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Public Comps and Valuation Multiples for HealthTech

Benchmark revenue and EBITDA valuation multiples for public comps like
Johnson & Johnson, UnitedHealth Group, Siemens, Thermo Fisher Scientific and Intuitive Surgical.

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HealthTech

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$555B$588B$97B6.1x16.3x
$364B$411B$446B0.9x15.2x
$237B$271B$95B2.8x15.9x
$166B$206B$46B4.5x17.8x
$153B$149B$11B13.9x31.7x
$146B$173B$47B3.7x14.0x
$117B$130B$25B5.2x16.6x
$116B$128B$26B4.9x17.3x
$98B$118B$36B3.2x11.6x
$79B$88B$21B4.3x13.7x
$47B$44B$6B6.9x22.8x
$45B$42B$27B1.5x7.8x
$42B$43B$4B9.6x27.1x
$33B$38B$4B8.7x25.6x
$32B$42B$8B5.2x13.0x
$32B$33B$7B4.7x16.1x
$30B$27B$5B5.4x16.5x
$30B$29B$6B5.1x13.3x
$29B$43B$17B2.6x11.1x
$28B$36B$21B1.7x9.8x
$28B$27B$2B11.0x(108.9x)
$25B$19B$3B5.7x12.6x
$25B$31B$21B1.5x8.8x
$23B$22B$5B4.4x14.8x
$21B$27B$11B2.4x12.2x
$21B$27B$14B1.9x11.1x
$21B$23B$4B5.6x17.8x
$21B$22B$6B3.7x13.0x
$20B$13B$11B1.1x18.0x
$20B$21B———
$18B$21B$4B5.8x18.7x
$17B$27B$22B1.3x5.9x
$16B$12B$3B3.8x9.0x
$16B$23B$8B2.8x8.3x
$14B$13B$2B5.9x34.2x
$13B$13B$5B2.7x10.4x
$13B$14B$1B12.4x(66.8x)
$13B$13B$6B2.0x12.1x
$13B$18B$8B2.1x9.4x
$13B$16B$6B2.5x9.4x
$12B$12B$3B4.4x20.1x
$12B$12B$1B8.6x25.2x
$12B$23B$23B1.0x5.5x
$12B$11B$4B2.6x9.5x
$11B$13B$3B4.6x15.1x
$10B$11B$1B9.9x38.7x
$10B$11B$3B3.7x15.4x
$10B$10B$3B3.2x10.0x
$10B$10B$5B2.1x8.5x
$10B$5B$45B0.1x5.4x
$9B$184M
$9B$2B
$9B$5B
$9B$6B
$9B$8B
$9B$808M
$8B$1B
$8B$553M
$7B$14B
$7B$1B
$7B$8B
$7B$2B
$7B$7B
$7B$3B
$7B$3B
$6B$2B
$6B$4B
$6B$2B
$6B$690M
$6B$732M
$6B$700M
$6B$2B
$6B$2B
$6B$4B
$6B$3B
$6B$884M
$6B$1B
$5B$2B
$5B$348M
$5B—
$5B$3B
$5B$920M
$5B$4B
$5B$413M
$5B$1B
$5B$1B
$5B$127M
$5B$2B
$5B$2B
$5B$3B
$5B$1B
$4B—
$4B$1B
$4B$651M
$4B$2B
$4B$909M
$4B$1B
$4B$1B
$4B$1B
$4B$982M
$4B$3B
$4B$4B
$4B$796M
$4B$2B
$4B$1B
$4B$1B
$4B$864M
$3B$824M
$3B$429M
$3B$3B
$3B$203M
$3B$542M
$3B$2B
$3B$2B
$3B—
$3B$3B
$3B$262M
$3B$636M
$3B$2B
$3B$824M
$3B$295M
$3B$3B
$3B$1B
$3B$2B
$3B$981M
$3B$159M
$3B$830M
$2B—
$2B$1B
$2B$303M
$2B$41M
$2B$261M
$2B$652M
$2B$395M
$2B$3B
$2B$1B
$2B$242M
$2B$1B
$2B$673M
$2B—
$2B$1B
$2B$1B
$2B$1B
$2B$208M
$2B$1B
$2B$72M
$2B$2B
$2B$1B
$2B$1B
$2B$1B
$2B$2B
$2B$964M
$2B$602M
$2B$522M
$2B$537M
$2B$140M
$2B$878M
$2B$616M
$2B$1M
$2B$2B
$2B$352M
$2B$326M
$2B$382M
$2B$356M
$1B$2B
$1B$1M
$1B$3B
$1B$700M
$1B$265M
$1B$341M
$1B$1B
$1B$1B
$1B—
$1B$545M
$1B$707M
$1B$209M
$1B—
$1B$560M
$1B$333M
$1B—
$1B$451M
$1B$380M
$1B$698M
$1B$4B
$1B$66M
$1B$147M
$1B—
$1B$3B
$1B$371M
$1B$6B
$1B$887M
$1B$329M
$1B$2B
$1B$704M
$1B$446M
$1B$59M
$1B—
$1B$87M
$1B$458M
$1B$754M
$1B$1B
$1B$408M
$1B$3M
$1B$206M
$1B$166M
$1B$411M
$1B$364M
$1B$105M
$1B—
$1B$160M
$985M$1B
$968M$1B
$963M$485M
$962M$472M
$954M$253M
$953M$98M
$938M$284M
$915M$803M
$909M$878M
$907M$741M
$903M$2B
$900M$410M
$892M—
$884M$789M
$882M$239M
$869M$248M
$860M$1B
$857M$80M
$854M$370M
$848M$468K
$834M$582M
$828M$824M
$799M$2B
$795M—
$774M$125M
$768M$3M
$764M$2B
$754M$3B
$745M$411M
$731M$315M
$727M$49M
$720M$150M
$707M—
$705M$582M
$697M—
$694M$223M
$687M$505M
$680M$98M
$669M$313M
$666M$151M
$664M$241M
$659M—
$648M$58M
$647M$283M
$636M$4M
$629M$212M
$624M—
$618M—
$609M$345M
$591M$559M
$568M$639M
$561M$380M
$558M$491M
$555M$252M
$550M$347M
$539M$100M
$536M—
$526M$704K
$526M$342M
$524M$368M
$521M$241M
$519M$650M
$515M—
$506M$586M
$505M$106M
$504M$714M
$494M—
$494M$834M
$475M$204M
$470M$975M
$468M$78M
$465M$2B
$458M$247M
$453M$1B
$448M$313M
$443M$582M
$436M$741K
$429M$113M
$428M$147M
$428M—
$424M$862M
$423M$259M
$417M—
$413M$253M
$402M$265M
$401M$92M
$400M$42M
$394M$84M
$388M$337M
$380M—
$368M$306M
$366M$43M
$365M$276M
$364M—
$364M$288M
$359M$66M
$357M$50M
$351M$134M
$338M$85M
$330M—
$324M$83M
$314M$883M
$311M—
$309M$84M
$307M$59M
$301M—
$298M$13M
$292M$155M
$285M$152M
$285M$61M
$282M$72M
$274M$81M
$267M$81M
$266M$200M
$260M$30M
$253M$528M
$245M$299M
$243M$22M
$241M$177M
$240M$66M
$236M$1M
$234M$378M
$230M$133M
$229M$9M
$229M$140M
$225M$62M
$220M$204M
$215M$29M
$213M$193M
$210M$1M
$209M$117M
$205M—
$204M—
$201M$2M
$199M$7M
$198M$2B
$196M$79M
$196M—
$193M$109M
$193M$24M
$187M$7M
$186M—
$186M$574M
$185M$75M
$185M$356M
$183M$61M
$181M—
$179M$108M
$176M—
$174M$381M
$169M$40M
$166M$144M
$164M$30M
$164M$38M
$164M$48M
$164M$210M
$163M$9M
$163M—
$161M$55M
$158M$16M
$156M$63M
$152M$25M
$152M$71M
$151M$285M
$148M$122M
$148M$97M
$143M—
$141M—
$138M$60M
$137M$170M
$135M$150M
$131M—
$129M$232M
$129M$22M
$127M$103M
$125M—
$125M$20M
$124M$4M
$122M$39M
$121M$39M
$120M$49M
$119M—
$118M$30M
$117M—
$114M$36M
$113M—
$109M—
$109M—
$108M$275M
$106M$5M
$105M$15M
$102M—
$101M$22M
$101M$38M
$99M$126K
$99M—
$98M—
$98M$295M
$97M$17M
$97M—
$97M—
$96M$682M
$96M$33M
$94M$6M
$94M$235M
$92M$105M
$92M—
$91M—
$90M$124M
$89M$91M
$86M$54M
$86M$10M
$85M$1B
$84M—
$84M$68M
$80M—
$79M—
$78M$14M
$77M$5M
$76M$13M
$74M—
$72M—
$72M$122M
$71M—
$70M$24M
$70M$8M
$68M$30M
$68M$85M
$68M$10M
$67M—
$67M$122M
$66M$24M
$66M—
$66M$20M
$65M—
$65M$113M
$65M—
$63M$204K
$61M$9M
$59M—
$59M$24M
$59M$508M
$57M$27M
$56M$91M
$56M$3M
$55M$167M
$55M$12M
$55M—
$55M$9M
$55M$9M
$54M$752K
$54M—
$53M$27M
$52M$5M
$51M$226K
$51M—
$50M—
$50M—
$49M$12M
$49M$19M
$48M—
$48M—
$48M—
$47M$45M
$46M—
$45M$20M
$44M$83M
$42M$32M
$42M—
$42M$19M
$41M$2M
$41M$9M
$41M—
$40M$61M
$39M$10M
$39M—
$37M$55M
$37M$7M
$36M—
$36M$39M
$36M—
$36M$38M
$36M$413M
$34M$48M
$33M—
$32M$1M
$32M$13M
$32M$4M
$32M—
$31M$42M
$30M—
$30M—
$30M$12M
$29M—
$28M—
$28M—
$28M—
$26M—
$26M—
$26M—
$26M$653K
$25M—
$25M$87M
$25M—
$24M—
$24M—
$24M—
$23M$14M
$22M$21M
$22M—
$21M$5M
$21M—
$21M—
$20M—
$20M$8M
$20M—
$19M—
$19M—
$19M$4M
$19M—
$19M$7M
$19M—
$18M$12M
$18M$25M
$18M$53M
$18M—
$18M$18M
$17M—
$17M—
$17M—
$17M$2M
$17M—
$17M$2M
$17M$152M
$16M$2M
$16M—
$16M—
$16M$4M
$16M—
$15M—
$14M$312M
$14M$16M
$14M$30M
$14M$53M
$14M$188K
$13M$15M
$13M$200K
$13M—
$12M$37M
$12M$1M
$12M$11M
$12M—
$11M$5M
$11M$3M
$10M$15M
$10M—
$10M—
$10M—
$10M—
$10M$949K
$10M—
$9M—
$9M—
$9M—
$9M—
$9M—
$8M—
$8M—
$8M$6M
$8M—
$7M—
$7M—
$7M—
$7M—
$7M—
$7M—
$6M—
$6M—
$6M$4M
$6M—
$6M—
$6M—
$6M$622K
$5M$1M
$5M—
$5M—
$5M—
$5M—
$5M—
$5M$2M
$5M—
$5M—
$4M—
$4M—
$4M—
$4M—
$3M—
$3M—
$3M—
$3M—
$3M—
$3M—
$3M—
$3M—
$3M—
$3M—
$3M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$2M—
$1M—
$1M—
$1M—
$962K—
$942K—
$932K—
$639K—
$608K$75M
$492K—
$461K—
$293K—
$64K—
$3K—
$2K—
$1K—
——
——
——

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