PitchBook：2025年三季度医疗保健服务公共报表和估值指南报告（英文版）

The performance of public healthcare services companies remained sharply divided through the first nine months of 2025, with provider stocks surging while payer stocks lagged. Providers are benefiting from higher utilization and favorable reimbursement trends, with EBITDA expected to rise 5% this year after a 12% gain in 2024. Meanwhile, payers continue to face margin pressure—EBITDA is projected to decline another 15% in 2025 before stabilizing in 2026.