September 2026
Largest Mental Health Technology Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
Humana Inc., Hims, ACADIA Pharmaceuticals, Doximity and Teladoc.
 | Humana is one of the largest private health insurers in the US, and the firm has built a niche specializing in government-sponsored programs, with nearly all its medical membership stemming from Medicare, Medicaid, and the military's Tricare program. Beyond medical insurance, the company provides other healthcare services, including primary-care services, at-home services, and pharmacy benefit management. | $395 | +52% | $47B | $55B | 0.4x | 18.2x | ||
| Hims & Hers, launched in 2017, is a telehealth platform that connects patients and healthcare providers to offer treatment options for specialties like erectile dysfunction, hair loss, skin care, mental health, and weight loss. Its offerings include generic, branded, and compounded prescription drugs as well as over-the-counter medicines, cosmetics, and supplements. The platform, which has more than 2 million subscribers, is available in all 50 states and certain European markets like the UK. It includes provider networks, electronic medical records, cloud pharmacy fulfillment, and personalization capabilities. Hims does not take insurance and only accepts payments directly from customers. | $28 | -50% | $6.6B | $7.3B | 3.1x | 41.1x | ||
| Acadia Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of medicines that address unmet medical needs in central nervous system (CNS) disorders and rare diseases. It has two core franchises in neuroscience and neuro-rare diseases. The neuroscience franchise is anchored by its commercial product NUPLAZID (pimavanserin), which is used for the treatment of hallucinations and delusions associated with Parkinson's Disease Psychosis (PDP). The neuro-rare disease franchise is anchored by the commercial product DAYBUE, which is used for the treatment of Rett syndrome. In addition, the company has various product candidates under development in different stages, including ACP-204, ACP-101, ACP-211, ACP-711, ACP-2591, etc. | $29 | +36% | $5B | $4.1B | 3.8x | 34.4x | ||
| Doximity Inc is a digital platform for U.S. medical professionals. The cloud-based platform provides members with tools specifically built for medical professionals, enabling them to collaborate with their colleagues, securely coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers and on-call schedules. | $26 | -64% | $4.7B | $4B | 6.2x | 17.6x | ||
| Teladoc Health Inc is engaged in virtual care, forging a new healthcare experience with improved convenience, outcomes, and value. Its mission is to empower all people everywhere to live their healthiest lives by transforming the healthcare experience. It operates in Teladoc two segments Health Integrated Care and BetterHelp segments. The majority of its revenue is generated from access fees on a subscription basis (per member, per month). The balance comes from visit fees and equipment rental and sales to hospital systems. | $6 | -19% | $1.1B | $1.4B | 0.6x | 11.3x | ||
| Talkspace Inc is a behavioral healthcare company offering access to licensed therapists, psychologists, and psychiatrists through its technology platform. It serves clients including health plans, enterprises, and individual subscribers. Therapists address various mental health conditions, while psychiatrists cater to a higher acuity demographic. Revenue stems from payor and direct-to-enterprise clients, with contracts lasting one to three years. The majority of the Company’s operations and revenues are based in the United States. | $5 | +88% | $871M | $780M | 3.4x | 129.3x | ||
| Evolent Health Inc is engaged in healthcare delivery and payment. The company supports health systems and physician organizations in their migration toward value-based care and population health management. It provides specialty care management services in oncology, cardiology, musculoskeletal markets and holistic total cost of care management along with an integrated platform for health plan administration and value-based business infrastructure under one go to market package. The primary solutions provided by the company include specialty care management services, total cost of care management, and administrative services. | $4 | -51% | $484M | $1.3B | 0.7x | (3.7x) | ||
| Rey Holdings Corp is a holding company. The company through its subsidiaries owns and operates supermarket chain including Rey supermarket chains, Romero Supermarkets, Supermarkets Mr. Price, Metro Plus and Metro Express. | $8 | -- | $417M | $635M | 1.0x | 13.8x | ||
| Outset Medical Inc is a medical technology company pioneering a technology to reduce the cost and complexity of dialysis. The Company generates revenue from the sales of Tablo consoles and related consumables, including Tablo cartridges and accessories. | $4 | -74% | $68M | $26M | 0.2x | (0.4x) | ||
| Pasithea Therapeutics Corp is a biotechnology company. It is focused on the discovery, research, and development of treatments for central nervous system (CNS) disorders and other diseases, including RASopathies and certain cancers. It leveraging in the fields of neuroscience, translational medicine, and drug development. Its pipeline includes Neurofibromatosis Type 1, Amyotrophic Lateral Sclerosis (ALS), Multiple Sclerosis (MS), and Schizophrenia. Companies pipelines includes PAS-004 (Macrocyclic Small Module[MEK1/2]), PAS-003 (Monoclonal antibody),PAS-001 (Small Module). | $1 | -23% | $19M | - | - | - | ||
| Kaya Holdings Inc is a holding company. It is focusing on wellness and mental health through operations in psychedelic treatment clinics, medical and recreational cannabis, and CBD products. The company own and operate a medical cannabis dispensary in the United States. Its has produced, distributed, and/or sold a full range of premium cannabis products including flower, oils, vape cartridges and cannabis infused confections, baked goods and beverages through a fully integrated group of subsidiaries and companies supporting distinctive brands. | $0 | -97% | $69K | - | - | - | ||
| Median | $6 | -36% | $871M | $1.4B | 1.0x | 17.6x |
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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