Based on a review of 2025–2026 transaction data, industry research, and recent client engagements, this report summarizes prevailing valuation ranges across major healthcare services sectors. The findings reflect consensus trends observed in private equity platform investments, strategic acquisitions, and specialty roll-ups.
Following record-high valuations in 2021–2022, tightening credit and elevated provider compensation costs led to normalized pricing through 2025. Median healthcare services EV/EBITDA multiples moderated to approximately 11.5× in 2025, down from 14.5× in 2024 for PE deals and from 16.4× to 11.8× for strategic deals, with the widest dispersion seen between small add-ons and large, infrastructure-rich platforms. The decrease in median multiples is due in part to a decrease in average transaction size.
Annual deal volume in specialty healthcare increased 9.0% to 850 deals in 2025 from 780 in 2024, reflecting a more constructive macro backdrop, easing inflationary pressures, and greater visibility on the interest-rate outlook.
Deal volume is projected to grow an additional 10–15% year-over-year as we enter 2026.
The healthcare services sector exhibits significant variance in valuation multiples, depending on segment, size, and buyer category.
| Specialty / Vertical | Platform Multiple (EBITDA) | Add-On Multiple (EBITDA) | Notes / Common Key Drivers |
| Physician Practices (Primary Care, Cardiology, GI, Orthopedics, Dermatology) | ~10×–12×+ for scaled groups with $5M or more in EBITDA | ~5×–9× for most practices | Diversified bench, ancillaries, and strong commercial mix. PE-targeted surgical specialties command ~26% premium over primary care. |
| Dental Support Organizations (DSO) | ~9×–11× for larger groups (and often pedo/ortho, OMS) | ~5×–8× for smaller groups | Multi-office density, provider leverage, and hygiene recall programs drive upper-range results. Dental care represented 149 PE deals in 2025, the second-highest sector. Specialists tend to see higher multiples vs. general dentists. |
| Behavioral Health | ~9×–13×+ for large, multi-state platforms | ~3×–8× for smaller regional or single-state operators | Premiums for in-network contracts, continuum of care, and accredited programs; discounts for OON/self-pay mix or staffing churn. |
| Ophthalmology | ~10×+ for large retina groups or anterior segment with an ASC | ~5×–9× for most small and mid-sized groups | ASC ownership, premium lens conversion, and retina services lift valuations. Eye care drove 7 add-on acquisitions by EyeSouth Partners alone in 2025. |
| Women’s Health (OB/GYN) | ~8×–11× for diversified, multi-provider groups | ~5×–8× for single-office or limited-scope practices | Imaging, fertility, and menopause programs raise value; heavy OB call burden or med-mal trends depress multiples. PwC identifies women’s health as a $600B+ growth market. |
| Medical Spa / Aesthetics | ~7×–12× for scaled multi-state brands | ~3×–8× for single-site or early-growth chains | Membership/subscription revenue and multi-market replication justify higher EBITDA multiples. Medical aesthetics accounted for 16 PE deals in 2025. |
Actual pricing varies with each transaction based on many factors. Intended for educational purposes only and not a guarantee of any outcome.
Key Research Findings:
Payor composition is a direct proxy for revenue quality and earnings durability. Below, see an illustration of how different profiles can map to EBITDA ranges, buyer preference, and key risks to underwrite.
| Payor Mix Profile | Revenue Quality | Buyer Preference | Risk Factors |
| >70% Commercial | Premium | High | Minimal |
| 50-70% Commercial | Standard | Moderate | Contract renewals |
| Mixed (Balanced) | Stable | Good | Reimbursement changes |
| >50% Medicaid | Government-dependent | Specialty-dependent | Regulatory cuts |
| Cash-Pay/Elective | Variable | Specialty-dependent | Economic sensitivity |
Key Findings:
Select 2025 transactions illustrate where market-clearing prices have landed for billion-dollar platforms. While smaller deals clear at lower prices, these comps frame what strategics will pay when vertical integration or supply-chain synergies are material.
| Transaction | Specialty | Deal Value | Buyer Type | Strategic Rationale |
| OneOncology | Oncology | $7.4B | Strategic (Cencora) | Vertical integration; expands oncology care delivery and independent practice management network |
| Amedisys | Home Health / Hospice | $3.3B | Strategic (UnitedHealth Group) | Expansion into home-based care; demographic tailwinds |
| Solaris Health | Urology / Specialty Care | $1.9B | Strategic (Cardinal Health) | Physician practice management and specialty care; integrated clinical and supply chain strategy |
Source: R.L. Hulett, Specialty Healthcare Services M&A Update, Q4 2025
Key Research Findings:
As capital markets normalize and macroeconomic clarity improves, several structural shifts are expected to drive healthcare M&A activity and valuations in 2026.
Ambulatory surgery center volumes are growing 6 to 8% annually, with over 70% of surgical procedures now expected to occur in outpatient settings.
CMS reimbursement changes continue to favor ASCs over hospital-based settings, making ASC-integrated practices among the most sought-after assets.
Artificial intelligence is emerging as a genuine differentiator in healthcare dealmaking. Buyers are embedding AI capabilities, particularly for revenue cycle management, clinical documentation, and workforce optimization, as core drivers of margin expansion.
Increased state regulation is a significant disruptor going into 2026. States including Oregon, California, and Massachusetts have enacted “Mini-HSR” laws requiring regulatory review of even small physician practice acquisitions.
Private equity firms hold an estimated $200 billion in unallocated healthcare capital. Limited Partners are demanding deployment, sustaining competitive pressure for quality assets. PE represented 55.8% of deal volume in 2025, modestly recovering from the declining participation trend observed from 2021 to 2024.
In 2026, expect continued bias toward lower-middle-market add-ons ($50M–$200M check sizes) over mega-buyouts, as firms navigate antitrust scrutiny.
After years of constrained exit options, the IPO window for health services companies is beginning to reopen. Private equity investors are carrying a sizable backlog of high-quality assets, and improving equity valuations and interest-rate conditions are creating a pathway for renewed public-market activity in 2026.
Contact Eric Yetter ([email protected]) or Andy Snyder ([email protected]) today for a no-pressure conversation.
Eric Yetter
Managing Director
Managing Director
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