Optometry Practice Valuation: 2026 Report

Optometry practice valuations are typically 4× to 7× adjusted EBITDA for independent practices (roughly 0.6× to 1.2× gross collected revenue). Large, multi-location groups that fit a private equity platform profile can command 7× to 8×. Buyers pay the most for practices that sell a large share of eyewear in-house, and profitability, provider depth and stability, and payor mix drive much of the remaining spread.

We compared published optometry valuation guides with recent transaction case studies and healthcare deal-volume data from 2024 and 2025. We also checked the ranges against our healthcare valuation benchmarks. The sections below start with broad valuation ranges, then cover the specific metrics buyers use to price an individual practice.

Key Takeaways

• Most independent optometry practices trade at roughly 4× to 7× adjusted EBITDA, with revenue multiples of 0.6× to 1.2× serving as a cross-check. Published figures for small, single provider practices run lower.
• Multi-location groups that meet private equity platform criteria often command 7× to 8× EBITDA.
• Doctor-to-doctor sales typically price at 60% to 70% of annual revenue, well below the revenue multiples private equity buyers pay for platform groups.
• Eyecare practice deal volume fell from 101 transactions in 2020 to 26 in 2024.

Optometry Valuation Benchmarks by Method

Buyers price optometry practices on adjusted EBITDA first and use revenue multiples to test the result. Smaller owner-operated practices often trade on seller’s discretionary earnings (SDE), which adds the owner’s full compensation back to profit. The table below compares the most common benchmarks.

Source: works cited combined with guidance from internal bankers, based generally on knowledge and experience. Actual pricing varies with each transaction based on many factors. Intended for educational purposes only and not a guarantee of any outcome.

Key Insights

• Published ranges stretch from about 2× to 8× EBITDA in part because each source measures a different slice of the market and defines earnings differently.
• Revenue multiples generally rise with EBITDA multiples across sources, so buyers treat revenue as a cross-check.

The Valuation Formula Buyers Use

Every EBITDA multiple in this report applies to adjusted EBITDA, which accounts for owner compensation at a market rate before buyers apply a multiple. We use the following formula throughout:

A practice collecting $10 million at a 28% adjusted margin generates about $2.8M in adjusted EBITDA. At 7×, the practice would be worth roughly $19.6 million. Market pay for an owner optometrist typically runs $150,000 to $185,000 a year. If the owner draws $350,000, that adjustment adds roughly $165,000 to $200,000 back to EBITDA.

Valuation Multiples by Practice Profile

Two practices with identical revenue can command very different multiples once a buyer reviews optical performance and patient recall data. The following table groups practices by the operating profiles buyers assess during due diligence.

Source: FOCUS estimates informed by works cited and guidance from internal bankers, based generally on knowledge and experience. Actual pricing varies with each transaction based on many factors. Intended for educational purposes only and not a guarantee of any outcome.

Key Insights

• Moving from moderate to strong optical performance can lift the EBITDA multiple by roughly 1.5 turns, the largest jump between any two adjacent profiles.
• Managed care exposure also cuts revenue before any multiple applies.

How Buyer Type Changes the Price

Adjusted EBITDA helps determine which buyers will bid on an optometry practice, since private equity groups generally pursue practices above an earnings floor that varies by buyer and by platform vs. add-on. The table below compares the three most common sale paths.

Source: FOCUS estimates informed by works cited and guidance from internal bankers, based generally on knowledge and experience. Actual pricing varies with each transaction based on many factors. Intended for educational purposes only and not a guarantee of any outcome.

Key Insights

• Private equity acquisitions typically close in three to six months, with a full investment banking sale process (marketed to multiple buyers) taking 6-9 months.

Operating Benchmarks That Move the Multiple

Diligence teams test operating metrics against industry norms before settling on a multiple. The analysis below shows how each benchmark can affect a practice’s valuation, either by supporting a premium or leading to a discount.

Source: FOCUS estimates informed by works cited and guidance from internal bankers, based generally on knowledge and experience. Actual pricing varies with each transaction based on many factors. Intended for educational purposes only and not a guarantee of any outcome.

Key Insights

• Improving recall can lift revenue, a measurable target owners can work on before a sale.
• Optical gross margins of 50% to 65% typically exceed exam revenue margins, which helps explain why buyers scrutinize capture rates so closely.

Market Conditions for 2026

Eyecare deal volume in physician practice M&A, which skews toward ophthalmology, peaked at 101 transactions in 2020, then declined steadily to 47 deals in 2023 and 26 in 2024. Vision now ranks among the healthcare segments with a substantial number of aging private equity holdings. Pitchbook expects long holding periods to push more sponsors to pursue exits as activity recovers.

Optometry multiples remain well below ophthalmology multiples. Platform transactions in ophthalmology have been reported at roughly 10× to 20× EBITDA depending on scale, while add-ons have been reported at roughly 6× to 11×.

Further Reading

• Ophthalmology Practice Valuation 2026 Benchmarks
• Ophthalmology EBITDA Multiples (2026 Update)
• Medical Practice Valuation 2026 Guide

Requesting a Copy of This Report

FOCUS specializes in maximizing transaction value for healthcare practice owners through our proven quarterback approach to M&A advisory. Our team has completed more than 20 transactions for ophthalmology practices and ASCs since 2019.

If you would like to learn more about our healthcare investment banking services, you can reach out to Eric Yetter [email protected] or Andy Snyder ([email protected]).

Sources

• Sofer Advisors: How to Value an Optometry Practice for Sale or Succession
• Practice Exchange: What Your Optometry Practice Is Actually Worth
• Peak Business Valuation: Valuing an Optometry Business
• ODs on Finance: Methods of Valuing an Optometry Private Practice
• VMG Health: 2025 Healthcare M&A Report
• PitchBook: Q3 2025 Healthcare Services Report