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U.S. Healthcare Services Industry Analysis

UpdatedJan 06, 2026
DataAggregated Company Financials
Companies163
  • 7D2.4%
  • 3M-2.4%
  • 1Y-8.7%
  • YTD1.8%

In the last week, the Healthcare Services industry is up 2.4%, with UnitedHealth Group up 3.0%. In the past year, the industry is down 8.7%. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 07 Jan 2026US$924.9bUS$2.1tUS$34.8b23x26.5x0.4x
Fri, 05 Dec 2025US$897.7bUS$2.1tUS$34.9b22.4x25.7x0.4x
Sun, 02 Nov 2025US$883.8bUS$2.1tUS$35.4b20.3x25x0.4x
Tue, 30 Sep 2025US$897.0bUS$2.1tUS$49.3b21.2x18.2x0.4x
Thu, 28 Aug 2025US$845.5bUS$2.1tUS$49.3b21.3x17.2x0.4x
Sat, 26 Jul 2025US$779.5bUS$2.1tUS$52.2b19.8x14.9x0.4x
Mon, 23 Jun 2025US$871.1bUS$2.1tUS$52.7b21.8x16.5x0.4x
Wed, 21 May 2025US$895.0bUS$2.1tUS$52.4b21.9x17.1x0.4x
Fri, 18 Apr 2025US$1.1tUS$1.7tUS$49.4b23.1x22x0.6x
Sun, 16 Mar 2025US$988.4bUS$1.7tUS$41.4b23.2x23.8x0.6x
Tue, 11 Feb 2025US$1.0tUS$1.7tUS$41.5b23.7x24.5x0.6x
Thu, 09 Jan 2025US$1.0tUS$2.0tUS$42.3b23.8x24.3x0.5x
Sat, 07 Dec 2024US$1.1tUS$2.0tUS$41.4b23.9x27.2x0.6x
Mon, 04 Nov 2024US$1.1tUS$1.9tUS$43.5b23.9x25.9x0.6x
Wed, 02 Oct 2024US$1.2tUS$1.9tUS$43.3b25.1x27.8x0.6x
Fri, 30 Aug 2024US$1.2tUS$1.9tUS$43.3b26.4x28.2x0.6x
Sun, 28 Jul 2024US$1.2tUS$1.9tUS$43.3b27.2x27.5x0.6x
Tue, 25 Jun 2024US$1.1tUS$1.9tUS$43.4b25.4x25x0.6x
Thu, 23 May 2024US$1.1tUS$1.9tUS$43.5b26.4x25.8x0.6x
Sat, 20 Apr 2024US$1.1tUS$1.9tUS$43.0b25.3x25.6x0.6x
Mon, 18 Mar 2024US$1.1tUS$1.8tUS$50.1b23.9x22.3x0.6x
Wed, 14 Feb 2024US$1.1tUS$1.8tUS$50.4b22.2x22.6x0.6x
Fri, 12 Jan 2024US$1.2tUS$1.8tUS$50.2b24.3x23.5x0.7x
Sun, 10 Dec 2023US$1.2tUS$1.8tUS$51.2b23x22.6x0.6x
Tue, 07 Nov 2023US$1.1tUS$1.8tUS$50.6b21.8x22.5x0.6x
Thu, 05 Oct 2023US$1.1tUS$1.8tUS$46.8b22.1x23.7x0.6x
Sat, 02 Sep 2023US$1.1tUS$1.8tUS$46.7b22.2x23x0.6x
Mon, 31 Jul 2023US$1.1tUS$1.7tUS$47.9b22.7x23.6x0.7x
Wed, 28 Jun 2023US$1.1tUS$1.7tUS$45.8b23.2x24x0.6x
Fri, 26 May 2023US$1.1tUS$1.7tUS$45.7b21.7x23.7x0.6x
Sun, 23 Apr 2023US$1.1tUS$1.4tUS$44.3b24x24x0.7x
Tue, 21 Mar 2023US$1.1tUS$1.4tUS$44.4b22x23.7x0.7x
Thu, 16 Feb 2023US$1.1tUS$1.4tUS$44.2b22.1x25.5x0.8x
Sat, 14 Jan 2023US$1.1tUS$1.4tUS$45.0b21.4x25.2x0.8x
Price to Earnings Ratio

25.2x


Total Market Cap: US$1.1tTotal Earnings: US$45.0bTotal Revenue: US$1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthcare Services Industry Price to Earnings3Y Average 23.4x202420252026
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 26.5x which is higher than its 3-year average PE of 23.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.58x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 8.2% 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 Market0.48%
Healthcare-0.16%
Healthcare Services2.42%
Managed Healthcare3.78%
Healthcare Services1.44%
Healthcare Distributors0.38%
Healthcare Facilities0.18%
Industry PE
  • Investors are most optimistic about the Healthcare Distributors industry which is trading above its 3-year average PE ratio of 39.3x.
    • Analysts are expecting annual earnings growth of 17.2%, which is higher than its past year's earnings growth of 13.7% per year.
  • Investors are most pessimistic about the Healthcare Facilities industry, which is trading below its 3-year average of 20.8x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Healthcare Facilities industry is expected to see its earnings grow by 13% 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$348.975.1%
+US$15.2b		-32.1%PE18x
ELV Elevance HealthUS$371.376.5%
+US$5.0b		-2.5%PE14.9x
HUM HumanaUS$279.848.0%
+US$2.5b		4.7%PE26.1x
HCA HCA HealthcareUS$483.602.2%
+US$2.4b		56.9%PE17.4x
CNC CenteneUS$45.7411.0%
+US$2.2b		-26.9%PS0.1x

Latest News

COR
US$346.17
Cencora
7D
1.8%
1Y
47.8%
GH
US$112.33
Guardant Health
7D
11.7%
1Y
210.7%
CNC
US$45.74
Centene
7D
11.0%
1Y
-26.9%

CNC: Marketplace Margin Recovery And Medicaid Pressures Will Shape Balanced Outlook

Analysts have raised their implied fair value estimate for Centene to about US$41 from roughly US$40, reflecting a mix of higher price targets tied to recent earnings beats and margin recovery expectations in Marketplace and Medicaid, partially balanced by concerns around Medicaid trends and contract losses. Analyst Commentary Recent Street research on Centene reflects a split view, with some analysts focusing on earnings power from margin recovery and others highlighting ongoing risks in Medicaid and selected contracts.
ELV
US$371.37
Elevance Health
7D
6.5%
1Y
-2.5%

ELV: ACA Subsidy Uncertainty Will Pressure Membership And Earnings Visibility

Analysts now place fair value for Elevance Health at $320, down from $331, reflecting updated price targets that balance slightly higher revenue growth and margin assumptions with a lower future P/E and regulatory and membership headwinds highlighted in recent research. Analyst Commentary Recent research on Elevance Health points to a mixed setup, with some firms lifting price targets while others trim expectations or initiate coverage with a more cautious stance.
UHS
US$221.74
Universal Health Services
7D
-1.5%
1Y
19.2%

UHS: Strong Q3 Execution And Buybacks Will Test Policy Risk Concerns

Analysts have lifted their price target framework for Universal Health Services by about US$2 to reflect modestly higher long term fair value, with recent research citing stronger Q3 EBITDA, updated 2027 estimates, solid demand trends, and an undemanding P/E multiple, even as some highlight ongoing policy and admissions volume risks. Analyst Commentary Bullish Takeaways Bullish analysts point to Q3 results that came in above guidance and consensus, which they see as a sign of improving execution and a foundation for their higher long term fair value views.
UNH
US$348.97
UnitedHealth Group
7D
5.1%
1Y
-32.1%

UNH: Medicare Advantage Margin Normalization Will Drive Multi-Year Earnings Recovery Ahead

Analysts have nudged their fair value estimate for UnitedHealth Group slightly higher, with the price target rising by about $4 to around $392 per share as they factor in a stronger multi year earnings recovery driven by disciplined repricing, Medicare Advantage and Medicaid margin normalization, and improving visibility into Optum restructuring benefits. Analyst Commentary Recent Street research on UnitedHealth Group reflects a generally constructive stance, with multiple bullish analysts lifting price targets and emphasizing the durability of the company’s earnings recovery as Medicare Advantage and Medicaid margins normalize and Optum restructuring gains traction.
ACH
US$1.91
Accendra Health
7D
-30.3%
1Y
-86.2%
HCA
US$483.60
HCA Healthcare
7D
2.2%
1Y
56.9%

Investors Continue Waiting On Sidelines For HCA Healthcare, Inc. (NYSE:HCA)

Jan 02
Investors Continue Waiting On Sidelines For HCA Healthcare, Inc. (NYSE:HCA)
LMRI
US$17.39
Lumexa Imaging Holdings
7D
-5.0%
1Y
n/a
NUTX
US$171.95
Nutex Health
7D
-5.6%
1Y
416.1%

NUTX: Margin Expansion Will Drive Future Upside Despite Fraud Allegations

Analysts have modestly raised their price target on Nutex Health to approximately 220 dollars per share, citing slightly stronger anticipated revenue growth and profit margins. These factors support a marginally lower future price to earnings multiple.
AHG
US$1.35
Akso Health Group
7D
-18.2%
1Y
4.7%
FLGT
US$25.99
Fulgent Genetics
7D
-1.9%
1Y
37.2%

FLGT: Improved Profit Outlook And Pipeline Progress Will Support Upside Potential

Analysts have raised their price target on Fulgent Genetics from 30 dollars to 36 dollars, citing slightly improved long term profit margin expectations and a higher projected future price to earnings multiple, despite more conservative revenue growth assumptions and a modestly higher discount rate. What's in the News Raised full year 2025 guidance, now expecting approximately 325 million dollars in revenue and a GAAP loss of about 1.70 dollars per share, indicating increased confidence in the core business trajectory (Key Developments).
HUM
US$279.84
Humana
7D
8.0%
1Y
4.7%
NHC
US$134.47
National HealthCare
7D
-2.8%
1Y
34.5%
MCK
US$826.51
McKesson
7D
-0.1%
1Y
41.2%
CI
US$284.76
Cigna Group
7D
3.0%
1Y
1.7%

CI: Massive Share Buyback Will Drive Future Earnings Upside Momentum

Narrative Update on Cigna Group Analysts have slightly lowered their price target on Cigna Group by approximately $2 to around $326 per share, reflecting modest tweaks to assumptions on long term growth, profitability, and valuation multiples, while maintaining a broadly constructive outlook. What's in the News Cigna Group reported that between July 1 and September 30, 2025, it repurchased no additional shares under its existing authorization, having already completed the buyback of about 133.5 million shares, or 41.09% of shares outstanding, for roughly $34.44 billion since the program was announced in December 2018 (company filing).