1
UNH
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.
Unitedhealth
Managed Care
341.92 Bn
377.81
+0.30%
+9.45%
24.13
0.76
226.55 Bn
2
CVS
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.
Cvs Health
Managed Care
112.26 Bn
87.84
-1.44%
+16.24%
22.97
0.27
64.87 Bn
3
MCK
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.
Mckesson
Drug Distribution
99.84 Bn
856.29
-1.19%
+12.40%
22.13
0.24
86.30 Bn
4
ELV
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.
Elevance Health
Managed Care
85.53 Bn
394.44
-0.37%
+23.38%
17.25
0.43
-56.21 Bn
5
CI
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.
Cigna
Managed Care
71.85 Bn
271.91
-0.08%
-5.14%
11.08
0.25
41.39 Bn
6
COR
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.
Cencora
Drug Distribution
57.95 Bn
303.69
-1.05%
-1.42%
22.35
0.17
47.04 Bn
7
CAH
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.
Cardinal Health
Drug Distribution
51.09 Bn
219.69
-0.23%
+42.13%
30.25
0.20
35.09 Bn
8
HUM
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.
Humana
Managed Care
46.78 Bn
389.54
-2.16%
+52.62%
36.57
0.32
-41.02 Bn
9
MDLN
2nd
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.
Medline
Drug Distribution
46.11 Bn
35.07
+1.07%
—
29.29
1.61
46.56 Bn
10
SLF
2nd
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.
Sun Life Financial
Managed Care
44.75 Bn
79.48
-0.48%
+33.85%
15.90
—
34.20 Bn
11
CNC
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.
Centene
Managed Care
30.87 Bn
62.49
+1.08%
+77.48%
-6.05
0.15
-59.41 Bn
12
BTSG
2nd
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.
BrightSpring Health Services
Drug Distribution
11.17 Bn
56.54
-0.09%
+101.00%
31.83
0.78
9.51 Bn
13
MOH
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.
Molina Healthcare
Managed Care
9.86 Bn
189.59
-0.68%
-1.74%
-1,384.01
0.22
-25.01 Bn
14
HSIC
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.
Henry Schein
Drug Distribution
9.62 Bn
85.99
-0.44%
+30.19%
24.21
0.71
10.37 Bn
15
UHS
2nd
The company derives revenue from its commercial health insurer operations, which is explicitly listed as a contributor to consolidated net revenues.
Universal Health Services
Managed Care
9.17 Bn
177.48
-0.77%
-11.73%
6.94
0.51
8.74 Bn
16
OSCR
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.
Oscar Health
Managed Care
8.11 Bn
29.65
+0.17%
+54.99%
16.27
0.53
-14.27 Bn
17
AMRX
2nd
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.
Amneal Pharmaceuticals
Drug Distribution
6.55 Bn
20.50
+3.69%
+107.70%
41.58
2.10
5.82 Bn
18
CNO
2nd
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.
CNO Financial
Managed Care
4.97 Bn
53.63
-0.67%
+35.70%
17.88
1.07
-1.06 Bn
19
CRVL
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.
Corvel
Managed Care
3.76 Bn
73.84
-0.66%
-4.38%
—
—
2.89 Bn
20
AVAH
2nd
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.
Aveanna Healthcare Holdings
Drug Distribution
2.77 Bn
12.69
+2.26%
+43.07%
10.62
1.09
2.23 Bn
21
HCM
2nd
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.
HUTCHMED (China)
Drug Distribution
2.47 Bn
14.13
+1.36%
-9.77%
—
—
2.48 Bn
22
CLOV
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.
Clover Health Investments
Managed Care
2.29 Bn
4.33
-3.56%
+38.78%
-123.61
0.93
1.55 Bn
23
FMS
2nd
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.
Fresenius Medical Care AG
Managed Care
2.14 Bn
22.94
+1.15%
-10.95%
1.87
0.09
-4.96 Bn
24
PGNY
2nd
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.
Progyny
Managed Care
1.98 Bn
25.52
+0.31%
+19.14%
25.37
1.51
857.66 Mn
25
ASTH
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.
Astrana Health
Managed Care
1.73 Bn
35.13
-3.41%
+21.22%
42.55
0.45
-285.02 Mn