May 2026
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Largest Hospitals & Clinics Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
HCA Healthcare, Tenet Healthcare, DaVita, Encompass Health and Universal Health Services.
 | HCA Healthcare is a Nashville-based healthcare provider organization operating the largest collection of acute-care hospitals in the United States. As of December 2025, the firm owned and operated 190 hospitals and over 2,500 outpatient facillities across 19 states and a small foothold in the United Kingdom. | $367 | -4% | $81B | $130B | 1.7x | 8.4x | ||
| Tenet Healthcare is a Dallas-based healthcare services organization. It operates acute and specialty hospitals (50 as of December 2025) and hundreds of ambulatory surgery centers and other outpatient facilities across the US, primarily in the South. Through its Conifer segment, Tenet also provides revenue cycle management solutions. | $164 | -7% | $14B | $24B | 1.1x | 5.3x | ||
| DaVita is the largest provider of dialysis services in the United States, boasting market share of about 35% when measured by clinics. The firm operates over 3,000 facilities worldwide, mostly in the US, and treats about 280,000 patients globally each year. Government payers dominate US dialysis reimbursement. DaVita receives about two thirds of US sales at government (primarily Medicare) reimbursement rates, with the remainder coming from commercial insurers. While commercial insurers represent only about 10% of US patients treated, they represent nearly all of the profits generated by DaVita in the US dialysis business. | $188 | +32% | $12B | $25B | 1.8x | 8.8x | ||
| Encompass Health Corp provides post-acute healthcare services in the United States through a network of inpatient rehabilitation hospitals. Inpatient rehabilitation contributes the majority of the firm's revenue and provides specialized rehabilitative treatment through a network of inpatient hospitals. These hospitals are concentrated in the eastern half of the United States and Texas. | $102 | -17% | $10B | $13B | 2.1x | 9.1x | ||
| Universal Health Services Inc owns and operates acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers, and radiation oncology centers. The firm operates in two segments: Acute Care Hospital Services and Behavioral Health Care Services. The company generates the majority of its revenue from the Acute Care Hospital Services segment. | $143 | -21% | $9B | $14B | 0.8x | 5.0x | ||
| PACS Group Inc is a post-acute healthcare company mainly focused on delivering high-quality skilled nursing care through a portfolio of independently operated facilities Its is a nursing providers in the United States based on number of facilities, with over 200 post-acute care facilities across nine states serving over 20,000 patients daily. It also provide senior care, assisted living, and independent living options in some of communities. | $37 | +188% | $6B | $9B | 1.7x | 17.7x | ||
| RadNet Inc is a national provider of diagnostic imaging services that operates in two business segments: Imaging Center segment and Digital Health segment. The Imaging Center segment provides physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), and fluoroscopy. The Digital Health segment develops and deploys clinical applications to enhance the interpretation of medical images and improve patient outcomes with an emphasis on brain, breast, prostate, and pulmonary diagnostics. | $54 | -5% | $4B | $6B | 2.8x | 18.3x | ||
| Option Care Health Inc is the provider of home and alternate-site infusion services. It provides treatment for bleeding disorders, neurological disorders, heart failure, anti-infectives, and chronic inflammatory disorders, among others. The Company operates in one segment, infusion services. | $21 | -37% | $3B | $4B | 0.8x | 9.2x | ||
| Concentra Group Holdings Parent Inc is a provider of occupational health services in the United States. The business is organized into three operating segments: occupational health centers, onsite health clinics, and other businesses. | $25 | +22% | $3B | $5B | 2.4x | 12.2x | ||
| LifeStance Health Group Inc is a mental healthcare company that operates as a provider of outpatient mental health services, spanning psychiatric evaluations and treatment, psychological and neuropsychological testing, and individual, family and group therapy. The group y has a single operating and reportable segment of mental health services. | $8 | +50% | $3B | $3B | 2.3x | 20.5x | ||
| Guardian Pharmacy Services Inc is a differentiated pharmacy services company that provides an extensive suite of technology-enabled services designed to help residents of LTCFs adhere to their appropriate drug regimen, which in turn helps reduce the cost of care and improve clinical outcomes. The company emphasizes high-touch, individualized clinical, drug dispensing, and administration capabilities that are tailored to serve the needs of residents in historically lower acuity LTCFs, such as ALFs and BHFs. The operating segment derives its revenues through sales of pharmaceutical and medical products, and all revenues are derived solely in the United States. | $39 | +83% | $2B | $2B | 1.7x | 21.2x | ||
| Acadia Healthcare Co Inc acquires and develops behavioral healthcare facilities. Acute inpatient psychiatric facilities and specialty treatment facilities contribute the vast majority of Acadia's revenue in the United States. The company's revenue is derived from services rendered to patients for inpatient psychiatric and substance abuse care, outpatient psychiatric care, and adolescent residential treatment. | $24 | +8% | $2B | $5B | 1.4x | 7.8x | ||
| Select Medical Holdings Corp is a healthcare company that operates through three segments: critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics. Critical illness recovery hospitals which derives maximum revenue consists of hospitals designed to serve the needs of patients recovering from critical illnesses, often with complex medical needs. The rehabilitation hospital segment consists of hospitals designed to serve patients that require intensive physical rehabilitation care. Patients are typically admitted to critical illness recovery hospitals and rehabilitation hospitals from general acute care hospitals. The outpatient rehabilitation segment consists of clinics that provide physical, occupational, and speech rehabilitation services. | $16 | +9% | $2B | $5B | 0.9x | 9.4x | ||
| Astrana Health Inc is a patient-centered, physician-centric integrated population health management company. The company is working to provide coordinated, outcomes-based medical care cost-effectively. It is focused on physicians providing high-quality medical care, population health management, and care coordination for patients, particularly senior patients and patients with multiple chronic conditions. The company’s three reportable segments are Care Partners, Care Delivery, and Care Enablement. It generates the majority of its revenue from the Care Partners segment. | $37 | +48% | $2B | $2B | 0.8x | 11.8x | ||
| Surgery Partners Inc is a healthcare services company with an integrated outpatient delivery model focused on providing quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. It has one reportable segment: Surgical Facilities which includes the operation of ASCs, surgical hospitals, anesthesia services, and multi-specialty physician practices, which earns revenues from contracts with patients in which the performance obligations are to provide health care services. | $14 | -38% | $2B | $6B | 1.7x | 10.0x | ||
| Pediatrix Medical Group Inc provides physician services to hospitals, intensive care units, and other medical units. The services provided by the company include maternal care for expectant mothers, intensive care for premature babies, cardiology care for infants suffering from heart defects, and anesthesia care during surgeries, among others. The company operates only under one segment which provides physician services including newborn, maternal-fetal, and other pediatric subspecialty care. It generates majority of the revenue through neonatology and other pediatric subspecialties. | $22 | +52% | $2B | $2B | 1.1x | 7.6x | ||
| Agilon Health Inc is transforming healthcare by empowering primary care physicians for the health of the patients. The company enables physicians to create their own Medicare-centric globally capitated line of business. The company derives its revenue from Medical services. | $87 | +3675% | $1B | $1B | 0.2x | (4.2x) | ||
| Ardent Health Inc is a provider of healthcare in growing mid-sized urban communities across the U.S. With a focus on people and investments in services and technologies, Ardent is passionate about making healthcare easier to access. | $9 | -32% | $1B | $3B | 0.5x | 5.5x | ||
| AMN Healthcare Services Inc provides healthcare workforce solutions and staffing services in the United States. Its comprehensive suite of talent solutions provides management, staffing, recruitment, language services, technology, predictive and market analytics, and related services to build and manage all or parts of the clients' healthcare workforce needs. Its reportable segments are: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. A majority of its revenue is generated from the Nurse and Allied Solutions segment, which includes the company's travel nurse staffing, labor disruption staffing, local staffing, international nurse permanent placement, and allied staffing (including revenue cycle solutions) businesses. | $30 | +46% | $1B | $1B | 0.5x | 5.9x | ||
| Pennant Group Inc is engaged in providing healthcare services to patients of all ages, including the growing senior population, in the United States. It operates in multiple lines of business including home health, hospice, and senior living which includes the company's assisted living, independent living, and memory care communities across Arizona, California, Colorado, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin, and Wyoming. The company generates majority of its revenue from home health and hospice services segment, which includes its home health, hospice and home care businesses. | $31 | +3% | $1B | $2B | 1.6x | 21.0x | ||
| US Physical Therapy Inc through its subsidiaries operates outpatient physical therapy clinics that provide pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and neurological-related injuries. The principal payment sources for the clinics' services are managed care programs, commercial health insurance, Medicare/Medicaid, workers' compensation insurance, and proceeds from personal injury cases. Its operating segment includes Physical therapy operations and Industrial injury prevention services. The company generates maximum revenue from the Physical therapy operations segment. | $62 | -20% | $951M | $1B | 1.6x | 11.7x | ||
| Nutex Health Inc is healthcare services and operations company with 20 hospital facilities in eight states (hospital division), and a primary care-centric, risk-bearing population health management division. The hospital division implements and operates healthcare models, including micro-hospitals, specialty hospitals and hospital outpatient departments (HOPDs). The population health management division owns and operates provider networks such as independent physician associations (IPAs) and offers a cloud-based proprietary technology platform to IPAs that aggregates clinical and claims data across multiple settings, information systems and sources to create a holistic view of patients and providers. | $125 | +0% | $857M | $999M | 1.1x | 3.5x | ||
| Community Health Systems Inc is a publicly owned hospital operator in the United States. The company also owns four home health agencies and provides management and consulting services to independent hospitals. The firm derives revenue through a broad range of general and specialized hospital healthcare services and outpatient services. | $3 | -18% | $392M | $10B | 0.8x | 5.2x | ||
| AirSculpt Technologies Inc is a national provider of body contouring procedures delivering a premium consumer experience under its brand Elite Body Sculpture. Elite Body Sculpture, provides custom body contouring using the proprietary AirSculpt method that removes unwanted fat in a minimally invasive procedure. The company has one operating and reportable segment, direct medical procedure services. | $5 | +8% | $369M | $423M | 2.8x | 28.0x | ||
| Hyperfine Inc is a medical device company that created Swoop. The Swoop Portable MR Imaging System produces high-quality images at a lower magnetic field strength than conventional MRI scanners. The company derives its revenue from sale of sales of MRI devices and service sales which consist of sales from subscriptions of bundled devices, maintenance, and software. | $2 | +110% | $150M | $122M | 9.0x | (3.5x) | ||
| Fonar Corp is a United States-based company which is engaged in the business of designing, manufacturing, selling and servicing magnetic resonance imaging (MRI) scanners, which utilize MRI technology for the detection and diagnosis of human disease, abnormalities, other medical conditions, and injuries. The company operates through two segments namely Manufacturing and servicing of medical equipment; and the Management of diagnostic imaging centers, which generates a vast majority of the revenue. | $19 | +28% | $120M | $105M | 1.0x | 5.7x | ||
| Zicix Corp is dedicated to delivering a powerful Storage Network Platform, enabling businesses to optimize their logistics processes through a single platform, offering a variety of services, including Air Cargo, International Warehouse and Storage Box, Transportation. By leveraging its extensive network in Asia, Europe, and partners in Middle East, it provides end-to-end solutions that empower its clients to achieve their expansion objectives. | $0 | -- | $2M | $4M | - | - | ||
| Median | $30 | +8% | $2B | $3B | 1.5x | 8.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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