Health Care Technology

6 members, 2413 to WAY, A to Z by ticker.

Gross profitability: median 28% — gross profit as a share of total assets, each member's median across its readable years; read on 3 of 6 members
Capital intensity: median 1.5% — capital expenditure as a share of revenue, each member's median across its readable years; read on 6 of 6 members
Net cash: 3 of the 5 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of August 17, 2026.

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2413 M3

Revenue is led by Medical Platform (31%) and Overseas (25%), with 4 more segments behind.

Owner earnings 2018–2026 ¥14.5B¥17.1B¥24.9B¥45.4B¥50.4B¥53.4B¥52.9B¥45.5B¥62.6B

Retained capital Retained ¥247.3B of earnings over 2018–2026; annual owner earnings grew ¥34.8B, ¥0.14 per ¥1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 9 of 9 yrs, never cut

DOCS Doximity

A software business, earning high margins on code once it is written.

Owner earnings 2020–2026 $26M$83M$125M$178M$184M$273M$326M

Retained capital Paid out $8M more than it earned over 2020–2026; annual owner earnings grew $183M.

Balance sheet Net cash, debt-free, +$219M

EVH Evolent Health

Evolent is a market leader in connecting care for people with complex conditions like cancer, cardiovascular disease, and musculoskeletal diagnoses.

Owner earnings 2016–2019 ($51M)($56M)($60M)($78M)

Retained capital not read

Balance sheet Net debt against an operating loss, $819M

HSTM HealthStream Inc.

A software business, earning high margins on code once it is written.

Owner earnings 2016–2025 $19M$41M$36M$44M$34M$39M$49M$62M$56M$60M

Retained capital Retained $18M of earnings over 2016–2025; annual owner earnings grew $27M, $1.54 per $1 retained.

Balance sheet Net cash, debt-free, +$36M · buybacks at an average near $20.91 · dividend paid 7 of 10 yrs, cut at least once

TEM Tempus AI Inc.

Tempus is a technology company focused on healthcare that straddles two converging worlds.

Owner earnings 2022–2025 ($187M)($236M)($211M)($239M)

Retained capital not read

Balance sheet Net cash, +$396M

WAY Waystar Holding Corp.

Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care.

Owner earnings 2022–2025 $85M$30M$143M$283M

Retained capital Paid out $14M more than it earned over 2022–2025; annual owner earnings grew $66M.

Balance sheet Heavy net debt, $1.4B

The same shelf as one comparative table, every member a row and every column sortable: the Health Care Technology table →

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.