Who are CVS Health’s competitors?
CVS Health names 9 companies as competitors in its latest annual report, on 4 fronts. 4 companies name CVS Health back.
Skip to the field, head to head ↓CVS Health company profile
CVS names 9 rivals, but others place it in markets beyond its own list
CVS Health names 9 competitors across four fronts: drugstores and retailers like Walgreens and Walmart, online retailers like Amazon, large national PBM companies, and PBMs owned by national health plans. Since fiscal 2022 it has added Cigna and UnitedHealth Group, and dropped names such as Rite Aid and PharMerica. The list reads like a map of CVS's own view.
Other companies draw a different map. Accendra Health says pharmacy benefit managers such as CVS compete with it in home healthcare. AdaptHealth says CVS and the Optum business of UnitedHealth Group have entered the HME market. Molina Healthcare lists CVS among its primary competitors in Medicaid managed care. In each case CVS is a rival in a room it did not mention.
That matters because CVS is large but thin-margined. It posted $402.1 billion in revenue in 2025, up 8%, with a net margin of 0%. Amazon earned 11% on $716.9 billion. Walmart earned 3% on $713.2 billion. The idea to repeat: CVS's rivals are set by who is counting it as one, not only by who it counts.
Where CVS Health says it competes
“the Company competes with other drugstore chains (e.g., Walgreens), supermarkets, discount retailers (e.g., Walmart)”
“large, national PBM companies (e.g., Prime Therapeutics and MedImpact)”
“PBMs owned by large national health plans (e.g., the Express Scripts business of Cigna Corporation and the Optum Rx business of UnitedHealth Group)”
Who names CVS Health as a competitor
“In addition, pharmacy benefit managers, such as CVS Health Corporation, compete with us in the home healthcare market.”
10-K for 2025“In addition, pharmacy benefit managers, including CVS Health Corporation and the Optum business of UnitedHealth Group Incorporated, have entered the HME market and compete with AdaptHealth.”
10-K for 2025“Our primary competitors in the Medicaid managed care industry include Centene Corporation, CVS Health Corporation, Elevance Health, Inc., UnitedHealth Group Inc., and large not-for-profit healthcare organizations.”
10-K for 2025“Competition may also increase from large technology companies, such as Apple, Amazon (which acquired One Medical in February 2023), Facebook, Verizon, or Microsoft, who may wish to develop or expand their own telehealth solutions or partner with our other competitors, as well as from large retailers like Kroger, CVS…”
10-K for 2022Who joined, who left
Against its annual report for fiscal 2022, CVS Health’s latest list adds Cigna and UnitedHealth Group; it no longer names PharMerica, Rite Aid, Aledade, Centerwell, Collaborative Health Systems, Equality Health, Evolent Health, Matrix Medical Network, OptumRx business of UnitedHealth, Physicians of Southwest Washington, Stellar Health and Vytalize Health.
| Company | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Amazon | ● | ● | ● | ● |
| MedImpact | ● | ● | ● | ● |
| Prime Therapeutics | ● | ● | ● | ● |
| Walgreens | ● | ● | ● | ● |
| Walmart | ● | ● | ● | ● |
| Cigna | · | ● | ● | ● |
| PharMerica | ● | ● | ● | · |
| Rite Aid | ● | ● | ● | · |
| UnitedHealth Group | · | ● | ● | ● |
| Aledade | · | ● | · | · |
| Centerwell | · | ● | · | · |
| Collaborative Health Systems | · | ● | · | · |
| Equality Health | · | ● | · | · |
| Evolent Health | · | ● | · | · |
| Express Scripts business of Cigna | ● | · | · | · |
| Matrix Medical Network | · | ● | · | · |
| OptumRx business of UnitedHealth | ● | · | · | · |
| Physicians of Southwest Washington | · | ● | · | · |
| Stellar Health | · | ● | · | · |
| Vytalize Health | · | ● | · | · |
● named in that year’s annual report, for the fiscal years shown.
The field, from the filings
| Company | Fiscal year | Revenue | Growth | Net margin | Employees |
|---|---|---|---|---|---|
| CVS Health | 2025 | $402.1B | +8% | 0% | 300,000 |
| Amazon | 2025 | $716.9B | +12% | 11% | 1,576,000 |
| Walmart | FY to Jan 2026 | $713.2B | +5% | 3% | – |
| UnitedHealth | 2025 | $447.6B | +12% | 3% | 390,000 |
| Molina Healthcare | 2025 | $45.4B | +12% | 1% | 19,000 |
| AdaptHealth | 2025 | $3.2B | 0% | −2% | 10,900 |
| Accendra Health | 2025 | $2.8B | +3% | −40% | 6,500 |
Each company’s latest fiscal year as reported to the SEC, in US dollars; fiscal years end in different months. Rivals that report outside the US or in other currencies are not shown.
What the rivals have done lately
“In December 2024, the Walmart U.S. segment completed the acquisition of VIZIO Holding Corp. for net cash consideration of $1.9 billion.” filing
“On September 1, 2023, we closed on our acquisition of My Choice Wisconsin for preliminary purchase consideration of approximately $ 74 million.” filing
“On January 1, 2024, we closed on our acquisition of 100% of the issued and outstanding capital stock of Brand New Day and Central Health Plan of California for $441 million.” filing
Decisions that shaped the field
Asked about CVS Health’s competitors
Who are CVS Health's competitors?
In its annual report for fiscal 2025, CVS Health names 9 competitors across 4 fronts: drugstore and retail pharmacy rivals, online retailers, large national pbm companies and pbms owned by national health plans. 10-K for fiscal 2025
Which companies name CVS Health as a competitor?
4 companies in our coverage name it in their own annual reports: Accendra Health, AdaptHealth, Molina Healthcare and Babylon Holdings.
How does CVS Health compare with its rivals?
CVS Health reported $402.1B in revenue in its latest fiscal year, +8% on a year, with a 0% net margin. Amazon: $716.9B, 11% net margin; Walmart: $713.2B, 3% net margin.
What are the alternatives to CVS Health?
The companies CVS Health itself names as competitors are listed above, front by front, each in its own report’s words. Which matters for a given buyer depends on the job, not the list.
What would it actually cost a challenger to take your customer?
Sources: CVS Health’s annual report for fiscal 2025 and earlier years (2022, 2023, 2024); the annual reports of the companies that name it; each company’s financial data as reported to the SEC; Stratrix Decision Records. Analysis and data, not advice.
Keep going
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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