Table 3: median historical EV/EBITDA multiples H1 2019

Table 3: Median historical EV/EBITDA multiples: H1 2019 - H1 2024 (1)

Source: S&P Capital IQ and proprietary BT Capital research (1) Data as of 6/30/2024 or most recently reported period

Median EV/EBITDA multiples

H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024

11.9x

10.2x

12.4x

12.9x

12.2x

12.1x

11.7x

10.9x

11.5x

Acute care

Home health and hospice

Long-term care

Managed healthcare

Non-acute care

8.0x

12.9x

15.2x

11.1x

12.9x

Median 11.5x