Ethema Health's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Ethema Health (GRST) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Ethema Health vs Its Competitors
- TTM: Trailing 12-month revenue of 19M vs 205,089M combined for tracked competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+2.6% annualized vs trailing 12 months), vs accelerating (+2.7%) for its tracked peer group.
- Growth: Ethema Health generated 228.0% revenue growth year over year in Q4 2025, vs 11.7% for its tracked competitors combined.
- Profitability: Its -22.1% net margin compares with 7.0% for the peer group.
- Peer revenue share: Ethema Health accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
GRST Sales vs. its Competitors, Q4 2025
Ethema Health reported revenue growth of 228.03 % year on year in Q4 2025, above its competitors' combined revenue growth of 11.70 %.
With a net margin of -22.09 %, Ethema Health reported lower profitability than its competitors (7.01 %).
Ethema Health generated 0.01 % of the combined sales of its peer group, up from 0.00 % a year earlier.
Ethema Health vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Ethema Health and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Ethema Health Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (2) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Ethema Health's competitor groups requires a Commercial License.
For context: the Healthcare Facilities industry grew revenue 14.7% year over year, combined, vs 228.0% for Ethema Health. Ethema Health's share of combined industry revenue moved from 0.00% to 0.00%, a gain of 0.00 percentage points.
Ethema Health's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Ethema Health Corporation | No | Yes | Yes | No |
| Competitors combined (17) | ||||
| Similar Growth & Profitability (8) | 71.40 % (5 of 7) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 42.90 % (3 of 7) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
GRST Stock Performance relative to its Competitors
GRST Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | National Healthcare Corp | 282.9% | Outperformed |
| 2 | Aveanna Healthcare Holdings Inc | 282.9% | Outperformed |
| 3 | Davita Inc | 282.9% | Outperformed |
| 4 | Welltower Inc | 282.9% | Outperformed |
| 5 | Tenet Healthcare Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Ethema Health's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Ethema Health's Comment on Competition and Industry Peers
Publicly Traded Peers of Ethema Health Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Ethema Health Corporation | 0.77 | 18.76 |
| Welltower Inc | 169,188.36 | 11,766.87 |
| Hca Healthcare Inc | 98,049.66 | 76,388.00 |
| Tenet Healthcare Corp | 21,656.83 | 21,812.00 |
| Fresenius Medical Care Ag | 13,365.65 | 21,982.91 |
| Encompass Health Corporation | 12,402.00 | 6,206.10 |
| SUBTOTAL | 351,826.85 | 205,897.63 |
Sign in to see all competitors of Ethema Health Corporation .
Sources: Ethema Health Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Ethema Health Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Ethema Health's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Ethema Health Corporation | Detox And Rehab Services 100.00 % |
| Welltower Inc | Senior Housing - Operating 77.53 % |
| Hca Healthcare Inc | American Group 34.90 % |
| Tenet Healthcare Corp | Hospital Operations 75.34 % |
| Encompass Health Corporation | Inpatient Rehabilitation 100.00 % |
| Davita Inc | U. S. Dialysis And Related Lab Services 84.42 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Sign in to see all peers for Ethema Health Corporation .
Ethema Health's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Ethema Health Corporation | 1 | - | - |
| Welltower Inc | 169,188 | 16,526,507 | 2,046,201 |
| Hca Healthcare Inc | 98,050 | 238,713 | 24,419 |
| Tenet Healthcare Corp | 21,657 | 220,323 | 32,061 |
| Fresenius Medical Care Ag | 13,366 | 200,395 | 12,163 |
| Encompass Health Corporation | 12,402 | 147,764 | 19,840 |
| PEERS TOTAL | 351,826 | 232,694 | 19,762 |
Sign in to see all peers for Ethema Health Corporation .
Ethema Health's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Welltower Inc | United States 76.30 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Ethema Health's Position in Industry Market Structure
Market-capitalization share and concentration across all 48 companies in Ethema Health's industry classification, broader than the peer set above. Market cap in millions of $.Ethema Health ranks #0 of 48 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,749, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Hca Healthcare Inc | 100,440 | 38.81 % |
| 2 | Tenet Healthcare Corp | 22,258 | 8.60 % |
| 3 | Fresenius Medical Care Ag | 13,424 | 5.19 % |
| 4 | Brightspring Health Services Inc | 12,539 | 4.84 % |
| 5 | Encompass Health Corporation | 1,234 | 5.2% |
| 6 | Davita Inc | 1,234 | 5.2% |
| 7 | Universal Health Services Inc | 1,234 | 5.2% |
| 8 | Ensign Group Inc | 1,234 | 5.2% |
| 9 | Pacs Group Inc | 1,234 | 5.2% |
| 10 | Chemed Corporation | 1,234 | 5.2% |
| 0 | Ethema Health Corporation | 1 | 0.00 % |
Market cap and industry share for the rest of Ethema Health's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-25.
Ethema Health's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Healthcare Facilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (77 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 52.28 % (avg) | -52.3 pp |
| Operating Margin | -1.39 % | industry median | -9.8 pp |
| EBITDA Margin | 0.85 % | 3.22 % (avg) | -2.4 pp |
| Capital Intensity (Capex / Revenue) | 1.48 % | 4.01 % (avg) | -2.5 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Ethema Health's Valuation vs Competitive Position
Valuation multiples vs the Healthcare Facilities industry average (77 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 23.5x | - |
| EV / EBITDA | 58.4x | 15.7x | +42.7x |
| P/B | -0.3x | 3.3x | -3.6x |
| Return on Equity | 24.75 % | industry aggregate | -4.33 % |
| Return on Invested Capital | -1.57 % | 4.91 % (avg) | -6.48 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Ethema Health's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -185.65 % | - | -5.82 % | 473.04 % | 148.16 % | 10.87 % | 12.58 % | 211.85 % |
| Operating Margin | 94.72 % | -1,166.76 % | -48.18 % | 0.11 % | 10.15 % | -10.14 % | -22.16 % | -1.39 % |
| Return on Invested Capital | -37.22 % | 45.56 % | 0.98 % | -0.02 % | -3.25 % | 12.97 % | -22.14 % | -1.57 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Ethema Health's Strategic Group Map
Every company in Ethema Health's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Ethema Health is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Ethema Health's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,749 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.48 % vs industry average 4.01 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Ethema Health's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Ethema Health's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Ethema Health's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Ethema Health falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Ethema Health's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+2.6% annualized vs trailing 12 months).
Weaknesses
- Operating margin 9.8 points below the industry median.
Opportunities
No rule matched.
Threats
- Industry dominated by Hca Healthcare Inc , holding 38.81 % of industry market cap.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Ethema Health's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Ethema Health Corporation | 0.04 | 0.16 | - |
| Welltower Inc | 2.32 | 3.26 | 0.26 |
| Hca Healthcare Inc | 0.06 | 0.90 | - |
| Tenet Healthcare Corp | 0.53 | 1.54 | 3.16 |
| Fresenius Medical Care Ag | 0.26 | 1.26 | 0.40 |
| Encompass Health Corporation | 0.10 | 1.15 | 0.98 |
Sign in to see all peers for Ethema Health Corporation .
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Ethema Health's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Ethema Health Corporation | Q4 2025 | +228.0 % | - |
| Welltower Inc | Q1 2026 | +38.3 % | +192.4 % |
| Hca Healthcare Inc | Q1 2026 | +4.3 % | +1.8 % |
| Tenet Healthcare Corp | Q2 2026 | +6.8 % | +100.2 % |
| Fresenius Medical Care Ag | Q4 2025 | +1.5 % | +60.8 % |
| Encompass Health Corporation | Q2 2026 | +9.6 % | +12.2 % |
| PEERS TOTAL | +4.6 % | +28.2 % |
Sign in to see all peers for Ethema Health Corporation .
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Ethema Health's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Ethema Health Corporation | Q4 2025 | - | - |
| Welltower Inc | Q1 2026 | +40.7 % | -37.0 % |
| Hca Healthcare Inc | Q1 2026 | - | +12.9 % |
| Tenet Healthcare Corp | Q2 2026 | +14.4 % | -13.0 % |
| Fresenius Medical Care Ag | Q4 2025 | +0.1 % | - |
| Encompass Health Corporation | Q2 2026 | - | +40.4 % |
Sign in to see all peers for Ethema Health Corporation .
Ethema Health's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Ethema Health Corporation | - | - | - |
| Welltower Inc | 2.33% | 2.29% | 3.58% |
| Hca Healthcare Inc | 12.94% | 18.54% | - |
| Tenet Healthcare Corp | 10.49% | 9.98% | 50.64% |
| Fresenius Medical Care Ag | 3.84% | 4.81% | 8.34% |
| Encompass Health Corporation | 11.60% | 11.56% | 25.52% |
Sign in to see all peers for Ethema Health Corporation .
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Ethema Health's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Ethema Health Corporation | - | 0.04 |
| Welltower Inc | 115.33 | 14.38 |
| Hca Healthcare Inc | 15.03 | 1.28 |
| Tenet Healthcare Corp | 7.09 | 0.99 |
| Fresenius Medical Care Ag | 12.08 | 0.61 |
| Encompass Health Corporation | 20.20 | 2.00 |
| PEERS AVERAGE | 20.12 | 1.71 |
Sign in to see all peers for Ethema Health Corporation .
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.