Health & Wellness: 2026 Valuation Multiples

Although health and wellness have always been central to human societies and economies, their exact definition has changed massively over time according to the values, priorities and habits of the time. Between the late 2010s and the early 2020s, health and wellness started to become synonyms with home workouts, mindfulness, circadian rhythms and many other concepts that were not necessarily considered part of a healthy lifestyle before.

Today, wellness goes beyond personal priorities: according to the Global Wellness Institute, the wellness economy reached a new peak of $6.8 trillion in 2024, and is projected to grow to $9.8 trillion by 2029 according to the Global Wellness Institute. For context, that’s twice the GDP of some G7 countries.

Once limited to sports equipment and clothing brands, the wellness sector has now expanded into a myriad of segments, with sometimes blurred lines and lots of overlap. Tech-based categories such as Fitness-as-a-Service (think Peloton), TeleHealth apps for mindfulness and mental health and wearable health trackers have been on the rise in the past decade.

At the same time, established companies in adjacent sectors have entered the wellness market from multiple sides, like food and beverages, skincare brands, sexual health products and more, benefitting from a widened definition of “wellness” in the consumer’s eyes.

A busy and steady M&A environment underlines this sector’s consolidation, with buyers often willing to pay a premium on the target’s revenue multiple in order to secure their acquisition goals. The mergers and acquisitions landscape has seen a strategic reconfiguration going into 2026, driven by a shift toward functional nutrition and clinical credibility. A recent standout deal includes Danone’s €1bn (approx. £860m) acquisition of the UK plant-based complete food brand Huel, sitting at about 3.5x revenue multiple.

While some deals are part of proven diversification strategies by FMCG giants like Unilever, P&G or Mondelez—such as PepsiCo’s recent $1.95bn acquisition of gut-health probiotic soda brand Poppi, at about 3.3x their revenue—others reflect strategic moves from wellness companies seeking to enter adjacent subsectors, like USANA Health Sciences acquiring a controlling stake in the DTC children’s supplement brand Hiya Health for $205 million, valuing it at roughly a 2.5x revenue multiple.

The Global X Health & Wellness ETF (BFIT), managed by Mirae Asset Financial Group, “seeks to harness the effects of changing consumer lifestyles by investing in companies geared toward promoting physical activity and well-being.”

The 64 companies in the fund are all listed on public stock exchanges, and so their financial metrics may differ from younger start-ups introducing innovative technologies, typically considered a high-risk-high-reward investment. However, analysing their revenue and EBITDA multiples allows us to establish a benchmark that can be useful to infer the valuation of a private company.

Health & Wellness Valuation Multiples

Predictably, the pandemic accelerated the growth in Revenue multiples for wellness companies, which saw a correction over the course of 2021, although maintaining an upwards trajectory overall.

Median Revenue multiples jumped 70% between Q1 2020 and Q1 2021 before dropping all throughout 2021 and for most of 2022. Multiples have been stagnating for the past couple of years: in Q1 2026 the median EV/Revenue multiple for Wellness & Health companies was 1.1x, only slightly under pre-pandemic levels.

Source: YCharts

It is useful in this case to compare these numbers with those of HealthTech and TeleHealth companies, which show higher revenue multiples (5.6x in the second half of 2021).

In our cohort, only companies in the top-25% achieve comparable results, though multiples have compressed significantly compared to previous peaks. In Q1 2026, the highest revenue multiples for the top quartile ranged between 2x and a maximum of 6.5x.

Source: YCharts In the chart above, the lines indicate the range of EV/Revenue multiples in our cohorts, while the boxes highlight the Interquartile Range (IQR), which is where the median 50% of the cohort ranks based on their valuation multiple.

EV/EBITDA multiples saw an equivalent correction post-pandemic, reaching their peak at 13.8x in Q2 2021 and then falling. By Q1 2026, the median EV/EBITDA multiple for Health & Wellness companies had stabilized at 10.2x.

Source: YCharts

EBITDA multiples for Wellness are analogous to those of HealthTech companies (12.5x in H2 2021), showing that one of the main challenges for wellness is achieving a sufficient profit margin, which is probably easier for tech or software based services than it is for consumer product manufacturers.

EBITDA multiples also show a wider range than their Revenue counterparts, with the median 50% of companies (the Interquartile Range) recording multiples between 7x and 13.5x in the first quarter of 2026.

Source: YCharts In the chart above, the lines indicate the range of EV/EBITDA multiples in our cohorts, while the boxes highlight the Interquartile Range (IQR), which is where the median 50% of the cohort ranks based on their valuation multiple.