What is a med spa worth?

Med spa (medspa) valuations have a wider range than most outpatient verticals because of variability in physician ownership structures, provider retention risk, and member retention rates. By stage: pre-$500K EBITDA practices sell on SDE (seller's discretionary earnings) at roughly 2x to 3.5x, with a single buyer pool of other operators or first-time owner-operators. Single-location practices with $500K–$1.5M EBITDA trade at 4x to 7x normalized EBITDA, with most buyers being PE-backed platforms looking for add-ons. Multi-location platforms with $2M+ EBITDA trade at 6x to 9x, occasionally hitting 10x for fast-growing groups with strong injector retention and 35 percent+ membership revenue. The multiple-lifters are: recurring membership revenue above 30 percent of total (often a full 1x premium), injectable revenue per visit above $600, provider tenure averaging 3+ years, retention rate above 60 percent, and at least 2 fully utilized treatment rooms per location. The multiple-suppressors are: single-injector concentration above 50 percent of revenue (1x to 2x discount), rented or leased equipment that doesn't transfer with the deal, marketing spend above 12 percent of revenue (signals fragile demand), states with strict corporate practice of medicine (CPOM) rules that complicate non-physician ownership transfers, and lease terms with under 3 years remaining. Top consolidators in 2026 include Skin Spa Network, Ever/Body, Skinney Medspa, Park Avenue Skin Solutions, and several PE-backed roll-up platforms. Deal velocity slowed in 2024–2025 with rates higher, but premium urban and suburban locations still cleared 7x+ for multi-location operators. The single biggest move for an owner 12–18 months from sale: convert one-off injectable visits into membership revenue. Going from 10 percent membership to 30 percent often lifts the multiple by 1.0x–1.5x on its own.