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U.S. Healthtech Industry Analysis

UpdatedAug 25, 2026
DataAggregated Company Financials
Companies70
  • 7D4.3%
  • 3M46.6%
  • 1Y-21.1%
  • YTD2.4%

In the last week, the Healthtech industry is up 4.3%, with Veeva Systems up 4.2%. In the same time, GoodRx Holdings was down 7.5%. In contrast, the industry has lost 21% in the last 12 months. Earnings are forecast to grow by 20% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 25 Aug 2026US$64.0bUS$13.7b-US$321,331,114.0037.9x-199.3x4.7x
Thu, 23 Jul 2026US$50.7bUS$13.4b-US$390,407,179.0031.7x-129.8x3.8x
Sat, 20 Jun 2026US$44.3bUS$14.4b-US$757,222,179.0027.3x-58.5x3.1x
Mon, 18 May 2026US$43.5bUS$13.6b-US$505,760,594.0027.9x-86.1x3.2x
Wed, 15 Apr 2026US$44.3bUS$13.6b-US$414,701,415.0030x-106.7x3.3x
Fri, 13 Mar 2026US$50.2bUS$13.5b-US$318,312,318.0032.1x-157.6x3.7x
Sun, 08 Feb 2026US$50.9bUS$13.6b-US$115,740,340.0041.8x-439.9x3.7x
Tue, 06 Jan 2026US$64.3bUS$13.6b-US$102,572,340.0053.6x-626.4x4.7x
Thu, 04 Dec 2025US$69.5bUS$13.6b-US$119,482,271.0054.9x-581.5x5.1x
Sat, 01 Nov 2025US$78.6bUS$13.1b-US$204,351,903.0058.9x-384.4x6x
Mon, 29 Sep 2025US$81.0bUS$13.2b-US$266,647,296.0059.3x-303.8x6.1x
Wed, 27 Aug 2025US$78.5bUS$13.1b-US$369,126,795.0060x-212.7x6x
Fri, 25 Jul 2025US$79.4bUS$13.3b-US$1,473,336,447.0061x-53.9x6x
Sun, 22 Jun 2025US$76.7bUS$13.2b-US$1,382,394,447.0053.5x-55.5x5.8x
Tue, 20 May 2025US$70.1bUS$13.1b-US$1,460,873,518.0054x-48x5.3x
Thu, 17 Apr 2025US$66.6bUS$13.2b-US$1,417,865,959.0050.3x-46.9x5.1x
Sat, 15 Mar 2025US$68.0bUS$13.2b-US$1,418,576,862.0059.1x-47.9x5.2x
Mon, 10 Feb 2025US$76.7bUS$12.9b-US$1,610,814,514.0065.8x-47.6x5.9x
Wed, 08 Jan 2025US$66.7bUS$12.9b-US$1,636,336,735.0055.6x-40.7x5.2x
Fri, 06 Dec 2024US$69.4bUS$12.8b-US$1,712,780,390.0059.8x-40.5x5.4x
Sun, 03 Nov 2024US$63.2bUS$13.5b-US$3,010,457,656.0049x-21x4.7x
Tue, 01 Oct 2024US$65.2bUS$14.0b-US$3,288,675,208.0053.3x-19.8x4.7x
Thu, 29 Aug 2024US$63.3bUS$13.9b-US$3,379,735,604.0058.4x-18.7x4.6x
Sat, 27 Jul 2024US$59.2bUS$13.7b-US$1,860,658,542.0053x-31.8x4.3x
Mon, 24 Jun 2024US$57.2bUS$13.7b-US$1,889,788,216.0047.3x-30.3x4.2x
Wed, 22 May 2024US$59.0bUS$12.8b-US$1,973,252,856.0046.8x-29.9x4.6x
Fri, 19 Apr 2024US$57.2bUS$12.7b-US$1,620,331,315.0046.5x-35.3x4.5x
Sun, 17 Mar 2024US$64.0bUS$14.3b-US$1,457,126,316.0048.8x-43.9x4.5x
Tue, 13 Feb 2024US$64.8bUS$13.8b-US$5,675,716,752.0062.1x-11.4x4.7x
Thu, 11 Jan 2024US$71.5bUS$18.3b-US$5,780,492,665.0055.1x-12.4x3.9x
Sat, 09 Dec 2023US$65.9bUS$18.3b-US$5,772,419,665.0052.1x-11.4x3.6x
Mon, 06 Nov 2023US$68.0bUS$18.3b-US$5,826,818,376.0052x-11.7x3.7x
Wed, 04 Oct 2023US$69.4bUS$18.0b-US$5,559,240,965.0052.4x-12.5x3.8x
Fri, 01 Sep 2023US$73.6bUS$18.0b-US$5,525,678,389.0050.1x-13.3x4.1x
Price to Earnings Ratio

-13.3x


Total Market Cap: US$73.6bTotal Earnings: -US$5,525,678,389.00Total Revenue: US$18.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthtech Industry Price to Earnings3Y Average -138.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the American Healthcare Services industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Healthcare Services industry have improved over the last three years.
  • Meanwhile revenues for these companies have declined 8.8% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, losses have been shrinking.

Industry Trends

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

US Market-1.55%
Healthcare4.13%
Healthtech4.33%
Healthtech4.33%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
VEEV Veeva SystemsUS$248.464.2%
+US$1.6b		-12.9%PE42.9x
HTFL HeartFlowUS$50.2019.7%
+US$718.2m		68.2%PS20.6x
DOCS DoximityUS$25.303.2%
+US$139.0m		-61.9%PE27x
WAY Waystar HoldingUS$25.352.7%
+US$128.5m		-29.4%PE36.1x
SDGR SchrödingerUS$18.777.9%
+US$102.5m		-3.9%PS5.4x

Latest News

TDOC
US$6.20
Teladoc Health
7D
-5.2%
1Y
-19.2%
DOCS
US$25.30
Doximity
7D
3.2%
1Y
-61.9%
Narrative Update • Aug 22

DOCS: AI Budget Share And Q1 AI Traction Will Drive Bullish Outlook

Analysts have lifted their Doximity price target from about $28.00 to roughly $29.78. This reflects updated models after Q1 results, differing views on AI monetization, and mixed opinions on how far current AI traction and pharma budget share can support growth amid rising competition and margin pressures.
LFMD
US$3.14
LifeMD
7D
-5.4%
1Y
-49.3%
Narrative Update • Aug 22

LFMD: GLP-1 Virtual Care And Pharmacy Expansion Will Support 2026 Outlook

The analyst price target for LifeMD has been cut, with our fair value estimate moving from $9.88 to $8.13 as analysts incorporate lower revenue growth and profit margin assumptions, along with a higher future P/E multiple following recent research updates. Analyst Commentary Recent Street research on LifeMD points to a more cautious stance on valuation, even as some analysts still see long term growth drivers in the business.
SDGR
US$18.77
Schrödinger
7D
7.9%
1Y
-3.9%
Seeking Alpha • Aug 21

Schrodinger: The Software Business Is Stronger Than It Looks

Summary Schrodinger’s (SDGR) stock has rebounded in recent months, despite temporary revenue recognition headwinds from the shift to hosted software. Recent product launches such as Bunsen and predictive toxicology strengthen SDGR's software offering and could help mitigate concerns about AI disruption. Drug discovery activity remains strong, with growth increasingly driven by external collaborations as Schrodinger deemphasizes internal drug development. SDGR is undervalued, although a catalyst like a large partnership or positive clinical data will likely be needed before the stock moves significantly higher. Read the full article on Seeking Alpha
GDRX
US$3.44
GoodRx Holdings
7D
-7.5%
1Y
-19.1%
Narrative Update • Aug 21

GDRX: Pharma Direct GLP-1 Momentum And New Offerings Will Drive Future Upside

GoodRx Holdings' analyst price target has increased, moving from about $3.18 to roughly $4.03. Analysts point to updated models following Q2 results, including stronger GLP-1 momentum in Pharma Direct and revised views on sector peers.
VEEV
US$248.46
Veeva Systems
7D
4.2%
1Y
-12.9%
Narrative Update • Aug 20

VEEV: AI Demand And CRM Wins Will Support Balanced Future Returns

Veeva Systems' analyst-derived fair value estimate has moved from $245.48 to $251.43 as analysts factor in Street research pointing to steadier normalized billings growth, customer interest in AI and CRM offerings, and mixed but generally constructive views on long term demand. Analyst Commentary Recent Street views on Veeva Systems show a wide range of opinions on execution, growth durability, and how current pricing lines up with perceived fundamentals.
CERT
US$7.96
Certara
7D
-0.5%
1Y
-26.4%
Narrative Update • Aug 20

CERT: Execution Risks And Leadership Turnover Will Constrain Future Returns

Certara's narrative fair value has been revised from $6.00 to $7.00 as analysts recalibrate models in response to mixed price target moves and updated views on profitability, growth trajectory, and peer valuation benchmarks. Analyst Commentary Recent research on Certara reflects a mixed but generally cautious tone.
AMWL
US$11.92
American Well
7D
-3.4%
1Y
71.0%
Narrative Update • Aug 19

AMWL: Breakeven Uncertainty Will Restrain Benefits From Defense Contract Validation

Analysts have lifted the fair value estimate for American Well from $6.50 to $11.00, citing stronger Q2 results, a higher 2026 revenue outlook, stabilizing revenue forecasts, progress toward breakeven, and a Department of Defense contract update that they see as validating the platform and potentially widening the scope of future deals. Analyst Commentary Recent Street research on American Well points to a more balanced view than the headline fair value increase might suggest.
HCAT
US$1.59
Health Catalyst
7D
-6.5%
1Y
-52.4%
Narrative Update • Aug 19

HCAT: Sector Repricing And Impairment Charges Will Pressure Shares Further

Analysts have nudged their target on Health Catalyst lower, trimming the implied fair value from $1.75 to $1.50. They have factored in recent sector updates, a slightly higher discount rate, and revised expectations around growth, profitability, and future P/E multiples following recent Street research moves on the stock.
SOPH
US$8.45
SOPHiA GENETICS
7D
10.7%
1Y
144.9%
Narrative Update • Aug 18

SOPH: Astrazeneca Partnerships And AI Platform Will Drive Future Oncology Opportunity

Analysts have lifted the SOPHiA GENETICS analyst price target from $12 to $14, citing recent Street research that highlights stronger Q2 results, a raised outlook, major AstraZeneca and companion diagnostics partnerships, growing U.S. adoption, and recurring, usage based revenue streams across clinical and biopharma markets as key supports for this updated view. Analyst Commentary Bullish analysts see SOPHiA GENETICS as a company that is executing on its plan, with recent research pointing to what they view as strong Q2 results, a raised outlook, and expanding commercial traction.
HTFL
US$50.20
HeartFlow
7D
19.7%
1Y
68.2%
Seeking Alpha • Aug 16

HeartFlow: An Impressive MedTech Growth Play

Summary HeartFlow delivered a convincing Q2 with 48% sales growth and gross margins rising to 83%, driving strong market optimism. The company raised full-year revenue guidance to $246–$250 million, though the outlook appears conservative given recent momentum and sequential growth. Shares now trade at 13x sales, supported by accelerating topline growth, expanding plaque-related revenue, and commercial adoption of its non-invasive cardiac solution. Despite ongoing operating losses, a robust net cash position and significant addressable market suggest further upside, but current valuation tempers immediate enthusiasm. Read the full article on Seeking Alpha
HCTI
US$0.84
Healthcare Triangle
7D
-28.4%
1Y
-99.5%
WAY
US$25.35
Waystar Holding
7D
2.7%
1Y
-29.4%
OPRX
US$7.65
OptimizeRx
7D
-9.8%
1Y
-55.0%
EVH
US$4.72
Evolent Health
7D
7.0%
1Y
-51.3%
Seeking Alpha • Aug 13

Evolent Health Q2 Earnings Review: Debt Is Distressing, But Business Is Booming

Summary Evolent Health, Inc. is awarded a contrarian Buy rating despite extreme indebtedness and recent net losses. EVH trades at a deeply distressed valuation (~0.2x forward sales) due to ~$967m long-term debt and persistent GAAP losses. Management projects >25% revenue growth and adjusted EBITDA ≥$150m in 2027, aiming to improve leverage and capital structure. Industry recovery and strong specialty care revenue growth support the thesis, but EVH remains a high-risk, high-reward turnaround. Read the full article on Seeking Alpha
HSTM
US$28.78
HealthStream
7D
2.7%
1Y
3.7%