Healthcare Providers & Services

Hospitals, clinics, post-acute care, pharmacies and healthcare distributors.

Companies

With a moat

24%

Average quality

0 wide moat · 19 narrow moat · 60 no moat · Open in screener →

Updated 27 Sep 2026

Healthcare Providers & Services covers hospitals, clinics, dialysis and post-acute care, pharmacies and healthcare distributors. MoatScope covers 79 companies here. None has a wide moat; 19 have a narrow moat and 60 none.

How the industry makes money

Providers are paid by insurers and government programs for the care they deliver, so reimbursement rates and patient volumes drive results. Drug distributors earn thin margins on enormous volumes, and pharmacies earn on prescriptions and services.

Where the moats are

Switching costs, reputations and efficient scale each appear in 12 of the 19 moat-rated companies, from hospital systems that dominate local markets to the scale of the largest drug distributors.

The narrow-moat group includes CVS Health, McKesson, HCA Healthcare, Cencora, Cardinal Health, Tenet and DaVita. Companies without a moat include agilon health, BrightSpring and LifeStance.

What wears moats down

Reimbursement cuts, rising labor costs and policy changes can squeeze margins quickly, and regulators continue to scrutinize pharmacy-benefit practices.

What to watch

Reimbursement rates and health policy.
Labor costs.
Patient volumes.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Healthcare Providers & Services into 4 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Drug & medical distributors

Distribute drugs and medical supplies to pharmacies and providers.

US market · $1.04T total revenue in 2024 · source: Healthcare Distribution Alliance. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. 2024 US drug distribution (HDA) plus medical-surgical supply distribution.

#	Business	Market share	Revenue
1	MCK · MCKESSON CORP	38.9%	$403.4B
2	COR · Cencora, Inc.	31.0%	$321.3B
3	CAH · CARDINAL HEALTH INC US revenue	21.3%	$221.0B
4	MDLN · Medline Inc. Supply Chain Solutions · filed under Medical Devices & Supplies	1.4%	$14.7B
5	HSIC · HENRY SCHEIN INC	1.1%	$11.1B
6	ACH · ACCENDRA HEALTH INC/VA/	0.3%	$2.8B
7	COSM · Cosmos Health Inc.	<0.1%	$65M
8	MEDS · DataMeds AI, Inc.	<0.1%	$23M
9	STEK · Stemtech Corp	<0.1%	$3M
10	ESYN · HWH International Inc.	<0.1%	$1M
	All other companies	6.0%	$62.5B

Pharmacies & benefit managers

Retail, mail-order and specialty pharmacies, and pharmacy-benefit managers.

7 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown. Pharmacy-benefit managers and pharmacies both book the same prescriptions as revenue, so their shares of one total aren't meaningful.

#	Business	Revenue
1	CVS · CVS HEALTH Corp	$258.7B
2	CI · Cigna Group Evernorth · filed under Managed Care	$235.0B
3	UNH · UNITEDHEALTH GROUP INC Optum Rx · filed under Managed Care	$154.7B
4	ELV · Elevance Health, Inc. CarelonRx · filed under Managed Care	$43.4B
5	BTSG · BrightSpring Health Services, Inc. Pharmacy Solutions	$11.4B
6	FMX · MEXICAN ECONOMIC DEVELOPMENT INC Health (drugstores) · filed under Beverages	$4.6B
7	GRDN · Guardian Pharmacy Services, Inc.	$1.4B

Hospitals & health systems

Acute-care and specialty hospitals.

US market · $1.76T total revenue in 2025 · source: CMS Office of the Actuary. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025.

#	Business	Market share	Revenue
1	HCA · HCA Healthcare, Inc.	4.3%	$75.6B
2	CommonSpirit Health Non-profit · Becker's Hospital Review	2.3%	$40.1B
3	Advocate Health Non-profit · Becker's Hospital Review	2.2%	$38.9B
4	Providence Non-profit · Becker's Hospital Review	1.7%	$29.5B
5	Trinity Health Non-profit · Becker's Hospital Review	1.4%	$25.4B
6	Ascension Non-profit · Becker's Hospital Review	1.4%	$25.3B
7	AdventHealth Non-profit · Becker's Hospital Review	1.3%	$23.0B
8	Mass General Brigham Non-profit · Becker's Hospital Review	1.3%	$22.8B
9	Northwell Health Non-profit · Becker's Hospital Review	1.3%	$22.6B
10	THC · TENET HEALTHCARE CORP	0.9%	$16.1B
	All other companies	79.6%	$1.40T

Outpatient, home & senior care

Physician groups, ambulatory surgery, dialysis, home health, behavioral health and senior living.

US market · $2.07T total revenue in 2025 · source: CMS Office of the Actuary. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025.

#	Business	Market share	Revenue
1	UNH · UNITEDHEALTH GROUP INC Optum Health · filed under Managed Care	4.9%	$102.0B
2	ELV · Elevance Health, Inc. Carelon Services · filed under Managed Care	1.4%	$28.3B
3	HUM · HUMANA INC CenterWell · filed under Managed Care	1.1%	$22.5B
4	FMS · Fresenius Medical Care AG	0.8%	$17.3B
5	DVA · DAVITA INC.	0.7%	$13.6B
6	UHS · UNIVERSAL HEALTH SERVICES INC Behavioral Health	0.4%	$7.4B
7	AGL · agilon health, inc.	0.3%	$5.9B
8	OPCH · Option Care Health, Inc.	0.3%	$5.6B
9	PACS · PACS Group, Inc.	0.3%	$5.3B
10	THC · TENET HEALTHCARE CORP Ambulatory Care	0.2%	$5.2B
	All other companies	87.4%	$1.81T

Companies

Company	Moat	Quality	Market
CVS CVS HEALTH Corp	Narrow	43	Pharmacies & benefit managers + 1 other market	—	$118.5B
MCK MCKESSON CORP	Narrow	40	Drug & medical distributors	38.9%	$117.8B
HCA HCA Healthcare, Inc.	Narrow	54	Hospitals & health systems	4.3%	$98.5B
COR Cencora, Inc.	Narrow	41	Drug & medical distributors	31.0%	$64.9B
CAH CARDINAL HEALTH INC	Narrow	42	Drug & medical distributors	21.3%	$58.8B
THC TENET HEALTHCARE CORP	Narrow	55	Hospitals & health systems + 1 other market	0.9%	$21.4B
BTSG BrightSpring Health Services, Inc.	None	29	Outpatient, home & senior care + 1 other market	<0.1%	$12.1B
EHC Encompass Health Corp	Narrow	53	Hospitals & health systems	0.3%	$12.0B
DVA DAVITA INC.	Narrow	50	Outpatient, home & senior care	0.7%	$11.9B
UHS UNIVERSAL HEALTH SERVICES INC	Narrow	50	Hospitals & health systems + 1 other market	0.6%	$10.7B
ENSG ENSIGN GROUP, INC	Narrow	51	Outpatient, home & senior care	0.2%	$10.1B
HSIC HENRY SCHEIN INC	Narrow	42	Drug & medical distributors + 2 other markets	1.1%	$9.4B
PACS PACS Group, Inc.	Narrow	43	Outpatient, home & senior care	0.3%	$7.3B
FMS Fresenius Medical Care AG	Narrow	50	Outpatient, home & senior care + 1 other market	0.8%	$6.8B
CHE CHEMED CORP	Narrow	66	Outpatient, home & senior care	0.1%	$6.6B
CON Concentra Group Holdings Parent, Inc.	Narrow	53	Outpatient, home & senior care	0.1%	$4.9B
OPCH Option Care Health, Inc.	Narrow	46	Outpatient, home & senior care	0.3%	$4.7B
LFST LifeStance Health Group, Inc.	None	30	Outpatient, home & senior care	<0.1%	$4.5B
NHC NATIONAL HEALTHCARE CORP	None	44	Outpatient, home & senior care	<0.1%	$3.7B
PRVA Privia Health Group, Inc.	Narrow	49	Outpatient, home & senior care	0.1%	$2.9B
ACHC Acadia Healthcare Company, Inc.	None	20	Outpatient, home & senior care	0.2%	$2.8B
AVAH Aveanna Healthcare Holdings, Inc.	None	30	Outpatient, home & senior care	0.1%	$2.7B
GRDN Guardian Pharmacy Services, Inc.	Narrow	50	Pharmacies & benefit managers	—	$2.5B
BKD Brookdale Senior Living Inc.	None	14	Outpatient, home & senior care	0.2%	$2.4B
MD Pediatrix Medical Group, Inc.	None	36	Hospitals & health systems	0.1%	$2.2B
ADUS Addus HomeCare Corp	None	41	Outpatient, home & senior care	<0.1%	$2.2B
PGNY Progyny, Inc.	Narrow	54	Outpatient, home & senior care	<0.1%	$2.1B
ASTH Astrana Health, Inc.	None	33	Outpatient, home & senior care	0.2%	$2.1B
WGS GeneDx Holdings Corp.	None	27	Outpatient, home & senior care	<0.1%	$2.0B
SGRY Surgery Partners, Inc.	None	29	Hospitals & health systems	0.2%	$1.9B
ARDT Ardent Health, Inc.	None	39	Hospitals & health systems	0.4%	$1.6B
SNDA SONIDA SENIOR LIVING, INC.	None	13	Outpatient, home & senior care	<0.1%	$1.6B
AMN AMN HEALTHCARE SERVICES INC	None	27	Outpatient, home & senior care	0.1%	$1.6B
AGL agilon health, inc.	None	12	Outpatient, home & senior care	0.3%	$1.5B
PNTG Pennant Group, Inc.	None	34	Outpatient, home & senior care	<0.1%	$1.4B
USPH U S PHYSICAL THERAPY INC /NV	None	39	Outpatient, home & senior care	<0.1%	$1.3B
INNV InnovAge Holding Corp.	None	22	Outpatient, home & senior care	<0.1%	$1.2B
OMDA Omada Health, Inc.	None	30	Outpatient, home & senior care	<0.1%	$1.1B
TALK Talkspace, Inc.	None	33	Outpatient, home & senior care	<0.1%	$871M
AHCO AdaptHealth Corp.	None	19	Outpatient, home & senior care	0.2%	$802M
STLN Starling Oncology, Inc.	None	18	Outpatient, home & senior care	<0.1%	$658M
SBC SBC Medical Group Holdings Inc	None	60	Outpatient, home & senior care	<0.1%	$551M
EVH Evolent Health, Inc.	None	17	Outpatient, home & senior care	<0.1%	$506M
SRTA Strata Critical Medical, Inc.	None	23	Outpatient, home & senior care	<0.1%	$402M
AUNA AUNA S.A.	None	36	Outpatient, home & senior care	<0.1%	$395M
CYH COMMUNITY HEALTH SYSTEMS INC	None	35	Hospitals & health systems	0.7%	$389M
VMD VIEMED HEALTHCARE, INC.	None	43	Outpatient, home & senior care	<0.1%	$365M
VSEED VSEE HEALTH, INC.	—	16	—	—^†	$107M
JYNT JOINT Corp	None	34	Outpatient, home & senior care	<0.1%	$103M
BMGL Basel Medical Group Ltd	None	10	Outpatient, home & senior care	<0.1%	$100M
AIRS Airsculpt Technologies, Inc.	None	18	Outpatient, home & senior care	<0.1%	$90M
WSTNU Westin Acquisition Corp	—	56	Outpatient, home & senior care	—	$83M
DXR DAXOR CORP	None	21	Outpatient, home & senior care	—	$57M
CCEL CRYO CELL INTERNATIONAL INC	None	28	Outpatient, home & senior care	<0.1%	$38M
KPEA Kun Peng International Ltd.	None	17	Outpatient, home & senior care	<0.1%	$30M
RYOJ rYojbaba Co., Ltd.	None	29	Outpatient, home & senior care	<0.1%	$30M
PIII P3 Health Partners Inc.	None	15	Outpatient, home & senior care	<0.1%	$28M
DCGO DocGo Inc.	None	28	Outpatient, home & senior care	<0.1%	$25M
EHSI Elite Health Systems Inc.	None	11	Outpatient, home & senior care	<0.1%	$22M
COSM Cosmos Health Inc.	None	14	Drug & medical distributors	<0.1%	$20M
LDDD Longduoduo Co Ltd	None	31	Outpatient, home & senior care	<0.1%	$20M
ACH ACCENDRA HEALTH INC/VA/	None	16	Drug & medical distributors	0.3%	$17M
MDWK MDWerks, Inc.	None	13	Outpatient, home & senior care	<0.1%	$17M
CCM Concord Medical Services Holdings Ltd	None	6	Outpatient, home & senior care	<0.1%	$16M
ESYN HWH International Inc.	—	29	Drug & medical distributors	<0.1%	$14M
PFHO PACIFIC HEALTH CARE ORGANIZATION INC	None	46	Outpatient, home & senior care	<0.1%	$12M
SYRA Syra Health Corp	None	17	Outpatient, home & senior care	<0.1%	$12M
MEDS DataMeds AI, Inc.	None	12	Drug & medical distributors	<0.1%	$8M
BICX BioCorRx Inc.	None	9	Outpatient, home & senior care	<0.1%	$7M
RHEP REGIONAL HEALTH PROPERTIES, INC	None	19	Outpatient, home & senior care	<0.1%	$4M
RMSL RemSleep Holdings Inc.	None	7	Outpatient, home & senior care	<0.1%	$3M
ACBM ACRO BIOMEDICAL CO., LTD.	None	2	Outpatient, home & senior care	—	$2M
NIVF NewGenIvf Group Ltd	None	21	Outpatient, home & senior care	<0.1%	$1M
CDIX Cardiff Lexington Corp	None	20	Outpatient, home & senior care	<0.1%	$1M
PAIYY Aesthetic Medical International Holdings Group Ltd	None	20	Outpatient, home & senior care	<0.1%	$1M
IMTH AnTix Holdings, Inc.	None	14	Outpatient, home & senior care	<0.1%	$1M
STEK Stemtech Corp	None	18	Drug & medical distributors	<0.1%	$1M
GRST ETHEMA HEALTH Corp	None	11	Hospitals & health systems	<0.1%	$1M
ATPC Agape ATP Corp	None	23	Outpatient, home & senior care	<0.1%	—
BRRN Byrn, Inc.	None	4	Outpatient, home & senior care	—	—
MCTA Charming Medical Ltd	None	25	Outpatient, home & senior care	<0.1%	—
POM POMDOCTOR Ltd	None	7	Outpatient, home & senior care	<0.1%	—

82 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

† VSEE HEALTH, INC.: Counted under VSEE.

Price versus fair value for every company is in the screener.

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