Health Care Workforce Services Sector Outlook — September 2026
A sector benchmarking report on six listed Health Care Workforce Services companies, comparing valuation across learning and competency platforms, hospital-based physician practice management and diversified staffing. For corporate development and board audiences tracking valuation drivers and deal structure.
Key figures
- 8.7x
- Sector median EV/EBITDA (CY2027E) 6 rated companies
- 10.5x
- Learning & competency segment median EV/EBITDA (CY2027E)
- 8.3x
- Hospital-based physician practice management median EV/EBITDA (CY2027E)
- 11.3x
- Highest disclosed precedent multiple LTM EBITDA at announcement
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1 / 20 · HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE WORKFORCE SERVICES
Executive summary
Health Care Workforce Services carries one sector label over three different business models, and the market prices them differently. The six listed names sit in a tight band around 8.7x forward EBITDA, with learning and competency platforms near 10.5x and hospital-based physician practice management near 8.3x. The premium in this set sits alongside recurring revenue and held margin rather than faster growth. Precedent deal multiples span 3.3x to 11.3x, so structure and diligence carry the argument.
Key findings
- Six listed workforce platforms sit in a tight band around 8.7x forward EBITDA.
- Learning and competency names trade at the top of the range, near 10.5x.
- Faster revenue growth does not carry the premium in this set.
- Precedent deal multiples span a wide range, from 3.3x to 11.3x.
What each page shows
The analyst’s walkthrough of the deck, page by page.
- 01
HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE WORKFORCE SERVICES
Cover slide introducing the Health Care Workforce Services sector outlook dated September 28, 2026.
This report benchmarks six listed Health Care Workforce Services companies on a common forward EV/EBITDA basis as of September 28, 2026. We use it to show where the market is currently pricing three distinct business models under one sector label.
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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › HEALTH CARE WORKFORCE SERVICES Health Care Workforce Services: Where the Premium Sits What the market is currently paying for across six listed workforce platforms, the three business models inside the sector, and a thin transaction record. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
- 02CONTENTS
What This Report Covers
Contents page laying out the report's five numbered sections plus an appendix.
We lead with the bottom line so a reader who stops after section one still has the full argument. From there we build out the landscape, the valuation detail, the precedent record, and the strategic implications.
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CONTENTS What This Report Covers 01 The Bottom Line The Premium Sits Alongside Recurring Learning and Competency Revenue 02 The Landscape Three Business Models Share One Sector Label, and the Market Values Them Differently 03 Valuation & Situations A Tight Band Overall, with Real Daylight Between the Two Ends 04 Precedent Transactions Six Transactions in the Record, and the Disclosed Multiples Span a Wide Range 05 Strategic Implications What Carries Value Through Bill Rate Normalisation 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
- 0301 · THE BOTTOM LINE
Health Care Workforce Services Holds Three Different Businesses, and the Market Is Not Valuing Them the Same Way
The bottom-line page argues that Health Care Workforce Services holds three different businesses that the market prices differently.
The six listed names sit in a tight band around 8.7x forward EV/EBITDA, with half the set between 8.1x and 9.5x. Learning and competency platforms sit near the top of that range at 10.5x, while hospital-based physician practice management names sit closer to 8.3x. In this set, the premium tracks recurring revenue and held margin rather than faster top-line growth. Precedent deal multiples span a wide range, from 3.3x to 11.3x, so the case for any single number rests on diligence and structure. That is the frame we build out across the rest of this report.
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01 · THE BOTTOM LINE Health Care Workforce Services Holds Three Different Businesses, and the Market Is Not Valuing Them the Same Way The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Half the Set Prices Inside a Narrow Band The middle of the six names sits at 8.7x forward earnings on CY2027E, with half the set inside 8.1x to 9.5x. Because the lens is forward, the earnings ramp already in estimates is credited in that number, so movement comes from what an owner can evidence rather than from waiting. 2 Recurring Learning and Competency Revenue Sits at the Top of the Range The 2 clinician workforce learning and competency names, HealthStream, Inc. (HSTM) and Doximity, Inc. (DOCS), sit at 10.5x. The 3 hospital-based physician practice management names sit at 8.3x, where payor contract diligence and physician compensation normalisation dominate the pricing conversation. 3 The Faster Growers Are Not at the Top of the Range Here On the 3 names growing faster than 5%, the middle sits at 8.0x; on the 3 growing slower, it sits at 9.1x. In this set the premium sits alongside recurring revenue and held margin rather than alongside faster top-line growth. 4 With Deal Multiples This Spread, Structure Carries the Argument Of the 6 recorded transactions, 4 carry a disclosed EBITDA multiple, running from 3.3x on a specialty staffing tuck-in to 11.3x on a sponsor purchase. Quality-of-earnings work on bill rate and pay rate spread, gross profit per hour and extension behaviour is where a number gets defended. 8.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 6 companies 10.5x Premium end EV/EBITDA vs 6.5x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 6 Transactions with disclosed terms 14 recorded in this tier · 0 told as case studies, the full list in the appendix
- 04SECTION 02
02
Section divider introducing the three business models inside the Health Care Workforce Services label.
One sector label covers learning and competency platforms, hospital-based physician practice management and diversified staffing. We use this section to show how differently the market values each of them.
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SECTION 02 02 THE LANDSCAPE Three Business Models Share One Sector Label, and the Market Values Them Differently Learning and competency platforms, hospital-based physician practice management, diversified staffing. 02 of 06 Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
- 0502 · MARKET MAP
Recurring Platform Revenue and Clinician Supply Sit Inside the Same Sector
Market map grouping the six approved companies by business segment and showing median EV/EBITDA (CY2027E) per group.
We group the six companies by what they actually sell rather than by sector label alone. Recurring platform revenue and clinician supply economics sit inside the same sector, but they carry different median multiples. That grouping is the basis for every valuation comparison that follows in this report.
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02 · MARKET MAP Recurring Platform Revenue and Clinician Supply Sit Inside the Same Sector 6 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: HOSPITAL-BASED PHYSICIAN PRACTICE MANAGEMENT 3 cos median 8.3x Pediatrix (MD) AMN Healthcare (AMN) Viemed Healthcare (VMD) 3 of the 6 names; here payor contract diligence and compensation normalisation dominate the pricing conversation rather than bill rate spread. CLINICIAN WORKFORCE LEARNING AND COMPETENCY PLATFORMS 2 cos median 10.5x Doximity (DOCS) HealthStream (HSTM) 2 of the 6 names, selling credentialing, privileging and competency workflow that clients keep renewing, and priced on software convention. DIVERSIFIED CLINICAL AND TECHNICAL STAFFING GROUPS 1 cos 8.0x · 1 rated RCM Technologies (RCMT) One name, RCM Technologies, Inc. (RCMT), carrying clinical and technical staffing across specialties with classic order-flow economics.
- 0602 · LANDSCAPE
What Each Group Actually Sells, and What a Buyer Works Through First
Segment-level view of what each group sells and the diligence questions a buyer works through first.
Each group in this universe sells a different kind of relationship, and that shapes what a buyer diligences first. Learning and competency names are diligenced on renewal logic, hospital-based physician practice management on payor contracts, and diversified staffing on order flow. We carry the same segment framing into every page that follows.
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02 · LANDSCAPE What Each Group Actually Sells, and What a Buyer Works Through First Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Adjacent: hospital-based physician practice management 3 50% 8.3x Pediatrix Medical Group, Inc. (MD) · AMN Healthcare Services, Inc. (AMN) · +1 more Payor contracts carry the value. Pediatrix Medical Group, Inc. (MD), AMN Healthcare Services, Inc. (AMN) and Viemed Healthcare, Inc. (VMD) sit here, with the middle of the 3 at 8.3x. Reimbursement exposure and physician compensation normalisation are the questions a buyer works through first. Clinician workforce learning and competency platforms 2 33% 10.5x Doximity, Inc. (DOCS) · HealthStream, Inc. (HSTM) Recurring revenue, software convention. HealthStream, Inc. (HSTM) and Doximity, Inc. (DOCS) sell credentialing, privileging and competency workflow that sits inside a compliance requirement health systems have to meet. These assets are priced on retention and expansion, with cleaner cash consideration than staffing tuck-ins. Diversified clinical and technical staffing groups 1 17% 8.0x n=1 RCM Technologies, Inc. (RCMT) One name, order-flow economics. RCM Technologies, Inc. (RCMT) is the single diversified clinical and technical staffing name in the set, sitting in the lower part of the band. Fill rate, time-to-fill and gross profit per hour are the numbers that carry the story here.
- 07SECTION 03
03
Section divider introducing the valuation and situation analysis for the rated universe.
All six rated companies carry a forward CY2027E estimate, so the coming pages compare them on the same basis. We use this section to show where the range is tight and where real daylight opens up.
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SECTION 03 03 VALUATION & SITUATIONS A Tight Band Overall, with Real Daylight Between the Two Ends 6 of the 6 companies on the page carry a forward CY2027E estimate. 03 of 06 Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
- 0803 · PUBLIC MARKET VALUATION
The Forward Multiple Already Credits the Ramp, and the Top of the Range Still Holds a Premium
Ranks all six rated companies by EV/EBITDA (CY2027E) against a sector median of 8.7x.
The sector median sits at 8.7x on a forward basis, meaning the earnings ramp already sitting in consensus estimates is credited into that number. The top of the range still holds a premium above that median, which is the gap we unpack on the following pages. For an owner or acquirer, that premium is not free, it has to be evidenced, not just waited for.
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03 · PUBLIC MARKET VALUATION The Forward Multiple Already Credits the Ramp, and the Top of the Range Still Holds a Premium EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 8.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.5x CORE · median 8.7x DISCOUNT · median 6.5x Sector median 8.7x WHAT SEPARATES THE TWO ENDS The top sells renewals. The 2 names at the top of the range sit at 10.5x on CY2027E, against 6.5x at the bottom of the range. Because the lens is forward, that gap sits on top of the earnings each side is already expected to deliver, which is what makes it a statement about durability. Margin travels with the premium. Doximity, Inc. (DOCS) carries a 50% EBITDA margin and HealthStream, Inc. (HSTM) 24%, and both sit above the sector middle on margin. In this set of 6 names the premium sits alongside that profitability rather than alongside faster revenue growth. The bottom is not uniform. RCM Technologies, Inc. (RCMT) and Viemed Healthcare, Inc. (VMD) both sit at the bottom of the range, and they are different businesses: one a diversified clinical and technical staffing group, the other classified with the hospital-based physician practice management names.
- 0903 · VALUATION DRIVERS
Profitability Separates the Two Ends: Names Above the 17% Margin Line Carry 9.6x Against 8.3x Below It
Splits the rated universe by revenue growth and by EBITDA margin to show which driver moves the multiple.
Names above the 17% margin line carry a median 9.6x against 8.3x below it, so margin separates the two ends of this set more than growth does. Cohort medians are cut at the covered set's own median, using rated names with the required estimates. This is a driver reading grounded in the data shown, not a claim that margin causes the premium.
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03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 17% Margin Line Carry 9.6x Against 8.3x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 17% The 3 Faster Growers Sit Below the 3 Slower Ones on the Multiple Split the six names at 5% forward growth: the 3 above sit at 8.0x, the 3 below at 9.1x. On a sample this small the read is directional, and it shows the higher multiples sitting with the slower-growth half rather than the faster half. Profitability Is Where the Two Ends of the Range Separate The covered middle on EBITDA margin is 17%. The 2 names above the sector middle on both multiple and margin are HealthStream, Inc. (HSTM) and Doximity, Inc. (DOCS), while AMN Healthcare Services, Inc. (AMN) sits above on multiple with margin below. Spread Durability Is the Diligence Argument, Not Volume Assets in this sector are customarily priced off a normalised EBITDA, and the argument centres on what bill rate and pay rate spread looks like away from surge conditions. Gross profit per hour and extension behaviour are what a buyer tests before agreeing a number. Owning the Programme Is Different from Supplying into It Managed service provider and vendor management system positions sit upstream of order flow, and spend under management comes with them. Filling requisitions inside someone else's programme leaves thinner retained economics on the same clinician hour.
- 1003 · SITUATION MAP
Where the Money Sits: Margin and Multiple Together at the Top
Maps each rated company by EV/EBITDA against the sector median and by EBITDA margin against the covered median.
Cutting the universe on 8.7x and on 17% margin puts margin and multiple together at the top of the grid. This page characterises situations rather than recommending any transaction. It is a starting point for a conversation about where a given business sits, not a conclusion on its own.
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03 · SITUATION MAP Where the Money Sits: Margin and Multiple Together at the Top Cut on EV / EBITDA vs the sector median (8.7x) (rows) and EBITDA margin vs the covered median (17%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid Alongside Profitability Above-median multiple · above-median EBITDA margin 2 names Doximity, Inc. (DOCS) · HealthStream, Inc. (HSTM) HealthStream, Inc. (HSTM) and Doximity, Inc. (DOCS) sit above the sector middle on both the forward multiple and EBITDA margin. Both sell recurring credentialing, privileging and competency workflow, and the premium sits alongside that revenue quality. Multiple Ahead of Margin Above-median multiple · below-median EBITDA margin 1 names AMN Healthcare Services, Inc. (AMN) AMN Healthcare Services, Inc. (AMN) is the single name here that sits above the middle on multiple with margin below it. With a forward estimate showing -21% growth, the position reads as the market looking through to recovery in spread rather than to current profitability. Margin Without the Multiple Below-median multiple · above-median EBITDA margin 1 names Viemed Healthcare, Inc. (VMD) Viemed Healthcare, Inc. (VMD) sits above the middle on margin at 20% and below it on the multiple. That is the profile where an owner has the clearest case to make on the durability of earnings already being delivered. Lower on Both Measures Below-median multiple · below-median EBITDA margin 2 names Pediatrix Medical Group, Inc. (MD) · RCM Technologies, Inc. (RCMT) Pediatrix Medical Group, Inc. (MD) and RCM Technologies, Inc. (RCMT) sit below the middle on both measures. For these 2 names the live question is revenue mix and retained economics per hour worked rather than volume.
- 1103 · THE AGENDA
The Four Choices Associated with a Workforce Business Sitting at the Top of the Range
Frames four questions an owner or acquirer sitting at the top of the valuation range should resolve.
Sitting at the top of the range brings a specific set of choices into focus, and we frame them here as questions rather than recommendations. They cover how to build recurring revenue, where to sit in order flow, how to defend gross profit per hour, and how to weigh buying supply against building it. These are directional views grounded in the cohort data shown earlier in this report.
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03 · THE AGENDA The Four Choices Associated with a Workforce Business Sitting at the Top of the Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Build Recurring Revenue Beside the Staffing Relationship The 2 names at the top of the range sell credentialing, privileging and competency workflow on renewal logic. Owning workflow software beside a staffing book changes the mix a buyer is valuing and the convention it is valued on. What changes the answer: Recurring revenue holding its retention and expansion through a soft order cycle. Sit Upstream of Order Flow, or Price for Being Downstream Managed service provider and vendor management system positions carry spend under management and first look at requisitions. A subcontracted vendor earns thinner economics on the same clinician hour, and that difference follows the business into any valuation conversation. What changes the answer: Share of revenue arriving through programmes you run rather than programmes you fill into. Defend Gross Profit per Hour Before Defending Revenue Reported revenue carries clinician pay, housing and travel, so the spread is where the value sits. Extension rate and average assignment length are what hold gross profit per hour when order flow softens and clients lean on internal float pools. What changes the answer: Gross profit per hour holding as bill rates normalise across specialties. Decide Where to Build Clinician Supply and Where to Buy It The recorded transactions run from small specialty tuck-ins to sponsor platform purchases, and branch-level books trade below platform scale. Whether to recruit supply or acquire a book is a capital allocation call with different margin and integration outcomes. What changes the answer: Recruiter productivity and re-deployment rates measured against the cost of buying a book.
- 12SECTION 04
04
Section divider introducing the precedent transaction record.
Six transactions sit in the record, one completed and five announced, and four of them carry a disclosed EBITDA multiple. We use this section to show what buyers have actually agreed to pay.
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SECTION 04 04 PRECEDENT TRANSACTIONS Six Transactions in the Record, and the Disclosed Multiples Span a Wide Range One completed, five announced; four carry a disclosed EBITDA multiple. 04 of 06 Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12
- 1304 · DEAL CASE STUDIES
What Buyers Agreed to Pay in a Thin Record: Six Transactions, Wide Spread
Walks through the precedent transactions as case studies, with disclosed multiples where available.
The four transactions with a disclosed EBITDA multiple in this record run from 3.3x on a smaller staffing tuck-in to 11.3x on a larger sponsor purchase. These are LTM multiples at announcement, so they sit on a different basis from the CY2027E public multiples shown elsewhere in this report, and we do not claim a direct spread between the two. The wide range in a thin record is itself the finding: structure and diligence, not a single benchmark multiple, carry the argument in negotiations.
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04 · DEAL CASE STUDIES What Buyers Agreed to Pay in a Thin Record: Six Transactions, Wide Spread 0 of 6 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13
- 14SECTION 05
05
Section divider introducing the strategic implications for the sector's next twelve months.
Bill rate normalisation is the pressure test the next twelve months puts on this sector. We use this section to show what carries value through it: revenue mix, spread durability, and where order flow originates.
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SECTION 05 05 STRATEGIC IMPLICATIONS What Carries Value Through Bill Rate Normalisation Revenue mix, spread durability and where order flow originates. 05 of 06 Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14
- 1505 · STRATEGIC IMPLICATIONS
What Carries Value Through Bill Rate Normalisation
Sets out what carries value through bill rate normalisation for owners, boards, buyers and management teams.
Revenue mix is the lever with the most reach: shifting toward renewal-based recurring revenue and a defended spread is an operating programme rather than something a market move can substitute for. Because the forward lens already credits the earnings ramp sitting in consensus estimates, what re-rates a name from here is spread durability and account concentration, not the ramp itself. For buyers, the premium in this set sits alongside recurring revenue and held margin, which is where deal conventions here already point. We frame these as the open questions this data puts on the table, not as settled conclusions.
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05 · STRATEGIC IMPLICATIONS What Carries Value Through Bill Rate Normalisation NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Revenue Mix Is the Lever with the Most Reach In this set of 6 names the top of the range sits with recurring credentialing and competency revenue, and the bottom with clinician supply economics. Shifting mix toward renewal revenue and a defended spread is an operating programme, not a market event. FOR BOARDS The Forward Lens Already Credits the Ramp in Estimates On CY2027E the set sits in a tight band, so improvement already sitting in consensus earnings is not on its own a source of re-rating. What travels is spread durability, retention in recurring lines, and how concentrated order flow is across health system and government accounts. FOR BUYERS AND INVESTORS The Premium in This Set Sits Alongside Recurring Revenue and Held Margin Of the 6 companies, the 2 at the top of the range pair recurring workflow revenue with above-middle EBITDA margin. Deal conventions here centre on normalised EBITDA, bill rate durability, worker classification exposure and working capital pegs against slow-paying payors.
- 16SECTION 06
06
Section divider introducing the full comparable universe, methodology and sources.
Every figure shown earlier in this report sits behind a company-level line in this section. We use it to show the full universe, the valuation basis, and where each underlying disclosure lives.
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SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16
- 1706 · PUBLIC COMPARABLES (1 OF 1)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Lists all six rated companies on EV/EBITDA (CY2027E), grouped by valuation tier against the 8.7x sector median.
This appendix carries the full rated universe behind every multiple quoted earlier in this report. Companies are grouped into tiers above and below the 8.7x sector median so a reader can trace any summary figure back to the company that produced it. It is the reference table for the comparisons made throughout the body of this report.
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06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.7x); amber marks below · 6 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.5x · median 10.5x · 2 companies Doximity, Inc. DOCS Clinician workforce learning and competency platforms $4.1B 11.5x 6% 50% 56 HealthStream, Inc. HSTM Clinician workforce learning and competency platforms $799M 9.6x 4% 24% 29 CORE — 8.1x–9.5x · median 8.7x · 2 companies AMN Healthcare Services, Inc. AMN Adjacent: hospital-based physician practice management $1.5B 9.1x -21% 6% -14 Pediatrix Medical Group, Inc. MD Adjacent: hospital-based physician practice management $2.4B 8.3x 2% 15% 17 DISCOUNT — <8.1x · median 6.5x · 2 companies RCM Technologies, Inc. RCMT Diversified clinical and technical staffing groups $320M 8.0x 10% 10% 20 Viemed Healthcare, Inc. VMD Adjacent: hospital-based physician practice management $356M 5.0x 11% 20% 32
- 1806 · PRECEDENT TRANSACTIONS (1 OF 1)
All Precedent Transactions with Disclosed Terms, Newest First
Lists all transactions with disclosed terms in this tier, newest first, alongside the wider count of recorded transactions.
Six transactions in this tier carry disclosed terms out of 14 recorded overall, and multiples here are LTM at announcement. Transactions with neither a disclosed value nor a multiple are recorded separately rather than folded into this list. This appendix is the complete disclosed-terms record behind the case studies discussed earlier in this report.
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06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (14 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 31 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 8 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 KL Criss Cross Intermediate, LLC → Cross Country Healthcare, Inc. $331M n/a n/a KL Criss Cross Intermediate, LLC acquired Cross Country Healthcare, Inc. in Dec-2025, recorded as completed at a value of $331M. That figure anchors scale for a listed staffing platform changing hands rather than a pricing level. Dec-2024 Cross Country Healthcare, Inc. → Aya Healthcare, Inc. $555M n/a n/a Cross Country Healthcare, Inc. announced the acquisition of Aya Healthcare, Inc. in Dec-2024 at a recorded $555M. One staffing platform buying another points to clinician supply and programme shelf space that is hard to recruit organically. Aug-2020 Premier Health of America, Inc. → Code Bleu Placement en Sante n/a 0.6x 4.4x Premier Health of America, Inc. announced the purchase of Code Bleu Placement en Sante in Aug-2020 at 4.4x EBITDA and 0.6x revenue. Those levels are consistent with regional books trading below platform scale in this record. Nov-2019 Olympus Partners → Soliant Health n/a n/a 11.3x Olympus Partners announced the acquisition of Soliant Health in Nov-2019 at 11.3x EBITDA. That sits at the top of the disclosed multiples across the 6 recorded transactions, on a sponsor purchase of a staffing book. Apr-2019 AMN Healthcare → Advanced Medical Personnel Services, Inc. n/a n/a 3.3x AMN Healthcare announced the purchase of Advanced Medical Personnel Services, Inc. in Apr-2019 at 3.3x EBITDA. A scaled national platform adding a specialty book at that level reads as specialty adjacency bought well below platform pricing. May-2017 TPG Growth LLC → Medical Solutions L.L.C. n/a 0.7x 8.8x TPG Growth LLC announced the acquisition of Medical Solutions L.L.C. in May-2017 at 8.8x EBITDA and 0.7x revenue. That sits between the tuck-in and the top-end levels recorded here, on a sponsor platform purchase.
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Sources, Assumptions and Data Quality
Explains the report's sources, valuation basis and data-quality exclusions.
This report's primary valuation basis is EV/EBITDA on CY2027E consensus estimates, drawn from market pricing and consensus data as of September 28, 2026, with company disclosures referenced via SEC filings where applicable. Multiples failing plausibility checks are excluded rather than plotted, and precedent records carrying data-quality flags are shown as recorded. This page sets out those choices so a reader can weigh how much confidence to place in any individual figure.
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06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Health Care Workforce Services and it clears the coverage gate with 6 of 6 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 1 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 270 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (269) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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Across Six Names, the Premium Sat Alongside Recurring Revenue and Held Margin.
Closing page restating that the premium across six names sat alongside recurring revenue and held margin.
Across the six names in this report, the premium sat alongside recurring revenue and held margin. Companion tables carry the full universe and source index for any figure a client wants to trace further.
Everything on this page
Across Six Names, the Premium Sat Alongside Recurring Revenue and Held Margin. NeuraCap AI — Health Care Workforce Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Health Care Workforce Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20
Sources and methodology
This report covers Health Care Workforce Services (Health Care › Health Care Equipment and Services › Health Care Workforce Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 6 listed companies whose core business is Health Care Workforce Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AMN Healthcare Services, Inc. (AMN), Doximity, Inc. (DOCS), HealthStream, Inc. (HSTM), Pediatrix Medical Group, Inc. (MD), RCM Technologies, Inc. (RCMT), Viemed Healthcare, Inc. (VMD). The market map groups them by business vertical — Adjacent: hospital-based physician practice management: 3 companies (MD, AMN, VMD); Clinician workforce learning and competency platforms: 2 companies (DOCS, HSTM); Diversified clinical and technical staffing groups: 1 company (RCMT). 6 of the 6 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
Scope and company universe
This report covers Health Care Workforce Services (Health Care › Health Care Equipment and Services › Health Care Workforce Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 6 listed companies whose core business is Health Care Workforce Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AMN Healthcare Services, Inc. (AMN), Doximity, Inc. (DOCS), HealthStream, Inc. (HSTM), Pediatrix Medical Group, Inc. (MD), RCM Technologies, Inc. (RCMT), Viemed Healthcare, Inc. (VMD). The market map groups them by business vertical — Adjacent: hospital-based physician practice management: 3 companies (MD, AMN, VMD); Clinician workforce learning and competency platforms: 2 companies (DOCS, HSTM); Diversified clinical and technical staffing groups: 1 company (RCMT). 6 of the 6 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.
What was excluded and why
1 record failed a validation gate and never feed a statistic in this report (1 excluded from aggregate). Each exclusion, with its reason: AMN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)
Primary valuation basis and how it was chosen
Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Health Care Workforce Services and it clears the coverage gate with 6 of 6 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 6 companies; EV / rEVenue: 6 of 6 companies; P/E: 6 of 6 companies.
How the multiples and statistics are computed
Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥9.5x, Core 8.1x–9.5x, Discount <8.1x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 8.7x = median(ev_ebitda CY2027E) (6 rated companies) · 10.5x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 8.7x = median(ev_ebitda CY2027E) within Core tier (n=2) · 6.5x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 8.0x = median(ev_ebitda CY2027E) | growth ≥ 5% (n=3) · 9.1x = median(ev_ebitda CY2027E) | growth < 5% (n=3) · 9.6x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 17% (n=3) · 8.3x = median(ev_ebitda CY2027E) | EBITDA margin < 17% (n=3) · 24% = median Rule of 40 score (revenue growth + EBITDA margin) (n=6)
Precedent transactions: what is in the record and why
The precedent record holds the M&A transactions in Health Care Workforce Services recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 14 transactions were recorded for this industry; 6 are shown. 8 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 15 × no evidence record; 12 × deal value unit unresolved; 2 × duplicate precedent id; 2 × parent financials detached. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.
Sources
Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 274 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.
Interpretation and important notice
Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.
This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.
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