Base Rates
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About this page
Multi-dimensional P25/P50/P75/P90 cuts across EV/EBITDA, EBITDA margin, MOIC, IRR, and hold years over the 655-deal corpus. Filterable by sector, size, and region, with roll-ups by sector, size bucket, vintage, and commercial-payer-share bucket.
Source: data_public/base_rates.py (corpus percentile engine).
Base-Rate Engine
P25/P50/P75/P90 percentile cuts across EV/EBITDA, margin, MOIC, IRR — filterable by sector / size / region — 1,465 corpus deals
Matching Deals
1,465
Median EV
$420M
Median EV/EBITDA
12.35x
P75 EV/EBITDA
14.00x
Median EBITDA Mgn
21.0%
Median MOIC
2.80x
Median IRR
22.9%
Corpus Deals
1,465
FILTER: no filter (full corpus) |
1,465 matching deals of 1,465 total
Vintage Trend — Median EV/EBITDA by Year
Percentile Distribution — All Metrics
| Metric | N | P25 | P50 (Median) | P75 | P90 | Mean | Min | Max |
|---|---|---|---|---|---|---|---|---|
| EV ($M) | 1,465 | $200.00 | $420.00 | $950.00 | $2,580.00 | $1,117.53 | $30.00 | $67,000.00 |
| EV/EBITDA (x) | 946 | 10.50x | 12.35x | 14.00x | 16.00x | 12.61x | 5.50x | 55.00x |
| EBITDA Margin | 585 | 18.00% | 21.00% | 24.00% | 27.00% | 20.97% | 7.00% | 42.00% |
| Revenue ($M) | 799 | $68.64 | $123.26 | $230.16 | $800.00 | $439.11 | $8.00 | $18,900.00 |
| Hold Years | 1,253 | 3.5y | 4.5y | 5.0y | 6.0y | 4.4y | 1.0y | 14.0y |
| MOIC (x) | 1,208 | 2.10x | 2.80x | 3.30x | 3.80x | 2.75x | 0.02x | 12.50x |
| IRR | 1,157 | 19.42% | 22.87% | 29.00% | 35.00% | 25.14% | 2.00% | 124.00% |
| Commercial Payer Share | 1,341 | 30.00% | 46.00% | 60.00% | 68.00% | 44.10% | 2.00% | 100.00% |
Sector Rollups — Top 40 by Deal Count
| Sector | Deals | Med EV ($M) | Med EV/EBITDA | Med EV/Rev | Med EBITDA Margin | Med MOIC | Med IRR |
|---|---|---|---|---|---|---|---|
| health_it | 44 | $955.0 | 19.00x | 5.40x | 0.0% | 3.10x | 28.0% |
| managed_care | 32 | $800.0 | 10.50x | 1.67x | 0.0% | 3.00x | 24.0% |
| strategic_acquisition | 29 | $1,400.0 | 12.90x | 0.00x | 0.0% | 2.95x | 22.5% |
| physician_group | 22 | $2,200.0 | 14.00x | 1.94x | 0.0% | 2.90x | 26.0% |
| lbo | 21 | $400.0 | 11.10x | 0.00x | 0.0% | 2.95x | 24.5% |
| growth_equity | 21 | $500.0 | 12.90x | 0.00x | 0.0% | 3.80x | 53.0% |
| hospital | 16 | $1,300.0 | 7.50x | 0.81x | 0.0% | 2.10x | 16.0% |
| behavioral_health | 15 | $680.0 | 10.25x | 2.21x | 0.0% | 3.00x | 24.5% |
| Behavioral Health | 14 | $310.0 | 8.90x | 1.06x | 10.5% | 3.15x | 29.0% |
| home_health | 13 | $1,300.0 | 11.25x | 1.38x | 0.0% | 2.50x | 24.0% |
| take_private | 11 | $1,600.0 | 12.70x | 0.00x | 0.0% | 2.20x | 17.0% |
| secondary_buyout | 10 | $2,150.0 | 12.90x | 0.00x | 0.0% | 2.70x | 24.5% |
| Physical Therapy | 10 | $227.5 | 10.80x | 1.89x | 18.0% | 2.70x | 20.6% |
| Home Health | 10 | $675.0 | 11.60x | 1.31x | 17.5% | 2.30x | 18.0% |
| Healthcare IT / RCM | 10 | $1,025.0 | 9.00x | 1.89x | 0.0% | 3.10x | 34.0% |
| asc | 9 | $760.0 | 12.00x | 2.42x | 0.0% | 3.65x | 31.0% |
| Sports Medicine | 9 | $265.0 | 13.20x | 3.12x | 24.0% | 2.60x | 20.7% |
| merger | 8 | $1,800.0 | 13.80x | 0.00x | 0.0% | 2.50x | 20.0% |
| oncology | 8 | $530.0 | 11.00x | 2.11x | 0.0% | 3.30x | 27.0% |
| Home Infusion | 8 | $440.0 | 13.00x | 2.73x | 21.0% | 2.40x | 20.1% |
| dialysis | 7 | $775.0 | 10.15x | 1.48x | 0.0% | 3.00x | 24.0% |
| Primary Care | 7 | $420.0 | 11.00x | 1.65x | 15.0% | 2.30x | 18.6% |
| Gastroenterology | 7 | $720.0 | 12.55x | 2.62x | 24.5% | 2.55x | 20.6% |
| joint_venture | 6 | $1,350.0 | 13.60x | 0.00x | 0.0% | 0.00x | 0.0% |
| dme_home_health | 6 | $1,250.0 | 9.75x | 1.23x | 0.0% | 3.15x | 31.5% |
| Dental | 6 | $925.0 | 13.35x | 1.22x | 0.0% | 3.10x | 26.0% |
| Anesthesiology | 6 | $795.0 | 14.80x | 3.55x | 24.0% | 2.80x | 22.3% |
| Specialty Pharmacy | 6 | $470.0 | 12.00x | 1.13x | 9.0% | 2.85x | 25.8% |
| Ophthalmology | 6 | $400.0 | 10.55x | 1.40x | 0.0% | 3.60x | 31.0% |
| Orthopedics | 6 | $440.0 | 13.50x | 3.24x | 25.2% | 2.95x | 31.9% |
| Radiology | 6 | $635.0 | 11.80x | 2.83x | 24.0% | 3.10x | 21.0% |
| Fertility | 6 | $615.0 | 15.25x | 3.67x | 25.5% | 3.20x | 28.1% |
| Urgent Care | 6 | $400.0 | 12.65x | 2.20x | 17.8% | 2.70x | 21.4% |
| Dialysis | 6 | $375.0 | 9.80x | 1.79x | 18.5% | 3.05x | 19.3% |
| Radiation Oncology | 6 | $620.0 | 12.25x | 3.28x | 22.5% | 3.05x | 22.2% |
| Pediatric Dental | 6 | $227.5 | 14.00x | 3.08x | 22.5% | 2.50x | 20.8% |
| dental | 5 | $680.0 | 12.40x | 2.68x | 0.0% | 2.20x | 21.0% |
| ltach_post_acute | 5 | $800.0 | 9.00x | 1.14x | 0.0% | 2.40x | 18.0% |
| physical_therapy | 5 | $900.0 | 14.00x | 2.00x | 0.0% | 2.05x | 20.0% |
| Employer Health | 5 | $380.0 | 15.00x | 2.79x | 19.2% | 2.10x | 20.1% |
Size Bucket Rollups
| Size Bucket | Deals | Med EV/EBITDA | Med EBITDA Margin | Med MOIC | Med Hold Years |
|---|---|---|---|---|---|
| < $100M (small) | 124 | 10.50x | 17.0% | 2.50x | 3.5y |
| $100-250M (mid) | 332 | 11.50x | 20.0% | 2.80x | 4.0y |
| $250-500M (upper-mid) | 364 | 12.60x | 22.0% | 2.80x | 4.5y |
| $500M-1B (large) | 293 | 13.50x | 24.0% | 3.00x | 4.5y |
| $1B+ (mega) | 352 | 12.90x | 20.8% | 2.50x | 5.0y |
Vintage Year Rollups
| Year | Deals | Med EV/EBITDA | Med EBITDA Margin | Med MOIC |
|---|---|---|---|---|
| 2010 | 7 | 7.25x | 0.0% | 3.20x |
| 2011 | 16 | 9.90x | 0.0% | 3.50x |
| 2012 | 9 | 8.85x | 0.0% | 3.40x |
| 2013 | 24 | 9.65x | 14.5% | 2.90x |
| 2014 | 47 | 10.00x | 19.5% | 3.05x |
| 2015 | 70 | 10.65x | 19.0% | 3.10x |
| 2016 | 118 | 11.65x | 20.0% | 3.20x |
| 2017 | 125 | 11.50x | 20.0% | 3.10x |
| 2018 | 177 | 12.50x | 22.0% | 2.90x |
| 2019 | 198 | 12.50x | 21.9% | 2.85x |
| 2020 | 182 | 12.80x | 21.0% | 2.50x |
| 2021 | 211 | 13.00x | 22.0% | 2.10x |
| 2022 | 138 | 13.00x | 19.8% | 1.60x |
| 2023 | 64 | 13.20x | 20.0% | 1.50x |
| 2024 | 24 | 16.00x | 21.1% | 1.50x |
Commercial-Payer-Share Rollups
| Commercial Share Bucket | Deals | Med EV/EBITDA | Med EBITDA Margin | Med MOIC |
|---|---|---|---|---|
| Commercial-Light (<30%) | 328 | 11.80x | 18.2% | 2.80x |
| Balanced (30-50%) | 392 | 11.80x | 20.0% | 2.80x |
| Commercial-Heavy (>50%) | 621 | 12.80x | 22.0% | 2.80x |
Base-Rate Interpretation: For this filter, the median PE healthcare transaction closed at 12.35x EV/EBITDA,
P75 14.00x, P90 16.00x. Sector premia matter — health IT trades > 18x while dialysis and basic physician services sit 9-11x.
Commercial-heavy payer mix commands 2-3x EV/EBITDA premium over Medicare-heavy comparables. Use these percentiles to sanity-check any target's ask
price — a single comp's multiple is noise; the P50/P75 spread across comparable filters is signal.