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U.S. Healthcare Services Industry Analysis

UpdatedJul 15, 2026
DataAggregated Company Financials
Companies160
  • 7D0.09%
  • 3M29.6%
  • 1Y35.3%
  • YTD21.4%

Last week, the Healthcare Services industry hasn't moved much but Cigna Group is up 5.8% in that time. As for the the longer term, the industry is up 35% over the past 12 months. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Jul 2026US$1.1tUS$2.2tUS$29.9b25.1x37.1x0.5x
Fri, 12 Jun 2026US$1.0tUS$2.2tUS$30.0b23.1x34.4x0.5x
Sun, 10 May 2026US$941.9bUS$2.2tUS$30.3b22.1x31.1x0.4x
Tue, 07 Apr 2026US$804.5bUS$2.2tUS$28.0b21.8x28.7x0.4x
Thu, 05 Mar 2026US$853.3bUS$2.2tUS$27.8b23.2x30.7x0.4x
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
Price to Earnings Ratio

24.6x


Total Market Cap: US$1.1tTotal Earnings: US$46.7bTotal Revenue: US$1.7tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthcare Services Industry Price to Earnings3Y Average 24.6x202420252026
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 37.1x which is higher than its 3-year average PE of 24.6x.
  • The industry is trading close to its 3-year average PS ratio of 0.53x.
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 8.8% 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 Market0.22%
Healthcare-3.87%
Healthcare Services0.094%
Healthcare Services1.23%
Managed Healthcare0.24%
Healthcare Distributors-0.63%
Healthcare Facilities-5.78%
Industry PE
  • Investors are most optimistic about the Managed Healthcare industry which is trading above its 3-year average PE ratio of 24.1x.
    • Analysts are expecting annual earnings growth of 20.3%, 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 19.0x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 14% per year.
  • In contrast, the Healthcare Distributors industry is expected to see its earnings grow by 8.4% 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
CI Cigna GroupUS$303.355.8%
+US$4.4b		0.3%PE12.8x
CVS CVS HealthUS$106.181.8%
+US$2.4b		66.1%PE46.2x
ELV Elevance HealthUS$426.791.9%
+US$1.7b		26.9%PE17.7x
HUM HumanaUS$406.773.1%
+US$1.5b		83.3%PE43.2x
CNC CenteneUS$68.723.9%
+US$1.3b		129.1%PS0.2x

Latest News

HCA
US$363.60
HCA Healthcare
7D
-14.1%
1Y
-2.2%
Seeking Alpha • 12h

HCA Healthcare's Warning Prices In All The Bad News (Upgrade)

Summary HCA Healthcare is upgraded to "Buy" after recent underperformance, with shares now reflecting payer mix and policy headwinds. HCA's Q2 results beat expectations due to a $400 million one-time Medicaid payment, masking underlying margin compression from a worsening payer mix. Guidance was cut, with 2026 EPS now seen at $29–$30 (excluding windfall: ~$28), and free cash flow run-rate at ~$6 billion, reflecting persistent policy pressures. At 13x earnings and a 7.5% free cash flow yield, HCA appears de-risked, with fair value estimated at $400 as policy headwinds are now priced in. Read the full article on Seeking Alpha
HUM
US$406.77
Humana
7D
3.1%
1Y
83.3%
MOH
US$241.56
Molina Healthcare
7D
3.7%
1Y
12.6%
ELV
US$426.79
Elevance Health
7D
1.9%
1Y
26.9%
Narrative Update • Jul 14

ELV: Stable Policy Backdrop And Medicaid Uncertainty Will Shape Margin Recovery

Analysts have increased the Elevance Health fair value estimate from $418.67 to $436.52, as higher price targets across the Street cite constructive earnings expectations for healthcare services, steadier trends in Medicare Advantage and exchanges, and a more stable policy backdrop, partially offset by ongoing uncertainty around Medicaid performance. Analyst Commentary Recent research on Elevance Health points to a generally constructive tone, with many bullish analysts adjusting price targets higher while still flagging areas where execution and policy risk could affect valuation and growth.
CNC
US$68.72
Centene
7D
3.9%
1Y
129.1%
Narrative Update • Jul 14

CNC: Medicaid Margin Recovery And Cost Actions Will Shape Balanced Earnings Outlook

Centene's analyst price target has been revised higher, with fair value moving from about $61.83 to $63.78 as analysts highlight more supportive exchange trends, early signs of Medicaid margin recovery, and sector wide adjustments that reflect a steadier policy backdrop. Analyst Commentary Recent research on Centene clusters around a more constructive view on earnings power, supported by exchange trends, Medicare Advantage performance, and early signs of Medicaid margin recovery, while still flagging several execution and policy risks that could affect valuation.
UNH
US$425.19
UnitedHealth Group
7D
-0.7%
1Y
45.8%
Narrative Update • Jul 14

UNH: Medicare Reset And AI Investment Will Shape Multi Year Earnings Balance

UnitedHealth Group's analyst fair value estimate has been nudged higher from $411.31 to $424.23, as analysts factor in updated Street research that points to constructive earnings expectations in Healthcare Services, steadier trends in Medicare Advantage and exchanges, and a slightly higher future P/E assumption of 21.81x. Analyst Commentary Recent commentary around UnitedHealth Group centers on how investors should think about the stock's valuation relative to execution in key businesses such as Medicare Advantage, Medicaid, ACA exchanges, and broader Healthcare Services earnings.
CVS
US$106.18
CVS Health
7D
1.8%
1Y
66.1%
LH
US$275.68
Labcorp Holdings
7D
-2.9%
1Y
12.2%
ALHC
US$21.20
Alignment Healthcare
7D
-11.9%
1Y
59.9%
AGL
US$122.61
agilon health
7D
14.1%
1Y
122.9%
DGX
US$206.00
Quest Diagnostics
7D
-3.0%
1Y
23.8%
BLLN
US$124.87
BillionToOne
7D
5.8%
1Y
n/a
Narrative Update • Jul 10

BLLN: Earlier Cancer Progression Detection Will Support Stronger Long-Term Profitability

Analysts have reduced their BillionToOne price target from $160.00 to $145.00, reflecting updated assumptions around revenue growth, profit margins, and a lower projected future P/E multiple. What’s in the News for BillionToOne BillionToOne published a peer-reviewed study on its Northstar Response assay, reporting that molecular progression detected by Northstar Response was a stronger predictor of survival than standard-of-care imaging in patients with advanced solid tumors receiving immunotherapy, and that it identified cancer progression a median of 62 days earlier than clinicoradiographic methods.
CAH
US$230.11
Cardinal Health
7D
-4.0%
1Y
42.9%
UHS
US$144.23
Universal Health Services
7D
-10.6%
1Y
-18.5%
Narrative Update • Jul 08

UHS: Hospital Trends And Medicaid Payment Uncertainty Will Shape Future Returns

Analysts have lowered the implied fair value estimate for Universal Health Services from about $200.67 to $165.00. This reflects reduced long term growth and margin assumptions following survey data pointing to flat hospital revenue, softer surgical volumes, and ongoing questions around Medicaid directed payment exposure.
CI
US$303.35
Cigna Group
7D
5.8%
1Y
0.3%
THC
US$183.69
Tenet Healthcare
7D
-12.0%
1Y
6.3%