UNH
Unitedhealth
$336.54Bn
371.87
+1.84%
+5.13%
UnitedHealthcare is a major provider of health benefit plans, including employer-sponsored, Medicare Advantage, and Medicaid-focused products, generating significant premium revenues from CMS and other payers.
CVS
Cvs Health
$110.50Bn
86.46
+1.48%
+11.63%
The company generates its primary revenue from insurance premiums through its Health Care Benefits segment, which offers medical, dental, and vision plans including Medicare Advantage and Medicaid. It also operates a leading pharmacy benefit manager (PBM) through CVS Caremark, which is explicitly listed under the Managed Care industry definition.
MCK
Mckesson
$105.27Bn
902.92
+0.39%
+19.01%
McKesson's primary revenue is generated through the wholesale distribution of branded, generic, specialty, and biosimilar pharmaceutical drugs, as well as medical-surgical supplies. It serves a massive network of retail pharmacies, hospitals, and institutional healthcare providers as a critical intermediary in the supply chain.
ELV
Elevance Health
$83.85Bn
386.67
+1.28%
+13.65%
Elevance Health operates as one of the largest health insurers in the U.S., generating primary revenue through risk-based premiums from medical plans for individuals, employer groups, Medicaid, and Medicare. It provides managed care plans and administrative services, which is the core definition of the Managed Care industry.
CI
Cigna
$71.48Bn
270.52
+0.92%
-8.91%
Cigna generates significant revenue from premiums and administrative fees for medical and health insurance plans through its Cigna Healthcare segment. It provides employer medical plans, individual and family plans, and international health coverage, which are core managed care activities.
COR
Cencora
$58.97Bn
309.02
-0.25%
+0.15%
Cencora is a leading global pharmaceutical distributor that generates the majority of its revenue from the sale of pharmaceutical products to hospitals, health systems, physician practices, and retail pharmacies. Its core business involves delivering brand, generic, and specialty drugs from manufacturers to dispensers.
CAH
Cardinal Health
$53.10Bn
228.32
-0.80%
+44.09%
Cardinal Health's primary revenue is generated through the wholesale distribution of branded and generic pharmaceuticals, over-the-counter products, and specialty pharmaceuticals to retailers and hospitals. This is the core activity of its Pharmaceutical and Specialty Solutions segment.
MDLN
2nd
Medline
$46.82Bn
35.61
+1.92%
—
The company operates as a major distributor of medical surgical products, sourcing approximately 145,000 items from over 1,300 third-party suppliers for its Supply Chain Solutions segment.
HUM
Humana
$46.62Bn
388.22
+2.29%
+51.28%
Humana's primary revenue is generated from insurance premiums through its Insurance segment, which offers Medicare Advantage plans, Medicare Part D, and state-based Medicaid contracts. The company is explicitly described as one of the largest providers of Medicare Advantage plans and competes with other managed care organizations.
SLF
2nd
Sun Life Financial
$44.23Bn
78.57
+1.17%
+30.65%
The company provides group benefits and health solutions, including health and disability insurance and stop-loss products, which function as managed-care and health insurance plans for employers and individuals.
CNC
Centene
$31.12Bn
62.99
+3.30%
+71.08%
Centene is a managed care company that generates the vast majority of its revenue from premium payments for Medicaid, Medicare, and Commercial health insurance plans. It operates as a health insurer for low-income families, seniors, and individuals through the Ambetter Health brand and government contracts.
BTSG
2nd
BrightSpring Health Services
$11.90Bn
60.25
+5.22%
+109.57%
The company operates a 'Pharmacy Solutions' segment that dispenses prescriptions, infusion therapy, and specialty drugs to patients in home and community settings. This wholesale-style distribution of medications to complex patients and long-term care facilities fits the drug distribution model.
MOH
Molina Healthcare
$9.86Bn
189.58
+4.79%
-2.40%
Molina Healthcare operates as a managed care organization providing health insurance plans for Medicaid, Medicare, and the Affordable Care Act Marketplace. Its primary revenue is generated from per-member-per-month premium payments received for managing care for these populations.
HSIC
Henry Schein
$9.50Bn
84.88
-0.06%
+28.55%
The company's primary revenue driver is the Global Distribution and Value Added Services segment (84.5% of sales), which distributes national and corporate brand merchandise, equipment, and pharmaceuticals to dental and medical practitioners.
UHS
2nd
Universal Health Services
$9.08Bn
175.74
+0.33%
-14.50%
The company derives revenue from its commercial health insurer operations, which is explicitly listed as a contributor to consolidated net revenues.
OSCR
Oscar Health
$8.46Bn
30.93
+3.41%
+60.43%
Oscar's primary revenue is generated from health insurance policy premiums collected from the Centers for Medicare & Medicaid Services and directly from members. The company operates as a health insurer offering individual and family plans under the Affordable Care Act, managing insurance risk and medical loss ratios.
AMRX
2nd
Amneal Pharmaceuticals
$6.48Bn
20.30
+1.15%
+95.19%
The AvKARE segment operates as a wholesaler and distributor, selling pharmaceuticals and medical supplies to the U.S. Department of Defense, Veterans Affairs facilities, and institutional customers.
CNO
2nd
CNO Financial
$4.99Bn
53.88
+1.51%
+37.38%
The company has a dedicated Health segment that collects premiums for supplemental health, Medicare supplement, and long-term care insurance products. These activities involve providing managed-care and health insurance plans to middle-income pre-retirees and retired Americans.
CRVL
Corvel
$3.84Bn
75.47
+1.00%
+2.81%
CorVel provides managed care and cost containment services, including pharmacy services and preferred provider network access, to insurance companies and self-insured employers. Its revenue is derived from managing medical costs for workers compensation and group health, which aligns with the pharmacy-benefit management and managed-care fee structures described in H-18.
AVAH
2nd
Aveanna Healthcare Holdings
$2.75Bn
12.59
+1.29%
+45.38%
The company's Medical Solutions segment distributes enteral nutrition and respiratory care products, such as feeding pumps, ventilators, and oxygen, acting as a single-source provider for these medical supplies.
HCM
2nd
HUTCHMED (China)
$2.48Bn
14.20
-2.54%
-11.91%
The company's 'Other Ventures' segment generates significant revenue ($263.0 million in 2025) through its Distribution Business and interests in Shanghai Hutchison Pharmaceuticals, providing logistics, marketing, and wholesale distribution of prescription drugs to hospitals and clinics in China.
CLOV
Clover Health Investments
$2.32Bn
4.38
+3.55%
+73.12%
Clover Health generates its primary revenue from insurance premiums earned on its Medicare Advantage PPO and HMO plans for seniors. It operates as a managed care organization competing with national insurers like United Health Group and Humana.
FMS
2nd
Fresenius Medical Care AG
$2.07Bn
22.25
+0.00%
-16.38%
Through its Value-Based Care segment, the company operates risk-based delivery models and participates in government programs like Kidney Care Choices to lower care costs.
PGNY
2nd
Progyny
$1.95Bn
25.23
+1.53%
+22.77%
The company acts as a pharmacy benefit manager through its integrated pharmacy benefit offering, Progyny Rx, which handles medication management and earns revenue from dispensing fees and prescription volume.
ASTH
Astrana Health
$1.77Bn
35.88
+2.78%
+29.20%
Astrana Health is a risk-bearing healthcare company that generates significant revenue from capitation payments and risk pool settlements, assuming financial responsibility for patient care. It organizes risk-bearing entities such as state-licensed health plans and acts as a single payer for its network, which aligns with the managed care and insurance risk-bearing model.
ALHC
Alignment Healthcare
$1.64Bn
7.94
+2.58%
-50.53%
Alignment Healthcare operates as a Medicare Advantage plan provider, contracting directly with CMS to manage healthcare for seniors. Its revenue model is based on capitated, fixed monthly payments per enrolled member (PMPM), which is the hallmark of health insurance and managed-care plans.
AGL
Agilon Health
$1.41Bn
84.26
+2.24%
+212.07%
Agilon Health forms risk-bearing entities that contract with health plan payors to receive monthly capitated payments for managing the total healthcare needs of Medicare beneficiaries. Its revenue model is based on per-member-per-month fees and the management of insurance risk, which aligns with the Managed Care industry.
INNV
2nd
InnovAge Holding
$1.22Bn
8.96
+1.82%
+79.92%
InnovAge operates under a fully capitated model, receiving per member, per month payments and assuming full financial responsibility for the healthcare costs of its participants. This involves bearing insurance risk for a member population, which is the core characteristic of managed care.
SBC
2nd
SBC Medical Group Holdings
$522.12Mn
5.09
+0.39%
+20.33%
The company generates significant revenue through procurement services, specifically by purchasing medical materials and equipment on behalf of medical corporations and reselling them at a markup.
VALN
2nd
Valneva SE
$498.06Mn
5.74
-2.71%
-49.96%
The company generates revenue from distributing select third-party vaccines, such as rabies and hepatitis B vaccines, in countries where it operates its own marketing and sales infrastructure.
KMDA
2nd
Kamada
$479.37Mn
8.31
+1.34%
+22.21%
The company operates a Distribution segment that generates revenue by registering, promoting, and selling licensed third-party pharmaceutical products, including biosimilars like BEVACIZUMAB KAMADA, to hospitals and pharmacies in Israel.
TLRY
2nd
Tilray Brands
$475.38Mn
3.61
+1.12%
-77.58%
Through its subsidiary CC Pharma, the company operates a distribution segment that purchases, resells, and distributes pharmaceutical products and medical cannabis to pharmacies and hospitals in Germany and Europe.
EVH
2nd
Evolent Health
$392.32Mn
3.47
+2.06%
-56.02%
The company provides pharmacy benefit management (PBM) and risk management services to health plans and other risk-bearing entities. It also enters into capitation arrangements where it assumes responsibility for the cost of medical claims.
AUNA
2nd
Auna
$375.25Mn
5.07
+1.60%
-24.89%
The company provides prepaid healthcare plans and collects premiums for dental, vision, and oncological insurance plans, particularly through Auna Seguros and Oncosalud Peru.
HITI
2nd
High Tide
$229.43Mn
2.63
-1.50%
-26.94%
The company operates a medical cannabis distribution segment, acquired through Remexian, which focuses on the wholesale distribution of medical cannabis products to authorized patients and healthcare providers.
FOCL
2nd
Edap Tms
$157.62Mn
4.20
-2.78%
+80.26%
The company distributes third-party urology products, including laser, micro ultrasound, and urodynamics devices, to its customers.
LFMD
2nd
LifeMD
$131.03Mn
2.74
-3.86%
-60.40%
The company owns and operates a wholly owned affiliated commercial pharmacy and fulfillment center that dispenses prescription medications and over-the-counter products to its patients.
MRAI
Marpai
$92.03Mn
3.43
+3.31%
+138.19%
Marpai operates as a Pharmacy Benefit Manager (PBM) through its MarpaiRx program and provides managed-care services to self-insured employers. Its core revenue comes from administering health plans, managing claims adjudication, and coordinating pharmacy and medical benefits, which aligns with the managed care and PBM description in H-18.
SLQT
2nd
SelectQuote
$72.35Mn
0.41
-4.65%
-80.19%
Through its SelectRx platform, the company operates as a pharmacy providing essential prescription and over-the-counter medications to consumers.
ZSTK
ZeroStack
$48.41Mn
4.86
+0.41%
-73.04%
ZeroStack generates its primary revenue through its pharmaceutical distribution segment via its subsidiary Phatebo GmbH. This business imports and exports prescription medications, such as cancer therapies and ADHD treatments, to hospitals, pharmacies, and healthcare providers across Europe.
PIII
2nd
P3 Health Partners
$46.17Mn
6.36
+0.95%
-25.18%
The company operates under a capitated care model with per-member-per-month (PMPM) arrangements and assumes delegated responsibilities from health plans, including utilization management and claims processing.
YI
111
$27.93Mn
3.21
-2.43%
-30.37%
The company operates a wholesale pharmacy platform called 1 Pharmacy that supplies medicines and healthcare products to over 488,000 offline pharmacies, clinics, and hospitals. Its primary revenue is derived from the sale of pharmaceutical and healthcare products through this wholesale distribution model.
EHSI
Elite Health Systems
$20.25Mn
0.71
+4.41%
-41.80%
Elite Health Systems is developing a Medicare Advantage plan to provide health insurance benefits to seniors. The company intends to generate revenue from monthly premiums paid by enrolled members and government reimbursements, which is the core revenue model of managed care.
LFWD
2nd
Lifeward
$16.55Mn
5.85
-1.85%
-37.23%
The company generates revenue from the wholesale distribution of MyoCycle FES cycling equipment under a partnership agreement with MYOLYN.
QNME
2nd
Quanome Technologies
$14.40Mn
0.56
+3.70%
-57.89%
Through its subsidiary Hupan Pharmaceutical, the company sources, purchases, and distributes infusion fluids and other pharmaceutical products to hospitals, clinics, and retail pharmacies.
PFHO
Pacific Health Care Organization
$12.03Mn
0.94
+0.00%
-21.67%
The company operates as a managed care specialist for workers' compensation, providing Medical Provider Network (MPN) access, Health Care Organization (HCO) administration, and pharmacy-benefit-like cost containment. Its revenue is derived from managing healthcare administration costs and providing managed-care solutions to employers and insurers.
MEDS
DataMeds AI
$8.79Mn
3.68
-9.36%
-90.81%
The company operates a wholesale distribution business (Wellgistics LLC) that provides distribution and third-party logistics services for branded and generic pharmaceuticals to independent retail pharmacies and manufacturers.
OSRH
2nd
OSR Health
$7.89Mn
0.24
+4.35%
-57.89%
The RMC segment generates current revenue through the distribution of neurovascular and other medical devices to university and general hospitals in South Korea.
HLYK
2nd
HealthLynked
$6.79Mn
2.30
-0.86%
+32.18%
Through its Medical Distribution division (MedOfficeDirect LLC), the company operates as a virtual distributor of medical supplies to medical professionals and individual consumers across the United States.
GRDN
Guardian Pharmacy Services
$5.37Mn
42.37
+3.70%
+73.51%
Guardian Pharmacy Services operates a network of pharmacies that fill and distribute prescription medications to long-term care facilities. Its revenue is generated by dispensing medications and providing pharmacy services, with payments from Medicare Part D, Medicaid, and private insurers, which aligns with the wholesale distribution of healthcare products to institutional settings.
RDGT
Ridgetech
$5.09Mn
0.87
+2.35%
-99.55%
Ridgetech focuses on the wholesale distribution of third-party pharmaceutical products, including prescription drugs and medical devices, through its subsidiaries Jiuxin Medicine and Allright. Its revenue is derived from selling these products to drug distributors, retail pharmacies, clinics, and third-party trading companies.
PMHS
2nd
Polomar Health Services
$4.52Mn
0.16
-5.88%
-20.00%
Polomar provides prescription fulfillment services to third-party telehealth platforms on a wholesale basis, acting as a distributor of medications to other entities.
RHEP
2nd
Regional Health Properties
$3.96Mn
1.01
-0.98%
-38.04%
Through its Pharmacy Services segment, the company provides institutional pharmacy services to clients such as hospitals and long-term care facilities, as well as durable medical equipment.
HKPD
2nd
Cellyan Biotechnology
$2.58Mn
0.11
+0.00%
-91.91%
The company has a substantial Procurement and Distribution division (38.5% of revenue) that sources overseas OTC pharmaceutical products and sells them to pharmaceutical distributors and e-commerce merchants.
MHUAF
2nd
Meihua International Medical Technologies
$2.47Mn
6.57
+0.00%
-83.02%
A significant portion of the company's revenue (53.23% in 2025) comes from the resale of Class I, II, and III disposable medical devices sourced from other manufacturers to provide a one-stop shopping experience.
UPC
2nd
Universe Pharmaceuticals
$2.08Mn
4.57
+6.03%
+1.78%
The company earns additional income by distributing biomedical drugs, medical instruments, and dietary supplements manufactured by third-party producers to hospitals, clinics, and drugstore chains.
MWAI
MedWellAI
$1.96Mn
0.32
+0.00%
-37.25%
MedWellAI operates through its subsidiary MedWell USA, which runs a B2B ecommerce platform for distributing pharmaceutical products, specifically GLP medications. Its primary revenue is generated from product sales to healthcare providers such as wellness clinics and med spas.
DHTI
Dalrada Technology
$1.20Mn
0.01
+0.00%
-83.33%
The company operates Genefic Pharmacy, which maintains licenses in all 50 states and Washington D.C., and serves pharmaceutical retailers and patients via a nationwide pharmacy network.
VRAX
2nd
Virax Biolabs
$862.77K
2.17
-3.12%
-85.79%
The company currently generates all of its revenue by distributing third-party in vitro diagnostic test kits through its ViraxClear and ViraxVet brands to distributor customers who resell them.
POM
2nd
Pomdoctor
$462.52K
0.86
-4.44%
-98.81%
The company operates a 'Pharmaceutical Supply Chain' segment that procures, stores, and distributes over 40,000 SKUs of medicines to third-party pharmacies, online drug retailers, and wholesale distributors.
MNDR
2nd
Mobile-health Network Solutions
$194.88K
1.32
+3.94%
-94.32%
Through its MaNaPharma division, the company engages in the business-to-business sale and distribution of pharmaceuticals and medical devices to clinics.
GTLL
Global Technologies
$0.00
0.00
—
—
Primecare Supply generates revenue by facilitating procurement and streamlining the pharmaceutical supply chain between 503B pharmaceutical manufacturers and medical clinics. This activity constitutes the wholesale distribution of pharmaceutical products to healthcare providers.