Observation
Across 15 eligible healthcare companies, the equal-weight median operating cash-flow margin was 25.80% for the latest selected annual periods.
Data context
The eligible sample covers 15 of 16 selected companies. The latest selected annual periods span 2025-12-28 to 2026-04-24. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.
Company evidence
LLY 25.80% (period 2025-12-31); JNJ 26.04% (period 2025-12-28); ABBV 31.12% (period 2025-12-31); MRK 25.34% (period 2025-12-31); AZN 24.81% (period 2025-12-31); AMGN 27.10% (period 2025-12-31); GILD 34.03% (period 2025-12-31); ABT 21.58% (period 2025-12-31); PFE 18.70% (period 2025-12-31); ISRG 30.11% (period 2025-12-31); VRTX 30.26% (period 2025-12-31); BMY 29.37% (period 2025-12-31); MDT 20.16% (period 2026-04-24); SYK 20.08% (period 2025-12-31); HCA 16.71% (period 2025-12-31).
Distribution
The sample range is 16.71% (HCA) to 34.03% (GILD). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.
Interpretation
Drug developers, device manufacturers and care providers depend on distinct clinical, reimbursement and operating economics. The numerator is operatingCashFlow; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.
What to watch
Product concentration, research investment, utilization, reimbursement and cash generation.
Research limitations
Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.
| Company | Value | Period end |
|---|---|---|
| LLY | 25.80% | 2025-12-31 |
| JNJ | 26.04% | 2025-12-28 |
| ABBV | 31.12% | 2025-12-31 |
| MRK | 25.34% | 2025-12-31 |
| AZN | 24.81% | 2025-12-31 |
| AMGN | 27.10% | 2025-12-31 |
| GILD | 34.03% | 2025-12-31 |
| ABT | 21.58% | 2025-12-31 |
| PFE | 18.70% | 2025-12-31 |
| ISRG | 30.11% | 2025-12-31 |
| VRTX | 30.26% | 2025-12-31 |
| BMY | 29.37% | 2025-12-31 |
| MDT | 20.16% | 2026-04-24 |
| SYK | 20.08% | 2025-12-31 |
| HCA | 16.71% | 2025-12-31 |
Sources & dates
- LLY · period 2025-12-31 ↗Source date 2026-02-12
- JNJ · period 2025-12-28 ↗Source date 2026-02-11
- ABBV · period 2025-12-31 ↗Source date 2026-02-20
- MRK · period 2025-12-31 ↗Source date 2026-02-24
- AZN · period 2025-12-31 ↗Source date 2026-02-24
- AMGN · period 2025-12-31 ↗Source date 2026-02-13
- GILD · period 2025-12-31 ↗Source date 2026-02-24
- ABT · period 2025-12-31 ↗Source date 2026-02-20
- PFE · period 2025-12-31 ↗Source date 2026-02-26
- ISRG · period 2025-12-31 ↗Source date 2026-02-03
- VRTX · period 2025-12-31 ↗Source date 2026-02-13
- BMY · period 2025-12-31 ↗Source date 2026-02-11
- MDT · period 2026-04-24 ↗Source date 2026-06-18
- SYK · period 2025-12-31 ↗Source date 2026-02-11
- HCA · period 2025-12-31 ↗Source date 2026-02-10