# 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 2026-08-04. Not investment advice.

## Bottom line

Healthcare Plans has outperformed S&P 500 by 32.3% over 52 weeks and 9.3% over 13 weeks. 7 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 11 beat the sector itself. UnitedHealth Group Incorporated leads with revenue of $450,129 million, based on 5 of 11 comparable companies through Jun 2026.

## Sector relative strength

Healthcare Plans has outperformed S&P 500 by 32.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.3%. 7 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 +29.2%.

13-week sector return versus NIFTY 500: 9.3%
52-week sector return versus NIFTY 500: 32%
Stocks leading NIFTY: 7/11
Stocks leading sector: 5/11

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: ₹7.6 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 81%
   - Growth & earnings 24.9/35 | Capital efficiency 14.6/25 | Valuation 15.5/20 | Relative strength 15.9/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 24.9 + 14.6 + 15.5 + 15.9 = 70.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Oscar Health, Inc. (OSCR): 69/100 — Favorable setup; evidence 71%
   - Growth & earnings 21.5/35 | Capital efficiency 18.3/25 | Valuation 8.8/20 | Relative strength 20.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 21.5 + 18.3 + 8.8 + 20 = 68.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Clover Health Investments, Corp. (CLOV): 63/100 — Mixed-positive evidence; evidence 61%
   - Growth & earnings 25.0/35 | Capital efficiency 9.7/25 | Valuation 10.0/20 | Relative strength 18.4/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 25 + 9.7 + 10 + 18.4 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Centene Corporation (CNC): 54/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.2/35 | Capital efficiency 8.1/25 | Valuation 11.2/20 | Relative strength 15.4/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 19.2 + 8.1 + 11.2 + 15.4 = 53.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Humana Inc. (HUM): 47/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 13.8/35 | Capital efficiency 7.5/25 | Valuation 9.5/20 | Relative strength 15.8/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 13.8 + 7.5 + 9.5 + 15.8 = 46.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. UnitedHealth Group Incorporated (UNH): 46/100 — Mixed-negative evidence; evidence 85%
   - Growth & earnings 13.6/35 | Capital efficiency 10.9/25 | Valuation 15.2/20 | Relative strength 6.6/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 13.6 + 10.9 + 15.2 + 6.6 = 46.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. CVS Health Corporation (CVS): 45/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 13.6/35 | Capital efficiency 11.4/25 | Valuation 9.8/20 | Relative strength 10.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 13.6 + 11.4 + 9.8 + 10 = 44.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. The Cigna Group (CI): 39/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 16.2/35 | Capital efficiency 10.0/25 | Valuation 11.5/20 | Relative strength 1.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.2 + 10 + 11.5 + 1.7 = 39.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Alignment Healthcare, Inc. (ALHC): 37/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 18.5/35 | Capital efficiency 10.2/25 | Valuation 8.5/20 | Relative strength 0.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks
   - Exact sum: 18.5 + 10.2 + 8.5 + 0 = 37.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Elevance Health, Inc. (ELV): 36/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 13.6/35 | Capital efficiency 8.7/25 | Valuation 10.8/20 | Relative strength 2.7/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - Exact sum: 13.6 + 8.7 + 10.8 + 2.7 = 35.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Molina Healthcare, Inc. (MOH): 34/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 11.4/35 | Capital efficiency 5.8/25 | Valuation 9.2/20 | Relative strength 7.7/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - Exact sum: 11.4 + 5.8 + 9.2 + 7.7 = 34.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Centene Corporation has the strongest one-year price move in Healthcare Plans at +150.4%. Oscar Health, Inc. leads on Mansfield relative strength against the S&P 500 at +44.7%. 7 of 11 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Centene Corporation (CNC): 150%
2. Oscar Health, Inc. (OSCR): 97%
3. Clover Health Investments, Corp. (CLOV): 96%
4. UnitedHealth Group Incorporated (UNH): 62%
5. CVS Health Corporation (CVS): 59%

### Strongest relative strength versus NIFTY 500
1. Oscar Health, Inc. (OSCR): 45%
2. Centene Corporation (CNC): 30%
3. Clover Health Investments, Corp. (CLOV): 30%
4. Progyny, Inc. (PGNY): 21%
5. Humana Inc. (HUM): 21%

## 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 | 5/11 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. Oscar Health, Inc. (OSCR): ₹13.3K Cr
4. Clover Health Investments, Corp. (CLOV): ₹2.2K Cr
5. Progyny, Inc. (PGNY): ₹1.3K Cr

### Revenue growth — fastest growers
1. Clover Health Investments, Corp. (CLOV): 49%
2. Oscar Health, Inc. (OSCR): 32%
3. CVS Health Corporation (CVS): 7.6%
4. Progyny, Inc. (PGNY): 6.6%
5. UnitedHealth Group Incorporated (UNH): 6.5%

### 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, 413.7% above CVS Health Corporation. 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 | 413.7% versus #2 · CVS Health Corporation | 4/8 recent comparable periods | 5/11 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. CVS Health Corporation (CVS): ₹2.9K Cr
3. Progyny, Inc. (PGNY): ₹67 Cr
4. Oscar Health, Inc. (OSCR): ₹-38 Cr
5. Clover Health Investments, Corp. (CLOV): ₹-57 Cr

### Profit growth — fastest growers
1. Progyny, Inc. (PGNY): 29%
2. UnitedHealth Group Incorporated (UNH): -33%
3. CVS Health Corporation (CVS): -45%
4. Oscar Health, Inc. (OSCR): -130%

### 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 —

## Return On Capital Employed

What the numbers say: Oscar Health, Inc. leads ROCE at 36.6%, 28.7 percentage points above Alignment Healthcare, Inc.. 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% | 363.3% versus #2 · Alignment Healthcare, Inc. | 5/8 recent comparable periods | 11/11 companies · 216 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. Alignment Healthcare, Inc. (ALHC): 7.9%
3. Clover Health Investments, Corp. (CLOV): 7.5%
4. Progyny, Inc. (PGNY): 7.4%
5. CVS Health Corporation (CVS): 2.8%

### ROCE change — fastest improvers
1. Oscar Health, Inc. (OSCR): +17.4 pp
2. Clover Health Investments, Corp. (CLOV): +7.9 pp
3. Centene Corporation (CNC): +3.5 pp
4. Progyny, Inc. (PGNY): +2.9 pp
5. Alignment Healthcare, Inc. (ALHC): +2.3 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 2.7%
- 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 2.5%
- 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 2.6%
- 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 7.9%
- 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 +0.3 pp
- 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 +0.3 pp
- 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 +3.5 pp
- 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 +2.3 pp
- 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: Progyny, Inc. has the lowest comparable PEG at 0.63×, 13.7% below UnitedHealth Group Incorporated. Only 2 of 11 companies have earnings and growth steady enough for the ratio to mean anything, 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: Progyny, Inc. · 0.63× | 13.7% versus #2 · UnitedHealth Group Incorporated | 0/8 recent comparable periods | 2/11 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Progyny, Inc. (PGNY): 0.6
2. UnitedHealth Group Incorporated (UNH): 0.7

### P/E — lowest P/E
1. The Cigna Group (CI): 11.4
2. Centene Corporation (CNC): 13.4
3. Elevance Health, Inc. (ELV): 17.2
4. Progyny, Inc. (PGNY): 22.1
5. UnitedHealth Group Incorporated (UNH): 26.7

### 20-quarter 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 11.4
- 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 37.6
- 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 125.3
- 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 —


## 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.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- UnitedHealth Group Incorporated (UNH) — market value ₹3.7 L Cr; latest fundamentals Jun 2026
- CVS Health Corporation (CVS) — market value ₹1.3 L Cr; latest fundamentals Mar 2026
- Elevance Health, Inc. (ELV) — market value ₹82.0K Cr; latest fundamentals Jun 2026
- The Cigna Group (CI) — market value ₹72.4K Cr; latest fundamentals Jun 2026
- Humana Inc. (HUM) — market value ₹43.5K Cr; latest fundamentals Jun 2026
- Centene Corporation (CNC) — market value ₹31.7K Cr; latest fundamentals Jun 2026
- Molina Healthcare, Inc. (MOH) — market value ₹10.0K Cr; latest fundamentals Jun 2026
- Oscar Health, Inc. (OSCR) — market value ₹9.2K Cr; latest fundamentals Mar 2026
- Alignment Healthcare, Inc. (ALHC) — market value ₹2.8K Cr; latest fundamentals Jun 2026
- Progyny, Inc. (PGNY) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Clover Health Investments, Corp. (CLOV) — market value ₹2.2K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

### Is the Healthcare Plans sector outperforming S&P 500?

Healthcare Plans has outperformed S&P 500 by 32.3% over 52 weeks and 9.3% over 13 weeks. 7 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 5 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 5 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 5 of 11 comparable companies.

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

Progyny, Inc. ranks first at 70.9/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Healthcare Plans company has the lowest comparable PEG?

Progyny, Inc. has the lowest comparable PEG at 0.63, among 2 of 11 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Healthcare Plans comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 5 of 11 companies with comparable reporting through Jun 2026.

### 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 5 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 PEG — where a LOWER number is cheaper — Progyny, Inc. screens cheapest at 0.63×. Only 2 of 11 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Healthcare Plans sector beating the market?

Healthcare Plans has outperformed S&P 500 by 32.3% over the last 52 weeks and 9.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 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 70.9 out of 100 with 81.1% evidence confidence, from 24.9 points on growth and earnings, 14.6 on capital efficiency, 15.5 on valuation and 15.9 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, 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 $759,514 million of combined market value. UnitedHealth Group Incorporated is the largest at $370,114 million, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 31.6×, 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 2026-08-04.

### How is the Healthcare Plans sector performing?

7 of the 11 covered Healthcare Plans companies are beating S&P 500 on Mansfield relative strength. The sector itself is 32.3% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.