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U.S. Healthtech Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies68
  • 7D-0.6%
  • 3M11.2%
  • 1Y-35.2%
  • YTD-15.3%

The Healthtech industry has been flat over the last week, but Waystar Holding has lost 4.1%. As for the longer term, the industry has declined 35% in the last year. Earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026US$52.1bUS$13.4b-US$390,407,179.0033.8x-133.5x3.9x
Thu, 18 Jun 2026US$45.8bUS$14.4b-US$757,222,179.0027.2x-60.5x3.2x
Sat, 16 May 2026US$43.6bUS$13.6b-US$504,863,564.0027.9x-86.4x3.2x
Mon, 13 Apr 2026US$42.5bUS$13.6b-US$414,701,415.0028.3x-102.4x3.1x
Wed, 11 Mar 2026US$52.2bUS$13.5b-US$319,825,318.0034.3x-163.2x3.9x
Fri, 06 Feb 2026US$53.6bUS$13.6b-US$102,102,340.0040.1x-525.2x3.9x
Sun, 04 Jan 2026US$63.0bUS$13.6b-US$102,572,340.0051.9x-613.9x4.6x
Tue, 02 Dec 2025US$70.1bUS$13.6b-US$117,958,271.0055.2x-594.2x5.2x
Thu, 30 Oct 2025US$80.6bUS$13.1b-US$212,082,154.0058x-380x6.1x
Sat, 27 Sep 2025US$78.9bUS$13.2b-US$266,647,296.0059.3x-296x6x
Mon, 25 Aug 2025US$80.0bUS$13.1b-US$369,126,795.0060.9x-216.7x6.1x
Wed, 23 Jul 2025US$77.9bUS$13.3b-US$1,473,336,447.0059.7x-52.9x5.9x
Fri, 20 Jun 2025US$76.7bUS$13.2b-US$1,382,394,447.0054.5x-55.5x5.8x
Sun, 18 May 2025US$70.1bUS$13.1b-US$1,460,873,518.0054.4x-48x5.3x
Tue, 15 Apr 2025US$65.6bUS$13.2b-US$1,414,847,122.0051x-46.4x5x
Thu, 13 Mar 2025US$69.2bUS$13.2b-US$1,489,340,589.0059.9x-46.4x5.3x
Sat, 08 Feb 2025US$72.8bUS$12.9b-US$1,610,814,514.0065.8x-45.2x5.6x
Mon, 06 Jan 2025US$66.3bUS$12.9b-US$1,636,315,514.0054.9x-40.5x5.1x
Wed, 04 Dec 2024US$68.0bUS$12.8b-US$1,712,780,390.0058.9x-39.7x5.3x
Fri, 01 Nov 2024US$62.3bUS$13.5b-US$3,010,457,656.0049x-20.7x4.6x
Sun, 29 Sep 2024US$65.2bUS$14.0b-US$3,288,675,208.0053.5x-19.8x4.7x
Tue, 27 Aug 2024US$63.2bUS$13.9b-US$3,379,735,604.0059x-18.7x4.5x
Thu, 25 Jul 2024US$59.5bUS$13.7b-US$1,860,658,542.0051.6x-32x4.3x
Sat, 22 Jun 2024US$56.6bUS$13.7b-US$1,889,788,216.0047.3x-30x4.1x
Mon, 20 May 2024US$59.1bUS$12.8b-US$1,973,252,856.0046.7x-29.9x4.6x
Wed, 17 Apr 2024US$58.1bUS$12.7b-US$1,620,331,315.0048.4x-35.9x4.6x
Fri, 15 Mar 2024US$65.7bUS$14.2b-US$1,464,501,316.0048.3x-44.8x4.6x
Sun, 11 Feb 2024US$63.6bUS$13.8b-US$5,675,716,752.0061.6x-11.2x4.6x
Tue, 09 Jan 2024US$70.0bUS$18.3b-US$5,780,492,665.0054.1x-12.1x3.8x
Thu, 07 Dec 2023US$66.7bUS$18.3b-US$5,799,120,665.0053.1x-11.5x3.7x
Sat, 04 Nov 2023US$67.9bUS$18.3b-US$5,825,050,376.0052x-11.7x3.7x
Mon, 02 Oct 2023US$69.9bUS$18.0b-US$5,502,347,965.0051.5x-12.7x3.9x
Wed, 30 Aug 2023US$70.9bUS$17.9b-US$5,546,705,389.0052x-12.8x4x
Fri, 28 Jul 2023US$78.4bUS$17.8b-US$5,538,206,318.0062x-14.2x4.4x
Price to Earnings Ratio

-14.2x


Total Market Cap: US$78.4bTotal Earnings: -US$5,538,206,318.00Total Revenue: US$17.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Healthtech Industry Price to Earnings3Y Average -133.7x202420252026
Current Industry PE
  • Investors are pessimistic on the American Healthcare Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 4.6x is higher than the industry's current PS ratio of 3.9x.
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 9.0% 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-1.36%
Healthcare-1.65%
Healthtech-0.56%
Healthtech-0.56%
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$197.410.3%
+US$97.5m		-29.7%PE34.1x
SOPH SOPHiA GENETICSUS$6.3310.7%
+US$51.2m		81.4%PS6.5x
GDRX GoodRx HoldingsUS$3.143.3%
+US$33.9m		-33.9%PE51.7x
AMWL American WellUS$12.5814.3%
+US$26.2m		56.9%PS0.9x
CERT CertaraUS$6.942.2%
+US$23.3m		-31.6%PS2.6x

Latest News

SOPH
US$6.33
SOPHiA GENETICS
7D
10.7%
1Y
81.4%
CERT
US$6.94
Certara
7D
2.2%
1Y
-31.6%
AMWL
US$12.58
American Well
7D
14.3%
1Y
56.9%
GDRX
US$3.14
GoodRx Holdings
7D
3.3%
1Y
-33.9%
WAY
US$22.09
Waystar Holding
7D
-4.1%
1Y
-40.2%
EVH
US$5.93
Evolent Health
7D
0.2%
1Y
-39.2%
Seeking Alpha • Jul 17

Evolent Health: The De-Risking Is Working, But Leverage Keeps Me On Hold

Summary Evolent Health (EVH) is rated Hold, with the equity already pricing in a 2027 EBITDA recovery above current guidance. Recent contract repricing stabilized losses, but core profitability remains pressured; a steep second-half 2026 revenue ramp is critical for validation. EVH’s 6.6x net leverage against volatile cash flows creates significant downside risk if medical expense ratios do not improve. Third quarter 2026 results and evidence of margin normalization are essential catalysts for any re-rating above the current $5 price target. Read the full article on Seeking Alpha
DOCS
US$21.73
Doximity
7D
-2.5%
1Y
-63.9%
CTEV
US$30.12
Claritev
7D
0.9%
1Y
-29.8%
PHR
US$10.68
Phreesia
7D
-3.2%
1Y
-59.8%
Narrative Update • Jul 16

PHR: Securities Lawsuit And Weak Growth Visibility Will Pressure Shares

The analyst price target for Phreesia has been revised from $24 to $9, as analysts weigh lower modeled revenue growth, a reduced assumed future P/E multiple, and sector research that highlights competitive pressures, softer digital advertising trends, and limited visibility into a return to durable organic growth. Analyst Commentary on Phreesia Recent research on Phreesia points to a more cautious stance from several bearish analysts, with multiple downgrades and lower price targets reflecting concerns about growth visibility, competition, and the balance between profitability efforts and future expansion.
VEEV
US$197.41
Veeva Systems
7D
0.3%
1Y
-29.7%
Narrative Update • Jul 13

VEEV: AI Disruption Fears Will Pressure Core CRM Durability

Veeva Systems' updated analyst price target has been reduced from about $232.80 to $165.00. Analysts cite slightly lower modeled revenue growth, a lower assumed future P/E multiple, and ongoing debates around AI disruption and competitive pressure in core CRM offerings, despite steady Q1 execution and continued AI product development.
HTFL
US$24.56
HeartFlow
7D
-6.1%
1Y
n/a
Seeking Alpha • Jul 12

HeartFlow: A Premium AI Diagnostics Story

Summary I recommend a buy rating for HeartFlow, Inc. due to its strong clinical workflow integration and expanding product suite. HTFL’s AI-enabled platform, anchored by FFRCT and Plaque Analysis, drives adoption, monetization, and workflow efficiency in coronary artery disease diagnosis. Plaque Analysis, validated and soon to have its own billing code, broadens HTFL’s addressable market and supports incremental revenue growth from existing CCTA scans. With only ~2% market penetration, 41% y/y revenue growth, and justified premium valuation, HTFL offers an attractive long-term growth runway despite execution and concentration risks. Read the full article on Seeking Alpha
SCNX
US$0.42
Scienture Holdings
7D
16.9%
1Y
-80.6%
SDGR
US$15.00
Schrödinger
7D
-8.6%
1Y
-34.3%
Seeking Alpha • Jul 08

Schrödinger: Surviving, If Not Thriving, In The Tricky AI Drug Discovery Field

Summary Schrödinger, Inc. operates a physics-based computational platform for drug discovery, with a growing software business and extensive pharma partnerships. SDGR maintains a strong cash position (> $400m) and has seen drug discovery revenue rise, but software revenue declined and operating losses persist. While SDGR's platform has enabled high-profile collaborations and milestone events, most pipeline assets remain preclinical, with significant risk to milestone realization. I assign a Hold rating to SDGR, reflecting both its strategic potential and the high-risk, hit-or-miss nature of AI-driven drug discovery. Read the full article on Seeking Alpha
HSTM
US$28.33
HealthStream
7D
-1.4%
1Y
5.4%
HCAT
US$2.16
Health Catalyst
7D
-5.7%
1Y
-44.2%
Narrative Update • Jul 07

HCAT: Vitalware Sale And Impairment Charges Will Pressure Shares Further

Health Catalyst's analyst price target has shifted to $1.75 from $1, as analysts factor in the pending Vitalware sale and update their assumptions on fair value, discount rate, revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent Street research on Health Catalyst highlights a mixed picture, with the updated US$1.75 price target reflecting both the pending Vitalware sale and an effort to recalibrate assumptions for fair value, discount rates, revenue growth, margins, and future P/E multiples.
LFMD
US$4.32
LifeMD
7D
-9.2%
1Y
-58.5%
Narrative Update • Jun 18

LFMD: GLP-1 Virtual Care Expansion Will Support 2026 Revenue Ambitions

Analysts have kept their $9.88 price target on LifeMD broadly unchanged, citing only minor tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions rather than any shift in the core valuation view. What’s in the News for LifeMD LifeMD issued earnings guidance for the second quarter, expecting revenue between $47 million and $50 million.