Select Medical Acquisition, Valuation & Financials

Select Medical was acquired by Welsh Carson Anderson & Stowe for $3.9B in March 2026, a 0.7x multiple on $5.6B of revenue.

Select Medical acquisition price

$3.9B

Acquired by Welsh Carson Anderson & Stowe · Mar 2026

Select Medical revenue at acquisition

$5.6B

Last twelve months · Mar 2026

Select Medical revenue multiple at acquisition

0.7x

EV/Revenue · Mar 2026

Select Medical EBITDA multiple at acquisition

7.5x

EV/EBITDA · Mar 2026

Select Medical Overview

About Select Medical

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.


Founded

2004

HQ

United StatesHarrisburg, PA

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$5.6B (Mar 2026)

Valuation

$3.9B (acquired Mar 2026)

Select Medical Acquisition

Select Medical was acquired by Welsh Carson Anderson & Stowe for $3.9B on 1 March 2026.

The acquisition price implies a 0.7x revenue and 7.5x EBITDA multiple on $5.6B of revenue.

Select Medical acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Welsh Carson Anderson & Stowe
1 Mar 2026PE buyout$3.9B0.7x7.5x

Select Medical as a Public Company

Select Medical traded as NYS: SEM before it was taken private. Its acquisition was announced in March 2026. July 2026 is its last month on record as a listed company, with a market cap of $2B and an enterprise value of $5B.

Last-twelve-month revenue was $5.6B, with EBITDA of $512M (9% margin), and the shares traded at 0.9x EV/Revenue and 9.8x EV/EBITDA.

Over the 4 years before that, its market cap fell from $3.7B in July 2022 to $2B, while revenue fell from $6.3B to $5.6B.

Select Medical market cap while listed

Select Medical EV/Revenue (LTM) while listed

Select Medical financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Jul 2026$2B$5.6B$512M9%0.9x9.8x
Jul 2025$1.8B$5.3B$515M10%0.9x9.0x
Jul 2024$5.2B$6.9B$844M12%1.5x12.0x
Jul 2023$3.8B$6.5B$739M11%1.4x12.0x
Jul 2022$3.7B$6.3B$856M14%1.4x10.0x

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Select Medical traded.

Acquisitions by Select Medical

Select Medical has acquired 5 companies to date.

Last acquisition by Select Medical was on December 9th 2025. Select Medical acquired Landmark Hospital of Savannah for undisclosed valuation.


Latest Acquisitions by Select Medical

Landmark Hospital of Savannah
Baptist Memorial Restorative Care Hospital
Valir Rehabilitation Hospital
Physiotherapy Associates
Description
Landmark Hospital of Savannah is a long-term acute care hospital in Georgia delivering specialized treatment for critically ill patients requiring extended medical recovery.
Baptist Memorial Restorative Care Hospital is a long-term acute care facility in Memphis, Tennessee. Affiliated with Baptist Memorial Health Care, the 52-bed hospital treats patients recovering from critical illnesses, surgeries, or ventilator dependence, providing intensive medical rehabilitation, wound care, and pulmonary services. It addresses complex conditions like sepsis, trauma, and multi-organ failure in a specialized environment bridging ICU and traditional rehab settings.
Valir Rehabilitation Hospital is an acute care facility in Oklahoma City providing inpatient rehabilitation for neurological, orthopedic, and cardiac conditions. The 55-bed hospital offers physical, occupational, and speech therapies with specialized units for stroke recovery and brain injury. Part of the Valir Health system, it admits patients from 40 hospitals regionally, achieving CARF accreditation for comprehensive programs including amputee care and spinal cord injury rehabilitation.
Physiotherapy Associates is a United Kingdom-headquartered national provider of outpatient physical rehabilitation services. Operating over 200 clinics, it delivers orthopedic, spinal, neurological rehab, orthotics, and prosthetics care through therapist-led programs. Partnered with private medical insurers and the NHS, the network treats workplace injuries, post-op recovery, and chronic pain conditions across England and Wales.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
-
Memphis, TN
Oklahoma City, OK
Philadelphia, PA
Deal Date9 Dec 202517 Apr 20254 Sep 202425 Jan 2016
Valuationundisclosedundisclosedundisclosed$400M
EV/Revenue
EV/EBITDA

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Select Medical Competitors

Select Medical competitors include listed companies like Narayana Health, Medicover, Global Health and Option Care Health, and private ones like Luz Saude and Metro Pacific Hospital Holdings.

Public and private companies comparable to Select Medical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Narayana HealthIndiaIndiaPublicly listed$819M$167M$4B4.4x
MedicoverSwedenSwedenPublicly listed$2.7B$429M$3.8B1.8x
Global HealthIndiaIndiaPublicly listed$450M$98M$4B7.9x
Option Care HealthUnited StatesUnited StatesPublicly listed$5.6B$408M$3.7B0.8x
Luz SaudePortugalLisbonPrivate-$333M$3.2B-
Metro Pacific Hospital HoldingsPhilippinesManilaPrivate--$1.6B-

Select Medical Public Comps

Select Medical is no longer listed, but its public comps include Narayana Health, Medicover, Global Health, Option Care Health, Mouwasat, Krishna Institute, Concentra Group, Bumrungrad Hospital, IKS Health and LifeStance Health.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Narayana Health$819M$167M5.3x4.4x25.8x22.1x
Medicover$2.7B$429M2.0x1.8x12.6x11.4x
Global Health$450M$98M8.9x7.9x40.9x36.0x
Option Care Health$5.6B$408M0.8x0.8x11.6x9.9x
Mouwasat$859M$300M4.4x4.1x12.6x12.6x
Krishna Institute$404M$84M9.5x8.2x45.9x39.2x
Concentra Group$2.2B$409M3.0x2.9x16.0x13.8x
Bumrungrad Hospital$757M$273M6.0x5.7x16.5x14.2x

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Common questions about Select Medical

When was Select Medical founded?Select Medical was founded in 2004.
Where is Select Medical headquartered?Select Medical is headquartered in Harrisburg, PA, United States.
Is Select Medical publicly listed?No, Select Medical was acquired by Welsh Carson Anderson & Stowe in March 2026.
Who acquired Select Medical?Select Medical was acquired by Welsh Carson Anderson & Stowe in March 2026.
How much was Select Medical acquired for?Select Medical was acquired for $3.9B in March 2026, a 0.7x revenue multiple.
Which companies are comparable to Select Medical?Companies comparable to Select Medical include Narayana Health, Medicover, Global Health, Option Care Health, Luz Saude and Metro Pacific Hospital Holdings.
What was Select Medical's market cap before the acquisition?Select Medical had a market cap of $2B in July 2026, its last month on record as a listed company, trading at 0.9x EV/Revenue.
What was Select Medical's revenue as a public company?Select Medical's last reported twelve-month revenue was $5.6B (July 2026), with EBITDA of $512M.
How many companies has Select Medical acquired?Select Medical has acquired 5 companies, including Landmark Hospital of Savannah, Baptist Memorial Restorative Care Hospital, Valir Rehabilitation Hospital, Physiotherapy Associates and Concentra Group.
What was the largest acquisition by Select Medical?The $1.1B acquisition of Concentra Group in March 2015 is the largest acquisition Select Medical has made to date.

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