Med spa EBITDA multiples in 2026
What single-provider, multi-provider, and platform-scale spas are trading for right now, and the deal-level factors that move the multiple up or down.
Updated July 11, 2026
The state of med spa multiples
Med spa multiples have stayed remarkably resilient through 2025 and into 2026, driven by continued private-capital interest in aesthetics and a wave of COVID-era openings hitting lease renewals at the same time.
Current ranges by profile
| Profile | EBITDA | Typical multiple | Notes |
|---|---|---|---|
| Solo-provider, low retention | Under $250K | 3x to 4x | Discount for concentration risk |
| Solo-provider, strong retention + membership | $250K to $500K | 4x to 5.5x | Membership is the lift |
| 2 to 3 providers, diversified mix | $400K to $1M | 5x to 6.5x | Sweet spot for bolt-ons |
| Multi-provider, platform-ready | $1M+ | 6.5x to 8x | Roll-up premium |
| Multi-unit platform, standardized ops | $2M+ | 8x to 11x+ | Sponsor-quality |
Ranges are directional. Actual multiples are set by the deal, not by the average.
What moves the multiple up
- Membership or recurring revenue above 25% of top line
- 12-month patient retention above 60%
- Provider diversification with no single injector above 40% of revenue
- 24 months of clean, reconciled financials
- Long lease term with renewal option
- Standard operating procedures documented and followed
What moves the multiple down
- Provider concentration
- Owner is the highest-billing provider without a succession plan
- Deferred device capex
- Lease coming up with no renewal
- Cash-heavy operations without clean books
- Compliance or licensing issues
How to think about your own number
Take your adjusted EBITDA and multiply by the low end of your profile range. That is your defensible floor. Then work through the "moves the multiple up" list. Each solid check moves you toward the top of the range.
If you are within 6 months of selling, focus energy on the drivers that can plausibly change in that window: recurring revenue, provider agreements, and clean books. Everything else is a 12 to 18 month project.