2025年二季度医疗保健服务公共报表和估值指南（英）2025

EMERGING TECH RESEARCH Healthcare ServicesPublic Comp Sheetand Valuation Guide Key takeaways PitchBook Data, I nc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Healthcare services have a tumultuous start to the year:Share prices of healthcare services firms had decidedly mixedperformances through the first half of 2025. “Liberation Day” tariff announcements sent equities plummeting in April, but aftera bout of volatility, markets rebounded to all-time highs following positive economic news and renewed trade agreements.While not entirely immune, the largest care delivery companies were generally more insulated from tariff announcements thanother industries, owing to the acyclic nature of healthcare demand and less direct exposure to imports. As such, many firms inthe healthcare services sector have outperformed the market this year, but they did not experience the same rebound-drivenincrease seen across the major indexes in Q2. James UlanDirector of EmergingTechnology Research Institutional Research Group Analysis Aaron DeGagne, CFASenior Research Analyst, Healthcareaaron.degagne@pitchbook.com Ben RiccioAssociate Research Analystben.riccio@pitchbook.com •Policy changes and Medicaid cuts squeeze insurers’ margins:The tightening of pandemic-era health benefits, high healthcareutilization, and the OBBB Act’s cuts to Medicaid have led major health insurers to experience drastic share price declines in 2025.As the US government adjusts Affordable Care Act health plan enrollments—removing generally healthier individuals payinginto plans but filing few claims—insurers are left with a smaller, higher-cost risk pool. Centene was hardest hit by challenges inmarketplace plans, with shares plunging 40% at the start of July after the company pulled full-year guidance. UnitedHealth Grouphas also been one of the lowest performers, with shares down 40% through the end of Q2 due to a tough combination of billingscrutiny, high medical costs, and the recent resignation of its CEO. Published on July 21, 2025pbinstitutionalresearch@pitchbook.com •Value-based care remains volatile:The value-based care segment continues to underperform. It was the only healthcareservices segment to post negative average returns year to date (-6%), significantly underperforming the broader market. Shareprices in the segment have been volatile, and despite several consecutive years of strong revenue growth, profit margins remaintight. Valuation multiples for the segment have fallen drastically from 2021 highs, and consensus estimates suggest a near-termbounceback is unlikely. PitchBook clients can accessthe full Excel data pack for thisreport via the Details tab in thedocument viewer. The PitchBook healthcare services comp sheet was constructed with the PitchBook Excel plugin utilizing both PitchBook and Morningstardata. The tool allows subscribers to pull financial data and company information into Excel for over 100,000 public companies across theUS and the world, as well as PitchBook’s proprietary data on over 4 million private companies. Stock returns PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Valuations PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Revenue Revenue ©2025 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical,including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents arebased on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothingherein should be construed as any past, currentor future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of theinformation that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.