Fairness opinions › Segments
Managed Care fairness opinions
16 public-company healthcare transactions in Managed Care, 2011-2025, each with the banker's fairness opinion from the SEC filing: the DCF discount rate and terminal assumptions, the selected companies and precedent transactions, and the deal terms.
Valuation benchmarks
EV / LTM EBITDA
9.3x / 12.1x / 15.6x
Q1 / median / Q3 · n=15
EV / LTM revenue
0.47x / 0.61x / 1.07x
Q1 / median / Q3 · n=16
DCF discount rate (midpoint)
8.0% / 9.0% / 13.0%
Q1 / median / Q3 · n=16
Managed Care transactions with a fairness opinion, 2011-2025. Multiples are enterprise value over the last-twelve-months figure disclosed in the filing; the discount rate is the midpoint of the range the banker used in its DCF.
Bankers most often engaged in Managed Care
Goldman Sachs (6) · Barclays (4) · Allen (3) · Centerview Partners (2) · J.P. Morgan (2) · Truist Securities (1) · Lincoln International (1) · Guggenheim Securities (1)
All Managed Care transactions
| Announced | Target | Acquirer | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|
| 2025-07-31 | Performant Healthcare | Machinify | $670M | 43.2x | 4.60x | 12.3%–15.3% | Truist Securities |
| 2024-12-24 | NeueHealth | New Enterprise Associates | $1.5B | 54.7x | 1.56x | 23.0%–25.0% | Lincoln International |
| 2021-01-04 | Magellan Health | Centene | $2.0B | 15.6x | 0.45x | 7.0%–8.0% | Goldman Sachs, Guggenheim Securities |
| 2019-03-27 | WellCare Health Plans | Centene | $17B | 14.5x | 0.62x | 7.0%–8.3% | Goldman Sachs, Allen, Barclays |
| 2019-03-12 | Dental Care Plus Group | DentaQuest | $41.5M | 10.4x | 0.37x | 12.5%–16.0% | Mercer Capital |
| 2018-03-08 | Express Scripts Holding | Cigna | $62B | 11.6x | 0.75x | 8.0%–9.5% | Centerview Partners, Lazard |
| 2017-12-03 | Aetna | CVS Health | $71B | 12.1x | 1.18x | 7.0%–8.5% | Allen, Barclays, Goldman Sachs, Centerview Partners |
| 2016-12-22 | Apollo Medical Holdings | Network Medical Management | $85.5M | — | 1.49x | 14.0%–16.0% | BofA Securities, Vantage Point Advisors |
| 2016-11-17 | Universal American | WellCare Health Plans | $770M | 9.3x | 0.52x | 8.3%–9.3% | MTS Health Partners |
| 2015-07-02 | Health Net | Centene | $6.0B | 9.3x | 0.37x | 8.0%–9.0% | J.P. Morgan, Allen |
| 2015-03-30 | Catamaran | United HealthGroup | $14B | 15.2x | 0.61x | 8.5%–9.5% | Blackstone Advisory Partners |
| 2012-08-20 | Coventry Health Care | Aetna | $8.7B | 8.9x | 0.61x | 7.5%–9.5% | Greenhill |
| 2012-07-09 | AMERIGROUP | Wellpoint Healthcare Networks | $4.8B | 12.3x | 0.53x | 9.5%–11.5% | Goldman Sachs, Barclays |
| 2012-04-18 | Catalyst Health Solutions | SXC Health Solutions | $4.7B | 19.1x | 0.72x | 8.0%–9.5% | Goldman Sachs, Barclays, J.P. Morgan |
| 2011-10-24 | HealthSpring | Cigna | $3.8B | 7.0x | 0.71x | 10.0%–12.0% | Goldman Sachs |
| 2011-07-21 | Medco Health Solutions | Express Scripts Holding | $30B | 9.7x | 0.44x | 7.6%–9.1% | Citi |
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.