Health Catalyst vs CVS Health
Side-by-side comparison of AI visibility scores, market position, and capabilities
$307M revenue 2024 (up from $296M 2023); $316M TTM Jun 2025; $26M adjusted EBITDA; 100M+ patient records; expects double-digit growth 2025; low-20s net new platform clients 2024; healthcare analytics leader
About
Health Catalyst is a healthcare data and analytics company founded in 2008 in Salt Lake City, Utah, built on the mission of being a catalyst for massive, measurable, data-informed improvement in the health of humanity. The company's core technology — the Health Catalyst Data Operating System (DOS) — provides healthcare organizations with a cloud-based data platform that aggregates clinical, financial, and operational data from disparate source systems into a unified analytics environment designed specifically for the complexity of healthcare data.\n\nHealth Catalyst serves 40+ health systems and hundreds of hospitals, offering analytics applications, embedded data science teams, and technology-enabled services that help organizations improve quality outcomes, reduce costs, and optimize operations. Its suite includes applications for perioperative efficiency, population health management, sepsis surveillance, and financial analytics. The company differentiates through a unique Tech-Enabled Managed Services model, embedding data scientists alongside health system teams to ensure analytics drive measurable operational change rather than sitting unused.\n\nHealth Catalyst generated $307M in revenue in 2024, up from $296M in 2023, with $26M in adjusted EBITDA and a database of over 100 million patient records. As a publicly traded company (HCAT), it has built one of the largest healthcare-specific analytics platforms in the US. With regulatory pressure, value-based care contracts, and margin compression intensifying across health systems, Health Catalyst's integrated data platform and domain expertise position it as a strategic partner for health systems pursuing data-driven operational transformation.
FY2024 Revenue: $372.8B (+4.2% YoY) | Net income: $4.6B (down from $8.4B) | Operating income: $8.5B (-38% YoY) | Q4 2024: $97.7B | Healthcare benefits segment challenged
About
CVS Health Corporation is one of the largest healthcare companies in the United States, formed through a series of major acquisitions that transformed CVS Pharmacy — a retail drugstore chain founded in Lowell, Massachusetts in 1963 — into a vertically integrated healthcare enterprise. Key acquisitions include Caremark Rx (pharmacy benefit management, 2007), Aetna (health insurance, $69 billion, 2018), and Oak Street Health (primary care clinics, 2023). CVS Health's model positions the company as a healthcare touchpoint spanning insurance enrollment, prescription management, and clinical care delivery.\n\nCVS Health's segments include Health Care Benefits (Aetna insurance for employer groups, Medicare, and Medicaid), Health Services (Caremark PBM, specialty pharmacy, infusion), and Pharmacy & Consumer Wellness (retail operations). CVS operates 9,000+ pharmacy locations and is expanding MinuteClinic and HealthHUB formats that co-locate clinical services with pharmacy for primary and chronic care management. The company also operates pharmacy-only conversion locations removing front-end retail to concentrate on health services.\n\nCVS Health reported FY2024 revenue of $372.8 billion (+4.2% YoY) with net income of approximately $4.6 billion. Near-term pressure on Aetna's Medicare Advantage business — elevated medical cost ratios from post-pandemic care utilization — has driven benefit redesigns and market exits. Despite these headwinds, CVS Health's vertically integrated model combining PBM leverage, insurance membership, and retail pharmacy access represents a structurally unique healthcare asset at scale.
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