Has the U.K. Healthcare Services Industry valuation changed over the past few years?

Investors are optimistic on the British Healthcare industry, and appear confident in long term growth rates. The industry is trading at a PE ratio of 48.2x which is higher than its 3-year average PE of 37.4x. The industry is trading close to its 3-year average PS ratio of 0.96x.

Which industries have driven the changes within the U.K. Healthcare industry?

Investors are most optimistic about the Healthcare Facilities industry which is trading above its 3-year average PE ratio of 35.7x. Analysts are expecting annual earnings growth of 33.8%, which is higher than its past year's earnings decline of 18.3% per year. Investors are most pessimistic about the Healthcare Services industry, which is trading below its 3-year average of 219x.

U.K. (FTSE) Healthcare Services Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 17 Aug 2026	UK£2.6b	UK£2.6b	UK£54.1m	54.2x	48.2x	1x
Wed, 15 Jul 2026	UK£2.4b	UK£2.6b	UK£48.7m	52.7x	50.1x	0.9x
Fri, 12 Jun 2026	UK£2.4b	UK£2.6b	UK£48.1m	52x	50.5x	0.9x
Sun, 10 May 2026	UK£1.9b	UK£2.5b	UK£44.5m	28.2x	43.3x	0.8x
Tue, 07 Apr 2026	UK£1.9b	UK£2.5b	UK£44.9m	24.9x	41.9x	0.8x
Thu, 05 Mar 2026	UK£2.2b	UK£2.5b	UK£49.1m	28.6x	45.4x	0.9x
Sat, 31 Jan 2026	UK£2.3b	UK£2.4b	UK£57.3m	30.8x	39.8x	0.9x
Mon, 29 Dec 2025	UK£2.1b	UK£2.4b	UK£52.2m	26.8x	41.1x	0.9x
Wed, 26 Nov 2025	UK£2.3b	UK£2.4b	UK£52.0m	30.8x	44.6x	1x
Fri, 24 Oct 2025	UK£2.5b	UK£2.4b	UK£52.2m	34.4x	47.9x	1x
Sun, 21 Sep 2025	UK£5.2b	UK£5.0b	UK£141.8m	31.5x	37x	1x
Tue, 19 Aug 2025	UK£5.0b	UK£5.0b	UK£140.9m	31.5x	35.4x	1x
Thu, 17 Jul 2025	UK£2.1b	UK£2.4b	UK£58.2m	12.5x	36.5x	0.9x
Sat, 14 Jun 2025	UK£2.1b	UK£2.5b	UK£56.9m	14.8x	37x	0.9x
Mon, 12 May 2025	UK£2.1b	UK£2.5b	UK£55.6m	14.8x	37.8x	0.9x
Wed, 09 Apr 2025	UK£1.8b	UK£2.4b	UK£46.0m	14.3x	39.1x	0.7x
Fri, 07 Mar 2025	UK£1.9b	UK£2.4b	UK£46.3m	17x	40.6x	0.8x
Sun, 02 Feb 2025	UK£2.0b	UK£2.3b	UK£55.7m	17x	36.4x	0.9x
Tue, 31 Dec 2024	UK£1.9b	UK£2.3b	UK£55.5m	18.8x	34.3x	0.8x
Thu, 28 Nov 2024	UK£1.9b	UK£2.3b	UK£56.1m	19.7x	33.1x	0.8x
Sat, 26 Oct 2024	UK£2.0b	UK£2.4b	UK£54.9m	16.5x	36.7x	0.9x
Mon, 23 Sep 2024	UK£2.2b	UK£2.4b	UK£63.7m	24.2x	35.3x	1x
Wed, 21 Aug 2024	UK£2.3b	UK£2.2b	UK£56.6m	19.8x	40.9x	1x
Fri, 19 Jul 2024	UK£2.2b	UK£2.3b	UK£58.9m	16.6x	36.7x	1x
Sun, 16 Jun 2024	UK£2.1b	UK£2.3b	UK£65.1m	17.1x	33x	1x
Tue, 14 May 2024	UK£2.1b	UK£2.2b	UK£60.3m	18.4x	35.2x	0.9x
Thu, 11 Apr 2024	UK£2.0b	UK£2.2b	UK£59.2m	19.7x	34.6x	0.9x
Sat, 09 Mar 2024	UK£2.5b	UK£2.2b	UK£58.8m	25.9x	42.2x	1.1x
Mon, 05 Feb 2024	UK£7.7b	UK£6.5b	UK£312.6m	21.9x	24.5x	1.2x
Wed, 03 Jan 2024	UK£7.6b	UK£6.5b	UK£312.6m	21.9x	24.4x	1.2x
Fri, 01 Dec 2023	UK£7.5b	UK£6.5b	UK£312.6m	21.9x	23.9x	1.2x
Sun, 29 Oct 2023	UK£7.4b	UK£6.5b	UK£308.7m	21.2x	24x	1.1x
Tue, 26 Sep 2023	UK£7.7b	UK£6.5b	UK£307.7m	22x	24.9x	1.2x
Thu, 24 Aug 2023	UK£8.1b	UK£6.4b	UK£286.3m	23.2x	28.1x	1.3x


GB Market	-1.35%
Healthcare	-4.33%
Healthcare Services	0.42%
Healthcare Services	0.84%
Healthcare Facilities	0.26%
Healthcare Distributors	0%	0

Company	Last Price	7D	1Y	Valuation
CVSG CVS Group	UK£13.07	1.3% +UK£11.6m	6.4%	PE54.2x
SPI Spire Healthcare Group	UK£2.34	0.4% +UK£4.0m	5.9%	PE57.2x
EDX EDX Medical Group	UK£0.098	2.6% +UK£1.0m	-7.1%	n/a
OHGR One Health Group	UK£2.98	1.7% +UK£691.6k	24.0%	n/a
KOO Kooth	UK£1.48	1.0% +UK£544.1k	-6.3%	PE20.5x

Announcement • Aug 05

EDX Medical Group Completes Development And Technical Validation Of Rapid Pneumonia Test For NHS Intensive Care Patients

EDX Medical Group plc, which develops innovative digital diagnostic products and services for major diseases, announces that the Company and its partners have completed the development and technical validation of a pioneering rapid pneumonia test for critically ill patients that is now being deployed successfully in NHS clinical practice. The Ventilator-Acquired Pneumonia test, or 'VAP' test, enables rapid and informed changes to antibiotic prescribing and enhancement of clinical care in critically ill patients. The test, which helps guide treatment by detecting a broad range of viral, fungal and bacterial pathogens in a small sample of fluid drawn from the patient's lung, is now in service on The John Farman Intensive Care Unit, Addenbrooke's Hospital, Cambridge. The test has benefited several patients since its transition into clinical service last month. Given the critical conditions of these patients, the test results are available via a secure digital link to authorised ICU clinical staff within a matter of hours. In comparison, traditional microbiological assays take several days to generate results. Hospital acquired pneumonia cases alone cost the NHS an estimated £1,500 million per year and take almost one million bed days from service, much of which can be avoided by early detection. Community acquired pneumonia is a common infectious cause of admission to intensive care, and hospitalised patients are estimated to cost the NHS £731 million per year. The test was developed and deployed on The John Farman Intensive Care Unit in collaboration with the UK Health Security Agency (UKHSA) and University of Cambridge. EDX Medical licensed the intellectual property and clinical research data for the VAP test from Cambridge University Hospitals NHS Foundation Trust (CUH), Cambridge University and UKHSA via Cambridge Enterprise in 2025. EDX Medical has completed development and technical validation of the test with its partner, the global life sciences company, Thermo Fisher Scientific, EMEA, (Thermo Fisher) and CUH. CUH and EDX Medical have entered into a four-year service agreement for the Company to provide the assay to CUH. EDX Medical will, under an existing collaboration with Thermo Fisher, further develop and validate a kit version of the test that can then be provided to other hospitals and laboratories in the UK and Europe, subject to regulatory approval. The development of the test, backed in the early stages by Addenbrooke's Charitable Trust (ACT), supports the Government's 10-year strategic plan for the NHS by deploying digital technology to bedside care to treat patients better and earlier. The test, refined on CUH's John Farman Intensive Care Unit, provides sensitive identification and quantification of the microbes (bacteria, fungi and viruses) that can cause respiratory infections in the critically ill, enabling rapid selection of the most effective treatment. Improved custodianship of antibiotic use is key to speeding patient recovery and improving patient outcomes - whilst limiting the risk of resistant bacteria emerging in hospitals leading to greater safety risks. Community acquired pneumonias (CAP) and hospital acquired pneumonias (HAP) are common major life-threatening diseases that require rapid and accurate testing coupled to precision treatment. NHS England estimates suggest that in England alone each year 72,542 people develop hospital-acquired pneumonia (HAP), leading to 15,072 deaths and the avoidable loss of 459,755 hospital bed days annually. 83,000 patients are thought to develop CAP every year, with hospitalised cases accounting for 95% of the costs of this condition. A financial model produced by Manoukian et al in 2021 estimated that in NHS Scotland, the cost of a single HAP case was £13.024 million. Assuming the cost of a bed day in England is similar, it can be estimated that the annual cost of HAP to NHS England is over £1,073.30263 million.

Announcement • Jun 25

Hend El Sherbini, the Chief Executive Officer of Integrated Diagnostics Holdings plc and Moamena Abdul Wahab Kamel proposed to acquire 50.38% stake in Integrated Diagnostics Holdings plc (LSE:IDHC) for approximately $150 million.

Hend El Sherbini, the Chief Executive Officer of Integrated Diagnostics Holdings plc and Moamena Abdul Wahab Kamel proposed to acquire 50.38% stake in Integrated Diagnostics Holdings plc (LSE:IDHC) for approximately $150 million on June 23, 2026. A cash consideration of $146.44 million valued at $0.5 per share will be paid by the buyer. As part of consideration, $146.44 million is paid towards common equity of Integrated Diagnostics Holdings plc. The Offer values the entire issued and to be issued ordinary share capital of IDH at approximately $290.7 million and represents a discount of approximately 11.2% per cent. to the Closing Price per IDH Share of $0.563 on June 22, 2026. The offer price of $0.50 per IDH Share is final and neither it nor any other person acting in concert with it will increase, or acquire or make an offer for IDH Shares at a price in excess of the offer price. Following completion of the Offer, the existing contractual and employment rights of IDH's management and employees will be respected in accordance with applicable law. It is anticipated that the application for cancellation of admission to trading on the London Stock Exchange and listing on the Official List in such circumstances will take effect no earlier than the date that is 20 Business Days after Bidco has acquired or agreed to acquire sufficient IDH Shares such that it would hold 75% of the voting rights attaching to the IDH Shares. The cancellation of the listing would significantly reduce the liquidity and marketability of the IDH Shares not assented to the Offer at the time. The Offerors will exercise its rights to acquire compulsorily the remaining IDH Shares in respect of which the Offer has not been accepted. The transaction will be financed through equity investment of $107 million and further drawdowns of the remaining RMBV Loan of up to $40 million. In a related transaction, Moamena Abdul Wahab Kamel and Hend El Sherbini of Integrated Diagnostics Holdings plc acquired an additional 21.67% stake in Integrated Diagnostics Holdings plc from Actis LLP for $63 million. In conjunction with the Mandatory Offer, the Board also notes that Richard Henry Phillips has stepped down from the Board with immediate effect. The Offer will be subject to the applicable requirements of the Code, the Panel, the London Stock Exchange and the Financial Conduct Authority, effected by means of a takeover offer within the meaning of Article 116 (1) of the Jersey Companies Law, and Offer becomes unconditional and receives valid acceptances, that together with IDH Shares, would lead to its holding 75% or more of the issued share capital of IDH. Accordingly, IDH shareholders are advised to take no action in respect of the Mandatory Offer at this time. Stuart Andrews and Harry Rees of Canaccord Genuity Limited acted as financial adviser and Baker & McKenzie LLP is retained as legal advise for Moamena Abdul Wahab Kamel and Hend El Sherbini. James Dance, Matthew Chandler, Carl Holmes and Harry Hiley of Strand Hanson Limited acted as financial adviser Integrated Diagnostics Holdings plc.

U.K. (FTSE) Healthcare Services Industry Analysis

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