Cheapest on Free Cash Flow: Healthcare
Healthcare value, measured in real cash
Updated August 30, 2026
Every sector trades at its own going rate for a dollar of free cash flow, so a market-wide “cheap” list mostly ranks sectors, not stocks. This slice asks the sharper question: which Healthcare names are cheap against their own peers’ price? The sector’s median multiple is 23.8× — everything here trades meaningfully below it. As on the main board, cheap can be earned (cyclical peaks, secular decline), so the multiple is where the work starts, not where it ends.
| # | Stock | P / FCF | FCF yield | Free cash flow (TTM) |
|---|---|---|---|---|
| 1 | CNCCentene CorporationMedical - Healthcare Plans | 3.6× | 27.8% | $9.0B |
| Medical - Healthcare Plans — 3.6× free cash flow against a Healthcare median of 23.8×, a 27.8% cash yield on $9.0B generated. | ||||
| 2 | CICigna CorporationMedical - Healthcare Plans | 8.1× | 12.4% | $9.1B |
| Medical - Healthcare Plans — 8.1× free cash flow against a Healthcare median of 23.8×, a 12.4% cash yield on $9.1B generated. | ||||
| 3 | DVADaVita Inc.Medical - Care Facilities | 8.3× | 12.0% | $1.5B |
| Medical - Care Facilities — 8.3× free cash flow against a Healthcare median of 23.8×, a 12.0% cash yield on $1.5B generated. | ||||
| 4 | ZBHZimmer Biomet Holdings, Inc.Medical - Devices | 10.8× | 9.3% | $1.8B |
| Medical - Devices — 10.8× free cash flow against a Healthcare median of 23.8×, a 9.3% cash yield on $1.8B generated. | ||||
| 5 | BIIBBiogen Inc.Drug Manufacturers - General | 10.9× | 9.1% | $3.0B |
| Drug Manufacturers - General — 10.9× free cash flow against a Healthcare median of 23.8×, a 9.1% cash yield on $3.0B generated. | ||||
| 6 | VTRSViatris Inc.Drug Manufacturers - Specialty & Generic | 11.2× | 8.9% | $1.7B |
| Drug Manufacturers - Specialty & Generic — 11.2× free cash flow against a Healthcare median of 23.8×, a 8.9% cash yield on $1.7B generated. | ||||
| 7 | BMYBristol-Myers Squibb CompanyDrug Manufacturers - General | 11.9× | 8.4% | $11.4B |
| Drug Manufacturers - General — 11.9× free cash flow against a Healthcare median of 23.8×, a 8.4% cash yield on $11.4B generated. | ||||
| 8 | CAHCardinal Health, Inc.Medical - Distribution | 12.3× | 8.1% | $4.5B |
| Medical - Distribution — 12.3× free cash flow against a Healthcare median of 23.8×, a 8.1% cash yield on $4.5B generated. | ||||
| 9 | UHSUniversal Health Services, Inc.Medical - Care Facilities | 12.8× | 7.8% | $827M |
| Medical - Care Facilities — 12.8× free cash flow against a Healthcare median of 23.8×, a 7.8% cash yield on $827M generated. | ||||
| 10 | INCYIncyte CorporationBiotechnology | 13.5× | 7.4% | $1.9B |
| Biotechnology — 13.5× free cash flow against a Healthcare median of 23.8×, a 7.4% cash yield on $1.9B generated. | ||||
| 11 | ELVElevance Health Inc.Medical - Healthcare Plans | 13.7× | 7.3% | $6.3B |
| Medical - Healthcare Plans — 13.7× free cash flow against a Healthcare median of 23.8×, a 7.3% cash yield on $6.3B generated. | ||||
| 12 | ALGNAlign Technology, Inc.Medical - Devices | 14.9× | 6.7% | $756M |
| Medical - Devices — 14.9× free cash flow against a Healthcare median of 23.8×, a 6.7% cash yield on $756M generated. | ||||
| 13 | UNHUnitedHealth Group IncorporatedMedical - Healthcare Plans | 15.1× | 6.6% | $23.6B |
| Medical - Healthcare Plans — 15.1× free cash flow against a Healthcare median of 23.8×, a 6.6% cash yield on $23.6B generated. | ||||
| 14 | ZTSZoetis Inc.Drug Manufacturers - General | 15.3× | 6.5% | $2.1B |
| Drug Manufacturers - General — 15.3× free cash flow against a Healthcare median of 23.8×, a 6.5% cash yield on $2.1B generated. | ||||
| 15 | HCAHCA Healthcare, Inc.Medical - Care Facilities | 15.5× | 6.4% | $6.0B |
| Medical - Care Facilities — 15.5× free cash flow against a Healthcare median of 23.8×, a 6.4% cash yield on $6.0B generated. | ||||
| 16 | CVSCVS Health CorporationMedical - Healthcare Plans | 16.1× | 6.2% | $7.4B |
| Medical - Healthcare Plans — 16.1× free cash flow against a Healthcare median of 23.8×, a 6.2% cash yield on $7.4B generated. | ||||
| 17 | IQVIQVIA Holdings Inc.Medical - Diagnostics & Research | 16.9× | 5.9% | $2.6B |
| Medical - Diagnostics & Research — 16.9× free cash flow against a Healthcare median of 23.8×, a 5.9% cash yield on $2.6B generated. | ||||
| 18 | PFEPfizer Inc.Drug Manufacturers - General | 16.9× | 5.9% | $9.5B |
| Drug Manufacturers - General — 16.9× free cash flow against a Healthcare median of 23.8×, a 5.9% cash yield on $9.5B generated. | ||||
| 19 | BDXBecton, Dickinson and CompanyMedical - Instruments & Supplies | 16.9× | 5.9% | $3.1B |
| Medical - Instruments & Supplies — 16.9× free cash flow against a Healthcare median of 23.8×, a 5.9% cash yield on $3.1B generated. | ||||
| 20 | GILDGilead Sciences, Inc.Drug Manufacturers - General | 17.9× | 5.6% | $10.2B |
| Drug Manufacturers - General — 17.9× free cash flow against a Healthcare median of 23.8×, a 5.6% cash yield on $10.2B generated. | ||||
| 21 | MCKMcKesson CorporationMedical - Distribution | 18.5× | 5.4% | $5.9B |
| Medical - Distribution — 18.5× free cash flow against a Healthcare median of 23.8×, a 5.4% cash yield on $5.9B generated. | ||||
| 22 | BAXBaxter International Inc.Medical - Instruments & Supplies | 20.0× | 5.0% | $678M |
| Medical - Instruments & Supplies — 20.0× free cash flow against a Healthcare median of 23.8×, a 5.0% cash yield on $678M generated. | ||||
| 23 | RMDResMed Inc.Medical - Devices | 20.1× | 5.0% | $1.8B |
| Medical - Devices — 20.1× free cash flow against a Healthcare median of 23.8×, a 5.0% cash yield on $1.8B generated. | ||||
| 24 | BSXBoston Scientific CorporationMedical - Devices | 20.3× | 4.9% | $3.4B |
| Medical - Devices — 20.3× free cash flow against a Healthcare median of 23.8×, a 4.9% cash yield on $3.4B generated. | ||||
| 25 | ABBVAbbVie Inc.Drug Manufacturers - General | 21.7× | 4.6% | $20.9B |
| Drug Manufacturers - General — 21.7× free cash flow against a Healthcare median of 23.8×, a 4.6% cash yield on $20.9B generated. | ||||