Healthcare DealHub › Fairness opinions
Healthcare M&A fairness opinions
253 public-company healthcare transactions, 2010-2026, each with what the fairness opinion in the SEC filing actually says: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions with the multiples applied, the management projections the board relied on, and the price, premium and termination terms.
Opinions
290
253 deals · 55 banks
Median EV / EBITDA
14.1x
LTM, as disclosed
Median EV / revenue
2.38x
Median DCF discount rate
10.5%
midpoint of banker range
By segment
Medical Devices and Supplies
78 opinions · median 16.2x EV/EBITDA · 11.4% DCF rate
Digital / HealthTech
36 opinions · median 17.0x EV/EBITDA · 11.0% DCF rate
Diagnostics / Life Sciences
30 opinions · median 17.7x EV/EBITDA · 10.8% DCF rate
Pharmaceutical Services
20 opinions · median 12.4x EV/EBITDA · 9.6% DCF rate
Physician Groups
17 opinions · median 11.2x EV/EBITDA · 10.0% DCF rate
Managed Care
16 opinions · median 12.1x EV/EBITDA · 8.9% DCF rate
Outsourced Services
15 opinions · median 13.0x EV/EBITDA · 10.3% DCF rate
Home-Based Services
8 opinions · median 12.2x EV/EBITDA · 10.4% DCF rate
Specialty Outpatient Facilities
7 opinions · median 8.7x EV/EBITDA · 12.5% DCF rate
Distribution and Equipment Services
7 opinions · median 11.9x EV/EBITDA · 9.4% DCF rate
Hospitals
5 opinions · median 8.0x EV/EBITDA · 7.8% DCF rate
Pharmacy / Infusion
5 opinions · median 12.1x EV/EBITDA · 8.7% DCF rate
Professional Services
4 opinions · median 9.2x EV/EBITDA · 15.8% DCF rate
Behavioral Health
3 opinions · median 8.1x EV/EBITDA · 8.5% DCF rate
Medical Transportation
2 opinions · median 8.1x EV/EBITDA · 11.0% DCF rate
By banker
- Goldman Sachs 43 opinions
- J.P. Morgan 28 opinions
- Barclays 18 opinions
- Centerview Partners 17 opinions
- Morgan Stanley 16 opinions
- BofA Securities 14 opinions
- Guggenheim Securities 12 opinions
- Jefferies 12 opinions
- Perella Weinberg Partners 11 opinions
- Piper Sandler 11 opinions
- Lazard 11 opinions
- Evercore 8 opinions
- William Blair 6 opinions
- UBS 6 opinions
- Allen 6 opinions
- Houlihan Lokey 5 opinions
- Moelis & Company 4 opinions
- Credit Suisse 4 opinions
- Truist Securities 3 opinions
- Raymond James 3 opinions
- Citi 3 opinions
- Leerink Partners 3 opinions
- Greenhill 3 opinions
Recent transactions
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|---|
| 2026-08-10 | Varex Imaging | Teledyne Technologies | Medical Devices and Supplies | $1.1B | 9.4x | 1.28x | 12.0%–14.0% | |
| 2026-08-03 | Integer | KKR | Medical Devices and Supplies | $5.7B | 14.6x | 3.09x | 9.0%–10.0% | |
| 2026-08-03 | Bowhead Specialty | American Family Mutual Insurance | Outsourced Services | $1.2B | 15.2x | 1.96x | 7.5%–11.5% | |
| 2026-07-29 | Sanara MedTech | MiMedx Group | Medical Devices and Supplies | $350M | 20.6x | 3.39x | 12.1%–14.1% | |
| 2026-07-27 | Lantheus | Curium | Diagnostics / Life Sciences | $7.0B | 14.1x | 4.54x | 8.8%–10.7% | |
| 2026-07-22 | BioLife Solutions | Repligen | Diagnostics / Life Sciences | $1.5B | 60.0x | 15.59x | 12.5%–15.0% | |
| 2026-07-20 | Personalis | Tempus | Diagnostics / Life Sciences | $1.5B | — | 18.99x | 16.5%–19.0% | |
| 2026-06-25 | BIO-TECHNE | Merck | Diagnostics / Life Sciences | $11B | 26.2x | 9.33x | 9.0%–10.5% | Goldman Sachs |
| 2026-06-15 | Simulations Plus | Altaris | Digital / HealthTech | $375M | 16.7x | 4.66x | 9.4%–11.4% | Morgan Stanley |
| 2026-05-06 | Cross Country Healthcare | Knox Lane | Outsourced Services | $437M | 16.3x | 0.41x | 9.0%–11.0% | BofA Securities |
| 2026-04-23 | TruBridge | Inventurus Knowledge Solutions Health | Digital / HealthTech | $557M | 8.1x | 1.61x | 12.0%–13.0% | Solomon Partners |
| 2026-04-14 | Avanos Medical | American Industrial Partners | Medical Devices and Supplies | $1.3B | 14.7x | 1.81x | 10.5%–12.5% | J.P. Morgan |
| 2026-04-02 | Forian | Management-Led Consortium | Digital / HealthTech | $68.0M | 85.0x | 2.24x | 13.5%–16.5% | Houlihan Lokey |
| 2026-03-09 | Talkspace | Universal Health Services | Digital / HealthTech | $835M | 23.9x | 2.85x | 11.0%–13.0% | Wells Fargo Securities |
| 2026-03-02 | Select Medical | WCAS, et. al. | Hospitals | $3.9B | 8.0x | 0.68x | 10.0%–12.0% | Goldman Sachs |
| 2026-02-23 | Enhabit | Kinderhook Industries | Home-Based Services | $1.1B | 10.0x | 1.01x | 11.5%–14.5% | |
| 2026-02-17 | Masimo | Danaher | Diagnostics / Life Sciences | $9.9B | 21.2x | 6.50x | 10.8%–11.8% | Centerview Partners |
| 2026-01-15 | Penumbra | Boston Scientific | Medical Devices and Supplies | $15B | 57.7x | 10.82x | 9.0%–11.0% | Perella Weinberg Partners |
| 2025-12-23 | FONAR | Damadian family Acquisition Group | Specialty Outpatient Facilities | $69.3M | 4.3x | 0.65x | 14.5% | Marshall & Stevens |
| 2025-12-15 | Quipt Home Medical | Kingswood Capital Management / Forager Capital Management | Distribution and Equipment Services | $260M | 4.7x | 1.06x | 10.8%–12.8% | Truist Securities, Evans & Evans |
| 2025-11-19 | Exact Sciences | Abbott | Diagnostics / Life Sciences | $21B | 44.2x | 6.41x | 10.5%–12.5% | Centerview Partners |
| 2025-10-20 | Hologic | Blackstone / TPG | Medical Devices and Supplies | $18B | 14.1x | 4.53x | 8.5%–10.5% | Goldman Sachs |
| 2025-09-22 | Premier | Patient Square Capital | Outsourced Services | $2.6B | 10.9x | 2.68x | 8.5%–10.5% | Goldman Sachs, BofA Securities |
| 2025-07-31 | Performant Healthcare | Machinify | Managed Care | $670M | 43.2x | 4.60x | 12.3%–15.3% | Truist Securities |
| 2025-07-21 | ZimVie | ARCHIMED | Medical Devices and Supplies | $730M | 10.8x | 1.61x | 11.5%–13.5% | Centerview Partners |
By year: 2026 (18) · 2025 (17) · 2024 (16) · 2023 (10) · 2022 (18) · 2021 (13) · 2020 (4) · 2019 (9) · 2018 (15) · 2017 (28) · 2016 (23) · 2015 (13) · 2014 (9) · 2013 (8) · 2012 (15) · 2011 (18) · 2010 (19)
Repeat acquirers
- StrykerCorp. 6 deals · median 35.2x EV/EBITDA
- Boston Scientific 5 deals · median 62.9x EV/EBITDA
- Thermo Fisher Scientific 5 deals · median 17.8x EV/EBITDA
- Altaris 4 deals · median 16.8x EV/EBITDA
- Danaher 4 deals · median 20.9x EV/EBITDA
- Johnson & Johnson 4 deals · median 39.5x EV/EBITDA
- CVS Health 4 deals · median 15.8x EV/EBITDA
- Medtronic 4 deals · median 14.7x EV/EBITDA
- KKR 3 deals · median 10.0x EV/EBITDA
- Patient Square Capital 3 deals · median 11.4x EV/EBITDA
- UnitedHealth Group 3 deals · median 15.2x EV/EBITDA
- Optum 3 deals · median 13.8x EV/EBITDA
- Centene 3 deals · median 14.5x EV/EBITDA
- Laboratory Corporation of America 3 deals · median 12.7x EV/EBITDA
- Universal Health Services 2 deals · median 16.3x EV/EBITDA
- Abbott 2 deals · median 44.2x EV/EBITDA
- Globus Medical 2 deals · median 10.6x EV/EBITDA
- Vista Equity Partners 2 deals · median 29.2x EV/EBITDA
- Thomas H. Lee Partners 2 deals · median 8.3x EV/EBITDA
- Thoma Bravo 2 deals · median 16.1x EV/EBITDA
- Clayton, Dubilier & Rice 2 deals · median 12.1x EV/EBITDA
- Owens & Minor 2 deals · median 12.9x EV/EBITDA
- Oracle 2 deals · median 13.4x EV/EBITDA
- Baxter International 2 deals · median 17.4x EV/EBITDA
- Philips 2 deals · median 23.7x EV/EBITDA
- Smith & Nephew 2 deals · median 22.4x EV/EBITDA
- Cigna 2 deals · median 9.3x EV/EBITDA
- Abbott Laboratories 2 deals · median 14.8x EV/EBITDA
- Becton Dickinson 2 deals · median 16.6x EV/EBITDA
- Hologic 2 deals · median 18.9x EV/EBITDA
- C. R. Bard 2 deals · median 12.3x EV/EBITDA
- JLL Partners 2 deals · median 10.4x EV/EBITDA
- Aetna 2 deals · median 8.1x EV/EBITDA
- Warburg Pincus 2 deals · median 10.5x EV/EBITDA
- Covidien 2 deals · median 24.2x EV/EBITDA
3,000+ healthcare deal-level valuation multiples
The Valuation database includes financial details for more than 3,000 healthcare M&A transactions, private and public, with deal-level multiples, categorized by segment, type, and year.