Walgreens Boots Alliance Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Walgreens Boots Alliance Inc (WBA) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Walgreens Boots Alliance Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 154,579M vs 2,463,068M combined for tracked competitors (5.9% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (+0.9% annualized vs trailing 12 months), vs decelerating (-6.9%) for its tracked peer group.
- Growth: Walgreens Boots Alliance Inc generated 7.3% revenue growth year over year in Q3 2025, vs 12.9% for its tracked competitors combined.
- Profitability: Its -0.5% net margin compares with 4.6% for the peer group.
- Peer revenue share: Walgreens Boots Alliance Inc accounted for 6.4% of combined revenue among its tracked peer group, down from 6.7% a year earlier.
- Peer differentiation: Revenue per employee of $0.50M compares with $0.82M for the peer group (0.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
WBA Sales vs. its Competitors, Q3 2025
Walgreens Boots Alliance Inc reported revenue growth of 7.25 % year on year in Q3 2025, below its competitors' combined revenue growth of 12.93 %.
With a net margin of -0.50 %, Walgreens Boots Alliance Inc reported lower profitability than its competitors (4.58 %).
Walgreens Boots Alliance Inc generated 6.36 % of the combined sales of its peer group, down from 6.68 % a year earlier.
Walgreens Boots Alliance Inc vs. its Competitors, Q3 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Walgreens Boots Alliance Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Walgreens Boots Alliance Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Walgreens Boots Alliance Inc's competitor groups requires a Commercial License.
For context: the Pharmacy Services & Retail Drugstore industry grew revenue 6.7% year over year, combined, vs 7.3% for Walgreens Boots Alliance Inc. Walgreens Boots Alliance Inc's share of combined industry revenue moved from 9.03% to 9.08%, a gain of 0.05 percentage points.
Walgreens Boots Alliance Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Walgreens Boots Alliance Inc | No | Yes | Yes | No |
| Competitors combined (12) | ||||
| High-Confidence Competitors (5) | ||||
| Similar Growth & Profitability (8) | 62.50 % (5 of 8) | 75.00 % (6 of 8) | 87.50 % (7 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
WBA Stock Performance relative to its Competitors
WBA Stock Performance relative to High-Confidence Competitors
WBA Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | China Jo Jo Drugstores Holdings Inc | 282.9% | Outperformed |
| 2 | Target Corporation | 282.9% | Outperformed |
| 3 | Dollar Tree Inc | 282.9% | Outperformed |
| 4 | Cvs Health Corporation | 282.9% | Outperformed |
| 5 | Mckesson Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Walgreens Boots Alliance Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Walgreens Boots Alliance Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Walgreens Boots Alliance Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Walgreens Boots Alliance Inc | 10,361.50 | 154,579.00 |
| Amazon com Inc | 2,683,773.45 | 776,231.00 |
| Unitedhealth Group Incorporated | 342,313.98 | 450,129.00 |
| Cvs Health Corporation | 113,062.95 | 415,086.00 |
| Mckesson Corporation | 102,069.77 | 410,983.00 |
| Target Corporation | 72,212.39 | 106,377.00 |
| SUBTOTAL | 3,420,549.92 | 2,641,857.64 |
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Sources: Walgreens Boots Alliance Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Walgreens Boots Alliance Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Walgreens Boots Alliance Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Sharing Services Global Corporation | Named by the company | 85% |
| Cvs Health Corporation | Named by the company | 85% |
| Arko Corp | Named by the company | 85% |
| Dollar General Corp | Named by the company | 85% |
| The Cigna Group | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Walgreens Boots Alliance Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Walgreens Boots Alliance Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Walgreens Boots Alliance Inc | United States Retail Pharmacy 78.78 % |
| Amazon com Inc | North America 57.75 % |
| Unitedhealth Group Incorporated | UnitedHealthcare 76.78 % |
| Cvs Health Corporation | Health Services 48.03 % |
| Mckesson Corporation | North American Pharmaceutical 83.45 % |
| The Cigna Group | Evernorth 85.32 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Walgreens Boots Alliance Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Walgreens Boots Alliance Inc | 10,362 | 495,446 | -25,365 |
| Amazon com Inc | 2,683,773 | 492,532 | 85,838 |
| Unitedhealth Group Incorporated | 342,314 | 1,154,177 | 38,236 |
| Cvs Health Corporation | 113,063 | 1,383,620 | 16,283 |
| Mckesson Corporation | 102,070 | 8,058,490 | 103,922 |
| Target Corporation | 72,212 | 256,330 | 8,313 |
| PEERS TOTAL | 3,410,188 | 822,250 | 56,235 |
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Walgreens Boots Alliance Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Veradigm Inc | US 99.91 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Walgreens Boots Alliance Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 14 companies in Walgreens Boots Alliance Inc's industry classification, broader than the peer set above. Market cap in millions of $.Walgreens Boots Alliance Inc ranks #0 of 14 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,683, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Cvs Health Corporation | 113,063 | 34.17 % |
| 2 | Mckesson Corporation | 102,070 | 30.84 % |
| 3 | Cencora Inc | 58,922 | 17.81 % |
| 4 | Cardinal Health Inc | 51,988 | 15.71 % |
| 5 | Guardian Pharmacy Services Inc | 1,234 | 5.2% |
| 6 | Herbalife Ltd | 1,234 | 5.2% |
| 7 | 111 Inc | 1,234 | 5.2% |
| 8 | Nu Skin Enterprises Inc | 1,234 | 5.2% |
| 9 | Zerostack Corp | 1,234 | 5.2% |
| 10 | Petmed Express Inc | 1,234 | 5.2% |
| 0 | Walgreens Boots Alliance Inc | 10,362 | 0.00 % |
Market cap and industry share for the rest of Walgreens Boots Alliance Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2025-08-27.
Walgreens Boots Alliance Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Pharmacy Services & Retail Drugstore industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (28 companies). See the full Pharmacy Services & Retail Drugstore industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 17.13 % | 21.82 % (avg) | -4.7 pp |
| Operating Margin | -4.36 % | industry median | -3.8 pp |
| EBITDA Margin | -2.05 % | -3.58 % (avg) | +1.5 pp |
| Capital Intensity (Capex / Revenue) | 0.64 % | 1.20 % (avg) | -0.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Walgreens Boots Alliance Inc's Valuation vs Competitive Position
Valuation multiples vs the Pharmacy Services & Retail Drugstore industry average (28 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Pharmacy Services & Retail Drugstore industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 29.8x | - |
| EV / EBITDA | - | 15.4x | - |
| P/B | 1.0x | 3.5x | -2.5x |
| Return on Equity | -84.34 % | industry aggregate | -88.90 % |
| Return on Invested Capital | -11.37 % | 8.49 % (avg) | -19.86 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Walgreens Boots Alliance Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 3.11 % | 11.74 % | 2.10 % | 2.98 % | -8.06 % | 1.60 % | 7.73 % | 5.62 % |
| Operating Margin | 4.51 % | 4.82 % | 3.36 % | -0.10 % | 3.12 % | -4.57 % | -0.65 % | -9.50 % |
| Return on Invested Capital | 6.77 % | 8.64 % | 6.26 % | -0.17 % | 4.60 % | -6.16 % | -0.91 % | -20.34 % |
| P/E | 20.1x | 14.1x | 14.2x | - | 6.7x | - | 34.7x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Walgreens Boots Alliance Inc's Strategic Group Map
Every company in Walgreens Boots Alliance Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Walgreens Boots Alliance Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Walgreens Boots Alliance Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 2,683 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.64 % vs industry average 1.20 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Walgreens Boots Alliance Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Walgreens Boots Alliance Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Walgreens Boots Alliance Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Walgreens Boots Alliance Inc falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Walgreens Boots Alliance Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 88.9 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-6.9% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Walgreens Boots Alliance Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Walgreens Boots Alliance Inc | 0.03 | 0.63 | 0.88 |
| Amazon com Inc | 0.38 | 1.07 | 0.21 |
| Unitedhealth Group Incorporated | 0.24 | 0.81 | 0.75 |
| Cvs Health Corporation | 0.11 | 0.85 | 0.83 |
| Mckesson Corporation | 0.07 | 0.88 | - |
| Target Corporation | 0.21 | 0.96 | 1.02 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Walgreens Boots Alliance Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Walgreens Boots Alliance Inc | Q2 2025 | +7.2 % | - |
| Amazon com Inc | Q2 2026 | +19.9 % | +244.9 % |
| Unitedhealth Group Incorporated | Q2 2026 | +0.4 % | +58.7 % |
| Cvs Health Corporation | Q2 2026 | +7.3 % | +195.7 % |
| Mckesson Corporation | Q2 2026 | +7.7 % | +24.2 % |
| Target Corporation | Q1 2026 | +6.7 % | -24.6 % |
| PEERS TOTAL | +9.3 % | +179.7 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Walgreens Boots Alliance Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Walgreens Boots Alliance Inc | Q2 2025 | +8.7 % | -10.5 % |
| Amazon com Inc | Q2 2026 | +18.5 % | +300.3 % |
| Unitedhealth Group Incorporated | Q2 2026 | +2.7 % | -9.8 % |
| Cvs Health Corporation | Q2 2026 | +9.0 % | +13.8 % |
| Mckesson Corporation | Q2 2026 | +7.6 % | -19.6 % |
| Target Corporation | Q1 2026 | +5.4 % | +31.0 % |
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Walgreens Boots Alliance Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Walgreens Boots Alliance Inc | - | - | - |
| Amazon com Inc | 15.21% | 23.40% | 30.50% |
| Unitedhealth Group Incorporated | 4.78% | 7.51% | 14.55% |
| Cvs Health Corporation | 1.92% | 2.81% | 6.39% |
| Mckesson Corporation | 6.43% | 35.05% | - |
| Target Corporation | 5.86% | 9.45% | 21.74% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Walgreens Boots Alliance Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Walgreens Boots Alliance Inc | - | 0.07 |
| Amazon com Inc | 19.79 | 3.46 |
| Unitedhealth Group Incorporated | 24.31 | 0.76 |
| Cvs Health Corporation | 23.12 | 0.27 |
| Mckesson Corporation | 23.01 | 0.25 |
| Target Corporation | 20.93 | 0.68 |
| PEERS AVERAGE | 21.09 | 1.29 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.