Healthcare Staffing Valuation Benchmarks: 2026
Healthcare staffing enters 2026 in a markedly different position than the post-pandemic peak. After record growth in 2021–2022, most healthcare segments contracted or stabilized in 2025, resetting buyer expectations and valuation frameworks. According to RefAssured, healthcare staffing markets broadly pulled back in 2025, with most sectors stabilizing or contracting after years of pandemic-driven expansion.
At the broader industry level, Staffing Industry Analysts (SIA) reported a 3% contraction in the U.S. staffing industry in 2025, followed by projected long-term growth between 2025 and 2030. This normalization phase has reshaped EBITDA multiples across healthcare staffing subsectors, with buyers placing increased emphasis on margin durability, payor/customer concentration, recruiter productivity, and exposure to structurally growing verticals such as locum tenens.
This report outlines 2026 valuation benchmarks, segmentation dynamics, and the operational drivers behind multiple dispersion.
Key findings:
Valuation dispersion widened in 2026 as buyers differentiated between normalized travel staffing and structurally growing locum tenens segments.
Locum tenens and physician staffing platforms continue to command premium positioning due to persistent provider shortages.
Buyers are underwriting sustainable margins and recruiter productivity rather than peak pandemic-era bill rates.
Compliance integration and technology adoption increasingly support stronger valuation outcomes.
Market Context: Reset, Not Retreat
The healthcare staffing industry remains one of the largest and most complex verticals within staffing. However, it represents only 8% of the overall staffing industry, according to RefAssured, citing American Staffing Association data. Approximately 27,000 staffing and recruiting companies operate in the U.S., across roughly 54,000 offices, reinforcing how fragmented the market remains.
While contraction occurred in 2025 across most healthcare staffing segments, locum tenens continued to grow. RefAssured reports that the U.S. locum tenens market reached $9.6 billion in 2025 and is projected to reach $9.8 billion in 2026.
In contrast:
Travel nursing declined from $18.0 billion in 2024 to $15.8 billion in 2025 (-12%)
Allied health contracted from $10.7 billion to $9.9 billion (-7%)
Per diem nursing remained relatively flat at ~$5.2 billion
SIA has characterized this period as an entrenchment of the post-Covid staffing market, signaling structural normalization rather than cyclical collapse. This backdrop directly influences valuation expectations in 2026.
2026 EBITDA Multiple Benchmarks
Healthcare staffing EBITDA multiples in 2026 reflect segment exposure, scale, gross margin profile, and growth outlook.
| Company Profile | Typical EV / EBITDA Range | Notes |
|---|---|---|
| Small local healthcare staffing firms (typically <$5M revenue / <$1M EBITDA) | 2.5x – 5.0x | Higher operational risk, owner dependence, limited scale |
| Lower-middle market staffing firms ($1M–$10M EBITDA) | 4.0x – 7.0x | Larger client base and better diversification |
| Regional / niche staffing agencies | 5.0x – 10.0x | Higher multiples driven by specialization, contracts, and growth |
| Large national staffing agencies | 8.0x – 12.0x | Platform scale and diversified service lines |
| High-growth niche service providers / tech-enabled staffing platforms | 10.0x – 20.0x | Premium valuations for scalable models, high margins, and strong growth |
Source: Scope Research. All valuation ranges are presented for educational purposes only and are not a guarantee of any outcome.
*Ranges reflect market conditions entering 2026 and are influenced by subsector growth and margin sustainability.
The widening dispersion reflects buyer differentiation between stabilized segments (travel nursing, per diem) and structurally growing segments (locum tenens, advanced practice providers).
Segment-Specific Valuation Considerations
Valuation outcomes in 2026 vary significantly by staffing segment, as growth trends, margin profiles, and structural demand drivers differ across travel nursing, locum tenens, allied health, and per diem markets.
1. Travel Nursing
Travel nursing remains the largest staffing vertical despite contraction. RefAssured notes a decline to $15.8 billion in 2025 with a modest 3% projected growth in 2026. Buyers now underwrite travel nursing assets on normalized bill rates and lower peak margins compared to pandemic highs.
Likely valuation implications:
Lower multiples for firms heavily concentrated in crisis-rate contracts
Premium for firms with diversified hospital systems and strong MSP relationships
Emphasis on recruiter efficiency and redeployment rates
2. Locum Tenens & Physician Staffing
Locum tenens remains the structural growth leader. According to RefAssured, locum tenens utilization exceeded expectations for healthcare organizations in 2025, with demand driven by physician shortages and lifestyle flexibility trends.
RefAssured also notes that 56,000 physicians now work locum tenens assignments, and healthcare organizations reported 25% higher-than-anticipated utilization. The Association of American Medical Colleges projects a shortage of 86,000 physicians by 2036, reinforcing long-term demand.
Likely valuation implications:
Higher multiples due to structural supply-demand imbalance
Premium for multi-specialty physician coverage
Strong emphasis on credentialing infrastructure and compliance systems
3. Allied Health & Per Diem
Allied health contracted in 2025 but is projected to modestly rebound in 2026. Per diem nursing remains stable with limited growth.
StaffDNA highlights stabilization and expansion in flexible roles heading into 2026, particularly per diem and locum tenens, as facilities adapt staffing models following Joint Commission changes.
Likely valuation implications:
Lower multiples for undifferentiated allied staffing firms
Moderate premiums for firms integrated into platform-based or AI-enabled recruiting models
Enhanced value for firms embedded within hospital compliance workflows
Regulatory & Structural Drivers
Beyond segment performance, regulatory changes and long-term workforce dynamics are materially influencing how buyers assess risk and sustainability in 2026 healthcare staffing transactions.
Joint Commission Emphasis on Nurse Staffing
StaffDNA reports that the Joint Commission implemented Accreditation 360, adding a staffing component to Hospital National Performance Goals. Hospitals must now document proper staffing levels to maintain accreditation.
This structural change supports:
Increased reliance on per diem staffing
More formalized vendor partnerships
Greater recurring demand visibility
Firms embedded in compliance-driven hospital ecosystems may receive valuation support due to recurring, policy-backed demand.
Technology & AI Adoption
StaffDNA highlights AI’s role in automating screening, sourcing, and scheduling to reduce time-to-hire. Meanwhile, RefAssured notes that approximately 20% of temporary healthcare staffing revenue now flows through platform models, with travel nursing leading at 34%.
Likely valuation implications:
Premium for firms with proprietary tech or integrated platforms
Improved EBITDA margins through recruiter productivity
Higher defensibility against commoditization
Across healthcare services, technology-enabled platforms consistently trade at the upper end of valuation ranges.
What Drives Premium Multiples in 2026
Across segments, several recurring drivers can influence valuation:
Diversified Revenue Mix: Exposure across travel, per diem, locum, and allied reduces volatility.
Strong MSP & Hospital System Contracts: Embedded vendor relationships reduce client churn risk.
Recruiter Productivity Metrics: Revenue per recruiter and redeployment rates significantly impact margin durability.
Credentialing & Compliance Infrastructure: Given Joint Commission scrutiny, scalable compliance processes support institutional buyer comfort.
Exposure to Physician & APP Shortages: Structural supply imbalance in locum tenens supports premium valuations.
Margin Sensitivity Example |
|
Consider a healthcare staffing firm generating: $25M revenue | 8% EBITDA margin | $2.0M EBITDA At:
The spread is not driven solely by revenue, but by perceived margin durability, segment exposure (e.g., locum vs. travel), contract structure, and recruiter productivity. |
2026 Outlook
Staffing Industry Analysts describes 2026 as an entrenchment of the post-COVID staffing market rather than a return to peak volatility. Meanwhile, long-term growth forecasts remain positive despite short-term normalization.
Healthcare staffing valuations in 2026 reflect this dual reality:
Pandemic-driven peak multiples have reset
Structural physician shortages support locum growth
Travel nursing has stabilized at lower but sustainable levels
Technology-enabled firms receive valuation premiums
Compliance integration enhances buyer confidence
The result is a more disciplined valuation environment with wider dispersion between small local firms and scaled, diversified platforms.
In short, 2026 healthcare staffing valuation is no longer driven by crisis pricing. It is driven by structural demand, operational sophistication, and margin sustainability.
Learn More
FOCUS Investment Banking specializes in maximizing transaction value for healthcare business owners through our proven quarterback approach to M&A advisory.
If you’d like to learn more about our healthcare investment banking services, you can reach out here.
All valuation ranges are presented for educational purposes only and are not a guarantee of any outcome.
Source:
Healthcare Staffing Valuation Multiples and M&A Trends 2025
Staffing Industry Analysts (SIA) – Staffing Trends 2026
RefAssured – Healthcare Staffing Industry Trends for 2026 and Beyond
StaffDNA – Healthcare Staffing Trends That Will Shape 2026
American Staffing Association Industry Statistics
