Healthcare Clinics (Group) Switzerland: 7.5–11.5× EBITDA, 312 Firms (2026)

1.0Market Snapshot

CHF 36.6B: Revenue of all Swiss hospitals and clinics, public and private, in 2024: CHF 36.60 billion, up 3.6%, against expenses of CHF 36.95 billion — a loss of CHF 347 million (BFS hospital statistics, 25 November 2025). Total Swiss health costs were CHF 97 billion in 2024.
312: Hospital and clinic enterprises in 2024: 106 general hospitals (NOGA 86.10.01) and 206 specialist clinics such as orthopaedic, psychiatric and rehabilitation clinics (NOGA 86.10.02), public and private (BFS STATENT). A group counts once per legal entity; no official statistic counts private clinic groups.
242,226: People employed in general hospitals (189,968) and specialist clinics (52,258) in 2024 (BFS STATENT); the hospital statistics count 189,008 full-time equivalents in hospitals, up 1.7%. Specialist-clinic employment has risen 40% since 2011.
+3.6%: Growth of Swiss hospital revenue in 2024, against 2.3% for expenses; wage costs rose 3.0% (CHF +660 million). 62% of public hospitals and 37% of private clinics posted a loss (BFS, 25 November 2025).

According to Val Index analysis of Swiss commercial-register and federal data (2026), the Swiss healthcare clinics (group) market is worth CHF 36.6B — Revenue of all Swiss hospitals and clinics, public and private, in 2024: CHF 36.60 billion, up 3.6%, against expenses of CHF 36.95 billion — a loss of CHF 347 million (BFS hospital statistics, 25 November 2025). Total Swiss health costs were CHF 97 billion in 2024..

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 312 healthcare clinics (group) companies — Hospital and clinic enterprises in 2024: 106 general hospitals (NOGA 86.10.01) and 206 specialist clinics such as orthopaedic, psychiatric and rehabilitation clinics (NOGA 86.10.02), public and private (BFS STATENT). A group counts once per legal entity; no official statistic counts private clinic groups..

2.0Industry Overview

Market Scope

Swiss hospitals and clinics earned CHF 36.60 billion in 2024, 3.6% more than in 2023, and spent CHF 36.95 billion, leaving a combined loss of CHF 347 million — half the CHF 777 million loss of 2023, according to the Federal Statistical Office. The pressure is broad: 62% of public hospitals and 37% of private clinics posted a loss, and wage costs rose by CHF 660 million. The economics of private clinics rest on supplementary insurance. The BFS shows it for births: a vaginal delivery cost CHF 7,149 on average and left the hospital a loss of CHF 1,216 for a patient with basic insurance only, but a profit of CHF 845 for a privately insured one.

3.0Industry Health Check (SWOT)

Key riskTariff reform risk

Internal factors

Strengths4

Supplementary insurance makes private and semi-private patients profitable where basic-insured cases lose money (BFS)

Weaknesses4

The sector as a whole lost CHF 347 million in 2024, and 37% of private clinics posted a loss (BFS)

External factors

Opportunities4

The shift to outpatient care under EFAS (from 2028) and ambulatory flat rates (since 2026)

Threats4

Tariff reform risk: TARDOC and ambulatory flat rates change revenue by specialty from 2026

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Losses shrink, but a third of private clinics are in the red

3.6%

Swiss hospital revenue rose 3.6% to CHF 36.60 billion in 2024 while expenses rose 2.3% to CHF 36.95 billion, cutting the sector's loss from CHF 777 million to CHF 347 million (BFS). Still, 62% of public hospitals and 37% of private clinics lost money, and two out of three hospitals saw their finances worsen. Wages were the main cost driver (+3.0%, CHF +660 million), while energy costs eased (−2.7%) after the 2023 spike.

Hirslanden changes hands

CHF 1.94 b

Hirslanden reported revenue of CHF 1.94 billion for the year to March 2025, with an operating loss of CHF 295 million and a total loss of CHF 324 million after CHF 413 million of impairments, mostly on real estate in western Switzerland. In the first half of 2025/26 revenue was flat at CHF 930 million and EBITDA rose to CHF 122 million. In December 2025 Remgro and MSC agreed to split Mediclinic: MSC is to take over Hirslanden completely, with contracts planned for early 2026 and completion by the end of 2026.

Swiss Medical Network buys growth

21.7%

Swiss Medical Network, controlled by the listed Aevis Victoria, raised 2025 gross revenue 21.7% to CHF 988.5 million and EBITDAR 16.8% to CHF 133.0 million, largely through acquisitions — Spital Zofingen and Centromedico, a network of ten medical centres in Ticino. It now runs 19 clinics and hospitals and more than 80 outpatient centres in 16 cantons, and targets an EBITDAR margin above 20.5% in 2026 (15.9% in 2025). The integrated model — hospitals, outpatient centres and, in the Jura, a regional care network — is its answer to the outpatient shift.

New outpatient tariffs and uniform financing

2.3%

Since 1 January 2026 TARDOC and ambulatory flat rates have replaced TARMED for all outpatient medical services, whether provided by doctors in private practice or employed in hospitals; the change hits surgical specialties such as orthopaedics, ophthalmology and urology hardest. From 2028 EFAS finances outpatient and inpatient care the same way, removing the historical incentive to admit patients. Hospitals already treated 4.4 million outpatients in 2024 (+2.3%), and Lindenhofgruppe's outpatient cases grew 8% in 2025.

Specialists and rehabilitation grow

40%

Specialist clinics are the expanding part of the sector: employment rose 40% between 2011 and 2024. Kliniken Valens, the largest rehabilitation group, grew revenue from CHF 246 million to CHF 259 million in 2025 with 2,277 employees and is expanding into Zurich with a new clinic at the Triemli hospital. Schulthess Klinik performed 11,100 operations in 2025 but saw revenue slip to CHF 221 million, which it attributed to the reimbursement system — volume growth alone no longer lifts revenue.

5.0Cost Structure Benchmark

62%

15%

Personnel62%: physicians, nursing, administration
Medical supplies and equipment15%
Buildings and facilities8%
IT and digital infrastructure4%
Other operating costs3%
EBITDA margin8%

Indicative split carried over from the previous edition, not measured. Published results show the range: Lindenhofgruppe reported an EBITDAR margin of 8.3% for 2025, Swiss Medical Network 15.9% (19.7% in its hospital division), while Hirslanden made a loss after impairments. Personnel is the largest cost everywhere — hospital wage costs rose 3.0% in 2024 (BFS).

6.0Top Healthcare Clinics (Group) Companies in Switzerland

Name	Location	Key Facts
HirslandenCHE-113.796.171	Opfikon ZH	Hirslanden AG, the largest private hospital group: 16 clinics in 9 cantons, about 11,000 employees and over 2,500 affiliated doctors. Revenue CHF 1.94 billion in 2024/25 with a loss of CHF 324 million after impairments; H1 2025/26 revenue CHF 930 million. MSC announced in December 2025 that it will take over the group (completion planned by end-2026).
Swiss Medical NetworkCHE-201.746.735	Fribourg FR / Genolier VD	Swiss Medical Network Holding SA, controlled by Aevis Victoria: 19 clinics and hospitals and over 80 outpatient centres in 16 cantons, including Clinique de Genolier. 2025 gross revenue CHF 988.5 million (+21.7%), EBITDAR CHF 133.0 million; acquired Spital Zofingen and Centromedico in 2025.
LindenhofgruppeCHE-113.984.353	Bern BE	Lindenhofgruppe AG, Bern: the Engeried, Lindenhof and Sonnenhof hospitals, about 2,600 employees and a 17% inpatient market share in the canton of Bern. 2025 revenue CHF 503 million (+5%), profit CHF 11.8 million, EBITDAR margin 8.3%.
Kliniken ValensCHE-108.054.365	Pfäfers SG	Stiftung Kliniken Valens, the largest rehabilitation group: ten inpatient and three outpatient sites with about 940 beds and 2,277 employees. 2025 operating revenue CHF 259 million (2024: 246 million), profit CHF 7.3 million; new rehabilitation clinic planned at Zurich's Triemli hospital.
Schulthess KlinikCHE-105.885.944	Zürich ZH	Schulthess Klinik, run by the Wilhelm Schulthess Foundation: orthopaedic and sports-medicine hospital with about 1,220 employees, 11,100 operations and 135,600 outpatient consultations in 2025; revenue CHF 221 million (2024: 223 million).

Hirslanden

CHE-113.796.171

Opfikon ZH

Hirslanden AG, the largest private hospital group: 16 clinics in 9 cantons, about 11,000 employees and over 2,500 affiliated doctors. Revenue CHF 1.94 billion in 2024/25 with a loss of CHF 324 million after impairments; H1 2025/26 revenue CHF 930 million. MSC announced in December 2025 that it will take over the group (completion planned by end-2026).

Swiss Medical Network

CHE-201.746.735

Fribourg FR / Genolier VD

Swiss Medical Network Holding SA, controlled by Aevis Victoria: 19 clinics and hospitals and over 80 outpatient centres in 16 cantons, including Clinique de Genolier. 2025 gross revenue CHF 988.5 million (+21.7%), EBITDAR CHF 133.0 million; acquired Spital Zofingen and Centromedico in 2025.

Lindenhofgruppe

CHE-113.984.353

Bern BE

Lindenhofgruppe AG, Bern: the Engeried, Lindenhof and Sonnenhof hospitals, about 2,600 employees and a 17% inpatient market share in the canton of Bern. 2025 revenue CHF 503 million (+5%), profit CHF 11.8 million, EBITDAR margin 8.3%.

Kliniken Valens

CHE-108.054.365

Pfäfers SG

Stiftung Kliniken Valens, the largest rehabilitation group: ten inpatient and three outpatient sites with about 940 beds and 2,277 employees. 2025 operating revenue CHF 259 million (2024: 246 million), profit CHF 7.3 million; new rehabilitation clinic planned at Zurich's Triemli hospital.

Schulthess Klinik

CHE-105.885.944

Zürich ZH

Schulthess Klinik, run by the Wilhelm Schulthess Foundation: orthopaedic and sports-medicine hospital with about 1,220 employees, 11,100 operations and 135,600 outpatient consultations in 2025; revenue CHF 221 million (2024: 223 million).

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

Consolidation happens at group and foundation level, not through owner exits

206: specialist clinic enterprises in 2024, up from 176 in 2011 (BFS STATENT)
37%: of private clinics posted a loss in 2024 (BFS)
CHF 347M: combined loss of Swiss hospitals in 2024, after CHF 777 million in 2023 (BFS)
7.5–11.5×: EBITDA deal multiples for clinic groups (ValIndex multiples table)

Private clinics in Switzerland are rarely owner-managed businesses. The large operators are groups (Hirslanden, Swiss Medical Network), foundations (Schulthess, Kliniken Valens) or not-for-profit companies (Lindenhofgruppe). Transactions therefore take the form of group reorganisations — MSC taking over Hirslanden — and of groups buying single hospitals and outpatient networks, as Swiss Medical Network did with Spital Zofingen and Centromedico in 2025. Where owner succession matters is in the doctors' own structures: specialist centres, surgical practices and outpatient clinics founded by physicians who are now approaching retirement, and the many affiliated doctors who bring patients to private clinics (Hirslanden counts over 2,500). For these, a group buyer pays for the patient flow, the hospital-list or insurer contracts and the team. ValIndex's multiples table puts clinic transactions at 7.5–11.5× EBITDA and statutory valuations at 6.0–8.0× EBITDA.

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Valuation Snapshot

Healthcare Clinics (Group) business valuation in Switzerland

Statutory Multiple (EBITDA): 6.0 - 8.0×
Deal Multiple (EBITDA): 7.5 - 11.5×
Market Trend: Stable

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

8.0Regional Clusters

Zurich

39 specialist clinics with 11,935 employees, the largest cluster. Hirslanden is headquartered in Opfikon; Schulthess Klinik is one of Europe's large orthopaedic hospitals; Kliniken Valens is building a rehabilitation clinic at the Triemli hospital.

Northwestern Switzerland

BSBLAG

26 specialist clinics with 11,509 employees — Basel-Stadt 10 (5,011 employees), Aargau 10 (4,983) and Basel-Landschaft 6 (1,515). Swiss Medical Network added Spital Zofingen (AG) in 2025.

Eastern Switzerland

SGTGGRAR

37 specialist clinics with 10,638 employees: St. Gallen 12, Thurgau 10, Graubünden 8 and Appenzell Ausserrhoden 7. Kliniken Valens (Pfäfers) runs its rehabilitation network from here.

Bern

26 specialist clinics with 5,956 employees. Lindenhofgruppe, with the Engeried, Lindenhof and Sonnenhof hospitals, holds about 17% of the canton's inpatient market.

Lake Geneva

VDGE

37 specialist clinics with 4,745 employees — Vaud 20 (3,621) and Geneva 17 (1,124). Swiss Medical Network's flagship Clinique de Genolier is here; Hirslanden booked most of its 2024/25 real-estate impairments on western Swiss sites.

Central Switzerland

LUZGSZ

Lucerne has 10 specialist clinics with 3,406 employees and Schwyz 6 with 172; Zug's specialist clinics employ 1,097 people (unit count withheld by BFS for confidentiality) — 4,675 employees in total.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 861001 general hospitals, 861002 specialist clinics)BFS press release, 25 November 2025 — Statistik der Spitalbetriebe 2024: revenue CHF 36.60bn, loss CHF 347m, 37% of private clinics in deficit BFS press release, 24 April 2026 — Health costs 2024: CHF 97 billion Medinside — Hirslanden passt sich der Spitalrealität an (31 July 2025): FY2024/25 revenue CHF 1.94bn, loss CHF 324m, impairments CHF 413m Medinside — Genfer Reederei-Riese übernimmt Hirslanden (1 December 2025)Swiss Medical Network Holding SA — 2025 results (27 March 2026): gross revenue CHF 988.5m, EBITDAR CHF 133.0m Medinside — Lindenhofgruppe: mehr Fälle, höherer Gewinn (22 May 2026): revenue CHF 503m, EBITDAR margin 8.3%Medinside — Klinikgruppe Valens wächst (11 August 2026): revenue CHF 259m, 2,277 employees Medinside — Schulthess Klinik: mehr Patienten, leicht weniger Umsatz (13 May 2026)BAG — TARDOC und Ambulante Pauschalen (new outpatient tariff system from 1 January 2026)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|11 sources cited

9.0Frequently Asked Questions

▶How much is a private clinic or hospital group worth in Switzerland?

ValIndex's multiples table puts Swiss clinic groups at 7.5–11.5× EBITDA in transactions and 6.0–8.0× EBITDA on statutory valuations — higher than most sectors because hospital-list mandates, specialist teams and hospital real estate are scarce. Results differ widely: Swiss Medical Network reported an EBITDAR margin of 15.9% for 2025, Lindenhofgruppe 8.3%, and Hirslanden a loss after impairments. Real estate is often valued separately from the operating business.

▶What factors determine the value of a private clinic?

Buyers price: (1) the share of supplementary-insured patients, since the BFS shows basic-insured cases often lose money while private ones are profitable; (2) the hospital-list mandates and insurer contracts; (3) the ability to move procedures to outpatient care under the new tariffs (2026) and EFAS (2028); (4) the medical team and affiliated doctors who bring patients; (5) real estate and investment needs. Dependence on a few affiliated doctors is a common discount.

▶How many hospitals and clinics are there in Switzerland?

BFS STATENT counted 312 hospital and clinic enterprises in 2024: 106 general hospitals and 206 specialist clinics, public and private, with 242,226 employees. A group counts once per legal entity, and no official statistic counts private groups separately. The hospital statistics show CHF 36.60 billion of revenue and 189,008 full-time equivalents in 2024. Zurich has the most specialist clinics (39), followed by Bern (26) and Vaud (20).

▶How does succession and consolidation work for Swiss private clinics?

Most private clinics belong to groups, foundations or not-for-profit companies, so consolidation happens through group deals rather than owner exits: MSC is taking over Hirslanden (announced December 2025, completion planned by end-2026), and Swiss Medical Network bought Spital Zofingen and Centromedico in 2025. Owner succession matters for doctor-founded specialist centres, surgical practices and outpatient clinics, which groups acquire for their patient flow and contracts.

▶What are the key trends for Swiss private clinics?

Five trends: (1) hospital losses shrank to CHF 347 million in 2024, but 37% of private clinics were in the red; (2) Hirslanden, with a CHF 324 million loss in 2024/25, is to be taken over by MSC; (3) Swiss Medical Network grew revenue 21.7% in 2025 through acquisitions; (4) TARDOC and ambulatory flat rates since January 2026 and EFAS from 2028 push care into outpatient settings; (5) specialist and rehabilitation clinics grow — specialist-clinic employment is up 40% since 2011.

▶What are the main risks when buying a private clinic?

The main risks are: (1) tariffs — the 2026 outpatient tariffs and EFAS change revenue by specialty; (2) a falling share of supplementary-insured patients as premiums rise; (3) wage costs rising faster than tariffs (+3.0% in 2024); (4) real-estate values, as Hirslanden's CHF 413 million of impairments showed; (5) hospital-list and planning decisions by the cantons. Due diligence should check case mix by insurance class, tariff exposure, property and staffing.

▶What is the typical cost structure of a Swiss private clinic?

Personnel is the largest cost of a clinic — indicatively around 62% of revenue — followed by medical supplies and equipment (about 15%), buildings (8%), IT (4%) and other costs (3%), leaving an EBITDA margin of around 8%. These shares are indicative, not measured. Published results give the range: Lindenhofgruppe reported an EBITDAR margin of 8.3% for 2025 and Swiss Medical Network 15.9%, while hospital wage costs rose 3.0% in 2024 (BFS).

▶Which regions are the main private clinic clusters in Switzerland?

Zurich is the largest cluster with 39 specialist clinics and 11,935 employees, home to Hirslanden's headquarters and Schulthess Klinik. Northwestern Switzerland (Basel and Aargau) has 11,509 specialist-clinic employees and Eastern Switzerland 10,638, led by the Kliniken Valens rehabilitation network. Bern (26 clinics) hosts Lindenhofgruppe, and Lake Geneva (37 clinics) Swiss Medical Network's Clinique de Genolier (BFS STATENT 2024).

Healthcare Clinics (Group)