PitchBook-2025年一季度医疗保健服务公共报表和估值指南（英）-2025_9页_598kb

Key Takeaways:

1. Walgreens Acquisition: Walgreens Boots Alliance is acquiring Sycamore Partners for $10 billion, potentially reducing US pharmacy retail competition but at a significant valuation loss of over 75% for Walgreens shares due to operational challenges and competitive pressures.
2. Sector Outperformance: Healthcare services as a whole outperformed major indices (S&P 500 down 5%, Nasdaq down 10%) in Q1 2025, with specific companies like Alignment Healthcare and others seeing over 50% stock gains.
3. Subsector Mixed Performance: The Payors & Payviders segment outperformed the market and other sectors, while the Hospitals, Rehabilitation & Long-Term Care segment lagged but still beat market indices. Behavioral Health, Home-Based Care & Pharmacy also showed positive returns.
4. Converging Valuations: Healthcare services multiples (EV/sales, EV/EBITDA) have decreased significantly and narrowed gaps between subsectors. Average EV/EBITDA is now 8x-12x.
5. Importance of Domestic Goods: Healthcare services are relatively less exposed to tariffs compared to industries reliant on imported goods.