Top Healthcare Stocks by EBITDA
Top healthcare companies ranked by EBITDA, latest annual filings.
What EBITDA Means for Healthcare Companies
EBITDA strips interest, taxes, depreciation, and amortization out of earnings to show operating profit before capital structure and accounting choices. In healthcare the metric spans wildly different business models, from asset-heavy hospital operators and device manufacturers to pharmaceutical firms where R&D is already expensed through the operating line. That variety means EBITDA comparisons inside the sector need to be framed against the underlying business model, not just absolute size.
Why It Matters in Healthcare
Hospital chains and managed-care operators tend to carry meaningful debt tied to facilities and acquisitions, so EBITDA is a common reference for debt covenants and cross-firm comparison. Biotech and specialty pharma show high operating margins once a drug reaches approval, but EBITDA is less meaningful for pre-revenue pipeline firms whose operating losses reflect R&D bets rather than ongoing core operations that the metric is designed to describe.
What to Read Alongside
Pair EBITDA with Free Cash Flow to see whether operating profits reach cash after capex and working capital, Net Income for the fully-loaded bottom line, and Debt for leverage context.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NVO | Novo Nordisk A/S | Healthcare | $23.51B | $177.74B |
| 2 | UNH | UnitedHealth Group Incorporated | Healthcare | $23.32B | $353.17B |
| 3 | ABBV | AbbVie Inc. | Healthcare | $23.21B | $514.78B |
| 4 | AZN | AstraZeneca PLC | Healthcare | $19.48B | $289.14B |
| 5 | AMGN | Amgen Inc. | Healthcare | $14.25B | $249.05B |
| 6 | GILD | Gilead Sciences, Inc. | Healthcare | $12.79B | $207.00B |
| 7 | CI | The Cigna Group | Healthcare | $11.97B | $77.58B |
| 8 | ABT | Abbott Laboratories | Healthcare | $11.17B | $190.43B |
| 9 | TMO | Thermo Fisher Scientific Inc. | Healthcare | $10.53B | $257.42B |
| 10 | MDT | Medtronic plc | Healthcare | $9.43B | $130.22B |
| 11 | CVS | CVS Health Corporation | Healthcare | $9.27B | $107.28B |
| 12 | ELV | Elevance Health, Inc. | Healthcare | $7.92B | $91.96B |
| 13 | DHR | Danaher Corporation | Healthcare | $7.14B | $161.89B |
| 14 | MCK | McKesson Corporation | Healthcare | $6.50B | $122.48B |
| 15 | SYK | Stryker Corporation | Healthcare | $6.46B | $124.06B |
| 16 | BDX | Becton, Dickinson and Company | Healthcare | $5.04B | $57.71B |
| 17 | BSX | Boston Scientific Corporation | Healthcare | $4.98B | $61.96B |
| 18 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | $4.38B | $138.71B |
| 19 | THC | Tenet Healthcare Corporation | Healthcare | $4.37B | $22.55B |
| 20 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | $4.12B | $93.55B |
| 21 | FMS | Fresenius Medical Care AG | Healthcare | $3.91B | $12.15B |
| 22 | COR | Cencora, Inc. | Healthcare | $3.68B | $63.65B |
| 23 | CAH | Cardinal Health, Inc. | Healthcare | $3.57B | $62.80B |
| 24 | ISRG | Intuitive Surgical, Inc. | Healthcare | $3.56B | $159.96B |
| 25 | HUM | Humana Inc. | Healthcare | $3.40B | $52.09B |
| 26 | GEHC | GE HealthCare Technologies Inc. | Healthcare | $3.34B | $37.25B |
| 27 | IQV | IQVIA Holdings Inc. | Healthcare | $3.33B | $44.80B |
| 28 | MDLN | Medline Inc. | Healthcare | $3.22B | $52.12B |
| 29 | TEVA | Teva Pharmaceutical Industries Limited | Healthcare | $3.16B | $49.72B |
| 30 | BHC | Bausch Health Companies Inc. | Healthcare | $3.02B | $3.06B |
| 31 | PHG | Koninklijke Philips N.V. | Healthcare | $2.99B | $29.67B |
| 32 | DVA | DaVita Inc. | Healthcare | $2.75B | $12.04B |
| 33 | SOLV | Solventum Corporation | Healthcare | $2.67B | $15.36B |
| 34 | UHS | Universal Health Services, Inc. | Healthcare | $2.61B | $11.52B |
| 35 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | $2.19B | $19.98B |
| 36 | DGX | Quest Diagnostics Incorporated | Healthcare | $2.13B | $28.21B |
| 37 | RMD | ResMed Inc. | Healthcare | $2.09B | $33.10B |
| 38 | LH | Labcorp Holdings Inc. | Healthcare | $2.07B | $29.77B |
| 39 | GRFS | Grifols, S.A. | Healthcare | $1.99B | $5.74B |
| 40 | A | Agilent Technologies, Inc. | Healthcare | $1.77B | $49.26B |
| 41 | INCY | Incyte Corporation | Healthcare | $1.61B | $24.39B |
| 42 | STE | STERIS plc | Healthcare | $1.59B | $24.50B |
| 43 | UTHR | United Therapeutics Corporation | Healthcare | $1.58B | $23.94B |
| 44 | RPRX | Royalty Pharma plc | Healthcare | $1.56B | $38.60B |
| 45 | IDXX | IDEXX Laboratories, Inc. | Healthcare | $1.51B | $53.26B |
| 46 | EW | Edwards Lifesciences Corporation | Healthcare | $1.42B | $58.73B |
| 47 | SNN | Smith & Nephew plc | Healthcare | $1.37B | $13.04B |
| 48 | DXCM | DexCom, Inc. | Healthcare | $1.16B | $29.62B |
| 49 | ILMN | Illumina, Inc. | Healthcare | $1.08B | $32.23B |
| 50 | COO | The Cooper Companies, Inc. | Healthcare | $1.06B | $11.86B |
| 51 | WAT | Waters Corporation | Healthcare | $1.01B | $44.96B |
| 52 | MOH | Molina Healthcare, Inc. | Healthcare | $976.00M | $10.87B |
| 53 | HSIC | Henry Schein, Inc. | Healthcare | $964.00M | $9.51B |
| 54 | PTCT | PTC Therapeutics, Inc. | Healthcare | $905.75M | $5.47B |
| 55 | EXEL | Exelixis, Inc. | Healthcare | $901.25M | $16.98B |
| 56 | ICLR | ICON Public Limited Company | Healthcare | $825.84M | $15.34B |
| 57 | ATR | AptarGroup, Inc. | Healthcare | $788.40M | $9.03B |
| 58 | ALGN | Align Technology, Inc. | Healthcare | $783.19M | $11.70B |
| 59 | RVTY | Revvity, Inc. | Healthcare | $761.98M | $17.31B |
| 60 | RDY | Dr. Reddy's Laboratories Limited | Healthcare | $758.29M | $12.43B |
| 61 | GMED | Globus Medical, Inc. | Healthcare | $756.66M | $9.43B |
| 62 | WST | West Pharmaceutical Services, Inc. | Healthcare | $756.30M | $27.85B |
| 63 | BAX | Baxter International Inc. | Healthcare | $673.00M | $13.34B |
| 64 | QGEN | Qiagen N.V. | Healthcare | $659.60M | $10.39B |
| 65 | NBIX | Neurocrine Biosciences, Inc. | Healthcare | $649.20M | $16.66B |
| 66 | AMRX | Amneal Pharmaceuticals, Inc. | Healthcare | $622.30M | $7.01B |
| 67 | ONC | BeOne Medicines AG | Healthcare | $588.82M | $46.49B |
| 68 | SGRY | Surgery Partners, Inc. | Healthcare | $565.50M | $2.99B |
| 69 | PODD | Insulet Corporation | Healthcare | $564.20M | $10.16B |
| 70 | MEDP | Medpace Holdings, Inc. | Healthcare | $563.06M | $18.27B |
| 71 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | $556.38M | $20.89B |
| 72 | BLCO | Bausch + Lomb Corporation | Healthcare | $534.00M | $7.15B |
| 73 | ENSG | The Ensign Group, Inc. | Healthcare | $529.63M | $10.56B |
| 74 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | $489.04M | $10.85B |
| 75 | NVAX | Novavax, Inc. | Healthcare | $480.80M | $1.78B |
| 76 | HALO | Halozyme Therapeutics, Inc. | Healthcare | $480.39M | $11.81B |
| 77 | HQY | HealthEquity, Inc. | Healthcare | $477.11M | $8.57B |
| 78 | AHCO | AdaptHealth Corp. | Healthcare | $472.80M | $1.00B |
| 79 | BTSG | BrightSpring Health Services, Inc. | Healthcare | $459.53M | $13.36B |
| 80 | CRL | Charles River Laboratories International, Inc. | Healthcare | $428.47M | $16.17B |
| 81 | LKFT | Lakefront Biotherapeutics NV | Healthcare | $411.83M | $2.20B |
| 82 | CON | Concentra Group Holdings Parent, Inc. | Healthcare | $409.81M | $5.34B |
| 83 | COLL | Collegium Pharmaceutical, Inc. | Healthcare | $405.71M | $752.34M |
| 84 | OPCH | Option Care Health, Inc. | Healthcare | $405.44M | $4.74B |
| 85 | CHE | Chemed Corporation | Healthcare | $403.09M | $6.84B |
| 86 | WAY | Waystar Holding Corp. | Healthcare | $389.85M | $5.45B |
| 87 | BKD | Brookdale Senior Living Inc. | Healthcare | $383.80M | $2.15B |
| 88 | LNTH | Lantheus Holdings, Inc. | Healthcare | $380.93M | $6.58B |
| 89 | ITGR | Integer Holdings Corporation | Healthcare | $351.93M | $4.30B |
| 90 | TECH | Bio-Techne Corporation | Healthcare | $349.25M | $11.43B |
| 91 | BCRX | BioCryst Pharmaceuticals, Inc. | Healthcare | $342.38M | $1.98B |
| 92 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | $340.68M | $2.04B |
| 93 | STVN | Stevanato Group S.p.A. | Healthcare | $337.25M | $3.71B |
| 94 | NVST | Envista Holdings Corporation | Healthcare | $332.10M | $4.04B |
| 95 | MMSI | Merit Medical Systems, Inc. | Healthcare | $307.89M | $5.23B |
| 96 | NUTX | Nutex Health Inc. | Healthcare | $296.15M | $1.24B |
| 97 | TFX | Teleflex Incorporated | Healthcare | $296.11M | $6.39B |
| 98 | BRKR | Bruker Corporation | Healthcare | $288.50M | $9.36B |
| 99 | ALKS | Alkermes plc | Healthcare | $281.12M | $7.71B |
| 100 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | $272.00M | $4.28B |
No companies match this search.
How this ranking is built
Companies are ranked by EBITDA 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.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Is EBITDA meaningful for biotech and drug-discovery firms?
Often less so than for other healthcare subsectors. Pre-revenue biotechs usually run deliberate operating losses as they fund clinical trials, so their EBITDA is negative by design and the absolute figure reflects R&D intensity more than any recurring operating performance. For commercial-stage pharmaceutical and biotech firms with approved products generating revenue, EBITDA becomes more informative, though amortization of acquired drug rights can distort the gap between EBITDA and operating income.
How is EBITDA used for hospital and healthcare facility operators?
Facility-based healthcare companies carry substantial real estate, equipment, and goodwill from acquisitions, all of which generate large depreciation and amortization charges. EBITDA adds those back to expose the operating cash profile, making it a standard reference for lenders writing debt covenants and for valuation multiples. The tradeoff is that the depreciation being added back reflects real reinvestment that facility operators must keep funding to maintain service capacity.