.9
2.5
2.3
2.3
1.8
2.2
2.2
1.8
1.7
1.7

UnitedHealth Group Incorporated · UNH

5.2
6.6
6.6
6.6
6.3
6.4
5.4
5.4
5.5
5.5
5.3
5.3
5.7
5.0
5.0
3.0
3.3
3.2
2.5
09 · let price answer last

Market action

Centene Corporation has the strongest one-year price move in Healthcare Plans at +146.7%. Oscar Health, Inc. leads on Mansfield relative strength against the S&P 500 at +57.3%. 9 of 11 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Healthcare Plans comparison names 4 specific ways its own evidence can mislead, all listed below. All 11 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
10 · the complete set

Which companies are included?

All 11 companies in the canonical Healthcare Plans membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentals
UnitedHealth Group Incorporated UNHAHEAD$389.4B$4292026-07-28Jun 2026
CVS Health Corporation CVSAHEAD$139.5B$1092026-07-28Mar 2026
Elevance Health, Inc. ELV$83.7B$3862026-07-28Jun 2026
The Cigna Group CI$79.6B$3012026-07-28Mar 2026
Humana Inc. HUMAHEAD$46.7B$3892026-07-28Mar 2026
Centene Corporation CNCAHEAD18/26 WEEKS$31.6B$63.92026-07-28Mar 2026
Molina Healthcare, Inc. MOH$10.4B$2002026-07-28Jun 2026
Oscar Health, Inc. OSCRAHEAD$9.5B$31.42026-07-28Mar 2026
Alignment Healthcare, Inc. ALHC$3.8B$18.42026-07-28Mar 2026
Progyny, Inc. PGNYAHEAD$2.4B$30.82026-07-28Mar 2026
Clover Health Investments, Corp. CLOVAHEAD$2.3B$4.32026-07-28Mar 2026
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 11 Healthcare Plans companies, normalized to a common $ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-28. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-28 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Questions investors ask · short, speakable answers

Healthcare Plans company comparison FAQs

These 18 answers restate the Healthcare Plans comparison above in question form. Every one is computed from the same 11 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-28. Nothing here is estimated, and none of it is a recommendation.

Which Healthcare Plans company is the biggest?

UnitedHealth Group Incorporated is the largest, with trailing-twelve-month revenue of $450,129 million, ahead of CVS Health Corporation at $407,905 million. That covers 9 of 11 companies with comparable reporting through Jun 2026.

Which Healthcare Plans company is growing fastest?

Clover Health Investments, Corp. has the fastest revenue growth at 48.9% year on year, across 9 of 11 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Healthcare Plans company has the best profit margins?

Oscar Health, Inc. has the highest operating margin at 15.2%, from 11 of 11 comparable companies. Oscar Health, Inc. shows the biggest recent improvement, at +5.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Healthcare Plans company makes the most profit?

UnitedHealth Group Incorporated earns the most, at $14,912 million of trailing-twelve-month net profit, from 9 of 11 comparable companies. Progyny, Inc. has the fastest profit growth at 28.9%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Healthcare Plans company earns the highest return on capital?

Oscar Health, Inc. leads on return on capital employed at 36.6%, across 11 of 11 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Healthcare Plans stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — The Cigna Group screens cheapest at 0.37×. Only 4 of 11 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Healthcare Plans company has the strongest balance sheet?

Clover Health Investments, Corp. carries the lowest comparable gross debt at $0 million, from 9 of 11 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Healthcare Plans company is investing most in new capacity?

CVS Health Corporation reports the largest capital spending at $849 million, across 11 of 11 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

Is the Healthcare Plans sector beating the market?

Healthcare Plans has outperformed S&P 500 by 46.9% over the last 52 weeks and 26.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 11 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Healthcare Plans stock has the strongest price momentum?

Oscar Health, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Healthcare Plans company scores highest for research priority?

Progyny, Inc. scores 70.6 out of 100 with 82% evidence confidence, from 24.6 points on growth and earnings, 17 on capital efficiency, 15.2 on valuation and 13.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Healthcare Plans companies does this comparison cover, and over what period?

It compares 11 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Healthcare Plans sector?

The 11 Healthcare Plans companies on this page carry $798,842 million of combined market value. UnitedHealth Group Incorporated is the largest at $389,403 million, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

What is the Healthcare Plans sector's P/E ratio?

The median price-to-earnings ratio across the 11 Healthcare Plans companies on this page is 26.7×, measured on the 10 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

How is the Healthcare Plans sector performing?

9 of the 11 covered Healthcare Plans companies are beating S&P 500 on Mansfield relative strength. The sector itself is 46.9% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

How many Healthcare Plans stocks are listed in the US?

This comparison covers 11 listed Healthcare Plans companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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