Top Companies by Free Cash Flow in Healthcare
Largest public companies ranked by free cash flow in Healthcare on a trailing twelve months basis. Compare top issuers, sector peers and historical context on…
How TTM free cash flow is measured
Trailing twelve months (TTM) free cash flow (FCF) is operating cash flow minus capital expenditure, summed across a company's four most recent fiscal quarters. Unlike accrual-based earnings, FCF reflects what actually leaves the bank account after running the business and reinvesting in property, plant and equipment — the cash available for buybacks, dividends, debt reduction or M&A.
FCF is closer to owner earnings than net income because it strips out non-cash charges like depreciation and the working-capital churn that distorts a single quarter. Compare with capex to see how much of operating cash flow gets reinvested versus returned. Figures are ranked in USD after period-average FX translation (IAS 21). Rankings USD translation methodology · IFRS IAS 21 (official)
Calculated from each company's four most recent reported quarters, as of .
Sector scopeHealthcareChange sectorChange sector
Top companies by Free Cash Flow — Healthcare
- Sector
- Healthcare
- Free Cash Flow
- $19.67B
- As of
- AbbVie
ABBV
- Sector
- Healthcare
- Free Cash Flow
- $18.70B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $17.80B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $12.85B
- As of
- Merck & Co.
MRK
- Sector
- Healthcare
- Free Cash Flow
- $12.36B
- As of
- AstraZeneca
AZN
- Sector
- Healthcare
- Free Cash Flow
- $10.57B
- As of
- McKesson
MCK
- Sector
- Healthcare
- Free Cash Flow
- $10.10B
- As of
- Gilead Sciences
GILD
- Sector
- Healthcare
- Free Cash Flow
- $9.46B
- As of
- Pfizer
PFE
- Sector
- Healthcare
- Free Cash Flow
- $9.08B
- As of
- Eli Lilly
LLY
- Sector
- Healthcare
- Free Cash Flow
- $8.97B
- As of
- Cigna
CI
- Sector
- Healthcare
- Free Cash Flow
- $8.39B
- As of
- Amgen
AMGN
- Sector
- Healthcare
- Free Cash Flow
- $8.10B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $7.93B
- As of
- CVS Health
CVS
- Sector
- Healthcare
- Free Cash Flow
- $7.81B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $7.39B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $6.75B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $6.45B
- As of
- Centene
CNC
- Sector
- Healthcare
- Free Cash Flow
- $6.35B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $5.51B
- As of
- Medtronic
MDT
- Sector
- Healthcare
- Free Cash Flow
- $5.41B
- As of
- Danaher
DHR
- Sector
- Healthcare
- Free Cash Flow
- $5.29B
- As of
- Novo Nordisk
NVO
- Sector
- Healthcare
- Free Cash Flow
- $4.30B
- As of
- Stryker
SYK
- Sector
- Healthcare
- Free Cash Flow
- $4.28B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $4.08B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $3.63B
- As of
- Cencora
COR
- Sector
- Healthcare
- Free Cash Flow
- $3.61B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $3.19B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $2.83B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $2.63B
- As of
- IQVIA
IQV
- Sector
- Healthcare
- Free Cash Flow
- $2.48B
- As of
- Zoetis
ZTS
- Sector
- Healthcare
- Free Cash Flow
- $2.28B
- As of
- Biogen
BIIB
- Sector
- Healthcare
- Free Cash Flow
- $2.14B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $1.85B
- As of
- Viatris
VTRS
- Sector
- Healthcare
- Free Cash Flow
- $1.82B
- As of
- ResMed
RMD
- Sector
- Healthcare
- Free Cash Flow
- $1.79B
- As of
- GE HealthCare
GEHC
- Sector
- Healthcare
- Free Cash Flow
- $1.51B
- As of
- Incyte
INCY
- Sector
- Healthcare
- Free Cash Flow
- $1.45B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $1.33B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $1.33B
- As of
- DaVita
DVA
- Sector
- Healthcare
- Free Cash Flow
- $1.31B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $1.21B
- As of
- DexCom
DXCM
- Sector
- Healthcare
- Free Cash Flow
- $1.08B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $1.05B
- As of
- Sector
- Healthcare
- Free Cash Flow
- $993.00M
- As of
- Illumina
ILMN
- Sector
- Healthcare
- Free Cash Flow
- $939.00M
- As of
- STERIS
STE
- Sector
- Healthcare
- Free Cash Flow
- $917.10M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $848.65M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $830.57M
- As of
- Align Technology
ALGN
- Sector
- Healthcare
- Free Cash Flow
- $593.22M
- As of
- Henry Schein
HSIC
- Sector
- Healthcare
- Free Cash Flow
- $561.00M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $539.81M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $518.49M
- As of
- Revvity
RVTY
- Sector
- Healthcare
- Free Cash Flow
- $510.81M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $491.20M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $465.38M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $458.00M
- As of
- Insulet
PODD
- Sector
- Healthcare
- Free Cash Flow
- $377.70M
- As of
- Humana
HUM
- Sector
- Healthcare
- Free Cash Flow
- $375.00M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $323.00M
- As of
- AptarGroup
ATR
- Sector
- Healthcare
- Free Cash Flow
- $295.57M
- As of
- Sector
- Healthcare
- Free Cash Flow
- $251.00M
- As of
- Bio-Techne
TECH
- Sector
- Healthcare
- Free Cash Flow
- $223.02M
- As of
- Solventum
SOLV
- Sector
- Healthcare
- Free Cash Flow
- -$10.00M
- As of
- Insmed
INSM
- Sector
- Healthcare
- Free Cash Flow
- -$997.58M
- As of
- Moderna
MRNA
- Sector
- Healthcare
- Free Cash Flow
- -$2.05B
- As of
| # | Company | Sector | Free Cash Flow | As of |
|---|---|---|---|---|
| 1 | UnitedHealth Group (UNH) | Healthcare | $19.67B | |
| 2 | AbbVie (ABBV) | Healthcare | $18.70B | |
| 3 | Johnson & Johnson (JNJ) | Healthcare | $17.80B | |
| 4 | Bristol-Myers Squibb (BMY) | Healthcare | $12.85B | |
| 5 | Merck & Co. (MRK) | Healthcare | $12.36B | |
| 6 | AstraZeneca (AZN) | Healthcare | $10.57B | |
| 7 | McKesson (MCK) | Healthcare | $10.10B | |
| 8 | Gilead Sciences (GILD) | Healthcare | $9.46B | |
| 9 | Pfizer (PFE) | Healthcare | $9.08B | |
| 10 | Eli Lilly (LLY) | Healthcare | $8.97B | |
| 11 | Cigna (CI) | Healthcare | $8.39B | |
| 12 | Amgen (AMGN) | Healthcare | $8.10B | |
| 13 | HCA Healthcare (HCA) | Healthcare | $7.93B | |
| 14 | CVS Health (CVS) | Healthcare | $7.81B | |
| 15 | Abbott Laboratories (ABT) | Healthcare | $7.39B | |
| 16 | Thermo Fisher Scientific (TMO) | Healthcare | $6.75B | |
| 17 | Elevance Health (ELV) | Healthcare | $6.45B | |
| 18 | Centene (CNC) | Healthcare | $6.35B | |
| 19 | Cardinal Health (CAH) | Healthcare | $5.51B | |
| 20 | Medtronic (MDT) | Healthcare | $5.41B | |
| 21 | Danaher (DHR) | Healthcare | $5.29B | |
| 22 | Novo Nordisk (NVO) | Healthcare | $4.30B | |
| 23 | Stryker (SYK) | Healthcare | $4.28B | |
| 24 | Regeneron Pharmaceuticals (REGN) | Healthcare | $4.08B | |
| 25 | Boston Scientific (BSX) | Healthcare | $3.63B | |
| 26 | Cencora (COR) | Healthcare | $3.61B | |
| 27 | Vertex Pharmaceuticals (VRTX) | Healthcare | $3.19B | |
| 28 | Intuitive Surgical (ISRG) | Healthcare | $2.83B | |
| 29 | Becton, Dickinson and (BDX) | Healthcare | $2.63B | |
| 30 | IQVIA (IQV) | Healthcare | $2.48B | |
| 31 | Zoetis (ZTS) | Healthcare | $2.28B | |
| 32 | Biogen (BIIB) | Healthcare | $2.14B | |
| 33 | Zimmer Biomet Holdings (ZBH) | Healthcare | $1.85B | |
| 34 | Viatris (VTRS) | Healthcare | $1.82B | |
| 35 | ResMed (RMD) | Healthcare | $1.79B | |
| 36 | GE HealthCare (GEHC) | Healthcare | $1.51B | |
| 37 | Incyte (INCY) | Healthcare | $1.45B | |
| 38 | Edwards Lifesciences (EW) | Healthcare | $1.33B | |
| 39 | Quest Diagnostics (DGX) | Healthcare | $1.33B | |
| 40 | DaVita (DVA) | Healthcare | $1.31B | |
| 41 | Labcorp Holdings (LH) | Healthcare | $1.21B | |
| 42 | DexCom (DXCM) | Healthcare | $1.08B | |
| 43 | IDEXX Laboratories (IDXX) | Healthcare | $1.05B | |
| 44 | Agilent Technologies (A) | Healthcare | $993.00M | |
| 45 | Illumina (ILMN) | Healthcare | $939.00M | |
| 46 | STERIS (STE) | Healthcare | $917.10M | |
| 47 | Mettler Toledo (MTD) | Healthcare | $848.65M | |
| 48 | Universal Health Services (UHS) | Healthcare | $830.57M | |
| 49 | Align Technology (ALGN) | Healthcare | $593.22M | |
| 50 | Henry Schein (HSIC) | Healthcare | $561.00M | |
| 51 | Waters Corporation (WAT) | Healthcare | $539.81M | |
| 52 | Charles River (CRL) | Healthcare | $518.49M | |
| 53 | Revvity (RVTY) | Healthcare | $510.81M | |
| 54 | Cooper Companies (COO) | Healthcare | $491.20M | |
| 55 | Alnylam Pharmaceuticals (ALNY) | Healthcare | $465.38M | |
| 56 | West Pharmaceutical Services (WST) | Healthcare | $458.00M | |
| 57 | Insulet (PODD) | Healthcare | $377.70M | |
| 58 | Humana (HUM) | Healthcare | $375.00M | |
| 59 | Baxter International (BAX) | Healthcare | $323.00M | |
| 60 | AptarGroup (ATR) | Healthcare | $295.57M | |
| 61 | Molina Healthcare (MOH) | Healthcare | $251.00M | |
| 62 | Bio-Techne (TECH) | Healthcare | $223.02M | |
| 63 | Solventum (SOLV) | Healthcare | -$10.00M | |
| 64 | Insmed (INSM) | Healthcare | -$997.58M | |
| 65 | Moderna (MRNA) | Healthcare | -$2.05B |