Biggest CapEx Healthcare Stocks
Top healthcare companies ranked by capital expenditures, latest annual filings.
What Capital Expenditures Mean for Healthcare Companies
Capital expenditures in healthcare carry very different meanings across subindustries within the sector. Hospital systems spend heavily on buildings, imaging equipment, and electronic health record platforms. Device and instrument makers fund manufacturing capacity and regulatory validation. Drug developers, whose largest investment is research rather than physical plant, run comparatively modest capex programs because their core asset is intellectual property protected by patents, not the factories that manufacture the product.
Why It Matters Less in Healthcare
For providers and device makers, sustained capex funds capacity expansion and productivity improvements that translate into future revenue and margin. For drug developers, the more meaningful investment line is research and development, which is expensed immediately rather than capitalized. A capex ranking mixes these models and risks flattering capital-heavy providers while understating the innovation spend that actually drives value in the pharmaceutical and biotech side of the sector.
What to Read Alongside
Pair capex with Free Cash Flow to see what remains after reinvestment, Net Income for the profit the asset base produces, and R&D Spending for the innovation investment that capex often does not capture.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | HCA | HCA Healthcare, Inc. | Healthcare | $4.94B | $92.92B |
| 2 | JNJ | Johnson & Johnson | Healthcare | $4.83B | $651.25B |
| 3 | MRK | Merck & Co., Inc. | Healthcare | $4.11B | $376.37B |
| 4 | UNH | UnitedHealth Group Incorporated | Healthcare | $3.62B | $350.16B |
| 5 | CVS | CVS Health Corporation | Healthcare | $2.83B | $118.97B |
| 6 | AZN | AstraZeneca PLC | Healthcare | $2.81B | $257.42B |
| 7 | PFE | Pfizer Inc. | Healthcare | $2.63B | $159.99B |
| 8 | ABT | Abbott Laboratories | Healthcare | $2.17B | $194.98B |
| 9 | MDT | Medtronic plc | Healthcare | $1.90B | $119.49B |
| 10 | AMGN | Amgen Inc. | Healthcare | $1.86B | $237.52B |
| 11 | NVS | Novartis AG | Healthcare | $1.55B | $301.95B |
| 12 | TMO | Thermo Fisher Scientific Inc. | Healthcare | $1.52B | $232.67B |
| 13 | WBA | Walgreens Boots Alliance, Inc. | Healthcare | $1.38B | $10.37B |
| 14 | BMY | Bristol-Myers Squibb Company | Healthcare | $1.31B | $136.88B |
| 15 | ABBV | AbbVie Inc. | Healthcare | $1.21B | $468.22B |
| 16 | DHR | Danaher Corporation | Healthcare | $1.16B | $153.85B |
| 17 | ELV | Elevance Health, Inc. | Healthcare | $1.12B | $86.86B |
| 18 | UHS | Universal Health Services, Inc. | Healthcare | $1.02B | $10.45B |
| 19 | THC | Tenet Healthcare Corporation | Healthcare | $1.01B | $22.61B |
| 20 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | $0.90B | $85.87B |
| 21 | BSX | Boston Scientific Corporation | Healthcare | $0.88B | $73.00B |
| 22 | CNC | Centene Corporation | Healthcare | $0.77B | $32.12B |
| 23 | SYK | Stryker Corporation | Healthcare | $0.76B | $126.37B |
| 24 | BDX | Becton, Dickinson and Company | Healthcare | $0.76B | $52.30B |
| 25 | EHC | Encompass Health Corporation | Healthcare | $0.74B | $11.87B |
| 26 | COR | Cencora, Inc. | Healthcare | $0.67B | $60.69B |
| 27 | CAH | Cardinal Health, Inc. | Healthcare | $0.65B | $53.38B |
| 28 | ZTS | Zoetis Inc. | Healthcare | $0.62B | $32.12B |
| 29 | IQV | IQVIA Holdings Inc. | Healthcare | $0.60B | $42.77B |
| 30 | DVA | DaVita Inc. | Healthcare | $0.58B | $11.09B |
| 31 | ACHC | Acadia Healthcare Company, Inc. | Healthcare | $0.57B | $2.59B |
| 32 | GILD | Gilead Sciences, Inc. | Healthcare | $0.56B | $181.18B |
| 33 | HUM | Humana Inc. | Healthcare | $0.55B | $45.50B |
| 34 | ISRG | Intuitive Surgical, Inc. | Healthcare | $0.54B | $133.83B |
| 35 | DGX | Quest Diagnostics Incorporated | Healthcare | $0.53B | $26.97B |
| 36 | UTHR | United Therapeutics Corporation | Healthcare | $0.52B | $22.01B |
| 37 | BAX | Baxter International Inc. | Healthcare | $0.51B | $13.62B |
| 38 | TEVA | Teva Pharmaceutical Industries Limited | Healthcare | $0.50B | $43.51B |
| 39 | GEHC | GE HealthCare Technologies Inc. | Healthcare | $0.48B | $33.80B |
| 40 | MDLN | Medline Inc. | Healthcare | $0.45B | $30.06B |
| 41 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | $0.44B | $138.91B |
| 42 | MCK | McKesson Corporation | Healthcare | $0.44B | $100.14B |
| 43 | LH | Labcorp Holdings Inc. | Healthcare | $0.43B | $27.28B |
| 44 | A | Agilent Technologies, Inc. | Healthcare | $0.41B | $41.92B |
| 45 | BHC | Bausch Health Companies Inc. | Healthcare | $0.40B | $2.41B |
| 46 | AHCO | AdaptHealth Corp. | Healthcare | $0.38B | $0.75B |
| 47 | SOLV | Solventum Corporation | Healthcare | $0.38B | $15.25B |
| 48 | VTRS | Viatris Inc. | Healthcare | $0.38B | $18.75B |
| 49 | STE | STERIS plc | Healthcare | $0.37B | $23.20B |
| 50 | DXCM | DexCom, Inc. | Healthcare | $0.36B | $34.85B |
| 51 | COO | The Cooper Companies, Inc. | Healthcare | $0.36B | $14.87B |
| 52 | BLCO | Bausch + Lomb Corporation | Healthcare | $0.35B | $6.16B |
| 53 | WST | West Pharmaceutical Services, Inc. | Healthcare | $0.29B | $24.85B |
| 54 | ELAN | Elanco Animal Health Incorporated | Healthcare | $0.28B | $11.98B |
| 55 | ATR | AptarGroup, Inc. | Healthcare | $0.27B | $8.57B |
| 56 | EW | Edwards Lifesciences Corporation | Healthcare | $0.26B | $51.75B |
| 57 | RDY | Dr. Reddy's Laboratories Limited | Healthcare | $0.25B | $10.15B |
| 58 | ATNF | ETHZilla Corporation | Healthcare | $0.24B | $1.08B |
| 59 | HIMS | Hims & Hers Health, Inc. | Healthcare | $0.24B | $7.88B |
| 60 | SEM | Select Medical Holdings Corp | Healthcare | $0.23B | $2.05B |
| 61 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | $0.22B | $19.26B |
| 62 | MMED | MiniMed Group, Inc. | Healthcare | $0.22B | $5.74B |
| 63 | CRL | Charles River Laboratories International, Inc. | Healthcare | $0.22B | $14.09B |
| 64 | BKD | Brookdale Senior Living Inc. | Healthcare | $0.20B | $2.82B |
| 65 | QGEN | Qiagen N.V. | Healthcare | $0.20B | $9.10B |
| 66 | ENOV | Enovis Corporation | Healthcare | $0.20B | $1.50B |
| 67 | MRNA | Moderna, Inc. | Healthcare | $0.19B | $69.62B |
| 68 | PODD | Insulet Corporation | Healthcare | $0.19B | $10.28B |
| 69 | QDEL | QuidelOrtho Corporation | Healthcare | $0.19B | $1.01B |
| 70 | ONC | BeOne Medicines AG | Healthcare | $0.19B | $42.36B |
| 71 | ICLR | ICON Public Limited Company | Healthcare | $0.17B | $13.29B |
| 72 | GMED | Globus Medical, Inc. | Healthcare | $0.16B | $11.67B |
| 73 | OGN | Organon & Co. | Healthcare | $0.16B | $3.61B |
| 74 | BIO | Bio-Rad Laboratories, Inc. | Healthcare | $0.16B | $10.16B |
| 75 | RMD | ResMed Inc. | Healthcare | $0.16B | $33.40B |
| 76 | BIIB | Biogen Inc. | Healthcare | $0.15B | $32.03B |
| 77 | ILMN | Illumina, Inc. | Healthcare | $0.15B | $33.13B |
| 78 | HSIC | Henry Schein, Inc. | Healthcare | $0.14B | $9.86B |
| 79 | SHC | Sotera Health Company | Healthcare | $0.14B | $5.58B |
| 80 | EXAS | Exact Sciences Corp | Healthcare | $0.13B | $20.03B |
| 81 | XRAY | DENTSPLY SIRONA Inc. | Healthcare | $0.13B | $2.18B |
| 82 | CTEV | Claritev Corporation | Healthcare | $0.13B | $0.63B |
| 83 | AVTR | Avantor, Inc. | Healthcare | $0.13B | $9.78B |
| 84 | IDXX | IDEXX Laboratories, Inc. | Healthcare | $0.12B | $43.88B |
| 85 | WAT | Waters Corporation | Healthcare | $0.11B | $40.35B |
| 86 | MTD | Mettler-Toledo International Inc. | Healthcare | $0.11B | $27.96B |
| 87 | NTRA | Natera, Inc. | Healthcare | $0.11B | $47.86B |
| 88 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | $0.10B | $12.91B |
| 89 | ALGN | Align Technology, Inc. | Healthcare | $0.10B | $11.55B |
| 90 | SRPT | Sarepta Therapeutics, Inc. | Healthcare | $0.10B | $1.98B |
| 91 | MOH | Molina Healthcare, Inc. | Healthcare | $0.10B | $10.46B |
| 92 | BTSG | BrightSpring Health Services, Inc. | Healthcare | $0.10B | $11.65B |
| 93 | TFX | Teleflex Incorporated | Healthcare | $0.10B | $5.88B |
| 94 | PRGO | Perrigo Company plc | Healthcare | $0.09B | $1.98B |
| 95 | ITGR | Integer Holdings Corporation | Healthcare | $0.09B | $4.26B |
| 96 | BRKR | Bruker Corporation | Healthcare | $0.09B | $9.07B |
| 97 | ICUI | ICU Medical, Inc. | Healthcare | $0.09B | $4.57B |
| 98 | CON | Concentra Group Holdings Parent, Inc. | Healthcare | $0.08B | $4.46B |
| 99 | MMSI | Merit Medical Systems, Inc. | Healthcare | $0.08B | $5.42B |
| 100 | IART | Integra LifeSciences Holdings Corporation | Healthcare | $0.08B | $1.30B |
No companies match this search.
How this ranking is built
Companies are ranked by capital expenditures as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.