2025年四季度医疗保健服务公共报表和估值指南（英）

EMERGING TECH RESEARCH Healthcare ServicesPublic Comp Sheetand Valuation Guide Key takeaways Institutional Research Group Brian WrightLead Research Analyst, Healthcarebrian.wright@pitchbook.com The year 2025 in the healthcare services sector was defined by a stark bifurcation in performance between providers and payers, drivenby a combination of elevated utilization trends, Medicaid acuity shifts, and changing reimbursement landscapes. While provider shares,particularly hospitals and post-acute facilities, experienced significant tailwinds, the payer sector faced a “hydraulic press” on margins dueto tightened Medicaid eligibility and a sicker-than-expected risk pool. By the end of the year, the median return for hospital stocks stood atapproximately 13%, while value-based care (VBC) entities plummeted with a median decline of 43%. pbinstitutionalresearch@pitchbook.com Published on January 13, 2026 Contents Key takeaways2Stock returns4Revenue5EBITDA7 Sector performance and subsector bifurcation Stock performance reflected a clear divide: Providers emerged as the winners of 2025, while payers and VBC companies struggled. •Hospitals and post-acute care:Providers benefited from robust patient demand and high-acuity procedure growth.PACS Groupled the sector with a staggering 193% YTD return, followed byTenet Healthcare(+57%) andHCA Healthcare(+56%). These firmscapitalized on consistent volume growth—HCA reported 18 consecutive quarters of admission increases—and the successfulmanagement of labor costs, as the percentage of expensive contract labor in SWB declined to approximately 1.9% for Tenet. •Payers and payviders:The subsector median was dragged down by industry stalwarts such asUnitedHealth Group(-35%) andMolinaHealthcare(-40%).Elevance Healthanticipated a modestly negative Medicaid operating margin for 2025 as rates lagged the risingacuity of the remaining member pool following redeterminations. Conversely,CVS Healthbucked the trend with a 77% gain, fueled byfavorable PBM fundamentals and GLP-1 demand. PitchBook clients can accessthefull Excel data packfor thisreport via the Details tab in thedocument viewer. •Value-based care:This segment remained the most volatile, withP3 Health Partners(-69%),Evolent Health(-64%), andagilon health(-64%) all suffering major losses. Pressure on Medicare reimbursement at key health plan customers continued to undermine thefundamentals of the VBC model throughout the year. Fundamental drivers: Utilization and Medicaid pressures The primary fundamental driver for the sector in 2025 was the surge in medical utilization across Medicaid, Medicare,and commercial populations. •Medicaid acuity and redetermination:Payer margins were squeezed as states completed Medicaid re-verifications, leaving behind amember pool with higher average morbidity.CenteneandElevanceaggressively pursued rate advocacy to realign reimbursement withthis higher acuity, with Centene successfully securing a retroactive $150 million revenue adjustment in Florida. •Provider upside and supplemental payments:For hospitals, elevated use translated into revenue growth, further bolstered by state-directed supplemental payment programs.HCA Healthcarereported that these programs drove approximately half of its net revenueper equivalent admission growth in Q3, contributing an additional $240 million to adjusted EBITDA compared to the prior year. •Regulatory and policy uncertainty:The potential expiration of Enhanced Advanced Premium Tax Credits created a shadow over theindividual ACA exchange market. Payers such asCentenenoted a pickup in utilization in late 2025 as members rushed to use benefitsahead of potential 2026 premium increases. The PitchBook healthcare services comp sheet was constructed with the PitchBook Excel plugin using both PitchBook and Morningstar data.The tool allows subscribers to pull financial data and company information into Excel for more than 110,000 public companies across the USand 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 Nizar TarhuniExecutive Vice President of Research and Market Intelligence PitchBook providesactionable insights acrossthe global capital markets. Paul CondraSenior Director, Global Head of Private Markets Research James UlanDirector, Industry & Technology Research PitchBook Insightsis an online compendium of in-depth data, news, analysis, and perspectivesthat shape the private capital markets. Report created by: Adriana HansenGraphic Designer PitchBook subscribers enjoy exclusive access to a comprehensive suite of private marketinsights, including proprietary research, news, data, tools, and more on thePitchBookplatform. Learn more aboutPitchBook’s Institutional Research team. Clickherefor PitchBook’s report methodologies. COPYRIGHT © 2026 by PitchBook Dat