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U.S. Healthcare Services Industry Analysis

UpdatedMar 04, 2026
DataAggregated Company Financials
Companies162
  • 7D1.9%
  • 3M-5.0%
  • 1Y-16.3%
  • YTD-6.0%

Last week, the Healthcare Services industry hasn't moved much but UnitedHealth Group is up 5.6% in that time. As for the longer term, the industry has declined 15% in the last year. 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, 05 Mar 2026US$867.1bUS$2.2tUS$27.8b23.1x31.2x0.4x
Sat, 31 Jan 2026US$848.5bUS$2.2tUS$29.4b22x28.8x0.4x
Mon, 29 Dec 2025US$903.3bUS$2.1tUS$34.8b23.2x25.9x0.4x
Wed, 26 Nov 2025US$900.0bUS$2.1tUS$34.8b22.7x25.8x0.4x
Fri, 24 Oct 2025US$939.3bUS$2.1tUS$49.3b21.7x19x0.4x
Sun, 21 Sep 2025US$879.0bUS$2.1tUS$49.3b21.1x17.8x0.4x
Tue, 19 Aug 2025US$840.7bUS$2.1tUS$49.3b21x17.1x0.4x
Thu, 17 Jul 2025US$820.7bUS$2.1tUS$52.7b20.8x15.6x0.4x
Sat, 14 Jun 2025US$888.4bUS$2.1tUS$52.7b20.5x16.8x0.4x
Mon, 12 May 2025US$950.5bUS$2.1tUS$52.6b20.4x18.1x0.5x
Wed, 09 Apr 2025US$1.0tUS$1.7tUS$41.6b23.4x24.4x0.6x
Fri, 07 Mar 2025US$982.2bUS$1.7tUS$41.4b24.7x23.7x0.6x
Sun, 02 Feb 2025US$1.1tUS$2.0tUS$42.5b23.8x25.9x0.6x
Tue, 31 Dec 2024US$1.0tUS$2.0tUS$42.3b21.6x23.9x0.5x
Thu, 28 Nov 2024US$1.2tUS$2.0tUS$41.4b24.4x28.2x0.6x
Sat, 26 Oct 2024US$1.1tUS$1.9tUS$43.7b23.9x25.8x0.6x
Mon, 23 Sep 2024US$1.2tUS$1.9tUS$43.3b25.7x27.6x0.6x
Wed, 21 Aug 2024US$1.2tUS$1.9tUS$43.2b26.4x27.8x0.6x
Fri, 19 Jul 2024US$1.2tUS$1.9tUS$42.6b26.7x27.7x0.6x
Sun, 16 Jun 2024US$1.1tUS$1.9tUS$43.4b26.2x25.2x0.6x
Tue, 14 May 2024US$1.1tUS$1.9tUS$43.5b27.1x25.5x0.6x
Thu, 11 Apr 2024US$1.1tUS$1.8tUS$49.7b24.9x21.8x0.6x
Sat, 09 Mar 2024US$1.1tUS$1.8tUS$51.0b24.2x21.6x0.6x
Mon, 05 Feb 2024US$1.1tUS$1.8tUS$50.0b23.4x22.8x0.6x
Wed, 03 Jan 2024US$1.2tUS$1.8tUS$50.1b23.7x23.6x0.7x
Fri, 01 Dec 2023US$1.1tUS$1.8tUS$51.1b23x22x0.6x
Sun, 29 Oct 2023US$1.1tUS$1.8tUS$46.8b22.1x23.8x0.6x
Tue, 26 Sep 2023US$1.1tUS$1.8tUS$46.9b22.3x24x0.6x
Thu, 24 Aug 2023US$1.1tUS$1.8tUS$46.7b21.7x23.5x0.6x
Sat, 22 Jul 2023US$1.1tUS$1.7tUS$46.7b24x24.6x0.7x
Mon, 19 Jun 2023US$1.1tUS$1.7tUS$45.7b22.7x23.3x0.6x
Wed, 17 May 2023US$1.1tUS$1.7tUS$45.7b21.9x23.7x0.6x
Fri, 14 Apr 2023US$1.1tUS$1.4tUS$43.6b23.8x25.9x0.8x
Sun, 12 Mar 2023US$1.0tUS$1.4tUS$44.2b21.3x23.4x0.7x
Price to Earnings Ratio

23.4x


Total Market Cap: US$1.0tTotal Earnings: US$44.2bTotal Revenue: US$1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthcare Services Industry Price to Earnings3Y Average 23.5x202420252026
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 31.3x which is higher than its 3-year average PE of 23.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.56x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 14% per year over the last three years.
  • Meanwhile revenues for these companies have grown 15% 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-1.39%
Healthcare-1.52%
Healthcare Services1.88%
Healthcare Services3.30%
Managed Healthcare1.41%
Healthcare Distributors1.35%
Healthcare Facilities-0.51%
Industry PE
  • Investors are most optimistic about the Healthcare Distributors industry which is trading above its 3-year average PE ratio of 40.3x.
    • Analysts are expecting annual earnings growth of 16.3%, which is higher than its past year's earnings growth of 9.3% per year.
  • Investors are most pessimistic about the Healthcare Facilities industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 20.4x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Healthcare Facilities industry is expected to see its earnings grow by 12% 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
UNH UnitedHealth GroupUS$291.962.7%
+US$7.6b		-38.7%PE22x
CVS CVS HealthUS$80.575.7%
+US$5.6b		22.2%PE58x
MCK McKessonUS$978.711.6%
+US$1.9b		53.0%PE27.6x
CNC CenteneUS$44.995.4%
+US$1.1b		-23.7%PS0.1x
COR CencoraUS$368.191.4%
+US$1.0b		46.4%PE44.1x

Latest News

HUM
US$181.58
Humana
7D
4.0%
1Y
-30.9%
DGX
US$208.36
Quest Diagnostics
7D
-0.6%
1Y
19.1%
MCK
US$995.69
McKesson
7D
4.0%
1Y
54.7%
ELV
US$284.03
Elevance Health
7D
-13.2%
1Y
-28.5%

ELV: Medicare Advantage Upside And Policy Tailwinds Will Drive Repricing

Analysts have trimmed their aggregate price target for Elevance Health by updating fair value to about $451.95 from roughly $495.70. This reflects more conservative assumptions on revenue growth and profit margins, partly offset by a slightly higher future P/E multiple and recent mixed research that includes both target cuts and a few upward revisions.
OPCH
US$31.20
Option Care Health
7D
-7.7%
1Y
-8.6%

OPCH: Buybacks And Easing Drug Headwinds Will Support Future Earnings

Narrative Update The analyst price target for Option Care Health is now framed around a fair value of about $40.09 per share, a small move from roughly $39.82. This is supported by several recent target increases from analysts who point to easing Stelara related profit headwinds and updated P/E assumptions, while revenue growth and discount rate inputs remain broadly similar.
UHS
US$204.85
Universal Health Services
7D
-10.9%
1Y
18.2%

UHS: 2026 EBITDA Guidance Will Offset ACA Subsidy Policy Risks

Narrative Update The updated analyst price target for Universal Health Services edges slightly lower to about $300. This reflects a mix of reduced targets tied to weaker acute Q4 results and policy headwinds, partly offset by higher targets from analysts who see 2026 EBITDA guidance as supportive and have refreshed longer term estimates.
UNH
US$289.21
UnitedHealth Group
7D
5.6%
1Y
-39.1%

UNH: Medicare Advantage Reset And Rebate Actions Will Support Multi-Year Earnings Recovery

Our updated view trims UnitedHealth Group's fair value estimate to $364.63 from $392.24 as analysts factor in softer revenue growth assumptions, a slightly higher discount rate, and modestly lower long term profit expectations following a broad wave of reduced Street price targets on the stock. Analyst Commentary Street research on UnitedHealth has turned more cautious in the near term, with a cluster of lower price targets from multiple firms and a smaller group of more constructive views.
PACS
US$36.87
PACS Group
7D
-7.0%
1Y
186.3%
HSIC
US$80.21
Henry Schein
7D
-3.8%
1Y
14.1%
PGNY
US$17.52
Progyny
7D
-15.7%
1Y
-18.7%
CHE
US$424.16
Chemed
7D
-9.4%
1Y
-27.8%

Repositioned Hospice Mix And Aging Demographics Will Support Stronger Long Term Performance

Catalysts About Chemed Chemed operates VITAS Healthcare, a large hospice provider, and Roto-Rooter, a national plumbing and water restoration service business. What are the underlying business or industry changes driving this perspective?
HCA
US$541.80
HCA Healthcare
7D
2.9%
1Y
73.6%

HCA: Future Returns Will Depend On AI Efficiency And Capital Returns

The updated analyst price target for HCA Healthcare edges higher to an implied fair value of about $542, as analysts factor in the potential for AI driven efficiency gains to support a slightly richer P/E multiple while keeping core growth and margin assumptions essentially unchanged. Analyst Commentary Recent Street research on HCA Healthcare has tilted more constructive, with several bullish analysts lifting their price targets and framing AI driven efficiency as a potential support for a higher valuation multiple.
COR
US$371.44
Cencora
7D
1.9%
1Y
46.7%

COR: 3PL Expansion And M&A Options Will Shape Balanced Long-Term Upside

Analysts have nudged their price target for Cencora higher to about $404 from roughly $400, citing refreshed assumptions around revenue growth, profitability and a modestly higher future P/E multiple. What's in the News Cencora is expanding its third party logistics capabilities in the United States and Europe, including adding NextPharma Logistics across Germany, Austria and Switzerland and planning a new 3PL facility in Italy in 2026, alongside increased cold chain capacity across its European network (company announcement).
CVS
US$80.49
CVS Health
7D
8.5%
1Y
25.4%

CVS: Medicare Advantage And Great Healthcare Plan Will Support Future Margin Recovery

Analysts have trimmed their average price target on CVS Health by a few dollars, citing updated views on Medicare-related policy risks and a slightly lower future P/E assumption, even as they factor in modestly stronger profit margins over time. Analyst Commentary Recent research on CVS Health reflects a mix of optimism around long term earnings potential and caution around policy and reimbursement risk tied to Medicare and broader health reform proposals.
CNC
US$43.82
Centene
7D
3.4%
1Y
-24.3%

CNC: Policy Uncertainty And Margin Recovery Prospects Will Shape Balanced Outlook

Analysts have lifted their average price target on Centene by about $3 to roughly $44, citing updated views on fair value, slightly higher expected profit margins and P/E, and ongoing research that points to potential margin recovery in government managed care despite recent CMS related concerns. Analyst Commentary Recent research on Centene reflects a mix of optimism around long term earnings power in government managed care and caution around policy and utilization risks that could affect how quickly that potential is realized.
BLLN
US$83.14
BillionToOne
7D
17.8%
1Y
n/a