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U.S. Healthcare Services Industry Analysis

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies167
  • 7D-2.8%
  • 3M13.5%
  • 1Y12.5%
  • YTD7.9%

The Healthcare Services is pretty flat in the last 7 days, but Cardinal Health has stood out, gaining 6.9%. The past year has been better, since the industry has gained 9.5% in that time. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026US$991.7bUS$2.2tUS$30.0b24.5x33.1x0.4x
Sat, 18 Apr 2026US$861.3bUS$2.2tUS$28.0b23.5x30.8x0.4x
Mon, 16 Mar 2026US$819.0bUS$2.2tUS$27.7b22.1x29.5x0.4x
Wed, 11 Feb 2026US$836.0bUS$2.2tUS$28.9b23.1x29x0.4x
Fri, 09 Jan 2026US$924.3bUS$2.1tUS$34.8b23.3x26.5x0.4x
Sun, 07 Dec 2025US$889.5bUS$2.1tUS$34.9b22.2x25.5x0.4x
Tue, 04 Nov 2025US$883.9bUS$2.1tUS$35.5b20.7x24.9x0.4x
Thu, 02 Oct 2025US$902.0bUS$2.1tUS$49.3b21.2x18.3x0.4x
Sat, 30 Aug 2025US$847.2bUS$2.1tUS$49.3b21.5x17.2x0.4x
Mon, 28 Jul 2025US$790.0bUS$2.1tUS$50.8b19.8x15.5x0.4x
Wed, 25 Jun 2025US$875.8bUS$2.1tUS$52.7b22x16.6x0.4x
Fri, 23 May 2025US$873.2bUS$2.1tUS$52.4b17.8x16.7x0.4x
Sun, 20 Apr 2025US$956.8bUS$1.7tUS$49.4b23.1x19.4x0.6x
Tue, 18 Mar 2025US$988.5bUS$1.7tUS$41.5b23.9x23.8x0.6x
Thu, 13 Feb 2025US$1.0tUS$1.7tUS$41.1b23.7x25x0.6x
Sat, 11 Jan 2025US$1.0tUS$2.0tUS$42.2b21.6x24.6x0.5x
Mon, 09 Dec 2024US$1.1tUS$2.0tUS$41.4b23.9x26.3x0.6x
Wed, 06 Nov 2024US$1.1tUS$1.9tUS$44.0b24.2x25.3x0.6x
Fri, 04 Oct 2024US$1.2tUS$1.9tUS$43.3b24.5x27.5x0.6x
Sun, 01 Sep 2024US$1.2tUS$1.9tUS$43.3b26.6x28.3x0.6x
Tue, 30 Jul 2024US$1.2tUS$1.9tUS$43.3b27.2x27.5x0.6x
Thu, 27 Jun 2024US$1.1tUS$1.9tUS$43.4b25.2x25x0.6x
Sat, 25 May 2024US$1.1tUS$1.9tUS$43.3b26.5x25.6x0.6x
Mon, 22 Apr 2024US$1.1tUS$1.9tUS$43.0b25.9x25.9x0.6x
Wed, 20 Mar 2024US$1.1tUS$1.8tUS$49.6b24.4x22.7x0.6x
Fri, 16 Feb 2024US$1.1tUS$1.8tUS$50.5b24x22.6x0.6x
Sun, 14 Jan 2024US$1.2tUS$1.8tUS$50.8b24x22.7x0.6x
Tue, 12 Dec 2023US$1.2tUS$1.8tUS$51.2b23x22.7x0.6x
Thu, 09 Nov 2023US$1.2tUS$1.8tUS$50.6b21.1x22.8x0.6x
Sat, 07 Oct 2023US$1.1tUS$1.8tUS$46.9b22.4x24x0.6x
Mon, 04 Sep 2023US$1.1tUS$1.8tUS$46.7b22.2x23x0.6x
Wed, 02 Aug 2023US$1.1tUS$1.7tUS$48.0b22.9x23.7x0.7x
Fri, 30 Jun 2023US$1.1tUS$1.7tUS$45.8b23.6x23.9x0.6x
Sun, 28 May 2023US$1.1tUS$1.7tUS$45.7b21.6x23.5x0.6x
Price to Earnings Ratio

23.5x


Total Market Cap: US$1.1tTotal Earnings: US$45.7bTotal Revenue: US$1.7tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthcare Services Industry Price to Earnings3Y Average 24x202420252026
Current Industry PE
  • Investors are optimistic on the American Healthcare industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 33.1x which is higher than its 3-year average PE of 24.0x.
  • The industry is trading close to its 3-year average PS ratio of 0.54x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 9.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

US Market-0.32%
Healthcare-0.29%
Healthcare Services-2.77%
Healthcare Distributors3.05%
Healthcare Services-2.89%
Managed Healthcare-3.24%
Healthcare Facilities-3.52%
Industry PE
  • Investors are most optimistic about the Managed Healthcare industry which is trading above its 3-year average PE ratio of 22.9x.
    • Analysts are expecting annual earnings growth of 19.1%, which is higher than its past year's earnings decline of 11.4% per year.
  • Investors are most pessimistic about the Healthcare Facilities industry, which is trading close to its 3-year average of 19.7x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Healthcare Distributors industry is expected to see its earnings grow by 8.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CAH Cardinal HealthUS$199.236.9%
+US$3.0b		30.0%PE30x
GH Guardant HealthUS$114.9716.8%
+US$2.2b		210.0%PS14.1x
MCK McKessonUS$754.682.4%
+US$2.1b		5.0%PE19x
COR CencoraUS$264.753.5%
+US$1.8b		-9.1%PE20.2x
HQY HealthEquityUS$87.556.5%
+US$453.6m		-11.4%PE34.4x

Latest News

GH
US$114.97
Guardant Health
7D
16.8%
1Y
210.0%
CVS
US$93.28
CVS Health
7D
-4.9%
1Y
50.2%
PACS
US$37.00
PACS Group
7D
-10.4%
1Y
274.5%
GMRS
US$11.68
GMR Solutions
7D
-16.5%
1Y
n/a
MCK
US$754.68
McKesson
7D
2.4%
1Y
5.0%
HSIC
US$73.23
Henry Schein
7D
5.4%
1Y
1.6%
CI
US$283.10
Cigna Group
7D
-5.9%
1Y
-10.7%
Seeking Alpha • May 18

Cigna: Shares Marching To Full Recovery

Summary Cigna Group is reiterated as a "Buy," driven by strong Q1 2026 results, raised guidance, and sustained business momentum. CI’s pharmacy and behavioral health segments are fueling revenue growth, while divestitures and PBM reform temporarily temper 2026 earnings. Shares trade at a 25% discount to a $377 fair value estimate, offering potential 15% annual total returns through 2031. Cigna’s robust balance sheet, market-leading dividend coverage, and growth catalysts in biosimilars and behavioral health underpin the investment thesis. Read the full article on Seeking Alpha
OPCH
US$22.23
Option Care Health
7D
12.4%
1Y
-32.0%
ELV
US$396.21
Elevance Health
7D
-0.9%
1Y
-1.0%
Narrative Update • May 17

ELV: Medicaid And CMS Sanctions Risk Will Pressure 2026 Earnings Visibility

Analysts have made only modest adjustments to Elevance Health's assumptions, keeping fair value at $331.00 while slightly revising the discount rate, revenue growth, profit margin, and future P/E as they weigh recent upgrades, price target changes, and commentary around Medicaid margins and Centers for Medicare and Medicaid Services sanctions. Analyst Commentary Recent Street research around Elevance Health has centered on how the company is managing Medicaid margins, responding to Centers for Medicare and Medicaid Services sanctions, and executing on its 2026 guidance.
COR
US$264.75
Cencora
7D
3.5%
1Y
-9.1%
HCA
US$396.67
HCA Healthcare
7D
-7.2%
1Y
3.9%
UNH
US$383.30
UnitedHealth Group
7D
-4.5%
1Y
26.5%
Narrative Update • May 15

UNH: Margin Recovery Hopes Will Clash With Government Program Overhaul Risk

UnitedHealth Group's updated analyst price target moves higher, with fair value now at $307.60 from $284.09, as analysts factor in the company's progress toward restoring margins closer to its targets by 2028 and adjust assumptions for discount rate, revenue growth and profit margin, alongside a modestly higher future P/E of 17.07 from 16.28. Analyst Commentary Recent Street research on UnitedHealth Group has leaned constructive, with several large firms lifting price targets and, in some cases, upgrading their views on the stock.
HQY
US$87.55
HealthEquity
7D
6.5%
1Y
-11.4%
BTSG
US$58.59
BrightSpring Health Services
7D
3.7%
1Y
146.8%
CAH
US$199.23
Cardinal Health
7D
6.9%
1Y
30.0%
Narrative Update • May 11

CAH: Theranostics Capacity Expansion Will Support Future Upside Despite Mixed Street Revisions

Analysts have reduced the Cardinal Health fair value estimate by $3.00 to $245.27, reflecting updated assumptions for growth, margins, discount rate, and a higher future P/E that align with the recent mix of lowered and raised Street price targets. Analyst Commentary Recent Street research on Cardinal Health reflects a mix of optimism and caution, with several firms adjusting price targets and at least one new bullish initiation.
THC
US$187.41
Tenet Healthcare
7D
-4.3%
1Y
15.1%
Narrative Update • May 10

THC: Buybacks And Higher Acuity Demand Will Offset Cautious 2026 Margin Expectations

Tenet Healthcare's updated analyst price target has moved from $228.45 to $210.00 as analysts factor in a slightly higher discount rate, modestly adjusted revenue and margin assumptions, and lower future P/E expectations following a series of recent target cuts across the Street. Analyst Commentary Recent Street research around Tenet Healthcare reflects a clear shift toward more cautious positioning, with several bearish analysts trimming price targets and reassessing assumptions for valuation and execution risk.