10 members, ALHC to UNH, A to Z by ticker.
Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.
From the latest filings · data as of July 9, 2026.
ALHC Alignment Healthcare
For the 2025 plan year, Alignment offered Medicare Advantage plans in 45 markets across California, North Carolina, Nevada, Arizona and Texas.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied
CI The Cigna Group
Cigna is a health company that sells insurance and health-benefit administration to employers, government programs, and individuals, and that also runs a pharmacy-benefit operation. On the insurance side it collects premiums and pays medical claims; for a large share of its employer customers it bears no insurance risk at all but is paid a fee to administer the employer's own self-funded plan. The pharmacy-benefit side negotiates drug prices with manufacturers and processes prescriptions, and much of the company's reported revenue is simply the drugs that pass through it.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $193 · dividend paid 1 of 4 yrs, never cut
CLOV Clover Health Investments Corp.
We strongly believe in providing our members with provider choice and consider our PPO plans to be our flagship insurance product.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied
CNC Centene Corporation
Centene is a health insurer that mostly covers people in government programs — Medicaid and Medicare — along with families who buy coverage on the Health Insurance Marketplace. It collects premiums, largely from the state and federal governments that pay it to manage members' care, and out of that money it pays the members' medical claims. What is left after claims and overhead is the profit, so the business is a bet that the premium will cover the doctor and hospital bills that follow.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $78.86
ELV Elevance Health Inc.
Elevance Health sells health insurance. It collects premiums from employers, individuals, and government programs, then pays the medical, pharmacy, and behavioral-health bills of the people it covers and keeps the difference. It is among the largest Blue Cross Blue Shield licensees, operating Blue-branded plans across many states, and it also runs a health-services arm that manages pharmacy benefits and the delivery of care.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $326 · dividend paid 10 of 10 yrs, never cut
HUM Humana Inc.
Humana is a health insurer built around Medicare, the government program for older Americans. It sells private Medicare Advantage plans, along with Medicaid coverage for lower-income members; it collects premiums, much of which the federal government pays on a per-member basis, and out of those premiums it pays members' medical claims, keeping whatever is left after claims and the cost of running the plans. Through its CenterWell arm it also delivers care to members directly rather than only paying others to provide it.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 10 of 10 yrs, cut at least once
MOH Molina Healthcare
Molina runs health insurance plans for people covered by government programs, chiefly Medicaid, alongside Medicare and the insurance marketplaces. Its paying customers are state Medicaid agencies and the federal government, which hand it a fixed sum for each enrolled member every month to arrange that member's medical care. Molina keeps the difference between those premiums and what it pays doctors and hospitals for the care its members actually use.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied
OSCR Oscar Health
Oscar is a leading healthcare technology company built around a full stack technology platform and a relentless focus on member experience.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied
TRUP Trupanion Inc.
Revenue is Subscription business (69%) and Other business (31%).
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $60.57
UNH Unitedhealth Group Incorporated
UnitedHealth Group sells health insurance and runs a set of health-services businesses alongside it. The insurance arm, UnitedHealthcare, collects premiums to cover the medical bills of the people it enrolls — employers and their workers, individuals, and members of government programs like Medicare and Medicaid. The services arm, Optum, manages pharmacy benefits, delivers care directly, and sells data and technology to others in the system; much of the premium dollar UnitedHealthcare takes in flows to businesses the company itself owns.
Owner earnings not applied to a balance-sheet business
Retained capital not applied to a balance-sheet business
Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $353 · dividend paid 10 of 10 yrs, never cut
The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.
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