Healthcare

Miscellaneous Healthcare

41 investable US stocks · data to Saturday, October 24, 2026

Acquirer's Multiple percentile today79th percentile

Dearer than in 93% of quarters since 1999Its usual range since 1999 is the 51st to 78th percentile (the middle 80% of quarters), with a median of the 65th. Lower is cheaper: the 10th percentile is cheaper than 90% of the investable US market; the 50th is the middle.

Is it cheap because returns are depressed?

The industry is dear against its own past, and even though returns on assets are depressed (lower than in 81% of quarters). Free cash flow yield is low (lower than in 80% of quarters), so the cash doesn't support the premium. A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.

Over- or under-earning?

Under-earning

Return on assets ranks at the 20th percentile of investable US stocks, against a median of the 50th and a low of the 16th since 1999. That is well below its usual level, so it may be under-earning, and today's multiple is likely too high on a normalized basis. If earnings normalize, the multiple would likely fall: from the 79th percentile today (dearer than 79% of investable US stocks) to around the 61st (dearer than 61% of investable US stocks), judging by where it sat in past quarters when returns were at their usual level. If returns fell to their low, it would be around the 77th (dearer than 77% of investable US stocks).

Percentile	Today	Returns normal	Returns at low
Return on assets (higher is better)	20th	50th (median)	16th (low)
Acquirer's Multiple (lower is cheaper)	79th	61st	77th

Miscellaneous Healthcare's return on assets as a percentile, quarterly since 1999. The shaded band is its usual range; the dashed line its median.

Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (18 quarters) and of their low (21). The past, not a forecast.

Against its own history

Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.

Acquirer's MultipleNear its dearestPercentile of enterprise value ÷ operating income: lower is cheaper. Dearer than in 93% of quarters since 1999.

Free cash flow yieldLower than usualPercentile of free cash flow yield: higher is a bigger yield. Lower than in 80% of quarters since 1999.

Shareholder yieldLower than usualDividends plus buybacks, as a percentile: higher is a bigger yield. Lower than in 83% of quarters since 1999.

Dividend yieldUsual rangePercentile of dividend yield: higher is a bigger yield. Lower than in 59% of quarters since 1999.

Return on assets, 5-yrWeaker than usualPercentile of five-year return on assets: higher is better. Lower than in 81% of quarters since 1999.

Debt to equityLeast debt on recordPercentile of debt to equity: lower is less debt. Less indebted than in 94% of quarters since 1999.

Company sizeUsual rangePercentile of market cap: higher is larger. Smaller than in 56% of quarters since 1999.

Miscellaneous Healthcare stocks in the screens today

In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.

Stock	Screen	Acquirer's Multiple	FCF yield	Shareholder yield

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Other Healthcare industries

Non-System-Specific Biopharmaceuticals cheaper than 77%Other Biopharmaceuticals cheaper than 75%Other Medical Devices cheaper than 69%Diagnostics and Drug Delivery Devices dearer than 51%System-Specific Biopharmaceuticals dearer than 59%Patient Care dearer than 73%Healthcare Support Services dearer than 79%Outsourced Development and Manufacturing Services dearer than 79%General Medical Devices dearer than 97%

Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.