May 2026
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Largest Managed Care Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
UnitedHealth Group, Molina Healthcare, Alignment Healthcare and Clover Health.
 | UnitedHealth Group is one of the largest private health insurers and provides medical benefits to about 51 million members globally, including 1 million outside the US as of December 2024. As a leader in employer-sponsored, self-directed, and government-backed insurance plans, UnitedHealth has obtained massive scale in medical insurance. Along with its insurance assets, UnitedHealth's Optum franchises help create a healthcare services colossus that spans everything from pharmaceutical benefits to providing outpatient care and analytics to both affiliated and third-party customers. | $371 | +23% | $337B | $387B | 0.9x | 16.8x | ||
| Molina Healthcare Inc provides medical insurance plans through Medicaid, the individual exchanges, and Medicare. The company operates in four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other. It manages health benefit risks for more than 5 million people, with more than 85% of those members coming through contracts with state governments for their Medicaid programs. Medicaid contracts in four states-California, New York, Texas, and Washington-account for over half of its enrollees. | $196 | -36% | $10B | $5B | 0.1x | 5.0x | ||
| Alignment Healthcare Inc is a next-generation, consumer-centric platform that is revolutionizing the healthcare experience for seniors through Medicare Advantage plans. These plans are marketed and sold direct-to-consumer, allowing seniors to select the manner in which customers receive healthcare coverage and services on an annual basis. The company combines a technology platform and clinical model for more effective health outcomes. | $19 | +25% | $4B | $4B | 0.9x | 79.0x | ||
| Clover Health Investments Corp is a healthcare technology company. It focuses on empowering Medicare physicians to proactively manage chronic diseases through its proprietary software platform, Clover Assistant. This cloud-based solution provides personalized insights to physicians, enabling early detection and management of chronic conditions. It operates in one segment: Insurance, through which it offers PPO and HMO plans to Medicare Advantage members in several states. | $3 | -16% | $1B | $1B | 0.6x | (12.7x) | ||
| Median | $107 | +4% | $7B | $4B | 0.7x | 10.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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