What is a med spa worth?

Med spa (medspa) valuations span a wide range, and the published bands come from Scope Research, which tracks the deals. Its 2026 update sets four tiers. Small med spas, typically under $5M of revenue, "usually sell for lower multiples, ranging from 3x to 6x EBITDA," which Scope puts down to operational risk, limited reach and heavy reliance on the owner-operator; it says its database of active and recently listed med spas supports that range. Mid-sized spas at $5M to $20M of revenue fetch 5x to 8x. Large regional chains above $20M reach 7x to 12x, and high-growth, tech-driven brands and national platforms 10x to 20x, though Scope says the 20x prints likely include payment for locations still opening and the full-year effect of recent acquisitions. For scale, AmSpa's 2024 State of the Industry report puts average annual med spa revenue at $1,398,833, well inside Scope's bottom tier. The buyer pool is still young: Scope says only 3% of med spas are owned by private equity firms or PE-backed organizations, while announced deals rose from a small handful in 2019 and 2020 to over 40 in each of the past three years. What lifts a multiple, in Scope's list, is brand and customer loyalty, geographic reach, newer technology, a high share of repeat customers and high operating margins. The repeat-customer point has numbers behind it: software vendor CorralData's H1 2026 benchmark of 100+ aesthetics brands found members spend 2.5 times what non-members spend and retain 35 percentage points better at the median, with median membership penetration at 18% of active clients. Injectables were 42.5% of revenue at the median brand. What pulls a multiple down is dependence on the owner-operator, and ownership rules: corporate practice of medicine laws in many states stop non-healthcare providers from owning a med spa directly, so buyers use a management services organization structure. The other half of the exit-prep job is the cost side, since a buyer prices the margin they inherit. Our breakdown of where med spa margin actually leaks covers the four line items that most often explain the gap.