Performant Healthcare - Public Comps and Valuation Multiples

Performant Healthcare Overview

About Performant Healthcare

Performant Healthcare Inc provides solutions to payers in the healthcare industry to identify, prevent, and recover waste and improper payments by leveraging technology, analytics, and proprietary data assets.

Founded

2003

HQ

Employees

964

Website

performanthealthcare.com

Sectors

Revenue Cycle Management

Financials

LTM Revenue $132M

LTM EBITDA $9.2M

EV

$613M

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Performant Healthcare Financials

As of September 2025, Performant Healthcare reported last 12-month revenue of $132M and EBITDA of $9.2M.

In the same period, Performant Healthcare achieved -$5.0M in LTM net income.

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Performant Healthcare P&L

In the most recent fiscal year, Performant Healthcare reported revenue of $123M and EBITDA of -$2.2M.

Performant Healthcare expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$132M	XXX	$123M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	$9.2M	XXX	-$2.2M	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-2%	XXX	XXX	XXX
EBIT	-$4.2M	XXX	-$9.5M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	-8%	XXX	XXX	XXX
Net Profit	-$5.0M	XXX	-$9.9M	XXX	XXX	XXX
Net Margin	-4%	XXX	-8%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Performant Healthcare including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $132M. EBITDA for the last twelve months was $9.2M. In the most recent fiscal year, Performant Healthcare achieved $123M in revenue and -$2.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$132M	Analyst estimates available to subscribers	$123M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$9.2M	Analyst estimates available to subscribers	-$2.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.9% EBITDA margin	Analyst estimates available to subscribers	-1.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$4.2M	Analyst estimates available to subscribers	-$9.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-3.2% EBIT margin	Analyst estimates available to subscribers	-7.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$5.0M	Analyst estimates available to subscribers	-$9.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-3.8% net profit margin	Analyst estimates available to subscribers	-8.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Performant Healthcare

This financial data table provides comprehensive performance metrics for Performant Healthcare, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Performant Healthcare generated $132M in revenue over the last twelve months.
The company achieved $9.2M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$5.0M.

Fiscal Year Performance

In the most recent fiscal year, Performant Healthcare reported $123M in total revenue.
Fiscal year EBITDA was -$2.2M.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was -1.8%.
Net profit margin reached -8.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Performant Healthcare. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Performant Healthcare Stock Performance

Performant Healthcare has current market cap of $613M, and EV of $613M.

Market Cap Evolution

Performant Healthcare Stock Data

As of October 2, 2025, Performant Healthcare's stock price is $8.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$613M	$613M	XXX	XXX	XXX	XXX	$0.02

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Performant Healthcare Valuation Multiples

Performant Healthcare's trades at 5.0x EV/Revenue multiple, and -277.4x EV/EBITDA.

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Performant Healthcare Financial Valuation Multiples

As of October 2, 2025, Performant Healthcare has market cap of $613M and EV of $613M.

Equity research analysts estimate Performant Healthcare's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Performant Healthcare has a P/E ratio of -123.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$613M	XXX	$613M	XXX	XXX	XXX
EV (current)	$613M	XXX	$613M	XXX	XXX	XXX
EV/Revenue	4.6x	XXX	5.0x	XXX	XXX	XXX
EV/EBITDA	66.6x	XXX	-277.4x	XXX	XXX	XXX
EV/EBIT	-145.2x	XXX	-64.5x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-123.1x	XXX	-62.0x	XXX	XXX	XXX
EV/FCF	4334.8x	XXX	-736.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Performant Healthcare Margins & Growth Rates

Performant Healthcare's last 12 month revenue growth is 10%

Performant Healthcare's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Performant Healthcare's rule of 40 is 11% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Performant Healthcare's rule of X is 32% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Performant Healthcare Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	10%	XXX	10%	XXX	XXX	XXX
EBITDA Margin	7%	XXX	-2%	XXX	XXX	XXX
EBITDA Growth	86%	XXX	261%	XXX	XXX	XXX
Rule of 40	11%	XXX	8%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	108%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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