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U.S. Healthtech Industry Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies69
  • 7D-2.7%
  • 3M9.1%
  • 1Y-37.8%
  • YTD-18.0%

Over the last 7 days, the Healthtech industry has dropped 2.7%, driven by a pullback from Veeva Systems of 2.0%. However, the industry is down 38% over the past year. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Jul 2026US$52.5bUS$13.4b-US$390,407,179.0032.7x-134.4x3.9x
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
Sun, 30 Jul 2023US$77.7bUS$17.8b-US$5,538,206,318.0062.2x-14x4.4x
Price to Earnings Ratio

-14x


Total Market Cap: US$77.7bTotal 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 -134x202420252026
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-0.68%
Healthcare0.75%
Healthtech-2.69%
Healthtech-2.69%
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
SOPH SOPHiA GENETICSUS$6.4010.9%
+US$52.9m		77.3%PS6.6x
AMWL American WellUS$11.665.7%
+US$10.5m		35.7%PS0.8x
DRIO DarioHealthUS$7.9017.0%
+US$8.4m		-43.6%PS2.7x
ISPC iSpecimenUS$2.250.9%
+US$28.7k		-95.0%PS3.1x

Latest News

SDGR
US$15.03
Schrödinger
7D
-7.6%
1Y
-34.7%
DRIO
US$7.90
DarioHealth
7D
17.0%
1Y
-43.6%
WAY
US$20.79
Waystar Holding
7D
-8.4%
1Y
-43.8%
Narrative Update • Jul 21

WAY: Market Share Gains And Buybacks Will Drive Future Upside

Analysts have revised their price target for Waystar Holding from $54.00 down to about $43.41, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E that change the balance of risks and potential rewards in their models. What's in the News Waystar Holding plans to report second quarter 2026 financial results for the period ended June 30, 2026, after market close on July 29, 2026, followed by a conference call at 4:30 p.m. Eastern Time and a live audio webcast on the company's investor relations website.
DOCS
US$20.49
Doximity
7D
-8.0%
1Y
-66.4%
Narrative Update • Jul 21

DOCS: Clinical AI Safety Leadership Will Support Higher Future Earnings Power

The analyst fair value estimate for Doximity has been reset from $55.00 to $36.89 after multiple firms trimmed price targets, citing concerns about slower core growth, heavier AI investment weighing on margins, and rising competitive and execution risks. Analyst Commentary Recent Street research on Doximity reflects a reset in expectations around growth, profitability, and competitive positioning, particularly as the company leans into heavier AI investment and faces questions about the durability of its core advertising business.
SOPH
US$6.40
SOPHiA GENETICS
7D
10.9%
1Y
77.3%
Narrative Update • Jul 21

SOPH: AI Usage Model And NHS Rollout Will Drive Future Upside

Analysts have raised their price target on SOPHiA GENETICS stock to $12, citing the company’s AI-driven, usage-based revenue model across clinical and biopharma customers, as well as its exposure to an estimated $40 billion addressable market, as key factors supporting the updated valuation and fair value assumptions. What’s in the News for SOPHiA GENETICS SOPHiA GENETICS completed a follow on equity offering of 10,526,000 common shares at US$4.75 per share, raising approximately US$49.9985 million.
TDOC
US$8.92
Teladoc Health
7D
-8.2%
1Y
4.0%
New Narrative • Jul 21

Pandemic Relic or Cash-Flow Bargain?

In 2013, anticipating the inevitable wave of healthcare digitisation, I secured a business method patent titled 'System and Method for Providing Pet Products and Services Based on Online Prescriptions' (Patent No. KR 10-1333262; granted on Nov 20, 2013) and launched a tech venture. Despite backing from Samsung Electronics and winning POSCO Group’s top venture award, the company failed due to resistance from veterinary groups and margin-protective suppliers.
AMWL
US$11.66
American Well
7D
5.7%
1Y
35.7%
CTEV
US$24.98
Claritev
7D
-15.1%
1Y
-42.9%
PHR
US$10.01
Phreesia
7D
-7.0%
1Y
-63.8%
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$184.55
Veeva Systems
7D
-4.7%
1Y
-35.5%
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$24.23
HeartFlow
7D
-11.1%
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
ISPC
US$2.25
iSpecimen
7D
0.9%
1Y
-95.0%