Sector Report4 min read
Healthcare: 16 A-Grades and a Broken Insurance Model
Pharma prints cash at 25%+ margins. Health insurers are burning through it at 2%. Same sector, different planets.
Mar 23, 2026
GILDABBVBMYVRTX+10
Pharmaceuticals, biotechnology, medical devices, and health insurance
Sector classifications follow the GICS industry standard.
Companies ranked by free cash flow margin
Health grades across the sector
| # | Symbol | Grade | FCF Margin |
|---|---|---|---|
| 1 | GILD | A | 32.1% |
| 2 | ABBV | B | 29.1% |
| 3 | BMY | A | 26.7% |
| 4 | VRTX | A | 26.6% |
| 5 | REGN | A | 26.3% |
| 6 | ISRG | A | 24.7% |
| 7 | IDXX | A | 24.2% |
| 8 | ZTS | A | 24.1% |
| 9 | DXCM | A | 23.1% |
| 10 | AMGN | B | 22.0% |
| 11 | ILMN | A | 21.4% |
| 12 | DHR | A | 21.4% |
| 13 | JNJ | A | 20.5% |
| 14 | BIIB | A | 19.9% |
| 15 | MRK | A | 19.0% |
| 16 | SYK | A | 17.1% |
| 17 | BSX | A | 17.0% |
| 18 | ABT | A | 16.7% |
| 19 | MDT | A | 15.5% |
| 20 | PFE | C | 14.5% |
| 21 | TMO | B | 14.1% |
| 22 | ALGN | A | 12.2% |
| 23 | LLY | F | 9.2% |
| 24 | UNH | F | 3.6% |
| 25 | CI | F | 3.1% |
| 26 | CVS | F | 1.9% |
| 27 | ELV | F | 1.6% |
| 28 | HUM | F | 0.3% |
| 29 | MRNA | F | -108.0% |
Pharma prints cash at 25%+ margins. Health insurers are burning through it at 2%. Same sector, different planets.
The healthcare sector splits into two groups: companies printing cash and insurers bleeding it. The trend breakdown tells you which side is winning.