Elderly Care & Home Services Switzerland: 5–7.5× EBITDA, 1,434 Firms (2026)

1.0Market Snapshot

CHF 15.82bn: Costs of Swiss nursing homes and home-care (Spitex) services in 2024, 16% of total Swiss health spending (BFS, November 2025). Nursing homes alone cost CHF 12.16 billion.
1,434: Nursing homes (1,138), old-age homes (99) and social-care providers for elderly and disabled people (197) in 2024 (BFS STATENT, NOGA 87.10, 87.30.01 and 88.10). In home care, BFS counted 605 non-profit and 844 for-profit Spitex providers.
161,482: Employees of these care providers in 2024 (BFS STATENT); nursing homes alone employed 143,182 people, 34.2% more than in 2011, while their number fell 6.4%.
+10.2%: Growth in Spitex care hours in 2024, to a record 25.6 million for about 424,000 clients, the largest rise since 2011 (BFS, November 2025).

According to Val Index analysis of Swiss commercial-register and federal data (2026), the Swiss elderly care & home services market is worth CHF 15.82bn — Costs of Swiss nursing homes and home-care (Spitex) services in 2024, 16% of total Swiss health spending (BFS, November 2025). Nursing homes alone cost CHF 12.16 billion..

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,434 elderly care & home services companies — Nursing homes (1,138), old-age homes (99) and social-care providers for elderly and disabled people (197) in 2024 (BFS STATENT, NOGA 87.10, 87.30.01 and 88.10). In home care, BFS counted 605 non-profit and 844 for-profit Spitex providers..

2.0Industry Overview

Market Scope

Elderly care is one of Switzerland's largest service industries. Nursing homes and home-care (Spitex) services cost CHF 15.82 billion in 2024, 16% of all Swiss health spending (BFS). BFS counted 1,138 nursing homes with 143,182 employees in 2024 (STATENT): 6.4% fewer homes than in 2011 but 34.2% more staff. The homes had 100,955 beds and were 94.2% occupied, and more than 97% in all Western Swiss cantons, Zug and Basel-Landschaft. They are financially strained: costs of CHF 12.16 billion exceeded revenue by CHF 178 million.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Strong, growing demand from an ageing population

Weaknesses4

Shortage of qualified nursing staff

External factors

Opportunities4

Fast-growing private home care→ §4.0

Threats4

Rising wage costs after the nursing initiative→ §5.0

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Private home care booms

23.4%

For-profit Spitex providers increased their care hours by 23.4% and clients by 20.5% in 2024, while non-profit Spitex lost 2.5% of clients (BFS, November 2025).

Full nursing homes

94.2%

Occupancy reached 94.2% in 2024, and more than 97% in Western Switzerland, Zug and Basel-Landschaft (BFS).

Homes under financial strain

CHF 12.16 b

Nursing-home costs of CHF 12.16 billion exceeded revenue by CHF 178 million in 2024 (BFS).

Consolidation meets resistance

Tertianum agreed to buy Senevita's 40 homes in December 2025, but emeis refused to complete the deal in April 2026, and the case is before the Zurich Commercial Court (Tertianum).

More staff per bed

34.2%

Nursing homes employed 0.65 full-time staff per bed in 2024, up from 0.63, and 34.2% more people than in 2011 (BFS).

5.0Cost Structure Benchmark

68%

14%

Personnel68%
Property and rent14%
Food, medical and other supplies8%
Overheads and other6%
EBITDA margin4%

Indicative split for a Swiss private nursing home, not a measured figure. Across all homes, BFS reports costs of CHF 12.16 billion and a loss of CHF 178 million in 2024.

6.0Top Elderly Care & Home Services Companies in Switzerland

Name	Location	Key Facts
Tertianum (Capvis)CHE-105.898.088	Dübendorf ZH	TERTIANUM AG: operating company of the Tertianum group, registered in Dübendorf; it has absorbed Reliva, Perlavita, Parkresidenz Meilen and other operators. Swiss Prime Site agreed to sell the group to Capvis in 2019 and kept the properties. Tertianum runs 99 operations with about 7,000 residents, 4,650 care beds and about 7,000 employees (April 2026).
Senevita (emeis)CHE-106.450.247	Muri bei Bern BE	Senevita AG: nursing-home and residence operator registered in Muri bei Bern, owned by the French group emeis; it has absorbed the home-care company Spitex für Stadt und Land AG. Its sale to Tertianum (40 homes, about 3,600 beds) was agreed in December 2025 and approved by the competition commission, but emeis refused to complete it in April 2026.
Domicil BernCHE-110.350.028	Bern BE	Domicil Bern AG: non-profit operator of homes for the elderly registered in Bern; it has absorbed the Wildermettpark, Galactina-Park, Hausmatte, Lentulus and Selve Park homes.
Stiftung DiaconisCHE-105.832.741	Bern BE	Stiftung Diaconis: Bern foundation for the care of sick and elderly people, formerly Diakonissenhaus Bern; it has absorbed Krankenheim Altenberg.

Tertianum (Capvis)

CHE-105.898.088

Dübendorf ZH

TERTIANUM AG: operating company of the Tertianum group, registered in Dübendorf; it has absorbed Reliva, Perlavita, Parkresidenz Meilen and other operators. Swiss Prime Site agreed to sell the group to Capvis in 2019 and kept the properties. Tertianum runs 99 operations with about 7,000 residents, 4,650 care beds and about 7,000 employees (April 2026).

Senevita (emeis)

CHE-106.450.247

Muri bei Bern BE

Senevita AG: nursing-home and residence operator registered in Muri bei Bern, owned by the French group emeis; it has absorbed the home-care company Spitex für Stadt und Land AG. Its sale to Tertianum (40 homes, about 3,600 beds) was agreed in December 2025 and approved by the competition commission, but emeis refused to complete it in April 2026.

Domicil Bern

CHE-110.350.028

Bern BE

Domicil Bern AG: non-profit operator of homes for the elderly registered in Bern; it has absorbed the Wildermettpark, Galactina-Park, Hausmatte, Lentulus and Selve Park homes.

Stiftung Diaconis

CHE-105.832.741

Bern BE

Stiftung Diaconis: Bern foundation for the care of sick and elderly people, formerly Diakonissenhaus Bern; it has absorbed Krankenheim Altenberg.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Groups buy, foundations merge

CHF 15.82bn: costs of nursing homes and Spitex in 2024 (BFS)
94.2%: nursing-home occupancy in 2024 (BFS)
+23.4%: care hours of for-profit Spitex providers in 2024 (BFS)
5.0–7.5×: EBITDA deal multiples (ValIndex multiples table)

Many Swiss nursing homes belong to municipalities, foundations or associations, which merge rather than sell. Private homes and Spitex providers do change hands, and groups such as Tertianum have grown by acquisition. Buyers pay for occupancy, the cantonal care-home listing, staff, the condition and ownership of the building, and the tariff agreements, and discount for staff shortages, renovation needs and cantonal tariff risk. The Senevita case shows that even an approved deal can fail at closing. ValIndex's multiples table puts elderly care at 5.0–7.5× EBITDA in transactions and 3.5–5.5× on statutory valuations.

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Valuation Snapshot

Elderly Care & Home Services business valuation in Switzerland

Statutory Multiple (EBITDA): 3.5 - 5.5×
Deal Multiple (EBITDA): 5.0 - 7.5×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

312 care providers with 35,470 employees in 2024 (BFS STATENT), the most of any region; nursing-home occupancy exceeds 97% in all Western Swiss cantons (BFS).

Bern and Solothurn

BESO

280 providers with 28,894 employees; Senevita (Muri bei Bern), Domicil and Diaconis are registered here.

Eastern Switzerland

SGTGGRSHARAIGL

232 providers with 21,130 employees, the smallest on average (91 per provider).

Zurich

204 providers with 30,044 employees; Tertianum is registered in Dübendorf, and for-profit Spitex firms now deliver more care hours than non-profit ones in the canton (BFS).

Northwestern Switzerland

AGBLBS

175 providers with 19,332 employees; homes in Basel-Landschaft are more than 97% occupied (BFS).

Central Switzerland

LUSZZGOWURNW

132 providers with 18,614 employees; homes in Zug are more than 97% occupied (BFS).

Ticino

57 providers with 7,985 employees, among the largest on average (140 per provider).

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 87.10 nursing homes, 87.30.01 old-age homes, 88.10 social care for elderly and disabled people)BFS — Pflegestunden der Spitex-Dienste erreichten 2024 Rekordwerte (11 November 2025; nursing homes and Spitex 2024)BFS — Die Kosten der Alters- und Pflegeheime und der Spitex-Dienste sind 2023 stark gestiegen (12 November 2024)Swiss Prime Site — Swiss Prime Site sells the Tertianum Group to Capvis (13 December 2019)Lenz & Staehelin — emeis sells Senevita Group to Tertianum (17 December 2025; 40 homes, ~3,600 beds; COMCO approval 11 December 2025)Tertianum — Tertianum insists on enforcement of the Purchase Agreement for the Senevita acquisition (9 April 2026)Medinside — Tertianum und Senevita: Übernahme droht zu platzen (9 April 2026)Zefix — Swiss Central Business Name Index (seats, former names and takeovers of Tertianum, Senevita, Domicil Bern and Stiftung Diaconis)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is an elderly-care business worth in Switzerland?

ValIndex's multiples table puts Swiss elderly care at 5.0–7.5× EBITDA in transactions and 3.5–5.5× EBITDA on statutory valuations. Whether the buyer also acquires the building matters a great deal: Swiss Prime Site, for example, kept the properties when it sold Tertianum.

▶What drives the value of a Swiss nursing home or Spitex provider?

Buyers price: (1) occupancy; (2) the cantonal care-home listing and tariff agreements; (3) qualified staff; (4) the building, its condition and ownership; (5) the mix of nursing and assisted-living places; (6) for Spitex, the client base and cantonal contracts.

▶How big is the Swiss elderly-care sector?

Nursing homes and Spitex services cost CHF 15.82 billion in 2024, 16% of Swiss health spending. BFS counted 1,138 nursing homes with 143,182 employees and about 424,000 Spitex clients (BFS, STATENT).

▶Who are the main Swiss elderly-care operators?

The largest private group is Tertianum (99 operations, about 7,000 employees), owned by the investor Capvis. Senevita (40 homes) belongs to the French group emeis. Large non-profit operators include Domicil Bern and the Diaconis foundation.

▶What are the key trends in Swiss elderly care?

Five trends: (1) a boom in private home care; (2) full nursing homes; (3) financial strain in homes; (4) consolidation, including the contested Tertianum–Senevita deal; (5) more staff per bed.

▶What are the main risks when buying a Swiss elderly-care business?

The main risks are: (1) staff shortages and rising wages; (2) cantonal tariffs and financing reforms; (3) building renovation needs; (4) dependence on the cantonal listing; (5) deal risk at closing. Due diligence should check occupancy, tariffs, staffing ratios, the building and lease, and quality inspections.

▶Is home care growing in Switzerland?

Yes. Spitex care hours rose 10.2% to a record 25.6 million in 2024, the largest rise since 2011, driven by for-profit providers, whose hours grew 23.4% (BFS, November 2025).

▶Where are Swiss nursing homes located?

Using BFS figures for 2024: Western Switzerland has the most care providers (312, with 35,470 employees), followed by Bern and Solothurn (280; 28,894), Eastern Switzerland (232; 21,130), Zurich (204; 30,044), Northwestern Switzerland (175; 19,332), Central Switzerland (132; 18,614) and Ticino (57; 7,985).

Elderly Care & Home Services