2025年三季度医疗保健服务公共报表和估值指南（英）2025

INDUSTRY RESEARCH Healthcare ServicesPublic Comp Sheetand Valuation Guide PitchBook Data, Inc. Key takeaways Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Paul CondraGlobal Head of Private Markets Research •Healthcare services bifurcation continues as utilization trends and reimbursement favor providers over payers:Share prices ofhealthcare services firms bifurcated through the first nine months of 2025, with provider shares up 14% at the median and payershares flat. Provider EBITDA is expected to increase 5% in 2025 after 12% growth in 2024. Payer EBITDA is expected to decline15% after an 8% decline in 2024, although it is expected to increase 6% in 2026, potentially indicating a floor has been set forpayer stocks. Their shares rebounded somewhat in the third quarter, up 9% at the median. James UlanDirector of EmergingTechnology Research Institutional Research Group Analysis Brian WrightLead ResearchAnalyst, Healthcarebrian.wright@pitchbook.com •Elevated utilization continues across Medicaid, Medicare, and commercial health insurance populations:Medicaid marginshave been under the hydraulic press with tightened eligibility requirements leading to a sicker-than-expected risk pool and fewermembers. In addition, utilization levels have been universally higher across Medicaid, Medicare, and commercial populations,squeezing margins across the payer sector. The bifurcation is exhibited even within subsectors, as favorable PBM fundamentalsdriven by GLP-1s have propelled CVS Health stocks 68% higher thus far in 2025 while Medicaid-weighted health plans Centeneand Molina Healthcare are down 41% and 34%, respectively. Industry stalwart UnitedHealth Group’s shares are down 32% on theyear, driven by margin and legal/regulatory pressures resulting in leadership transitions, as highlighted by the return of legendaryleader Stephen Hemsley as CEO. Ben RiccioAssociate Research Analystben.riccio@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on October 16, 2025 Key takeaways2Stock returns3Revenue4EBITDA6 •Value-based care remains volatile:The value-based care segment continues to underperform. It posted the lowest medianreturns YTD (-10%) among the healthcare services segments, significantly underperforming the broader market as Medicarereimbursement pressure at key health plan customers continues to pressure fundamentals. Despite reimbursement challenges,InnovAge and Privia Health have been able to buck the trend with 31% and 27% YTD gains, respectively, potentially benefitingfrom NeueHealth’s take-private transaction that closed on October 2. PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. The PitchBook healthcare services comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstardata. The tool allows subscribers to pull financial data and company information into Excel for more than 110,000 public companies acrossthe US and the world, as well as PitchBook’s proprietary data on more than 6 million private companies. Stock returns PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. Revenue PitchBook clients can access thefull Excel data packfor this report via the Details tab in the document viewer. PitchBook, a Morningstar company ©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, ormechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBookData, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.Nothinghereinshould be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy anysecurity. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as suchor used in substitution for the exercise of independent judgment.