PitchBook年二季度医疗保健服务公共报表和估值指南（英）

EMERGING TECH RESEARCHHealthcare Services Public Comp Sheet and Valuation GuideQ220252PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchJames Ulan Director of Emerging Technology ResearchInstitutional Research GroupAnalysisQ2 2025 HEALTHCARE SERVICES PUBLIC COMP SHEET AND VALUATION GUIDE Published on July 21, 2025pbinstitutionalresearch@pitchbook.comAaron DeGagne, CFA Senior Research Analyst, Healthcare aaron.degagne@pitchbook.comKey takeaways• Healthcare services have a tumultuous start to the year: Share prices of healthcare services firms had decidedly mixed performances through the first half of 2025. “Liberation Day” tariff announcements sent equities plummeting in April, but after a 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 than other industries, owing to the acyclic nature of healthcare demand and less direct exposure to imports. As such, many firms in the healthcare services sector have outperformed the market this year, but they did not experience the same rebound-driven increase seen across the major indexes in Q2.• Policy changes and Medicaid cuts squeeze insurers’ margins: The tightening of pandemic-era health benefits, high healthcare utilization, 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 paying into plans but filing few claims—insurers are left with a smaller, higher-cost risk pool. Centene was hardest hit by challenges in marketplace plans, with shares plunging 40% at the start of July after the company pulled full-year guidance. UnitedHealth Group has also been one of the lowest performers, with shares down 40% through the end of Q2 due to a tough combination of billing scrutiny, high medical costs, and the recent resignation of its CEO.• Value-based care remains volatile: The value-based care segment continues to underperform. It was the only healthcare services segment to post negative average returns year to date (-6%), significantly underperforming the broader market. Share prices in the segment have been volatile, and despite several consecutive years of strong revenue growth, profit margins remain tight. Valuation multiples for the segment have fallen drastically from 2021 highs, and consensus estimates suggest a near-term bounceback is unlikely.The PitchBook healthcare services comp sheet was constructed with the PitchBook Excel plugin utilizing both PitchBook and Morningstar data. The tool allows subscribers to pull financial data and company information into Excel for over 100,000 public companies across the US and the world, as well as PitchB