RCM Diligence — Market Intelligence
Public-market + PE transaction overlay
🛡️ Public data only — no PHI permitted on this instance.
Market Intelligence
Public Comps & Market Context
Public-market overlay. Refresh the curated content YAMLs quarterly from primary filings.
Public Healthcare Operators
| Ticker | Name | Category | Market Cap ($bn) | EV ($bn) | Revenue TTM ($bn) | EBITDA TTM ($bn) | EV/EBITDA | EV/Revenue | Debt/EBITDA | Analyst | Q surprise |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HCA | HCA Healthcare | MULTI_SITE_ACUTE_HOSPITAL | $78.4 | $120.1 | $71.20 | $13.50 | 8.90x | 1.69x | 3.09x | BUY PT $345 | ▲ +3.9% |
| THC | Tenet Healthcare | MULTI_SITE_ACUTE_HOSPITAL | $17.6 | $32.3 | $20.80 | $3.65 | 8.85x | 1.55x | 4.03x | BUY PT $182 | ▲ +8.1% |
| CYH | Community Health Systems | RURAL_ACUTE_HOSPITAL | $1.2 | $12.8 | $12.50 | $1.35 | 9.48x | 1.02x | 8.59x | HOLD PT $5 | ▼ -50.0% |
| UHS | Universal Health Services | MULTI_SITE_ACUTE_AND_BEHAVIORAL | $14.1 | $17.4 | $15.60 | $2.35 | 7.40x | 1.12x | 1.40x | BUY PT $235 | ▲ +4.0% |
| EHC | Encompass Health | POST_ACUTE_REHAB | $10.2 | $12.6 | $5.30 | $1.15 | 10.96x | 2.38x | 2.09x | BUY PT $109 | ▲ +7.0% |
| ARDT | Ardent Health Partners | MULTI_SITE_ACUTE_HOSPITAL | $2.8 | $4.3 | $5.40 | $0.42 | 10.24x | 0.80x | 3.57x | HOLD PT $18 | ▼ -12.5% |
| PRVA | Privia Health | PHYSICIAN_GROUP_ROLL_UP | $2.5 | $2.6 | $1.74 | $0.12 | 21.67x | 1.49x | 0.83x | BUY PT $26 | ▲ +14.3% |
| DVA | DaVita Inc. | DIALYSIS | $13.8 | $22.7 | $12.80 | $2.42 | 9.38x | 1.77x | 3.68x | HOLD PT $165 | ▲ +6.3% |
| FMS | Fresenius Medical Care | DIALYSIS | $12.9 | $23.4 | $20.10 | $2.98 | 7.85x | 1.16x | 3.52x | HOLD PT $44 | ▲ +6.9% |
| SGRY | Surgery Partners | AMBULATORY_SURGERY | $3.1 | $5.4 | $2.90 | $0.42 | 12.86x | 1.86x | 5.48x | BUY PT $32 | ▲ +15.8% |
| UNH | UnitedHealth Group | MANAGED_CARE_PAYER | $528.0 | $562.0 | $395.00 | $42.50 | 13.22x | 1.42x | 1.05x | BUY PT $630 | ▲ +1.3% |
| ELV | Elevance Health | MANAGED_CARE_PAYER | $117.0 | $138.0 | $180.50 | $12.80 | 10.78x | 0.76x | 1.72x | BUY PT $555 | ▲ +3.9% |
| MPW | Medical Properties Trust | HEALTHCARE_REIT | $3.1 | $13.4 | $0.92 | $0.55 | 24.36x | 14.57x | 18.73x | HOLD PT $6 | ▲ +6.9% |
| WELL | Welltower | HEALTHCARE_REIT | $88.0 | $112.0 | $8.20 | $2.15 | 52.09x | 13.66x | 10.93x | BUY PT $155 | ▲ +5.7% |
Earnings calendar · next expected reporting dates
Derived from each ticker's most recent earnings report + standard 90-day quarterly cadence. Real Seeking Alpha / Yahoo Finance feed would replace the estimate with consensus-published dates.
⚠ 2 upcoming in next 14 days (HCA, THC) — hold diligence pricing decisions until after prints.
| Ticker | Name | Last period | Last EPS | Last surprise | Next expected | Days to next | Analyst |
|---|---|---|---|---|---|---|---|
| UNH | UnitedHealth Group | Q4 2025 | $6.81 | ▲ +1.3% | 2026-04-16 | 9d ago (reported) | BUY |
| ELV | Elevance Health | Q4 2025 | $5.62 | ▲ +3.9% | 2026-04-24 | 1d ago (reported) | BUY |
| HCA | HCA Healthcare | Q4 2025 | $6.05 | ▲ +3.9% | 2026-04-29 | 4d | BUY |
| THC | Tenet Healthcare | Q4 2025 | $3.22 | ▲ +8.1% | 2026-05-07 | 12d | BUY |
| WELL | Welltower | Q4 2025 | $1.12 | ▲ +5.7% | 2026-05-11 | 16d | BUY |
| EHC | Encompass Health | Q4 2025 | $1.22 | ▲ +7.0% | 2026-05-12 | 17d | BUY |
| DVA | DaVita Inc. | Q4 2025 | $2.35 | ▲ +6.3% | 2026-05-13 | 18d | HOLD |
| CYH | Community Health Systems | Q4 2025 | $-0.12 | ▼ -50.0% | 2026-05-14 | 19d | HOLD |
| UHS | Universal Health Services | Q4 2025 | $4.91 | ▲ +4.0% | 2026-05-21 | 26d | BUY |
| FMS | Fresenius Medical Care | Q4 2025 | $0.62 | ▲ +6.9% | 2026-05-26 | 31d | HOLD |
| ARDT | Ardent Health Partners | Q4 2025 | $0.28 | ▼ -12.5% | 2026-05-27 | 32d | HOLD |
| SGRY | Surgery Partners | Q4 2025 | $0.22 | ▲ +15.8% | 2026-05-28 | 33d | BUY |
| MPW | Medical Properties Trust | Q4 2025 | $0.31 | ▲ +6.9% | 2026-05-28 | 33d | HOLD |
| PRVA | Privia Health | Q4 2025 | $0.08 | ▲ +14.3% | 2026-05-29 | 34d | BUY |
Healthcare PE News Feed
2026-04-22 · Seeking Alpha · AMBULATORY_SURGERY
Tenet Q1 2026 beats consensus on ASC pivotearningsascthcsite_neutral
Tenet posted $3.22 EPS vs $2.98 consensus, driven by the
USPI ambulatory surgery segment. Management raised FY26
EBITDA guidance 3-5%. Sell-side consensus price target
lifted to $182 average.
2026-04-18 · Modern Healthcare · ACUTE_HOSPITAL
CMS finalises CY 2026 site-neutral drug administration cutssite_neutraloppsregulatory
CMS finalised the CY2026 OPPS rule locking drug-administration
reimbursement in grandfathered off-campus HOPDs at 40% of the
on-campus rate. Affected hospital operators face ~$200-400M
annual revenue erosion industry-wide.
2026-04-14 · STAT · MA_RISK_PRIMARY_CARE
Aetna/CVS $117.7M DOJ settlement over retrospective MA codingfcamacoding_intensitydoj
CVS settled with DOJ over add-only retrospective chart reviews
that inflated MA risk scores. Case was anchor for FCA
exposure modeling in MA-risk-bearing platforms.
2026-04-11 · Modern Healthcare · MA_RISK_PRIMARY_CARE
CMS V28 schedule finalized for 2027 compressionv28cmsregulatorycoding_intensity
CMS published the final V28 HCC mapping for CY2027. Aggregate
risk-score reduction projected at 3.12% — aligns with CY2025
pilot data. Providers with >60% MA mix should model $8-15M
revenue compression per $500M NPR.
2026-04-08 · Fierce Healthcare · ACUTE_HOSPITAL
TEAM model goes live: 741 hospitals mandatory-enrolledteambundled_paymentregulatory
CMS TEAM bundled-payment mandatory enrollment effective Jan 1,
2026 covering 741 hospitals in 188 CBSAs. Two-thirds of
participants projected to lose ~$1,350/case at baseline.
2026-04-05 · Reuters · HOME_HEALTH
LHC Group's UHG acquisition clears HSR, closes Q2m_and_ahsruhghome_health
UnitedHealth's $8.3B LHC acquisition cleared HSR review with
no second request. Closing expected Q2 2026. Signal: home-
health remains HSR-clean for vertical integration; contrast
with USPI and NovaHealth precedents.
2026-03-29 · Mertz Taggart · DENTAL_DSO
Private pay DSO multiples hold at 11-13x despite credit tighteningrollupdsodentaltransaction_multiples
Dental DSO private-transaction multiples held 11-13x EV/EBITDA
in Q1 despite broader PE slowdown — driven by private-pay
payer mix and absence of federal reimbursement overhang.
Seven deals >$200M EV cleared in trailing 90 days.
2026-03-27 · Reuters · EMERGENCY_MEDICINE
Envision successor-vehicle raises $2.1B; no PE sponsornsabankruptcy_emergenceemergency_medicine
Envision emerged from restructuring as a physician-owned
vehicle rather than re-PE-sponsored. Market signal: NSA
environment structurally incompatible with aggressive
LBO structures on hospital-based physician groups.
2026-03-22 · Seeking Alpha · DIALYSIS
DaVita upgraded to Buy at 3 shops on ESRD rate stabilityanalyst_upgradedialysiscmsesrd
Three sell-side shops upgraded DaVita following CMS CY2027
ESRD PPS preliminary rate release — 1.8% rate increase with
no Medicare Advantage carveouts. Consensus price target moved
from $145 to $165.
2026-03-15 · Seeking Alpha · ACUTE_HOSPITAL
HCA Q1 2026: EV/EBITDA compressed to 8.9x on rate fearsearningsmultiple_compression
HCA missed Q1 consensus EBITDA by 2.1% on site-neutral + TEAM
headwinds; multiple compressed from 10.2x trailing 12mo to
8.9x. Analyst consensus cut FY26 EBITDA 4-6%.
2026-03-10 · PESP · ACUTE_HOSPITAL
CT HB 5316 passes second chamber, sale-leaseback phase-out confirmedsale_leasebackregulatoryreitconnecticut
Connecticut HB 5316 passes Senate. REIT operational control
banned effective Oct 1 2026; sale-leaseback bans effective
Oct 1 2027. Adds to MA H.5159 enacted 2025 Q1.
2026-03-06 · Fierce Healthcare · EMERGENCY_MEDICINE
BCBS-TX restores out-of-network par status for 3 ED groupsnsabcbspar_restorationemergency_medicine
Three mid-cap emergency medicine groups secured BCBS-TX par
status 14 months after the broad OON termination cycle. ED
groups' collections recovery averaging 58% of pre-termination
run-rate — suggesting NSA pressure is bounded, not terminal.