How optometry practices are actually valued.
Optometry practices are valued on one of two earnings bases. Smaller single-OD practices sold to individual buyers are priced on seller's discretionary earnings, typically transacting in a range of roughly 2.5x to 4.5x SDE with SBA 7(a) financing. Multi-OD groups are priced on adjusted EBITDA, with groups producing $1M to $3M in adjusted EBITDA generally running around 6x to 8.5x, and platform-scale transactions above $10M in adjusted EBITDA reaching roughly 10x to 14x.
Six things that move an optometry practice up the range.
- Owner independenceA practice that cannot run without the owner in the building is priced as a job. This is the single largest determinant of which market you sell into.
- Optical as a managed profit centerVisible capture rate, category margin, and inventory turns tell a buyer the dispensary is run rather than merely present.
- Diversified revenue streamsExams, optical, contact lenses, medical optometry, and specialty services. Single-stream practices with flat exam volume struggle to attract platform interest regardless of earnings.
- Documented systemsWritten protocols and a staff that operates without daily owner intervention. This is what makes earnings transferable.
- Clean, normalized financialsPersonal expenses separated, owner compensation normalized to market, deferred revenue handled correctly. Every messy adjustment is a discount.
- Trailing revenue trendGrowth across the trailing twenty-four months. A declining exam count discounts everything above it.
Who is buying
The optometry buyer universe splits three ways. Individual optometrists using SBA financing buy smaller practices, generally at the SDE multiples above. Regional groups and other ODs buy tuck-ins within commuting distance. And private-equity-backed consolidators — EyeCare Partners, MyEyeDr, and AEG Vision among them — buy practices that fit an existing footprint.
Roughly 16.5% of practicing optometrists now sit inside PE-backed organizations. The activity has shifted from forming new platforms to adding onto existing ones, which means buyers are more selective than they were in 2021 and 2022 and pay up specifically for scale and transferability.
The spread is the whole game
The distance between 2.5x SDE and 8.5x adjusted EBITDA is not a pricing quirk. It is the arbitrage that the consolidation model runs on: buy small at low multiples, aggregate, exit the platform higher. Whichever side of that spread you are on is determined largely by whether your practice reads as a business or as a busy optometrist.
The encouraging part is that most of what moves you up the range is reporting and structure rather than clinical change. Separating optical from clinical, normalizing owner compensation, documenting protocols, and building trailing revenue trend are all achievable, but they take two to three years to show up in the numbers a buyer looks at.
Start earlier than feels necessary
The adjusted earnings figure a buyer values is built over years of trailing financials, not assembled the month a letter of intent appears. Practices that begin normalizing three years out present a clean, defensible number. Practices that begin three months out present a series of adjustments a buyer gets to argue with.
Frequently asked.
What multiple does an optometry practice sell for?
It depends heavily on scale and earnings basis. Single-OD practices sold to individual buyers with SBA financing generally transact around 2.5x to 4.5x seller's discretionary earnings. Multi-OD groups with $1M to $3M in adjusted EBITDA typically run around 6x to 8.5x adjusted EBITDA. SDE and EBITDA are different earnings bases and should never be blended.
Do consolidators still buy optometry practices?
Yes. EyeCare Partners, MyEyeDr, and AEG Vision remain active, though the activity has shifted from platform formation to add-on acquisitions. Buyers are more selective than in 2021 and 2022, favoring practices with multiple revenue streams, strong retention, documented systems, and a growing trailing revenue trend.
How far in advance should I prepare an optometry practice for sale?
Two to three years. Buyers value trailing adjusted earnings, so the cleanup has to be reflected in historical financials rather than announced at the time of sale. Starting early also gives you the option to decline an offer from a position of strength.
Optometry resource center.
Or read the cross-practice version: growth & sale readiness in practice accounting →