Optometry Practice
Multiples 2026
EBITDA multiples, revenue benchmarks, geographic premiums, and buyer-type spreads — the complete 2026 dataset for eye care practice valuations.
Market Intelligence Report — May 2026
The 2026 Optometry Practice Multiple Landscape
The gap between what individual OD buyers pay and what DSOs pay for the same practice has never been wider. In 2026, that spread runs 30–60% in most markets — not because DSOs are reckless, but because institutional buyers can use lower-cost capital, apply cost synergies, and extract revenue growth that individual operators cannot replicate at scale. Understanding this buyer-type spread is the first step in positioning any practice exit.
The data below represents Lumina's composite analysis of disclosed and estimated optometry practice transactions drawn from SBA lending data, broker-reported comparables, DSO acquisition announcements, and private transaction intelligence. All multiples are expressed as adjusted EBITDA multiples unless otherwise noted. For methodology behind these calculations, see our practice valuation methods guide.
Important: These are market-level benchmarks, not appraisals. Individual practice value depends on specific financial, operational, and market factors. A practice that scores well on every premium factor could trade 25–40% above the category median. One that scores poorly on two or three factors will trade below it. For a transaction-specific valuation, see our practice valuation services.
Benchmark Data Set 1
EBITDA Multiples by Revenue Tier (2026)
Revenue scale is the single strongest predictor of EBITDA multiple in optometry. Larger practices attract more buyers, creating competitive tension that lifts prices.
Ranges represent adjusted EBITDA multiples as of mid-2026. Low end = standard profile, no premium factors. High end = above-average payer mix, growth trajectory, modern equipment, favorable lease, associate OD in place. Data compiled from SBA lending records, broker-reported comparables, and Lumina transaction intelligence.
Benchmark Data Set 2
EBITDA Multiples by Geography (2026)
Geography creates durable multiple premiums in optometry because practice value is partly a function of real estate market strength, population demographics, and competitive acquisition activity in each submarket. The highest multiples in the U.S. cluster in coastal metros and select Sun Belt markets with high physician-affluent demographics.
Geographic medians reflect OD-to-OD transactions at the $750K–$1.5M revenue tier. DSO buyers in all geographies pay 30–60% above individual buyer comps. Scottsdale's premium reflects physician-affluent demographics, high cash-pay optical revenue, and concentrated DSO acquisition activity. See the Scottsdale medical market report for submarket detail.
Benchmark Data Set 3
Multiple Adjustment Factors — 2026 Premiums & Discounts
These adjustments apply additively to the base multiple from the revenue tier table above. A practice can exceed the category range or fall below it based on profile.
Interactive Tool
Practice Multiple Lookup
Select your practice profile to estimate a 2026 multiple range based on the benchmark data above.
Illustrative estimate based on 2026 market benchmarks. Not a formal appraisal. Individual transaction value subject to specific practice financials, lender underwriting, and negotiated deal terms.
Benchmark Data Set 4
2026 Optometry M&A Market: Key Statistics
- Annual US optometry transactions 1,200+
- Estimated 2025 M&A total value $3.2B
- YoY transaction volume growth ~12%
- OD-to-OD transactions (% of volume) ~45%
- PE/DSO transactions (% of value) ~35%
- Asset sale vs. stock sale prevalence ~85% asset
- Transactions including seller note ~55%
- Avg. seller note size (% of price) 10–15%
- Average close time (LOI to funded) 75 days
- SBA-financed (% of transactions) ~68%
- Average goodwill as % of price 65–80%
- Avg. transition employment (seller) 12–24 mo
- US independent OD count ~40,000
- ODs age 55+ considering 5-yr exit ~18%
- Avg. single-site revenue (US) ~$950K
- Avg. EBITDA margin (single-site) ~22%
- Revenue per exam room (top-quartile) >$280K
- Avg. active patient count (1-OD) 1,200–1,800
- Revenue multiple range (all) 0.55–1.20x
- Median revenue multiple (OD buyer) ~0.68x
- Revenue multiple (DSO buyer) 0.90–1.20x
- Preferred method (formal appraisal) EBITDA x
- Revenue multiple (quick estimate only) ~0.70x
- EBITDA margin required for 0.7x = 5.0x ~14%
Market Data Tells You the Range.
A Formal Valuation Tells You Your Number.
Lumina Medical Capital delivers institutional-grade optometry practice valuations calibrated to 2026 transaction data in your specific submarket. Know where you stand before you engage a buyer.
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Market Data
Optometry Practice EBITDA Multiple Ranges by Buyer Type — 2026
Ranges represent low-to-high across revenue tiers for each buyer category. Data compiled from market research and transaction intelligence.
Common Questions
Frequently Asked Questions
The median EBITDA multiple for independent optometry practice transactions in 2026 is approximately 5.8x for individual OD buyers and 8.2x for DSO and private equity acquirers. The full national range spans 3.5x at the low end (entry-tier, under $500K revenue) to 12.0x+ for institutional-grade platforms with $3.5M+ revenue. Arizona practices trade at a 15–22% premium above the national median.
Revenue multiples for optometry practices range from 0.55x to 1.20x gross collections. The median falls around 0.68x for single-site practices sold to individual OD buyers. DSO and PE buyers will pay 0.90–1.20x revenue for platform-quality assets. Revenue multiples are less precise than EBITDA multiples because they do not account for margin differences between practices — two practices with identical revenue but different margins will trade at very different EBITDA multiples.
DSOs and private equity buyers typically pay 30–60% more than individual OD buyers for the same practice. Individual buyers pay 4.5–7.0x EBITDA. DSO buyers pay 7.0–9.5x. PE platform builders may pay 8.0–12.0x for anchor assets. The premium reflects lower capital costs, synergies, and revenue growth opportunities that individual operators cannot replicate. See our PE vs. independent sale analysis for a detailed comparison.
Overall multiples have remained stable to modestly higher in 2026 compared to 2024–2025. DSO acquisition activity continues at pace with roughly 1,200+ transactions annually. Individual buyer multiples have stayed relatively flat as higher capital costs increase debt service. The spread between DSO and individual buyer multiples has widened as institutional buyers with lower-cost capital can pay more while still achieving their target returns.