Top Healthcare Stocks by Return on Assets
Top healthcare companies ranked by return on assets, latest annual filings.
What Return on Assets Means for Healthcare Companies
Return on assets measures net income against everything the company controls, funded by shareholders or by lenders. Healthcare splits sharply on that measure. Established pharmaceutical and device makers earn steady profits on balance sheets thick with acquired patents, brands and goodwill, while clinical-stage biotech spends cash for years before a first approval. The same ranking therefore holds mature franchises with strong returns and companies whose value has nothing to do with current earnings.
Why It Matters Less in Healthcare
Acquisition history moves this ratio more than operating performance does. A large deal loads the balance sheet with goodwill and intangibles and pushes the return down for years; a write-down of that same goodwill removes the assets and lifts the ratio while the business behind it has not improved. Loss-making research companies sit at the bottom by construction. The measure still works for comparing cash-generating drug and device franchises against each other, provided the deal history is read alongside.
What to Read Alongside
Pair return on assets with Return on Equity to isolate the effect of borrowing, Net Margin to see whether profitability or asset turnover drives the result, and Total Assets to gauge how much acquired balance sheet sits underneath.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NVAX | Novavax, Inc. | Healthcare | 37.42% | $1.55B |
| 2 | IDXX | IDEXX Laboratories, Inc. | Healthcare | 31.62% | $44.92B |
| 3 | EXEL | Exelixis, Inc. | Healthcare | 27.51% | $16.13B |
| 4 | ACAD | Acadia Pharmaceuticals Inc. | Healthcare | 25.00% | $3.40B |
| 5 | PTCT | PTC Therapeutics, Inc. | Healthcare | 23.55% | $5.10B |
| 6 | MTD | Mettler-Toledo International Inc. | Healthcare | 23.41% | $33.45B |
| 7 | MEDP | Medpace Holdings, Inc. | Healthcare | 22.84% | $18.93B |
| 8 | INCY | Incyte Corporation | Healthcare | 18.49% | $22.97B |
| 9 | LLY | Eli Lilly and Company | Healthcare | 18.35% | $1.14T |
| 10 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | 17.49% | $4.08B |
| 11 | ZTS | Zoetis Inc. | Healthcare | 17.26% | $33.46B |
| 12 | CHE | Chemed Corporation | Healthcare | 17.24% | $6.70B |
| 13 | RMD | ResMed Inc. | Healthcare | 16.99% | $35.61B |
| 14 | UTHR | United Therapeutics Corporation | Healthcare | 16.94% | $25.43B |
| 15 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 15.42% | $131.16B |
| 16 | ARGX | argenx SE | Healthcare | 14.88% | $54.67B |
| 17 | GILD | Gilead Sciences, Inc. | Healthcare | 14.42% | $196.77B |
| 18 | ISRG | Intuitive Surgical, Inc. | Healthcare | 13.96% | $159.55B |
| 19 | JNJ | Johnson & Johnson | Healthcare | 13.46% | $641.07B |
| 20 | MRK | Merck & Co., Inc. | Healthcare | 13.34% | $346.91B |
| 21 | DXCM | DexCom, Inc. | Healthcare | 13.19% | $29.65B |
| 22 | ILMN | Illumina, Inc. | Healthcare | 12.79% | $40.93B |
| 23 | WAT | Waters Corporation | Healthcare | 12.66% | $44.77B |
| 24 | NVS | Novartis AG | Healthcare | 12.60% | $292.35B |
| 25 | HALO | Halozyme Therapeutics, Inc. | Healthcare | 12.55% | $14.53B |
| 26 | GRDN | Guardian Pharmacy Services, Inc. | Healthcare | 11.93% | $2.48B |
| 27 | WST | West Pharmaceutical Services, Inc. | Healthcare | 11.56% | $27.78B |
| 28 | AVAH | Aveanna Healthcare Holdings Inc. | Healthcare | 11.18% | $2.88B |
| 29 | HCA | HCA Healthcare, Inc. | Healthcare | 11.17% | $100.73B |
| 30 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | 11.11% | $83.15B |
| 31 | SOLV | Solventum Corporation | Healthcare | 10.89% | $14.61B |
| 32 | LNTH | Lantheus Holdings, Inc. | Healthcare | 10.49% | $6.52B |
| 33 | NBIX | Neurocrine Biosciences, Inc. | Healthcare | 10.33% | $14.83B |
| 34 | A | Agilent Technologies, Inc. | Healthcare | 10.24% | $49.61B |
| 35 | GMED | Globus Medical, Inc. | Healthcare | 10.14% | $10.99B |
| 36 | VEEV | Veeva Systems Inc. | Healthcare | 10.12% | $51.52B |
| 37 | PEN | Penumbra, Inc. | Healthcare | 9.73% | $12.81B |
| 38 | ALKS | Alkermes plc | Healthcare | 9.72% | $7.46B |
| 39 | UHS | Universal Health Services, Inc. | Healthcare | 9.59% | $10.95B |
| 40 | LKFT | Lakefront Biotherapeutics NV | Healthcare | 9.42% | $2.09B |
| 41 | GSK | GSK plc | Healthcare | 9.35% | $102.38B |
| 42 | AZN | AstraZeneca PLC | Healthcare | 8.96% | $266.85B |
| 43 | EMBC | Embecta Corp. | Healthcare | 8.75% | $385.29M |
| 44 | AMGN | Amgen Inc. | Healthcare | 8.51% | $240.38B |
| 45 | EHC | Encompass Health Corporation | Healthcare | 7.99% | $12.24B |
| 46 | PGNY | Progyny, Inc. | Healthcare | 7.88% | $2.16B |
| 47 | NHC | National HealthCare Corporation | Healthcare | 7.86% | $3.50B |
| 48 | EW | Edwards Lifesciences Corporation | Healthcare | 7.84% | $52.20B |
| 49 | BMY | Bristol-Myers Squibb Company | Healthcare | 7.83% | $125.85B |
| 50 | PODD | Insulet Corporation | Healthcare | 7.75% | $10.35B |
| 51 | ABT | Abbott Laboratories | Healthcare | 7.52% | $181.50B |
| 52 | ATR | AptarGroup, Inc. | Healthcare | 7.48% | $8.08B |
| 53 | GMAB | Genmab A/S | Healthcare | 7.48% | $27.48B |
| 54 | HCSG | Healthcare Services Group, Inc. | Healthcare | 7.44% | $1.69B |
| 55 | MD | Pediatrix Medical Group, Inc. | Healthcare | 7.36% | $2.36B |
| 56 | RDY | Dr. Reddy's Laboratories Limited | Healthcare | 7.32% | $11.45B |
| 57 | STE | STERIS plc | Healthcare | 7.29% | $22.44B |
| 58 | BIO | Bio-Rad Laboratories, Inc. | Healthcare | 7.18% | $9.96B |
| 59 | TECH | Bio-Techne Corporation | Healthcare | 7.03% | $11.40B |
| 60 | SYK | Stryker Corporation | Healthcare | 6.78% | $117.42B |
| 61 | QGEN | Qiagen N.V. | Healthcare | 6.76% | $10.40B |
| 62 | ADUS | Addus HomeCare Corporation | Healthcare | 6.67% | $2.26B |
| 63 | BSX | Boston Scientific Corporation | Healthcare | 6.64% | $66.06B |
| 64 | PAHC | Phibro Animal Health Corporation | Healthcare | 6.64% | $1.58B |
| 65 | ALGN | Align Technology, Inc. | Healthcare | 6.58% | $10.82B |
| 66 | HQY | HealthEquity, Inc. | Healthcare | 6.37% | $8.58B |
| 67 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | 6.32% | $30.46B |
| 68 | ENSG | The Ensign Group, Inc. | Healthcare | 6.30% | $10.31B |
| 69 | SNY | Sanofi | Healthcare | 6.16% | $100.13B |
| 70 | DGX | Quest Diagnostics Incorporated | Healthcare | 6.11% | $26.81B |
| 71 | TMO | Thermo Fisher Scientific Inc. | Healthcare | 6.08% | $253.24B |
| 72 | OPCH | Option Care Health, Inc. | Healthcare | 6.01% | $4.68B |
| 73 | SNN | Smith & Nephew plc | Healthcare | 5.98% | $12.75B |
| 74 | HIMS | Hims & Hers Health, Inc. | Healthcare | 5.96% | $6.44B |
| 75 | CON | Concentra Group Holdings Parent, Inc. | Healthcare | 5.82% | $5.13B |
| 76 | MCK | McKesson Corporation | Healthcare | 5.78% | $115.76B |
| 77 | GEHC | GE HealthCare Technologies Inc. | Healthcare | 5.65% | $32.51B |
| 78 | STVN | Stevanato Group S.p.A. | Healthcare | 5.50% | $5.43B |
| 79 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | 5.45% | $2.28B |
| 80 | MDT | Medtronic plc | Healthcare | 5.16% | $121.25B |
| 81 | HLN | Haleon plc | Healthcare | 5.11% | $44.86B |
| 82 | MMSI | Merit Medical Systems, Inc. | Healthcare | 4.78% | $5.62B |
| 83 | LH | Labcorp Holdings Inc. | Healthcare | 4.77% | $26.75B |
| 84 | THC | Tenet Healthcare Corporation | Healthcare | 4.74% | $21.66B |
| 85 | ELV | Elevance Health, Inc. | Healthcare | 4.66% | $93.54B |
| 86 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | 4.59% | $10.79B |
| 87 | IQV | IQVIA Holdings Inc. | Healthcare | 4.54% | $45.03B |
| 88 | BIIB | Biogen Inc. | Healthcare | 4.39% | $37.27B |
| 89 | DHR | Danaher Corporation | Healthcare | 4.33% | $163.77B |
| 90 | DVA | DaVita Inc. | Healthcare | 4.27% | $11.74B |
| 91 | HAE | Haemonetics Corporation | Healthcare | 4.06% | $5.42B |
| 92 | RPRX | Royalty Pharma plc | Healthcare | 3.93% | $37.42B |
| 93 | UNH | UnitedHealth Group Incorporated | Healthcare | 3.89% | $368.64B |
| 94 | CYH | Community Health Systems, Inc. | Healthcare | 3.85% | $414.57M |
| 95 | CI | The Cigna Group | Healthcare | 3.77% | $80.80B |
| 96 | PFE | Pfizer Inc. | Healthcare | 3.73% | $169.79B |
| 97 | HSIC | Henry Schein, Inc. | Healthcare | 3.55% | $9.42B |
| 98 | ONC | BeOne Medicines AG | Healthcare | 3.50% | $42.19B |
| 99 | TEVA | Teva Pharmaceutical Industries Limited | Healthcare | 3.46% | $46.59B |
| 100 | PACS | PACS Group, Inc. | Healthcare | 3.43% | $7.72B |
No companies match this search.
How this ranking is built
Companies are ranked by return on assets 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 $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- 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
Why does a large acquisition lower a healthcare company's return on assets?
Purchase accounting records the acquired business at the price paid, adding intangibles and goodwill to total assets, while amortization of those intangibles reduces net income at the same time. The denominator jumps, the numerator softens, and the ratio falls even when the combined company supplies more products and collects more cash. Reading the figure across several years, and next to the trend before the deal, separates the accounting effect from the operating one.
Why do biotech companies appear at the bottom of this ranking?
Clinical-stage companies hold large cash balances raised from investors and report losses while trials run, so net income is negative and the ratio is negative with it. That position reflects the stage of the business rather than its prospects, because the value of a research pipeline sits outside the income statement entirely. Measures built on current earnings have little to say about firms whose products have yet to reach patients.