GCG’s Q4 2025 Healthcare Industry Update provides an overview of the latest trends in the sector, including recent performance, valuation multiples, and the state of the middle-market M&A environment.

Key findings include the following:

• Healthcare M&A continues to be shaped by policy and pricing pressures, selective financing, and emerging technology capabilities, with earnout structures increasingly used to bridge valuation gaps and support investment in tech-enabled services.

• Q4 2025 recorded 779 transactions, with strategic buyers representing 63% of total volume; Retail / Specialty Pharmacy, Medical / Surgical Supplies, and Assisted Living remained at the forefront of activity driven by durable demand and strong revenue visibility.

• Public markets favored scalable platforms with visible growth and operating leverage, led by Retail / Specialty Pharmacy, while Staffing Services and Managed Care lagged; public comps traded at approximately 3.1x Revenue and 18.2x EBITDA.

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