# Healthcare Plans — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: 27%
52-week sector return versus NIFTY 500: 47%
Stocks leading NIFTY: 9/11
Stocks leading sector: 4/11

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

Companies: 11
Combined market value: ₹8.0 L Cr

## 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.

1. Progyny, Inc. (PGNY): 71/100 — Favorable setup; evidence 82%
   - Growth & earnings 24.6/35 | Capital efficiency 17.0/25 | Valuation 15.2/20 | Relative strength 13.8/20
   - 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.
2. Oscar Health, Inc. (OSCR): 70/100 — Favorable setup; evidence 72%
   - Growth & earnings 22.3/35 | Capital efficiency 18.5/25 | Valuation 8.8/20 | Relative strength 20.0/20
   - 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.
3. Clover Health Investments, Corp. (CLOV): 67/100 — Favorable setup; evidence 62%
   - Growth & earnings 25.0/35 | Capital efficiency 13.8/25 | Valuation 10.0/20 | Relative strength 17.9/20
   - 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.
4. Centene Corporation (CNC): 50/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 14.7/35 | Capital efficiency 10.9/25 | Valuation 11.2/20 | Relative strength 13.4/20
   - 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.
5. UnitedHealth Group Incorporated (UNH): 49/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 17.3/35 | Capital efficiency 11.1/25 | Valuation 14.8/20 | Relative strength 6.2/20
   - 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.
6. Humana Inc. (HUM): 48/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 12.3/35 | Capital efficiency 10.9/25 | Valuation 8.5/20 | Relative strength 16.5/20
   - 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.
7. The Cigna Group (CI): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 18.3/35 | Capital efficiency 9.2/25 | Valuation 16.5/20 | Relative strength 3.2/20
   - 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.
8. CVS Health Corporation (CVS): 44/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 14.3/35 | Capital efficiency 9.2/25 | Valuation 9.5/20 | Relative strength 10.6/20
   - 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.
9. Elevance Health, Inc. (ELV): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.6/35 | Capital efficiency 10.4/25 | Valuation 10.8/20 | Relative strength 3.8/20
   - 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.
10. Alignment Healthcare, Inc. (ALHC): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 22.6/35 | Capital efficiency 6.1/25 | Valuation 8.5/20 | Relative strength 0.0/20
   - 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.
11. Molina Healthcare, Inc. (MOH): 34/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 11.4/35 | Capital efficiency 6.6/25 | Valuation 9.2/20 | Relative strength 6.5/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: UnitedHealth Group Incorporated · $450,129 million | 10.4% versus #2 · CVS Health Corporation | 8/8 recent comparable periods | 9/11 companies · 210 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. UnitedHealth Group Incorporated (UNH): ₹4.5 L Cr
2. CVS Health Corporation (CVS): ₹4.1 L Cr
3. The Cigna Group (CI): ₹2.8 L Cr
4. Centene Corporation (CNC): ₹2.0 L Cr
5. Humana Inc. (HUM): ₹1.4 L Cr

### Revenue growth — fastest growers
1. Clover Health Investments, Corp. (CLOV): 49%
2. Alignment Healthcare, Inc. (ALHC): 42%
3. Oscar Health, Inc. (OSCR): 32%
4. Centene Corporation (CNC): 17%
5. Humana Inc. (HUM): 14%

### 20-quarter Revenue history
- UNH: Sep 2021 ₹72.3K Cr | Dec 2021 ₹73.7K Cr | Mar 2022 ₹80.1K Cr | Jun 2022 ₹80.3K Cr | Sep 2022 ₹80.9K Cr | Dec 2022 ₹82.8K Cr | Mar 2023 ₹91.9K Cr | Jun 2023 ₹92.9K Cr | Sep 2023 ₹92.4K Cr | Dec 2023 ₹94.4K Cr | Mar 2024 ₹99.8K Cr | Jun 2024 ₹98.9K Cr | Sep 2024 ₹1.0 L Cr | Dec 2024 ₹1.0 L Cr | Mar 2025 ₹1.1 L Cr | Jun 2025 ₹1.1 L Cr | Sep 2025 ₹1.1 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.1 L Cr | Jun 2026 ₹1.1 L Cr
- CVS: Sep 2021 ₹73.8K Cr | Dec 2021 ₹76.6K Cr | Mar 2022 ₹76.8K Cr | Jun 2022 ₹80.6K Cr | Sep 2022 ₹81.2K Cr | Dec 2022 ₹83.8K Cr | Mar 2023 ₹85.3K Cr | Jun 2023 ₹88.9K Cr | Sep 2023 ₹89.8K Cr | Dec 2023 ₹93.8K Cr | Mar 2024 ₹88.4K Cr | Jun 2024 ₹91.2K Cr | Sep 2024 ₹95.4K Cr | Dec 2024 ₹97.7K Cr | Mar 2025 ₹94.6K Cr | Jun 2025 ₹98.9K Cr | Sep 2025 ₹1.0 L Cr | Dec 2025 ₹1.1 L Cr | Mar 2026 ₹1.0 L Cr | Jun 2026 —
- ELV: Sep 2021 ₹35.5K Cr | Dec 2021 ₹36.0K Cr | Mar 2022 ₹37.9K Cr | Jun 2022 ₹38.5K Cr | Sep 2022 ₹39.6K Cr | Dec 2022 ₹39.7K Cr | Mar 2023 ₹41.9K Cr | Jun 2023 ₹43.4K Cr | Sep 2023 ₹42.5K Cr | Dec 2023 ₹42.5K Cr | Mar 2024 ₹42.3K Cr | Jun 2024 ₹43.2K Cr | Sep 2024 ₹44.7K Cr | Dec 2024 ₹45.0K Cr | Mar 2025 ₹48.8K Cr | Jun 2025 ₹49.4K Cr | Sep 2025 ₹50.1K Cr | Dec 2025 ₹49.3K Cr | Mar 2026 ₹49.5K Cr | Jun 2026 —
- CI: Sep 2021 ₹44.3K Cr | Dec 2021 ₹45.7K Cr | Mar 2022 ₹44.0K Cr | Jun 2022 ₹45.5K Cr | Sep 2022 ₹45.3K Cr | Dec 2022 ₹45.8K Cr | Mar 2023 ₹46.5K Cr | Jun 2023 ₹48.6K Cr | Sep 2023 ₹49.0K Cr | Dec 2023 ₹51.1K Cr | Mar 2024 ₹57.3K Cr | Jun 2024 ₹60.5K Cr | Sep 2024 ₹63.7K Cr | Dec 2024 ₹65.6K Cr | Mar 2025 ₹65.5K Cr | Jun 2025 ₹67.2K Cr | Sep 2025 ₹69.7K Cr | Dec 2025 ₹72.5K Cr | Mar 2026 ₹68.5K Cr | Jun 2026 —
- HUM: Sep 2021 ₹20.7K Cr | Dec 2021 ₹21.1K Cr | Mar 2022 ₹24.0K Cr | Jun 2022 ₹23.7K Cr | Sep 2022 ₹22.8K Cr | Dec 2022 ₹22.4K Cr | Mar 2023 ₹26.7K Cr | Jun 2023 ₹26.7K Cr | Sep 2023 ₹26.4K Cr | Dec 2023 ₹26.5K Cr | Mar 2024 ₹29.6K Cr | Jun 2024 ₹29.5K Cr | Sep 2024 ₹29.4K Cr | Dec 2024 ₹29.2K Cr | Mar 2025 ₹32.1K Cr | Jun 2025 ₹32.4K Cr | Sep 2025 ₹32.6K Cr | Dec 2025 ₹32.5K Cr | Mar 2026 ₹39.6K Cr | Jun 2026 —
- CNC: Sep 2021 ₹32.4K Cr | Dec 2021 ₹32.6K Cr | Mar 2022 ₹37.2K Cr | Jun 2022 ₹35.9K Cr | Sep 2022 ₹35.9K Cr | Dec 2022 ₹35.6K Cr | Mar 2023 ₹38.9K Cr | Jun 2023 ₹37.6K Cr | Sep 2023 ₹38.0K Cr | Dec 2023 ₹39.5K Cr | Mar 2024 ₹40.4K Cr | Jun 2024 ₹39.8K Cr | Sep 2024 ₹42.0K Cr | Dec 2024 ₹40.8K Cr | Mar 2025 ₹46.6K Cr | Jun 2025 ₹48.7K Cr | Sep 2025 ₹49.7K Cr | Dec 2025 ₹49.7K Cr | Mar 2026 ₹49.9K Cr | Jun 2026 —
- MOH: Sep 2021 ₹7.0K Cr | Dec 2021 ₹7.4K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹8.1K Cr | Sep 2022 ₹7.9K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.3K Cr | Sep 2023 ₹8.5K Cr | Dec 2023 ₹9.0K Cr | Mar 2024 ₹9.9K Cr | Jun 2024 ₹9.9K Cr | Sep 2024 ₹10.3K Cr | Dec 2024 ₹10.5K Cr | Mar 2025 ₹11.1K Cr | Jun 2025 ₹11.4K Cr | Sep 2025 ₹11.5K Cr | Dec 2025 ₹11.4K Cr | Mar 2026 ₹10.8K Cr | Jun 2026 —
- OSCR: Sep 2021 ₹444 Cr | Dec 2021 ₹496 Cr | Mar 2022 ₹973 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹978 Cr | Dec 2022 ₹995 Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 —
- ALHC: Sep 2021 ₹293 Cr | Dec 2021 ₹298 Cr | Mar 2022 ₹346 Cr | Jun 2022 ₹366 Cr | Sep 2022 ₹360 Cr | Dec 2022 ₹362 Cr | Mar 2023 ₹439 Cr | Jun 2023 ₹462 Cr | Sep 2023 ₹457 Cr | Dec 2023 ₹465 Cr | Mar 2024 ₹629 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹692 Cr | Dec 2024 ₹701 Cr | Mar 2025 ₹927 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹994 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- PGNY: Sep 2021 ₹122 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹172 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹205 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹258 Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹270 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹304 Cr | Sep 2024 ₹287 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹324 Cr | Jun 2025 ₹333 Cr | Sep 2025 ₹313 Cr | Dec 2025 ₹318 Cr | Mar 2026 ₹329 Cr | Jun 2026 —
- CLOV: Sep 2021 ₹427 Cr | Dec 2021 ₹432 Cr | Mar 2022 ₹874 Cr | Jun 2022 ₹847 Cr | Sep 2022 ₹857 Cr | Dec 2022 ₹276 Cr | Mar 2023 ₹322 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹306 Cr | Dec 2023 ₹312 Cr | Mar 2024 ₹347 Cr | Jun 2024 ₹356 Cr | Sep 2024 ₹331 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹462 Cr | Jun 2025 ₹478 Cr | Sep 2025 ₹497 Cr | Dec 2025 ₹488 Cr | Mar 2026 ₹749 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- UNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 12% | Dec 2022 12% | Mar 2023 15% | Jun 2023 16% | Sep 2023 14% | Dec 2023 14% | Mar 2024 8.6% | Jun 2024 6.4% | Sep 2024 9.2% | Dec 2024 6.8% | Mar 2025 9.8% | Jun 2025 13% | Sep 2025 12% | Dec 2025 12% | Mar 2026 2.0% | Jun 2026 0.4%
- CVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 10.0% | Dec 2022 9.5% | Mar 2023 11% | Jun 2023 10% | Sep 2023 11% | Dec 2023 12% | Mar 2024 3.7% | Jun 2024 2.6% | Sep 2024 6.3% | Dec 2024 4.2% | Mar 2025 7.0% | Jun 2025 8.4% | Sep 2025 7.8% | Dec 2025 8.2% | Mar 2026 6.2% | Jun 2026 —
- ELV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 11% | Dec 2022 10% | Mar 2023 11% | Jun 2023 13% | Sep 2023 7.2% | Dec 2023 7.0% | Mar 2024 0.9% | Jun 2024 -0.4% | Sep 2024 5.3% | Dec 2024 6.0% | Mar 2025 15% | Jun 2025 14% | Sep 2025 12% | Dec 2025 9.6% | Mar 2026 1.5% | Jun 2026 —
- CI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.4% | Sep 2022 2.2% | Dec 2022 0.2% | Mar 2023 5.7% | Jun 2023 6.8% | Sep 2023 8.3% | Dec 2023 12% | Mar 2024 23% | Jun 2024 25% | Sep 2024 30% | Dec 2024 28% | Mar 2025 14% | Jun 2025 11% | Sep 2025 9.5% | Dec 2025 10% | Mar 2026 4.6% | Jun 2026 —
- HUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 10% | Dec 2022 6.6% | Mar 2023 12% | Jun 2023 13% | Sep 2023 16% | Dec 2023 18% | Mar 2024 11% | Jun 2024 10% | Sep 2024 11% | Dec 2024 10% | Mar 2025 8.5% | Jun 2025 9.6% | Sep 2025 11% | Dec 2025 11% | Mar 2026 23% | Jun 2026 —
- CNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 11% | Dec 2022 9.2% | Mar 2023 4.6% | Jun 2023 4.7% | Sep 2023 6.1% | Dec 2023 11% | Mar 2024 3.9% | Jun 2024 5.9% | Sep 2024 10% | Dec 2024 3.4% | Mar 2025 15% | Jun 2025 22% | Sep 2025 18% | Dec 2025 22% | Mar 2026 7.1% | Jun 2026 —
- MOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 13% | Dec 2022 11% | Mar 2023 4.9% | Jun 2023 3.4% | Sep 2023 7.8% | Dec 2023 10% | Mar 2024 22% | Jun 2024 19% | Sep 2024 21% | Dec 2024 16% | Mar 2025 12% | Jun 2025 16% | Sep 2025 11% | Dec 2025 8.3% | Mar 2026 -3.2% | Jun 2026 —
- OSCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 120% | Dec 2022 101% | Mar 2023 51% | Jun 2023 50% | Sep 2023 47% | Dec 2023 44% | Mar 2024 46% | Jun 2024 46% | Sep 2024 68% | Dec 2024 67% | Mar 2025 42% | Jun 2025 29% | Sep 2025 23% | Dec 2025 17% | Mar 2026 53% | Jun 2026 —
- ALHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 23% | Dec 2022 21% | Mar 2023 27% | Jun 2023 26% | Sep 2023 27% | Dec 2023 28% | Mar 2024 43% | Jun 2024 47% | Sep 2024 51% | Dec 2024 51% | Mar 2025 47% | Jun 2025 49% | Sep 2025 44% | Dec 2025 45% | Mar 2026 33% | Jun 2026 —
- PGNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 68% | Dec 2022 67% | Mar 2023 50% | Jun 2023 43% | Sep 2023 37% | Dec 2023 26% | Mar 2024 7.8% | Jun 2024 9.0% | Sep 2024 2.1% | Dec 2024 10% | Mar 2025 17% | Jun 2025 9.5% | Sep 2025 9.1% | Dec 2025 6.7% | Mar 2026 1.5% | Jun 2026 —
- CLOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 106% | Sep 2022 101% | Dec 2022 -36% | Mar 2023 -63% | Jun 2023 -62% | Sep 2023 -64% | Dec 2023 13% | Mar 2024 7.8% | Jun 2024 11% | Sep 2024 8.2% | Dec 2024 8.0% | Mar 2025 33% | Jun 2025 34% | Sep 2025 50% | Dec 2025 45% | Mar 2026 62% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Oscar Health, Inc. · 15.2% | 40.7% versus #2 · Progyny, Inc. | 5/8 recent comparable periods | 11/11 companies · 210 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Oscar Health, Inc. (OSCR): 15%
2. Progyny, Inc. (PGNY): 11%
3. UnitedHealth Group Incorporated (UNH): 7.1%
4. CVS Health Corporation (CVS): 4.7%
5. Humana Inc. (HUM): 4.4%

### Margin change — fastest expanders
1. Oscar Health, Inc. (OSCR): +5.4 pp
2. Clover Health Investments, Corp. (CLOV): +3.9 pp
3. Progyny, Inc. (PGNY): +3.3 pp
4. UnitedHealth Group Incorporated (UNH): +2.5 pp
5. Alignment Healthcare, Inc. (ALHC): +1.9 pp

### 20-quarter OPM history
- UNH: Sep 2021 7.9% | Dec 2021 7.5% | Mar 2022 8.7% | Jun 2022 8.9% | Sep 2022 9.2% | Dec 2022 8.3% | Mar 2023 8.8% | Jun 2023 8.7% | Sep 2023 9.2% | Dec 2023 8.1% | Mar 2024 7.9% | Jun 2024 8.0% | Sep 2024 8.6% | Dec 2024 7.7% | Mar 2025 8.3% | Jun 2025 4.6% | Sep 2025 3.8% | Dec 2025 0.3% | Mar 2026 8.0% | Jun 2026 7.1%
- CVS: Sep 2021 4.1% | Dec 2021 3.1% | Mar 2022 4.6% | Jun 2022 5.8% | Sep 2022 -4.8% | Dec 2022 4.4% | Mar 2023 4.0% | Jun 2023 3.6% | Sep 2023 4.1% | Dec 2023 3.6% | Mar 2024 2.6% | Jun 2024 3.3% | Sep 2024 0.9% | Dec 2024 2.4% | Mar 2025 3.6% | Jun 2025 2.4% | Sep 2025 -3.1% | Dec 2025 2.0% | Mar 2026 4.7% | Jun 2026 —
- ELV: Sep 2021 5.4% | Dec 2021 15% | Mar 2022 6.1% | Jun 2022 5.7% | Sep 2022 5.1% | Dec 2022 2.6% | Mar 2023 6.2% | Jun 2023 5.5% | Sep 2023 3.6% | Dec 2023 2.5% | Mar 2024 6.9% | Jun 2024 6.0% | Sep 2024 2.9% | Dec 2024 1.1% | Mar 2025 6.2% | Jun 2025 4.6% | Sep 2025 2.3% | Dec 2025 0.3% | Mar 2026 4.0% | Jun 2026 —
- CI: Sep 2021 5.2% | Dec 2021 3.4% | Mar 2022 5.0% | Jun 2022 5.2% | Sep 2022 4.7% | Dec 2022 3.8% | Mar 2023 4.3% | Jun 2023 4.6% | Sep 2023 4.6% | Dec 2023 4.0% | Mar 2024 3.9% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 3.3% | Mar 2025 3.0% | Jun 2025 3.4% | Sep 2025 3.7% | Dec 2025 3.2% | Mar 2026 3.4% | Jun 2026 —
- HUM: Sep 2021 3.0% | Dec 2021 0.3% | Mar 2022 5.4% | Jun 2022 5.1% | Sep 2022 5.1% | Dec 2022 0.6% | Mar 2023 6.4% | Jun 2023 5.4% | Sep 2023 4.6% | Dec 2023 -1.3% | Mar 2024 4.2% | Jun 2024 3.9% | Sep 2024 2.5% | Dec 2024 -1.9% | Mar 2025 6.3% | Jun 2025 3.4% | Sep 2025 1.2% | Dec 2025 -2.5% | Mar 2026 4.4% | Jun 2026 —
- CNC: Sep 2021 1.7% | Dec 2021 1.9% | Mar 2022 3.4% | Jun 2022 -0.4% | Sep 2022 1.3% | Dec 2022 -0.8% | Mar 2023 3.1% | Jun 2023 3.1% | Sep 2023 1.9% | Dec 2023 -0.5% | Mar 2024 2.7% | Jun 2024 3.1% | Sep 2024 1.6% | Dec 2024 0.4% | Mar 2025 3.3% | Jun 2025 -0.9% | Sep 2025 -14% | Dec 2025 -3.5% | Mar 2026 3.7% | Jun 2026 —
- MOH: Sep 2021 3.1% | Dec 2021 2.6% | Mar 2022 4.8% | Jun 2022 4.5% | Sep 2022 4.2% | Dec 2022 1.3% | Mar 2023 5.6% | Jun 2023 5.3% | Sep 2023 4.2% | Dec 2023 3.5% | Mar 2024 4.3% | Jun 2024 4.4% | Sep 2024 4.5% | Dec 2024 3.6% | Mar 2025 3.9% | Jun 2025 3.3% | Sep 2025 1.2% | Dec 2025 -1.4% | Mar 2026 0.8% | Jun 2026 —
- OSCR: Sep 2021 -48% | Dec 2021 -40% | Mar 2022 -7.0% | Jun 2022 -11% | Sep 2022 -20% | Dec 2022 -22% | Mar 2023 -1.7% | Jun 2023 -0.4% | Sep 2023 -4.0% | Dec 2023 -10% | Mar 2024 8.7% | Jun 2024 3.1% | Sep 2024 -2.0% | Dec 2024 -6.2% | Mar 2025 9.8% | Jun 2025 -8.0% | Sep 2025 -4.3% | Dec 2025 -12% | Mar 2026 15% | Jun 2026 —
- ALHC: Sep 2021 -14% | Dec 2021 -15% | Mar 2022 -11% | Jun 2022 -1.8% | Sep 2022 -9.3% | Dec 2022 -14% | Mar 2023 -7.4% | Jun 2023 -5.1% | Sep 2023 -6.5% | Dec 2023 -9.0% | Mar 2024 -6.5% | Jun 2024 -2.7% | Sep 2024 -2.8% | Dec 2024 -3.2% | Mar 2025 -0.6% | Jun 2025 2.2% | Sep 2025 0.8% | Dec 2025 -1.0% | Mar 2026 1.3% | Jun 2026 —
- PGNY: Sep 2021 7.4% | Dec 2021 -0.1% | Mar 2022 0.0% | Jun 2022 4.5% | Sep 2022 5.5% | Dec 2022 1.5% | Mar 2023 5.8% | Jun 2023 5.4% | Sep 2023 6.5% | Dec 2023 5.1% | Mar 2024 6.7% | Jun 2024 6.8% | Sep 2024 4.3% | Dec 2024 5.3% | Mar 2025 7.5% | Jun 2025 7.3% | Sep 2025 6.9% | Dec 2025 4.8% | Mar 2026 11% | Jun 2026 —
- CLOV: Sep 2021 -35% | Dec 2021 -43% | Mar 2022 -10% | Jun 2022 -12% | Sep 2022 -8.6% | Dec 2022 -263% | Mar 2023 -25% | Jun 2023 -9.0% | Sep 2023 -11% | Dec 2023 -20% | Mar 2024 -6.5% | Jun 2024 2.0% | Sep 2024 -2.7% | Dec 2024 -6.4% | Mar 2025 -0.3% | Jun 2025 -2.2% | Sep 2025 -4.9% | Dec 2025 -10% | Mar 2026 3.6% | Jun 2026 —

### 20-quarter Margin change history
- UNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 +1.3 pp | Dec 2022 +0.8 pp | Mar 2023 +0.1 pp | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 −0.9 pp | Jun 2024 −0.7 pp | Sep 2024 −0.6 pp | Dec 2024 −0.4 pp | Mar 2025 +0.4 pp | Jun 2025 −3.4 pp | Sep 2025 −4.8 pp | Dec 2025 −7.4 pp | Mar 2026 −0.3 pp | Jun 2026 +2.5 pp
- CVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −8.9 pp | Dec 2022 +1.3 pp | Mar 2023 −0.6 pp | Jun 2023 −2.2 pp | Sep 2023 +8.9 pp | Dec 2023 −0.8 pp | Mar 2024 −1.4 pp | Jun 2024 −0.3 pp | Sep 2024 −3.2 pp | Dec 2024 −1.2 pp | Mar 2025 +1.0 pp | Jun 2025 −0.9 pp | Sep 2025 −4.0 pp | Dec 2025 −0.4 pp | Mar 2026 +1.1 pp | Jun 2026 —
- ELV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 −0.3 pp | Dec 2022 −12.3 pp | Mar 2023 +0.1 pp | Jun 2023 −0.2 pp | Sep 2023 −1.5 pp | Dec 2023 −0.1 pp | Mar 2024 +0.7 pp | Jun 2024 +0.5 pp | Sep 2024 −0.7 pp | Dec 2024 −1.4 pp | Mar 2025 −0.7 pp | Jun 2025 −1.4 pp | Sep 2025 −0.6 pp | Dec 2025 −0.8 pp | Mar 2026 −2.2 pp | Jun 2026 —
- CI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 −0.5 pp | Dec 2022 +0.4 pp | Mar 2023 −0.7 pp | Jun 2023 −0.6 pp | Sep 2023 −0.1 pp | Dec 2023 +0.2 pp | Mar 2024 −0.4 pp | Jun 2024 −0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −0.7 pp | Mar 2025 −0.9 pp | Jun 2025 −0.6 pp | Sep 2025 −0.3 pp | Dec 2025 −0.1 pp | Mar 2026 +0.4 pp | Jun 2026 —
- HUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 +2.1 pp | Dec 2022 +0.3 pp | Mar 2023 +1.0 pp | Jun 2023 +0.3 pp | Sep 2023 −0.5 pp | Dec 2023 −1.9 pp | Mar 2024 −2.2 pp | Jun 2024 −1.5 pp | Sep 2024 −2.1 pp | Dec 2024 −0.6 pp | Mar 2025 +2.1 pp | Jun 2025 −0.5 pp | Sep 2025 −1.3 pp | Dec 2025 −0.6 pp | Mar 2026 −1.9 pp | Jun 2026 —
- CNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 −0.4 pp | Dec 2022 −2.7 pp | Mar 2023 −0.3 pp | Jun 2023 +3.5 pp | Sep 2023 +0.6 pp | Dec 2023 +0.3 pp | Mar 2024 −0.4 pp | Jun 2024 0.0 pp | Sep 2024 −0.3 pp | Dec 2024 +0.9 pp | Mar 2025 +0.6 pp | Jun 2025 −4.0 pp | Sep 2025 −15.6 pp | Dec 2025 −3.9 pp | Mar 2026 +0.4 pp | Jun 2026 —
- MOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.5 pp | Sep 2022 +1.1 pp | Dec 2022 −1.3 pp | Mar 2023 +0.8 pp | Jun 2023 +0.8 pp | Sep 2023 0.0 pp | Dec 2023 +2.2 pp | Mar 2024 −1.3 pp | Jun 2024 −0.9 pp | Sep 2024 +0.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.4 pp | Jun 2025 −1.1 pp | Sep 2025 −3.3 pp | Dec 2025 −5.0 pp | Mar 2026 −3.1 pp | Jun 2026 —
- OSCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.2 pp | Sep 2022 +28.0 pp | Dec 2022 +17.2 pp | Mar 2023 +5.3 pp | Jun 2023 +10.1 pp | Sep 2023 +15.7 pp | Dec 2023 +12.2 pp | Mar 2024 +10.4 pp | Jun 2024 +3.5 pp | Sep 2024 +2.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.1 pp | Jun 2025 −11.1 pp | Sep 2025 −2.3 pp | Dec 2025 −5.7 pp | Mar 2026 +5.4 pp | Jun 2026 —
- ALHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.3 pp | Sep 2022 +4.8 pp | Dec 2022 +0.2 pp | Mar 2023 +3.2 pp | Jun 2023 −3.3 pp | Sep 2023 +2.8 pp | Dec 2023 +5.4 pp | Mar 2024 +0.9 pp | Jun 2024 +2.4 pp | Sep 2024 +3.7 pp | Dec 2024 +5.8 pp | Mar 2025 +5.9 pp | Jun 2025 +4.9 pp | Sep 2025 +3.6 pp | Dec 2025 +2.2 pp | Mar 2026 +1.9 pp | Jun 2026 —
- PGNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.6 pp | Sep 2022 −1.9 pp | Dec 2022 +1.6 pp | Mar 2023 +5.8 pp | Jun 2023 +0.9 pp | Sep 2023 +1.0 pp | Dec 2023 +3.6 pp | Mar 2024 +0.9 pp | Jun 2024 +1.4 pp | Sep 2024 −2.2 pp | Dec 2024 +0.2 pp | Mar 2025 +0.8 pp | Jun 2025 +0.5 pp | Sep 2025 +2.6 pp | Dec 2025 −0.5 pp | Mar 2026 +3.3 pp | Jun 2026 —
- CLOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +32.0 pp | Sep 2022 +26.3 pp | Dec 2022 −219.5 pp | Mar 2023 −14.8 pp | Jun 2023 +3.1 pp | Sep 2023 −2.4 pp | Dec 2023 +242.5 pp | Mar 2024 +18.3 pp | Jun 2024 +11.0 pp | Sep 2024 +8.3 pp | Dec 2024 +13.8 pp | Mar 2025 +6.2 pp | Jun 2025 −4.2 pp | Sep 2025 −2.2 pp | Dec 2025 −3.7 pp | Mar 2026 +3.9 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: UnitedHealth Group Incorporated · $14,912 million | 121.2% versus #2 · The Cigna Group | 4/8 recent comparable periods | 9/11 companies · 210 observations

Definition: 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 profit — largest
1. UnitedHealth Group Incorporated (UNH): ₹14.9K Cr
2. The Cigna Group (CI): ₹6.7K Cr
3. CVS Health Corporation (CVS): ₹2.9K Cr
4. Humana Inc. (HUM): ₹1.1K Cr
5. Progyny, Inc. (PGNY): ₹67 Cr

### Profit growth — fastest growers
1. Progyny, Inc. (PGNY): 29%
2. The Cigna Group (CI): 25%
3. UnitedHealth Group Incorporated (UNH): -33%
4. Humana Inc. (HUM): -33%
5. CVS Health Corporation (CVS): -45%

### 20-quarter Net profit history
- UNH: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹6.5K Cr | Jun 2026 ₹5.7K Cr
- CVS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹-3.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹-4.0K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- ELV: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹877 Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹831 Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹413 Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹546 Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- CI: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹-212 Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹825 Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- HUM: Sep 2021 ₹1.5K Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹930 Cr | Jun 2022 ₹697 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹956 Cr | Sep 2023 ₹830 Cr | Dec 2023 ₹-540 Cr | Mar 2024 ₹739 Cr | Jun 2024 ₹678 Cr | Sep 2024 ₹480 Cr | Dec 2024 ₹-683 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹543 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹-776 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- CNC: Sep 2021 ₹581 Cr | Dec 2021 ₹593 Cr | Mar 2022 ₹852 Cr | Jun 2022 ₹-171 Cr | Sep 2022 ₹740 Cr | Dec 2022 ₹-219 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹475 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹710 Cr | Dec 2024 ₹280 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹-259 Cr | Sep 2025 ₹-6.6K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- MOH: Sep 2021 ₹143 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹258 Cr | Jun 2022 ₹248 Cr | Sep 2022 ₹230 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹321 Cr | Jun 2023 ₹309 Cr | Sep 2023 ₹245 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹301 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹326 Cr | Dec 2024 ₹251 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹-160 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- OSCR: Sep 2021 ₹-211 Cr | Dec 2021 ₹-198 Cr | Mar 2022 ₹-77 Cr | Jun 2022 ₹-112 Cr | Sep 2022 ₹-194 Cr | Dec 2022 ₹-227 Cr | Mar 2023 ₹-40 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-66 Cr | Dec 2023 ₹-150 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹-54 Cr | Dec 2024 ₹-153 Cr | Mar 2025 ₹276 Cr | Jun 2025 ₹-228 Cr | Sep 2025 ₹-137 Cr | Dec 2025 ₹-352 Cr | Mar 2026 ₹679 Cr | Jun 2026 —
- ALHC: Sep 2021 ₹-46 Cr | Dec 2021 ₹-48 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹-37 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹-35 Cr | Dec 2023 ₹-47 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-31 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹-11 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- PGNY: Sep 2021 ₹17 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- CLOV: Sep 2021 ₹-265 Cr | Dec 2021 ₹-187 Cr | Mar 2022 ₹-75 Cr | Jun 2022 ₹-104 Cr | Sep 2022 ₹-75 Cr | Dec 2022 ₹-727 Cr | Mar 2023 ₹-80 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹-68 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-49 Cr | Mar 2026 ₹27 Cr | Jun 2026 —

### 20-quarter Profit growth history
- UNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 28% | Dec 2022 17% | Mar 2023 12% | Jun 2023 8.8% | Sep 2023 12% | Dec 2023 16% | Mar 2024 -121% | Jun 2024 -22% | Sep 2024 3.6% | Dec 2024 1.9% | Mar 2025 — | Jun 2025 -19% | Sep 2025 -59% | Dec 2025 -96% | Mar 2026 0.1% | Jun 2026 59%
- CVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.9% | Sep 2022 -314% | Dec 2022 68% | Mar 2023 -9.0% | Jun 2023 -37% | Sep 2023 — | Dec 2023 -12% | Mar 2024 -48% | Jun 2024 -7.6% | Sep 2024 -97% | Dec 2024 -21% | Mar 2025 59% | Jun 2025 -43% | Sep 2025 -5,720% | Dec 2025 80% | Mar 2026 66% | Jun 2026 —
- ELV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.3% | Sep 2022 6.4% | Dec 2022 -26% | Mar 2023 13% | Jun 2023 14% | Sep 2023 -19% | Dec 2023 -5.3% | Mar 2024 12% | Jun 2024 24% | Sep 2024 -22% | Dec 2024 -50% | Mar 2025 -2.9% | Jun 2025 -24% | Sep 2025 18% | Dec 2025 32% | Mar 2026 -19% | Jun 2026 —
- CI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.4% | Sep 2022 70% | Dec 2022 7.4% | Mar 2023 7.8% | Jun 2023 -3.8% | Sep 2023 -48% | Dec 2023 -9.4% | Mar 2024 -116% | Jun 2024 7.9% | Sep 2024 -43% | Dec 2024 39% | Mar 2025 — | Jun 2025 0.2% | Sep 2025 139% | Dec 2025 -17% | Mar 2026 32% | Jun 2026 —
- HUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -22% | Dec 2022 — | Mar 2023 33% | Jun 2023 37% | Sep 2023 -30% | Dec 2023 — | Mar 2024 -40% | Jun 2024 -29% | Sep 2024 -42% | Dec 2024 — | Mar 2025 68% | Jun 2025 -20% | Sep 2025 -60% | Dec 2025 — | Mar 2026 -4.7% | Jun 2026 —
- CNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27% | Dec 2022 -137% | Mar 2023 33% | Jun 2023 — | Sep 2023 -36% | Dec 2023 — | Mar 2024 2.5% | Jun 2024 8.6% | Sep 2024 49% | Dec 2024 618% | Mar 2025 13% | Jun 2025 -123% | Sep 2025 -1,034% | Dec 2025 -493% | Mar 2026 17% | Jun 2026 —
- MOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 61% | Dec 2022 -46% | Mar 2023 24% | Jun 2023 25% | Sep 2023 6.5% | Dec 2023 286% | Mar 2024 -6.2% | Jun 2024 -2.6% | Sep 2024 33% | Dec 2024 16% | Mar 2025 -1.0% | Jun 2025 -15% | Sep 2025 -76% | Dec 2025 -164% | Mar 2026 -95% | Jun 2026 —
- OSCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 56% | Jun 2025 -507% | Sep 2025 — | Dec 2025 — | Mar 2026 146% | Jun 2026 —
- PGNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -53% | Sep 2022 -24% | Dec 2022 -80% | Mar 2023 260% | Jun 2023 67% | Sep 2023 23% | Dec 2023 333% | Mar 2024 -5.6% | Jun 2024 6.7% | Sep 2024 -38% | Dec 2024 -15% | Mar 2025 -12% | Jun 2025 6.3% | Sep 2025 40% | Dec 2025 9.1% | Mar 2026 60% | Jun 2026 —
- CLOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -257% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: CVS Health Corporation · $849 million | 6.3% versus #2 · UnitedHealth Group Incorporated | 8/8 recent comparable periods | 11/11 companies · 209 observations

Definition: 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.

### CAPEX — largest spenders
1. CVS Health Corporation (CVS): ₹849 Cr
2. UnitedHealth Group Incorporated (UNH): ₹799 Cr
3. Elevance Health, Inc. (ELV): ₹287 Cr
4. The Cigna Group (CI): ₹267 Cr
5. Centene Corporation (CNC): ₹200 Cr

### CAPEX intensity — highest reinvestment intensity
1. Progyny, Inc. (PGNY): 1.8%
2. CVS Health Corporation (CVS): 0.8%
3. UnitedHealth Group Incorporated (UNH): 0.7%
4. Alignment Healthcare, Inc. (ALHC): 0.6%
5. Elevance Health, Inc. (ELV): 0.5%

### 20-quarter CAPEX history
- UNH: Sep 2021 ₹629 Cr | Dec 2021 ₹695 Cr | Mar 2022 ₹555 Cr | Jun 2022 ₹657 Cr | Sep 2022 ₹724 Cr | Dec 2022 ₹866 Cr | Mar 2023 ₹760 Cr | Jun 2023 ₹829 Cr | Sep 2023 ₹838 Cr | Dec 2023 ₹959 Cr | Mar 2024 ₹743 Cr | Jun 2024 ₹853 Cr | Sep 2024 ₹991 Cr | Dec 2024 ₹912 Cr | Mar 2025 ₹898 Cr | Jun 2025 ₹886 Cr | Sep 2025 ₹890 Cr | Dec 2025 ₹948 Cr | Mar 2026 ₹763 Cr | Jun 2026 ₹799 Cr
- CVS: Sep 2021 ₹608 Cr | Dec 2021 ₹597 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹408 Cr | Sep 2022 ₹580 Cr | Dec 2022 ₹688 Cr | Mar 2023 ₹984 Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹545 Cr | Dec 2023 ₹911 Cr | Mar 2024 ₹705 Cr | Jun 2024 ₹638 Cr | Sep 2024 ₹670 Cr | Dec 2024 ₹768 Cr | Mar 2025 ₹743 Cr | Jun 2025 ₹607 Cr | Sep 2025 ₹698 Cr | Dec 2025 ₹784 Cr | Mar 2026 ₹849 Cr | Jun 2026 —
- ELV: Sep 2021 ₹258 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹254 Cr | Jun 2022 ₹295 Cr | Sep 2022 ₹305 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹350 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹326 Cr | Mar 2024 ₹279 Cr | Jun 2024 ₹323 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹196 Cr | Jun 2025 ₹267 Cr | Sep 2025 ₹360 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹235 Cr | Jun 2026 ₹287 Cr
- CI: Sep 2021 ₹350 Cr | Dec 2021 ₹304 Cr | Mar 2022 ₹288 Cr | Jun 2022 ₹324 Cr | Sep 2022 ₹338 Cr | Dec 2022 ₹345 Cr | Mar 2023 ₹408 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹403 Cr | Dec 2023 ₹365 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹399 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹285 Cr | Sep 2025 ₹278 Cr | Dec 2025 ₹322 Cr | Mar 2026 ₹267 Cr | Jun 2026 —
- HUM: Sep 2021 ₹326 Cr | Dec 2021 ₹397 Cr | Mar 2022 ₹295 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹288 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹223 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹234 Cr | Dec 2023 — | Mar 2024 ₹177 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹130 Cr | Dec 2024 — | Mar 2025 ₹95 Cr | Jun 2025 ₹114 Cr | Sep 2025 ₹135 Cr | Dec 2025 — | Mar 2026 ₹121 Cr | Jun 2026 —
- CNC: Sep 2021 ₹225 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹215 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹151 Cr | Jun 2024 ₹186 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹200 Cr | Jun 2026 —
- MOH: Sep 2021 ₹27 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹27 Cr | Jun 2026 ₹30 Cr
- OSCR: Sep 2021 ₹6 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ALHC: Sep 2021 ₹6 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- PGNY: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- CLOV: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- UNH: Sep 2021 0.9% | Dec 2021 0.9% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 0.9% | Dec 2022 1.0% | Mar 2023 0.8% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 1.0% | Mar 2024 0.7% | Jun 2024 0.9% | Sep 2024 1.0% | Dec 2024 0.9% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 0.8% | Mar 2026 0.7% | Jun 2026 0.7%
- CVS: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 1.4% | Jun 2022 0.5% | Sep 2022 0.7% | Dec 2022 0.8% | Mar 2023 1.2% | Jun 2023 0.7% | Sep 2023 0.6% | Dec 2023 1.0% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 0.7% | Dec 2024 0.8% | Mar 2025 0.8% | Jun 2025 0.6% | Sep 2025 0.7% | Dec 2025 0.7% | Mar 2026 0.8% | Jun 2026 —
- ELV: Sep 2021 0.7% | Dec 2021 0.9% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 0.8% | Dec 2022 0.8% | Mar 2023 0.7% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.8% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.4% | Jun 2025 0.5% | Sep 2025 0.7% | Dec 2025 0.6% | Mar 2026 0.5% | Jun 2026 —
- CI: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.7% | Dec 2022 0.8% | Mar 2023 0.9% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 0.7% | Mar 2024 0.5% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 —
- HUM: Sep 2021 1.6% | Dec 2021 1.9% | Mar 2022 1.2% | Jun 2022 1.2% | Sep 2022 1.3% | Dec 2022 1.2% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 0.9% | Dec 2023 — | Mar 2024 0.6% | Jun 2024 0.4% | Sep 2024 0.4% | Dec 2024 — | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 — | Mar 2026 0.3% | Jun 2026 —
- CNC: Sep 2021 0.7% | Dec 2021 0.8% | Mar 2022 0.7% | Jun 2022 0.8% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 0.6% | Jun 2023 0.6% | Sep 2023 0.4% | Dec 2023 0.6% | Mar 2024 0.4% | Jun 2024 0.5% | Sep 2024 0.4% | Dec 2024 0.4% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 —
- MOH: Sep 2021 0.4% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 0.1% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.3% | Dec 2023 0.1% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.3% | Dec 2024 0.1% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.3% | Dec 2025 0.0% | Mar 2026 0.3% | Jun 2026 —
- OSCR: Sep 2021 1.4% | Dec 2021 1.4% | Mar 2022 0.6% | Jun 2022 0.6% | Sep 2022 1.0% | Dec 2022 0.7% | Mar 2023 0.5% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.3% | Jun 2024 0.4% | Sep 2024 0.3% | Dec 2024 0.3% | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.3% | Dec 2025 0.3% | Mar 2026 0.2% | Jun 2026 —
- ALHC: Sep 2021 2.0% | Dec 2021 1.0% | Mar 2022 1.4% | Jun 2022 1.6% | Sep 2022 1.9% | Dec 2022 1.7% | Mar 2023 1.6% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 2.4% | Mar 2024 1.7% | Jun 2024 1.8% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 0.9% | Jun 2025 0.8% | Sep 2025 0.5% | Dec 2025 0.5% | Mar 2026 0.6% | Jun 2026 —
- PGNY: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 0.6% | Jun 2022 0.0% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.4% | Jun 2024 0.3% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.9% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 1.9% | Mar 2026 1.8% | Jun 2026 —
- CLOV: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 1.4% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.2% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 0.1% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Clover Health Investments, Corp. · $0 million | 100% versus #2 · Progyny, Inc. | 8/8 recent comparable periods | 9/11 companies · 173 observations

Definition: 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 debt — lowest gross debt
1. Clover Health Investments, Corp. (CLOV): ₹0 Cr
2. Progyny, Inc. (PGNY): ₹23 Cr
3. Alignment Healthcare, Inc. (ALHC): ₹330 Cr
4. Oscar Health, Inc. (OSCR): ₹431 Cr
5. Molina Healthcare, Inc. (MOH): ₹4.0K Cr

### Net debt — lowest net debt
1. Centene Corporation (CNC): ₹-7.4K Cr
2. Elevance Health, Inc. (ELV): ₹-6.5K Cr
3. Oscar Health, Inc. (OSCR): ₹-6.4K Cr
4. Molina Healthcare, Inc. (MOH): ₹-5.0K Cr
5. Alignment Healthcare, Inc. (ALHC): ₹-396 Cr

### 20-quarter Gross debt history
- CVS: Sep 2021 ₹78.7K Cr | Dec 2021 ₹76.0K Cr | Mar 2022 ₹75.9K Cr | Jun 2022 ₹74.2K Cr | Sep 2022 ₹71.1K Cr | Dec 2022 ₹70.0K Cr | Mar 2023 ₹76.5K Cr | Jun 2023 ₹82.1K Cr | Sep 2023 ₹80.1K Cr | Dec 2023 ₹79.4K Cr | Mar 2024 ₹81.8K Cr | Jun 2024 ₹83.8K Cr | Sep 2024 ₹82.7K Cr | Dec 2024 ₹82.9K Cr | Mar 2025 ₹81.2K Cr | Jun 2025 ₹82.7K Cr | Sep 2025 ₹81.8K Cr | Dec 2025 ₹80.0K Cr | Mar 2026 ₹78.3K Cr | Jun 2026 —
- ELV: Sep 2021 ₹22.8K Cr | Dec 2021 ₹23.0K Cr | Mar 2022 ₹23.3K Cr | Jun 2022 ₹23.6K Cr | Sep 2022 ₹23.8K Cr | Dec 2022 ₹24.1K Cr | Mar 2023 ₹25.5K Cr | Jun 2023 ₹25.1K Cr | Sep 2023 ₹24.8K Cr | Dec 2023 ₹25.1K Cr | Mar 2024 ₹26.5K Cr | Jun 2024 ₹27.7K Cr | Sep 2024 ₹27.1K Cr | Dec 2024 ₹31.2K Cr | Mar 2025 ₹30.0K Cr | Jun 2025 ₹30.2K Cr | Sep 2025 ₹32.1K Cr | Dec 2025 ₹32.0K Cr | Mar 2026 ₹31.8K Cr | Jun 2026 ₹31.0K Cr
- CI: Sep 2021 ₹34.3K Cr | Dec 2021 ₹33.7K Cr | Mar 2022 ₹33.2K Cr | Jun 2022 ₹33.4K Cr | Sep 2022 ₹31.6K Cr | Dec 2022 ₹31.1K Cr | Mar 2023 ₹32.5K Cr | Jun 2023 ₹32.7K Cr | Sep 2023 ₹31.1K Cr | Dec 2023 ₹30.9K Cr | Mar 2024 ₹32.8K Cr | Jun 2024 ₹31.9K Cr | Sep 2024 ₹32.8K Cr | Dec 2024 ₹32.0K Cr | Mar 2025 ₹30.4K Cr | Jun 2025 ₹30.8K Cr | Sep 2025 ₹34.0K Cr | Dec 2025 ₹31.5K Cr | Mar 2026 ₹30.9K Cr | Jun 2026 —
- CNC: Sep 2021 ₹18.8K Cr | Dec 2021 ₹18.8K Cr | Mar 2022 ₹18.9K Cr | Jun 2022 ₹18.8K Cr | Sep 2022 ₹18.3K Cr | Dec 2022 ₹18.0K Cr | Mar 2023 ₹18.3K Cr | Jun 2023 ₹18.0K Cr | Sep 2023 ₹18.0K Cr | Dec 2023 ₹17.8K Cr | Mar 2024 ₹18.0K Cr | Jun 2024 ₹17.6K Cr | Sep 2024 ₹17.6K Cr | Dec 2024 ₹18.5K Cr | Mar 2025 ₹18.3K Cr | Jun 2025 ₹17.6K Cr | Sep 2025 ₹17.6K Cr | Dec 2025 ₹17.4K Cr | Mar 2026 ₹16.4K Cr | Jun 2026 —
- MOH: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 ₹4.0K Cr
- OSCR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹297 Cr | Jun 2022 ₹298 Cr | Sep 2022 ₹298 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹298 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹299 Cr | Mar 2024 ₹299 Cr | Jun 2024 ₹299 Cr | Sep 2024 ₹299 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹300 Cr | Sep 2025 ₹686 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹431 Cr | Jun 2026 —
- ALHC: Sep 2021 ₹157 Cr | Dec 2021 ₹158 Cr | Mar 2022 ₹158 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹165 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹329 Cr | Mar 2025 ₹330 Cr | Jun 2025 ₹330 Cr | Sep 2025 ₹330 Cr | Dec 2025 ₹330 Cr | Mar 2026 ₹330 Cr | Jun 2026 —
- PGNY: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- CLOV: Sep 2021 ₹28 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- CVS: Sep 2021 ₹65.8K Cr | Dec 2021 ₹63.5K Cr | Mar 2022 ₹64.6K Cr | Jun 2022 ₹59.2K Cr | Sep 2022 ₹51.1K Cr | Dec 2022 ₹54.3K Cr | Mar 2023 ₹58.8K Cr | Jun 2023 ₹65.2K Cr | Sep 2023 ₹63.9K Cr | Dec 2023 ₹67.9K Cr | Mar 2024 ₹68.7K Cr | Jun 2024 ₹67.6K Cr | Sep 2024 ₹73.0K Cr | Dec 2024 ₹71.9K Cr | Mar 2025 ₹68.6K Cr | Jun 2025 ₹68.6K Cr | Sep 2025 ₹70.5K Cr | Dec 2025 ₹69.4K Cr | Mar 2026 ₹66.5K Cr | Jun 2026 —
- ELV: Sep 2021 ₹-11.2K Cr | Dec 2021 ₹-10.0K Cr | Mar 2022 ₹-10.8K Cr | Jun 2022 ₹-10.2K Cr | Sep 2022 ₹-12.1K Cr | Dec 2022 ₹-10.2K Cr | Mar 2023 ₹-12.7K Cr | Jun 2023 ₹-13.2K Cr | Sep 2023 ₹-14.1K Cr | Dec 2023 ₹-11.2K Cr | Mar 2024 ₹-9.8K Cr | Jun 2024 ₹-8.3K Cr | Sep 2024 ₹-10.8K Cr | Dec 2024 ₹-3.4K Cr | Mar 2025 ₹-3.6K Cr | Jun 2025 ₹-4.6K Cr | Sep 2025 ₹-4.1K Cr | Dec 2025 ₹-4.1K Cr | Mar 2026 ₹-5.2K Cr | Jun 2026 ₹-6.5K Cr
- CI: Sep 2021 ₹29.5K Cr | Dec 2021 ₹27.7K Cr | Mar 2022 ₹28.0K Cr | Jun 2022 ₹28.2K Cr | Sep 2022 ₹23.7K Cr | Dec 2022 ₹24.3K Cr | Mar 2023 ₹23.7K Cr | Jun 2023 ₹22.3K Cr | Sep 2023 ₹21.6K Cr | Dec 2023 ₹22.2K Cr | Mar 2024 ₹23.2K Cr | Jun 2024 ₹24.0K Cr | Sep 2024 ₹26.1K Cr | Dec 2024 ₹23.8K Cr | Mar 2025 ₹21.4K Cr | Jun 2025 ₹25.6K Cr | Sep 2025 ₹27.1K Cr | Dec 2025 ₹22.7K Cr | Mar 2026 ₹23.0K Cr | Jun 2026 —
- CNC: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹332 Cr | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹-2.4K Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹-2.6K Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹296 Cr | Sep 2025 ₹-1.7K Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹-7.4K Cr | Jun 2026 —
- MOH: Sep 2021 ₹-4.9K Cr | Dec 2021 ₹-5.2K Cr | Mar 2022 ₹-5.4K Cr | Jun 2022 ₹-5.5K Cr | Sep 2022 ₹-5.5K Cr | Dec 2022 ₹-5.1K Cr | Mar 2023 ₹-6.0K Cr | Jun 2023 ₹-6.4K Cr | Sep 2023 ₹-7.3K Cr | Dec 2023 ₹-6.7K Cr | Mar 2024 ₹-6.6K Cr | Jun 2024 ₹-6.3K Cr | Sep 2024 ₹-6.7K Cr | Dec 2024 ₹-5.9K Cr | Mar 2025 ₹-5.5K Cr | Jun 2025 ₹-5.2K Cr | Sep 2025 ₹-4.6K Cr | Dec 2025 ₹-4.3K Cr | Mar 2026 ₹-5.3K Cr | Jun 2026 ₹-5.0K Cr
- OSCR: Sep 2021 ₹-1.7K Cr | Dec 2021 ₹-1.7K Cr | Mar 2022 ₹-2.6K Cr | Jun 2022 ₹-3.0K Cr | Sep 2022 ₹-2.5K Cr | Dec 2022 ₹-2.7K Cr | Mar 2023 ₹-3.1K Cr | Jun 2023 ₹-3.3K Cr | Sep 2023 ₹-2.1K Cr | Dec 2023 ₹-2.3K Cr | Mar 2024 ₹-2.5K Cr | Jun 2024 ₹-2.3K Cr | Sep 2024 ₹-1.4K Cr | Dec 2024 ₹-1.9K Cr | Mar 2025 ₹-2.7K Cr | Jun 2025 ₹-3.2K Cr | Sep 2025 ₹-2.4K Cr | Dec 2025 ₹-3.6K Cr | Mar 2026 ₹-6.4K Cr | Jun 2026 —
- ALHC: Sep 2021 ₹-343 Cr | Dec 2021 ₹-309 Cr | Mar 2022 ₹-291 Cr | Jun 2022 ₹-294 Cr | Sep 2022 ₹-402 Cr | Dec 2022 ₹-245 Cr | Mar 2023 ₹-324 Cr | Jun 2023 ₹-347 Cr | Sep 2023 ₹-345 Cr | Dec 2023 ₹-148 Cr | Mar 2024 ₹-132 Cr | Jun 2024 ₹-144 Cr | Sep 2024 ₹-161 Cr | Dec 2024 ₹-142 Cr | Mar 2025 ₹-150 Cr | Jun 2025 ₹-174 Cr | Sep 2025 ₹-314 Cr | Dec 2025 ₹-274 Cr | Mar 2026 ₹-396 Cr | Jun 2026 —
- PGNY: Sep 2021 ₹-106 Cr | Dec 2021 ₹-112 Cr | Mar 2022 ₹-99 Cr | Jun 2022 ₹-115 Cr | Sep 2022 ₹-134 Cr | Dec 2022 ₹-183 Cr | Mar 2023 ₹-190 Cr | Jun 2023 ₹-264 Cr | Sep 2023 ₹-318 Cr | Dec 2023 ₹-354 Cr | Mar 2024 ₹-355 Cr | Jun 2024 ₹-245 Cr | Sep 2024 ₹-219 Cr | Dec 2024 ₹-212 Cr | Mar 2025 ₹-230 Cr | Jun 2025 ₹-279 Cr | Sep 2025 ₹-320 Cr | Dec 2025 ₹-286 Cr | Mar 2026 ₹-202 Cr | Jun 2026 —
- CLOV: Sep 2021 ₹-414 Cr | Dec 2021 ₹-587 Cr | Mar 2022 ₹-537 Cr | Jun 2022 ₹-481 Cr | Sep 2022 ₹-686 Cr | Dec 2022 ₹-329 Cr | Mar 2023 ₹-411 Cr | Jun 2023 ₹-516 Cr | Sep 2023 ₹-512 Cr | Dec 2023 ₹-236 Cr | Mar 2024 ₹-338 Cr | Jun 2024 ₹-375 Cr | Sep 2024 ₹-329 Cr | Dec 2024 ₹-222 Cr | Mar 2025 ₹-160 Cr | Jun 2025 ₹-201 Cr | Sep 2025 ₹-203 Cr | Dec 2025 ₹-120 Cr | Mar 2026 ₹-204 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Oscar Health, Inc. · 36.6% | 388% versus #2 · Clover Health Investments, Corp. | 5/8 recent comparable periods | 11/11 companies · 212 observations

Definition: 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.

### ROCE — highest
1. Oscar Health, Inc. (OSCR): 37%
2. Clover Health Investments, Corp. (CLOV): 7.5%
3. Progyny, Inc. (PGNY): 7.4%
4. Centene Corporation (CNC): 4.1%
5. Humana Inc. (HUM): 3.3%

### ROCE change — fastest improvers
1. Oscar Health, Inc. (OSCR): +17.4 pp
2. Clover Health Investments, Corp. (CLOV): +7.9 pp
3. Alignment Healthcare, Inc. (ALHC): +4.7 pp
4. Progyny, Inc. (PGNY): +2.9 pp
5. Centene Corporation (CNC): +1.0 pp

### 20-quarter ROCE history
- UNH: Sep 2021 2.8% | Dec 2021 2.7% | Mar 2022 3.3% | Jun 2022 3.2% | Sep 2022 3.3% | Dec 2022 3.0% | Mar 2023 3.2% | Jun 2023 3.2% | Sep 2023 3.2% | Dec 2023 3.0% | Mar 2024 2.8% | Jun 2024 2.8% | Sep 2024 3.0% | Dec 2024 2.7% | Mar 2025 3.1% | Jun 2025 1.7% | Sep 2025 1.4% | Dec 2025 0.1% | Mar 2026 2.9% | Jun 2026 2.6%
- CVS: Sep 2021 1.8% | Dec 2021 1.4% | Mar 2022 2.1% | Jun 2022 2.8% | Sep 2022 -2.4% | Dec 2022 2.3% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 2.0% | Mar 2024 1.4% | Jun 2024 1.8% | Sep 2024 0.5% | Dec 2024 1.4% | Mar 2025 2.0% | Jun 2025 1.4% | Sep 2025 -1.9% | Dec 2025 1.3% | Mar 2026 2.8% | Jun 2026 —
- ELV: Sep 2021 3.2% | Dec 2021 8.9% | Mar 2022 3.8% | Jun 2022 3.5% | Sep 2022 3.3% | Dec 2022 1.6% | Mar 2023 4.1% | Jun 2023 3.7% | Sep 2023 2.4% | Dec 2023 1.6% | Mar 2024 4.3% | Jun 2024 3.8% | Sep 2024 1.8% | Dec 2024 0.7% | Mar 2025 4.2% | Jun 2025 3.1% | Sep 2025 1.4% | Dec 2025 0.2% | Mar 2026 2.5% | Jun 2026 2.1%
- CI: Sep 2021 2.0% | Dec 2021 1.3% | Mar 2022 1.9% | Jun 2022 2.1% | Sep 2022 1.9% | Dec 2022 1.6% | Mar 2023 1.9% | Jun 2023 2.1% | Sep 2023 2.2% | Dec 2023 2.0% | Mar 2024 2.2% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 2.2% | Mar 2025 2.0% | Jun 2025 2.4% | Sep 2025 2.6% | Dec 2025 2.4% | Mar 2026 2.4% | Jun 2026 —
- HUM: Sep 2021 1.5% | Dec 2021 0.2% | Mar 2022 3.1% | Jun 2022 2.9% | Sep 2022 2.4% | Dec 2022 0.3% | Mar 2023 3.4% | Jun 2023 2.8% | Sep 2023 2.3% | Dec 2023 -0.8% | Mar 2024 2.4% | Jun 2024 2.1% | Sep 2024 1.4% | Dec 2024 -1.2% | Mar 2025 4.0% | Jun 2025 2.2% | Sep 2025 0.8% | Dec 2025 -1.7% | Mar 2026 3.3% | Jun 2026 —
- CNC: Sep 2021 1.1% | Dec 2021 1.2% | Mar 2022 2.5% | Jun 2022 -0.3% | Sep 2022 0.9% | Dec 2022 -0.6% | Mar 2023 2.4% | Jun 2023 2.3% | Sep 2023 1.5% | Dec 2023 -0.4% | Mar 2024 2.2% | Jun 2024 2.4% | Sep 2024 1.4% | Dec 2024 0.4% | Mar 2025 3.1% | Jun 2025 -0.9% | Sep 2025 -16% | Dec 2025 -4.0% | Mar 2026 4.1% | Jun 2026 —
- MOH: Sep 2021 4.8% | Dec 2021 3.9% | Mar 2022 7.5% | Jun 2022 7.1% | Sep 2022 6.4% | Dec 2022 2.0% | Mar 2023 8.2% | Jun 2023 7.7% | Sep 2023 6.0% | Dec 2023 5.2% | Mar 2024 6.7% | Jun 2024 6.4% | Sep 2024 6.8% | Dec 2024 5.3% | Mar 2025 5.7% | Jun 2025 4.8% | Sep 2025 1.8% | Dec 2025 -2.0% | Mar 2026 1.0% | Jun 2026 1.7%
- OSCR: Sep 2021 -20% | Dec 2021 -19% | Mar 2022 -3.9% | Jun 2022 -6.3% | Sep 2022 -13% | Dec 2022 -16% | Mar 2023 -1.7% | Jun 2023 -0.4% | Sep 2023 -4.2% | Dec 2023 -12% | Mar 2024 14% | Jun 2024 4.8% | Sep 2024 -3.4% | Dec 2024 -12% | Mar 2025 19% | Jun 2025 -15% | Sep 2025 -7.8% | Dec 2025 -24% | Mar 2026 37% | Jun 2026 —
- ALHC: Sep 2021 -12% | Dec 2021 -13% | Mar 2022 -7.6% | Jun 2022 -1.4% | Sep 2022 -7.3% | Dec 2022 -12% | Mar 2023 -7.7% | Jun 2023 -5.7% | Sep 2023 -7.5% | Dec 2023 -11% | Mar 2024 -12% | Jun 2024 -5.1% | Sep 2024 -5.6% | Dec 2024 -5.9% | Mar 2025 -1.5% | Jun 2025 5.6% | Sep 2025 1.9% | Dec 2025 -2.2% | Mar 2026 3.2% | Jun 2026 —
- PGNY: Sep 2021 5.0% | Dec 2021 -0.1% | Mar 2022 0.0% | Jun 2022 3.3% | Sep 2022 3.8% | Dec 2022 1.0% | Mar 2023 4.1% | Jun 2023 3.8% | Sep 2023 4.1% | Dec 2023 2.9% | Mar 2024 3.6% | Jun 2024 4.3% | Sep 2024 2.5% | Dec 2024 3.1% | Mar 2025 4.5% | Jun 2025 4.8% | Sep 2025 4.2% | Dec 2025 3.1% | Mar 2026 7.4% | Jun 2026 —
- CLOV: Sep 2021 -19% | Dec 2021 -55% | Mar 2022 -14% | Jun 2022 -14% | Sep 2022 -13% | Dec 2022 -152% | Mar 2023 -18% | Jun 2023 -7.1% | Sep 2023 -8.7% | Dec 2023 -18% | Mar 2024 -6.9% | Jun 2024 2.1% | Sep 2024 -2.5% | Dec 2024 -6.3% | Mar 2025 -0.4% | Jun 2025 -2.9% | Sep 2025 -6.6% | Dec 2025 -14% | Mar 2026 7.5% | Jun 2026 —

### 20-quarter ROCE change history
- UNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.3 pp | Mar 2023 −0.1 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 0.0 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −0.3 pp | Mar 2025 +0.3 pp | Jun 2025 −1.1 pp | Sep 2025 −1.6 pp | Dec 2025 −2.6 pp | Mar 2026 −0.2 pp | Jun 2026 +0.9 pp
- CVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 +0.9 pp | Mar 2023 0.0 pp | Jun 2023 −0.9 pp | Sep 2023 +4.6 pp | Dec 2023 −0.3 pp | Mar 2024 −0.7 pp | Jun 2024 −0.1 pp | Sep 2024 −1.7 pp | Dec 2024 −0.6 pp | Mar 2025 +0.6 pp | Jun 2025 −0.4 pp | Sep 2025 −2.4 pp | Dec 2025 −0.1 pp | Mar 2026 +0.8 pp | Jun 2026 —
- ELV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −7.3 pp | Mar 2023 +0.3 pp | Jun 2023 +0.2 pp | Sep 2023 −0.9 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −0.6 pp | Dec 2024 −0.9 pp | Mar 2025 −0.1 pp | Jun 2025 −0.7 pp | Sep 2025 −0.4 pp | Dec 2025 −0.5 pp | Mar 2026 −1.7 pp | Jun 2026 −1.0 pp
- CI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +0.3 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 +0.3 pp | Dec 2023 +0.4 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +0.2 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- HUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.1 pp | Mar 2023 +0.3 pp | Jun 2023 −0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −1.1 pp | Mar 2024 −1.0 pp | Jun 2024 −0.7 pp | Sep 2024 −0.9 pp | Dec 2024 −0.4 pp | Mar 2025 +1.6 pp | Jun 2025 +0.1 pp | Sep 2025 −0.6 pp | Dec 2025 −0.5 pp | Mar 2026 −0.7 pp | Jun 2026 —
- CNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −1.8 pp | Mar 2023 −0.1 pp | Jun 2023 +2.6 pp | Sep 2023 +0.6 pp | Dec 2023 +0.2 pp | Mar 2024 −0.2 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 +0.8 pp | Mar 2025 +0.9 pp | Jun 2025 −3.3 pp | Sep 2025 −16.9 pp | Dec 2025 −4.4 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 −1.9 pp | Mar 2023 +0.7 pp | Jun 2023 +0.6 pp | Sep 2023 −0.4 pp | Dec 2023 +3.2 pp | Mar 2024 −1.5 pp | Jun 2024 −1.3 pp | Sep 2024 +0.8 pp | Dec 2024 +0.1 pp | Mar 2025 −1.0 pp | Jun 2025 −1.6 pp | Sep 2025 −5.0 pp | Dec 2025 −7.3 pp | Mar 2026 −4.7 pp | Jun 2026 −3.1 pp
- OSCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.8 pp | Dec 2022 +2.6 pp | Mar 2023 +2.2 pp | Jun 2023 +5.9 pp | Sep 2023 +8.6 pp | Dec 2023 +4.4 pp | Mar 2024 +15.4 pp | Jun 2024 +5.2 pp | Sep 2024 +0.8 pp | Dec 2024 +0.3 pp | Mar 2025 +5.5 pp | Jun 2025 −20.0 pp | Sep 2025 −4.4 pp | Dec 2025 −11.9 pp | Mar 2026 +17.4 pp | Jun 2026 —
- ALHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 +1.4 pp | Mar 2023 −0.1 pp | Jun 2023 −4.3 pp | Sep 2023 −0.2 pp | Dec 2023 +0.6 pp | Mar 2024 −4.2 pp | Jun 2024 +0.6 pp | Sep 2024 +1.9 pp | Dec 2024 +5.5 pp | Mar 2025 +10.4 pp | Jun 2025 +10.7 pp | Sep 2025 +7.5 pp | Dec 2025 +3.7 pp | Mar 2026 +4.7 pp | Jun 2026 —
- PGNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +1.1 pp | Mar 2023 +4.1 pp | Jun 2023 +0.5 pp | Sep 2023 +0.3 pp | Dec 2023 +1.9 pp | Mar 2024 −0.5 pp | Jun 2024 +0.5 pp | Sep 2024 −1.6 pp | Dec 2024 +0.2 pp | Mar 2025 +0.9 pp | Jun 2025 +0.5 pp | Sep 2025 +1.7 pp | Dec 2025 0.0 pp | Mar 2026 +2.9 pp | Jun 2026 —
- CLOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.4 pp | Dec 2022 −97.1 pp | Mar 2023 −4.0 pp | Jun 2023 +6.7 pp | Sep 2023 +4.2 pp | Dec 2023 +133.5 pp | Mar 2024 +11.4 pp | Jun 2024 +9.2 pp | Sep 2024 +6.2 pp | Dec 2024 +12.1 pp | Mar 2025 +6.5 pp | Jun 2025 −5.0 pp | Sep 2025 −4.1 pp | Dec 2025 −7.8 pp | Mar 2026 +7.9 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: The Cigna Group · 0.37× | 41.3% versus #2 · Progyny, Inc. | 0/8 recent comparable periods | 4/11 companies · 41 observations

Definition: 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 PEG — lowest PEG
1. The Cigna Group (CI): 0.4
2. Progyny, Inc. (PGNY): 0.6
3. UnitedHealth Group Incorporated (UNH): 0.7
4. Humana Inc. (HUM): 2.2

### P/E — lowest P/E
1. The Cigna Group (CI): 11.3
2. Centene Corporation (CNC): 13.4
3. Elevance Health, Inc. (ELV): 17.2
4. Humana Inc. (HUM): 18.5
5. Progyny, Inc. (PGNY): 22.1

### 20-quarter Guarded PEG history
- UNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.7 | Dec 2023 1.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 0.3 | Sep 2025 0.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ELV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 2.3 | Sep 2024 2.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- HUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.8 | Sep 2023 2.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MOH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 1.7 | Dec 2023 0.5 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 0.8 | Dec 2024 1.6 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PGNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 12.3 | Sep 2023 2.8 | Dec 2023 — | Mar 2024 1.5 | Jun 2024 1.6 | Sep 2024 2.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.0 | Dec 2025 2.8 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/E history
- UNH: Sep 2021 24.2 | Dec 2021 27.8 | Mar 2022 27.9 | Jun 2022 26.8 | Sep 2022 24.7 | Dec 2022 25.0 | Mar 2023 21.6 | Jun 2023 21.5 | Sep 2023 21.9 | Dec 2023 22.1 | Mar 2024 30.2 | Jun 2024 33.8 | Sep 2024 38.1 | Dec 2024 32.6 | Mar 2025 21.9 | Jun 2025 13.5 | Sep 2025 18.0 | Dec 2025 25.0 | Mar 2026 20.4 | Jun 2026 26.8
- CVS: Sep 2021 14.8 | Dec 2021 17.1 | Mar 2022 16.7 | Jun 2022 14.9 | Sep 2022 38.9 | Dec 2022 28.6 | Mar 2023 23.8 | Jun 2023 29.9 | Sep 2023 10.5 | Dec 2023 12.2 | Mar 2024 14.0 | Jun 2024 10.5 | Sep 2024 16.0 | Dec 2024 12.3 | Mar 2025 16.2 | Jun 2025 19.3 | Sep 2025 198.4 | Dec 2025 57.1 | Mar 2026 31.6 | Jun 2026 —
- ELV: Sep 2021 16.7 | Dec 2021 18.6 | Mar 2022 19.4 | Jun 2022 19.5 | Sep 2022 18.0 | Dec 2022 21.1 | Mar 2023 18.2 | Jun 2023 16.9 | Sep 2023 17.3 | Dec 2023 18.7 | Mar 2024 19.6 | Jun 2024 19.0 | Sep 2024 19.0 | Dec 2024 14.4 | Mar 2025 17.0 | Jun 2025 16.6 | Sep 2025 13.2 | Dec 2025 13.9 | Mar 2026 12.5 | Jun 2026 17.2
- CI: Sep 2021 8.4 | Dec 2021 14.6 | Mar 2022 14.8 | Jun 2022 15.7 | Sep 2022 13.2 | Dec 2022 15.5 | Mar 2023 11.6 | Jun 2023 12.7 | Sep 2023 16.1 | Dec 2023 17.2 | Mar 2024 29.8 | Jun 2024 26.0 | Sep 2024 32.7 | Dec 2024 22.8 | Mar 2025 18.2 | Jun 2025 18.0 | Sep 2025 12.7 | Dec 2025 12.4 | Mar 2026 11.3 | Jun 2026 —
- HUM: Sep 2021 18.8 | Dec 2021 20.5 | Mar 2022 18.5 | Jun 2022 19.1 | Sep 2022 22.0 | Dec 2022 23.2 | Mar 2023 19.7 | Jun 2023 16.7 | Sep 2023 20.2 | Dec 2023 22.9 | Mar 2024 21.6 | Jun 2024 26.7 | Sep 2024 28.1 | Dec 2024 25.4 | Mar 2025 18.7 | Jun 2025 18.8 | Sep 2025 24.4 | Dec 2025 26.0 | Mar 2026 18.5 | Jun 2026 —
- CNC: Sep 2021 50.3 | Dec 2021 36.1 | Mar 2022 33.4 | Jun 2022 26.9 | Sep 2022 22.7 | Dec 2022 39.6 | Mar 2023 23.9 | Jun 2023 13.9 | Sep 2023 15.5 | Dec 2023 15.0 | Mar 2024 15.6 | Jun 2024 12.6 | Sep 2024 13.1 | Dec 2024 9.6 | Mar 2025 9.0 | Jun 2025 13.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MOH: Sep 2021 26.9 | Dec 2021 28.3 | Mar 2022 28.4 | Jun 2022 21.8 | Sep 2022 23.0 | Dec 2022 24.4 | Mar 2023 18.2 | Jun 2023 19.1 | Sep 2023 20.4 | Dec 2023 19.3 | Mar 2024 22.3 | Jun 2024 16.3 | Sep 2024 17.5 | Dec 2024 14.3 | Mar 2025 15.9 | Jun 2025 14.7 | Sep 2025 11.9 | Dec 2025 19.5 | Mar 2026 39.4 | Jun 2026 —
- OSCR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 134.4 | Mar 2025 46.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 195.8 | Jun 2026 —
- PGNY: Sep 2021 62.2 | Dec 2021 76.3 | Mar 2022 91.8 | Jun 2022 63.2 | Sep 2022 88.2 | Dec 2022 103.8 | Mar 2023 74.7 | Jun 2023 80.3 | Sep 2023 65.4 | Dec 2023 60.0 | Mar 2024 62.5 | Jun 2024 45.4 | Sep 2024 28.9 | Dec 2024 30.3 | Mar 2025 39.2 | Jun 2025 37.3 | Sep 2025 34.2 | Dec 2025 39.5 | Mar 2026 22.1 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: Oscar Health, Inc. · 3.19× | 50.4% versus #2 · Humana Inc. | 0/8 recent comparable periods | 11/11 companies · 176 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Oscar Health, Inc. (OSCR): 3.2
2. Humana Inc. (HUM): 6.4
3. The Cigna Group (CI): 7.6
4. Centene Corporation (CNC): 8.6
5. Progyny, Inc. (PGNY): 11.1

### P/BV — lowest P/BV
1. Centene Corporation (CNC): 0.8
2. Humana Inc. (HUM): 1.1
3. CVS Health Corporation (CVS): 1.2
4. The Cigna Group (CI): 1.7
5. Elevance Health, Inc. (ELV): 1.9

### 20-quarter EV/EBITDA history
- UNH: Sep 2021 14.9 | Dec 2021 17.6 | Mar 2022 17.7 | Jun 2022 17.2 | Sep 2022 15.9 | Dec 2022 15.8 | Mar 2023 13.6 | Jun 2023 13.3 | Sep 2023 13.4 | Dec 2023 13.7 | Mar 2024 12.9 | Jun 2024 13.3 | Sep 2024 15.2 | Dec 2024 13.0 | Mar 2025 12.9 | Jun 2025 8.4 | Sep 2025 10.5 | Dec 2025 13.2 | Mar 2026 10.9 | Jun 2026 14.6
- CVS: Sep 2021 13.2 | Dec 2021 11.3 | Mar 2022 14.8 | Jun 2022 13.3 | Sep 2022 26.6 | Dec 2022 14.4 | Mar 2023 19.6 | Jun 2023 24.0 | Sep 2023 8.4 | Dec 2023 9.4 | Mar 2024 9.9 | Jun 2024 11.5 | Sep 2024 10.8 | Dec 2024 9.8 | Mar 2025 16.0 | Jun 2025 17.4 | Sep 2025 17.5 | Dec 2025 18.4 | Mar 2026 26.5 | Jun 2026 —
- ELV: Sep 2021 10.3 | Dec 2021 12.1 | Mar 2022 4.3 | Jun 2022 4.1 | Sep 2022 3.6 | Dec 2022 12.2 | Mar 2023 10.1 | Jun 2023 9.3 | Sep 2023 9.5 | Dec 2023 11.0 | Mar 2024 11.6 | Jun 2024 12.2 | Sep 2024 11.9 | Dec 2024 9.1 | Mar 2025 10.7 | Jun 2025 9.7 | Sep 2025 8.0 | Dec 2025 8.8 | Mar 2026 8.1 | Jun 2026 11.7
- CI: Sep 2021 9.1 | Dec 2021 9.4 | Mar 2022 9.5 | Jun 2022 9.9 | Sep 2022 9.7 | Dec 2022 10.8 | Mar 2023 8.9 | Jun 2023 9.6 | Sep 2023 9.5 | Dec 2023 9.5 | Mar 2024 10.7 | Jun 2024 9.8 | Sep 2024 10.2 | Dec 2024 8.2 | Mar 2025 9.3 | Jun 2025 9.8 | Sep 2025 8.9 | Dec 2025 8.0 | Mar 2026 7.6 | Jun 2026 —
- HUM: Sep 2021 18.3 | Dec 2021 15.5 | Mar 2022 17.1 | Jun 2022 17.7 | Sep 2022 16.5 | Dec 2022 13.8 | Mar 2023 11.9 | Jun 2023 10.4 | Sep 2023 11.1 | Dec 2023 11.4 | Mar 2024 9.4 | Jun 2024 10.7 | Sep 2024 10.3 | Dec 2024 8.7 | Mar 2025 7.5 | Jun 2025 7.0 | Sep 2025 8.2 | Dec 2025 8.8 | Mar 2026 6.4 | Jun 2026 —
- CNC: Sep 2021 15.4 | Dec 2021 16.8 | Mar 2022 15.9 | Jun 2022 13.9 | Sep 2022 12.3 | Dec 2022 17.8 | Mar 2023 13.0 | Jun 2023 9.0 | Sep 2023 8.3 | Dec 2023 9.0 | Mar 2024 9.9 | Jun 2024 7.8 | Sep 2024 9.5 | Dec 2024 7.2 | Mar 2025 6.5 | Jun 2025 8.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MOH: Sep 2021 10.4 | Dec 2021 11.5 | Mar 2022 12.0 | Jun 2022 8.3 | Sep 2022 9.6 | Dec 2022 10.4 | Mar 2023 6.6 | Jun 2023 7.3 | Sep 2023 7.6 | Dec 2023 8.2 | Mar 2024 10.3 | Jun 2024 6.6 | Sep 2024 7.1 | Dec 2024 5.5 | Mar 2025 6.4 | Jun 2025 5.9 | Sep 2025 3.4 | Dec 2025 4.7 | Mar 2026 2.6 | Jun 2026 18.7
- OSCR: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.9 | Jun 2022 3.6 | Sep 2022 2.7 | Dec 2022 3.7 | Mar 2023 3.2 | Jun 2023 3.5 | Sep 2023 3.1 | Dec 2023 0.8 | Mar 2024 108.6 | Jun 2024 18.2 | Sep 2024 42.5 | Dec 2024 17.0 | Mar 2025 3.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 241.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 80.2 | Sep 2025 53.0 | Dec 2025 83.1 | Mar 2026 53.1 | Jun 2026 —
- PGNY: Sep 2021 139.4 | Dec 2021 70.5 | Mar 2022 212.6 | Jun 2022 134.8 | Sep 2022 153.7 | Dec 2022 39.2 | Mar 2023 70.7 | Jun 2023 74.6 | Sep 2023 54.7 | Dec 2023 36.9 | Mar 2024 48.6 | Jun 2024 31.8 | Sep 2024 18.4 | Dec 2024 17.8 | Mar 2025 22.0 | Jun 2025 19.9 | Sep 2025 17.0 | Dec 2025 20.6 | Mar 2026 11.1 | Jun 2026 —
- CLOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 8,089.6 | Jun 2025 4,549.3 | Sep 2025 — | Dec 2025 — | Mar 2026 24.8 | Jun 2026 —

### 20-quarter P/BV history
- UNH: Sep 2021 5.2 | Dec 2021 6.6 | Mar 2022 6.6 | Jun 2022 6.6 | Sep 2022 6.3 | Dec 2022 6.4 | Mar 2023 5.4 | Jun 2023 5.4 | Sep 2023 5.5 | Dec 2023 5.5 | Mar 2024 5.3 | Jun 2024 5.3 | Sep 2024 5.7 | Dec 2024 5.0 | Mar 2025 5.0 | Jun 2025 3.0 | Sep 2025 3.3 | Dec 2025 3.2 | Mar 2026 2.5 | Jun 2026 —
- CVS: Sep 2021 1.5 | Dec 2021 1.8 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.4 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 0.8 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.2 | Jun 2026 —
- ELV: Sep 2021 2.5 | Dec 2021 3.1 | Mar 2022 3.3 | Jun 2022 3.2 | Sep 2022 3.0 | Dec 2022 3.4 | Mar 2023 2.9 | Jun 2023 2.7 | Sep 2023 2.7 | Dec 2023 2.8 | Mar 2024 3.0 | Jun 2024 3.0 | Sep 2024 2.8 | Dec 2024 2.0 | Mar 2025 2.3 | Jun 2025 2.0 | Sep 2025 1.6 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 1.9
- CI: Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 2.5 | Jun 2024 2.3 | Sep 2024 2.3 | Dec 2024 1.8 | Mar 2025 2.2 | Jun 2025 2.2 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.7 | Jun 2026 —
- HUM: Sep 2021 3.1 | Dec 2021 3.7 | Mar 2022 3.6 | Jun 2022 3.8 | Sep 2022 3.8 | Dec 2022 4.2 | Mar 2023 3.7 | Jun 2023 3.3 | Sep 2023 3.5 | Dec 2023 3.4 | Mar 2024 2.6 | Jun 2024 2.7 | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.8 | Mar 2026 1.1 | Jun 2026 —
- CNC: Sep 2021 1.4 | Dec 2021 1.8 | Mar 2022 1.8 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.4 | Jun 2023 1.4 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 1.0 | Mar 2026 0.8 | Jun 2026 —
- MOH: Sep 2021 6.3 | Dec 2021 7.0 | Mar 2022 7.0 | Jun 2022 5.7 | Sep 2022 6.3 | Dec 2022 6.5 | Mar 2023 4.7 | Jun 2023 4.8 | Sep 2023 4.9 | Dec 2023 5.0 | Mar 2024 5.4 | Jun 2024 3.6 | Sep 2024 4.1 | Dec 2024 3.6 | Mar 2025 4.1 | Jun 2025 3.5 | Sep 2025 2.3 | Dec 2025 2.2 | Mar 2026 1.7 | Jun 2026 2.9
- OSCR: Sep 2021 2.3 | Dec 2021 1.2 | Mar 2022 1.6 | Jun 2022 0.7 | Sep 2022 1.0 | Dec 2022 0.6 | Mar 2023 1.5 | Jun 2023 1.9 | Sep 2023 1.4 | Dec 2023 2.6 | Mar 2024 3.4 | Jun 2024 3.4 | Sep 2024 4.5 | Dec 2024 3.3 | Mar 2025 2.5 | Jun 2025 4.8 | Sep 2025 4.8 | Dec 2025 4.4 | Mar 2026 2.1 | Jun 2026 —
- ALHC: Sep 2021 9.2 | Dec 2021 8.6 | Mar 2022 7.2 | Jun 2022 7.3 | Sep 2022 8.2 | Dec 2022 9.3 | Mar 2023 5.4 | Jun 2023 5.2 | Sep 2023 7.0 | Dec 2023 10.4 | Mar 2024 7.2 | Jun 2024 12.1 | Sep 2024 19.8 | Dec 2024 21.6 | Mar 2025 34.0 | Jun 2025 19.7 | Sep 2025 21.6 | Dec 2025 22.5 | Mar 2026 17.6 | Jun 2026 —
- PGNY: Sep 2021 22.3 | Dec 2021 18.2 | Mar 2022 16.9 | Jun 2022 8.6 | Sep 2022 9.8 | Dec 2022 7.7 | Mar 2023 7.1 | Jun 2023 8.0 | Sep 2023 6.3 | Dec 2023 6.5 | Mar 2024 6.4 | Jun 2024 5.7 | Sep 2024 3.4 | Dec 2024 3.5 | Mar 2025 4.1 | Jun 2025 3.7 | Sep 2025 3.3 | Dec 2025 4.2 | Mar 2026 3.0 | Jun 2026 —
- CLOV: Sep 2021 7.6 | Dec 2021 3.3 | Mar 2022 3.4 | Jun 2022 2.4 | Sep 2022 2.1 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 1.9 | Sep 2024 4.1 | Dec 2024 4.7 | Mar 2025 5.4 | Jun 2025 4.1 | Sep 2025 4.6 | Dec 2025 4.0 | Mar 2026 2.7 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. Centene Corporation (CNC): 147%
2. Oscar Health, Inc. (OSCR): 131%
3. UnitedHealth Group Incorporated (UNH): 80%
4. CVS Health Corporation (CVS): 75%
5. Humana Inc. (HUM): 57%

### Strongest relative strength versus NIFTY 500
1. Oscar Health, Inc. (OSCR): 57%
2. Clover Health Investments, Corp. (CLOV): 39%
3. Centene Corporation (CNC): 37%
4. Humana Inc. (HUM): 35%
5. Progyny, Inc. (PGNY): 24%

## What can make this comparison misleading?
- 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.

## Every company
- UnitedHealth Group Incorporated (UNH) — market value ₹3.9 L Cr; latest fundamentals Jun 2026
- CVS Health Corporation (CVS) — market value ₹1.4 L Cr; latest fundamentals Mar 2026
- Elevance Health, Inc. (ELV) — market value ₹83.7K Cr; latest fundamentals Jun 2026
- The Cigna Group (CI) — market value ₹79.6K Cr; latest fundamentals Mar 2026
- Humana Inc. (HUM) — market value ₹46.7K Cr; latest fundamentals Mar 2026
- Centene Corporation (CNC) — market value ₹31.6K Cr; latest fundamentals Mar 2026
- Molina Healthcare, Inc. (MOH) — market value ₹10.4K Cr; latest fundamentals Jun 2026
- Oscar Health, Inc. (OSCR) — market value ₹9.5K Cr; latest fundamentals Mar 2026
- Alignment Healthcare, Inc. (ALHC) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Progyny, Inc. (PGNY) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Clover Health Investments, Corp. (CLOV) — market value ₹2.3K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/healthcare-plans