June 30, 2026

M&A Summary and Outlook

• Through Q1 2026 North American M&A volume totaled 3,780 transactions with total deal value of $936 billion.

• Within the Healthcare sector, there were 164 transactions in Q1 2026, compared to 282 transactions in Q1 2025, representing a 41.8% decrease from last year.

Public Company Performance

• Public company EV/EBITDA multiples decreased from last quarter with a median Healthcare multiple of 13.1x in Q1 2026 compared to a median multiple of 14.2x in Q4 2025. The median EV/EBITDA multiple in Q1 2025 was 13.4x.

• After Q1 2026, none of the Healthcare sub-sectors outperformed the S&P 500 over the past five years.