Health Care Providers & Services valuation multiples
Worldwide, the median listed health care provider company was valued at 9.8x EBITDA and 19.2x normalised earnings at 30 September 2026. By region, the median was 11.6x in the United States, 7.9x in Europe, 6.5x in Japan and 10.9x in Emerging Asia.
Global 234 listed health care provider companies at 30 September 2026
median
median
median
median
*Excludes companies with negative EBITDA. **Excludes companies with negative normalised earnings. ***Excludes companies with negative operating profit (EBIT). How the figures are built
| EV/EBITDA | P/E | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 196 | 9.8x | 10.8x | 19.2x | 18.7x |
| United States | 56 | 11.6x | 10.9x | 22.6x | 18.2x |
| Europe | 32 | 7.9x | 8.7x | 19.3x | 19.0x |
| Japan | 24 | 6.5x | 5.7x | 15.4x | 15.4x |
| Emerging Asia | 59 | 10.9x | 13.0x | 19.1x | 25.4x |
Companies: those in the EV/EBITDA median. Median: the typical health care provider company. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. Larger companies weigh more in the aggregate, so it can differ from the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. The key multiple for health care provider companies. | 9.8x | 11.6x | 7.9x | 6.5x | 10.9x |
| P/ENormalised earnings: one-off items removed. | 19.2x | 22.6x | 19.3x | 15.4x | 19.1x |
| EV/EBITEnterprise value to operating profit, after depreciation. | 15.5x | 17.3x | 15.8x | 9.4x | 16.6x |
| P/FCFMarket value to free cash flow. | 15.1x | 15.5x | 9.8x | 16.9x | 18.2x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Gross margin | 25.2% | 32.4% | 22.7% | 26.0% | 26.9% |
| EBITDA margin | 12.6% | 10.3% | 15.6% | 10.0% | 13.8% |
| Revenue growth | 6.6% | 9.2% | 8.1% | 4.9% | 4.2% |
| Free cash flow margin | 5.4% | 4.7% | 7.5% | 3.0% | 3.7% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- UnitedHealth Group IncUS
- CVS Health CorpUS
- McKesson CorpUS
- HCA Healthcare IncUS
- Elevance Health IncUS
of 234 companies
United States
- UnitedHealth Group IncUS
- CVS Health CorpUS
- McKesson CorpUS
- HCA Healthcare IncUS
- Elevance Health IncUS
of 70 companies
Europe
- Fresenius SE & Co KGaAGermany
- Fresenius Medical Care AG & Co KGaAGermany
- Galenica Sante AGSwitzerland
- Medicover ABSweden
- Amplifon SpAItaly
of 35 companies
Japan
- Medipal Holdings CorpJapan
- Alfresa Holdings CorpJapan
- Suzuken Co LtdJapan
- Toho Holdings Co LtdJapan
- BML IncJapan
of 24 companies
Emerging Asia
- IHH Healthcare BhdMalaysia
- Apollo Hospitals Enterprise LtdIndia
- Aier Eye Hospital Group Co LtdChina
- Bangkok Dusit Medical Services PCLThailand
- Shanghai Pharmaceuticals Holding Co LtdChina
of 72 companies
Subscribers get the figures of all 234 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | EV/EBITDA | P/E |
|---|---|---|---|
| Managed Care | Health insurers and managed care | See plans | See plans |
| Health Care Facilities | Hospitals, senior living, behavioral and post-acute facilities | See plans | See plans |
| Health Care Services | Physician, home health, lab, dialysis, PBM and other services | See plans | See plans |
| Health Care Distributors | Drug and medical product distributors | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Health Care Providers & Services in the full data
Steady globally, falling in Asia
The global median EV/EBITDA has stayed between 9.6x and 10.9x over twelve quarters and stands at 9.8x. Underneath, the regions have moved apart. The United States is the only region where the median is higher than in Q4 2023, at 11.6x; Emerging Asia's has fallen most, from 14.9x to 10.9x. Japan has the lowest median of the four regions, 6.5x.
Leases matter
Hospitals, clinics and care homes lease much of their property, so leverage is better measured with leases included. The median net debt to EBITDA is 1.9x; with lease liabilities added, it is 1.9x. A target that owns its buildings and one that leases them can have the same EBITDA and very different enterprise values.
Size and business model
Mid caps trade at the highest median, 12.3x EBITDA, against 11.1x for large caps and 8.5x for micro caps. The industry joins hospital operators, insurers and distributors, whose margins are far apart, and a peer group should keep them apart.
What EV/EBITDA multiple do health care provider companies trade at?
The median listed health care provider company traded at 9.8x EBITDA (EV/EBITDA) at 30 September 2026, across 196 companies above USD 100m; the aggregate was 10.8x. United States 11.6x, Europe 7.9x, Japan 6.5x, Emerging Asia 10.9x.
What is the median P/E of health care provider companies?
19.2x at 30 September 2026, across 171 companies; the aggregate was 18.7x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private health care provider companies?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is hospitals, clinics, care homes, health insurers and distributors of medicines and supplies, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
234 health care provider companies at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Health Care Providers & Services Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/health-care-providers/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_health_care_providers_multiples,
title = {Health Care Providers & Services Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/health-care-providers/}
}