Q3 2025 Healthcare Industry Trends

Q3 2025 KEY HIGHLIGHTS

The largest transaction in Q3 2025 was Patient Square Capital’s announced acquisition of Premier, Inc., a leading technology-driven health care improvement company, for $2.6 billion.

There were 91 financially sponsored transactions in 1st 3 Quarters 2025, with an aggregate value of $15.71 billion, representing 29 percent of the total volume and 59 percent of the total value, respectively.

Q3 2025 KEY TRENDS

Total transaction value in Q3 2025 increased by 3 percent over Q2 2025, from $9.5 billion to $9.8 billion.

Total transaction volume in Q3 2025 increased by 22 percent over Q2 2025, from 98 to 120.

Regarding notable growth sectors, Health IT volume increased from 49 deals in Q2 2025, to 56 deals in Q3 2025.

MULTIPLES & VALUE TRENDS

The median revenue multiple from 2024 through the 1st 3 Quarters of 2025 increased 32 percent from 2.5x to 3.3x.

The median EBITDA multiple from 2024 through the 1st 3 Quarters of 2025 nearly doubled, from 9.2x to 18.1x.

TOP TEN DEALS THROUGH Q3 2025

The top ten deals by value have seen five new additions since our half-year report. These include the previously mentioned announced acquisition of Premier, Inc. by Patient Square Capital, HealthEdge’s acquisition of UST HealthProof for $1.3 billion, Waystar’s acquisition of Iodine Software for $1.25 billion, Machinify’s announced acquisition of Performant Healthcare for $667 million, and Vitruvian Partners’ acquisition of DeepIntent for $637 million.

These five transactions, with an aggregate value of $6.49 billion, represented 66 percent of transaction value in Q3 2025.