European MedTech and HealthTech valuation multiples - October 2025

As of October 2025, European MedTech and HealthTech valuation multiples are showing steady resilience and selective optimism, following a cautious rebound that began in early 2025. The overall sentiment is moderately bullish for high-quality, profitable, and AI-driven businesses, while smaller or unprofitable firms continue to face compressed valuations.

MedTech Valuation Multiples (October 2025)

EV/Revenue: The average revenue multiple for European MedTech companies is between 4x–6x, with standout innovators in areas like AI diagnostics, telemedicine, and digital surgery achieving 6x–8x revenue multiples due to premium strategic and private equity demand. 

EV/EBITDA: Profitable MedTech firms typically achieve 10x–14x EBITDA, slightly higher than 2024 averages (10x–12.5x), reflecting cautious optimism and strong M&A competition for scalable companies. 

Key valuation drivers:

Integration of AI and digital workflow tools within existing clinical systems.

Consolidation through M&A by large medical device players.

Maturing regulatory clarity under the EU AI Act and European Health Data Space.

HealthTech Valuation Multiples (October 2025)

EV/Revenue: The average HealthTech revenue multiple is 4.8x year-to-date (YTD 2025), within a 4x–6x general range. Innovative sub-sectors—particularly AI-driven platforms, telehealth, and advanced analytics—routinely trade between 6x–8x revenue. 

EV/EBITDA: Profitable digital health firms are valued around 10x–14x EBITDA, aligning with the broader MedTech range. 

ARR Multiples: For recurring-revenue or SaaS-oriented HealthTechs, EV/ARR multiples span roughly 6x–20x, reflecting premium pricing for stable subscription-based models. 

Drivers of valuation:

Proven profitability and high recurring revenue share.

Alignment with value-based care and measurable cost efficiency.

Data monetisation capability and secure interoperability with EHR systems.

Strategic acquisitions by both private equity funds and large healthcare conglomerates.

In summary, European MedTech and HealthTech valuations have stabilised around healthy mid-single-digit revenue multiples and low-teens EBITDA multiples, with continued robust interest in companies that combine profitability, AI integration, and value-based healthcare alignment.

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