What Is My Veterinary Practice Worth?

Veterinary medicine has become one of the hottest M&A sectors in the country. Corporate consolidators like Mars (Banfield, VCA), NVA, and dozens of PE-backed platforms are actively acquiring practices — and paying premium multiples for the right ones.

Here's what your veterinary practice is worth and what drives the valuation.

Typical Valuation Ranges

Solo practices (1–2 DVMs) typically sell for 2.5x to 4x SDE to individual buyers, often financed with SBA loans.

Multi-doctor practices ($1M+ EBITDA) can attract corporate or PE buyers paying 6x to 10x EBITDA, sometimes higher for exceptional practices in desirable markets.

The gap is significant and driven entirely by what kind of buyer you're selling to.

Factors that push toward the higher end:

• Multiple DVMs generating revenue (not just the owner)
• Revenue above $2M with consistent growth
• Strong mix of wellness, surgery, and dental services
• Modern facility and equipment (digital X-ray, ultrasound, in-house lab)
• Desirable geography (growing suburbs, limited competition)
• Long-term lease with favorable terms

Factors that push toward the lower end:

• Owner generates 70%+ of production
• Aging facility or outdated equipment
• Declining active patient count
• Heavy dependence on low-margin services
• Short remaining lease
• Rural location with limited growth potential

Why Vet Practices Are So Attractive to Buyers

Pet spending keeps growing. Americans spend over $35B annually on veterinary care, and the number keeps climbing. Pet ownership surged post-pandemic and has stayed elevated.

Recession resistance. People prioritize their pets' health even in downturns. Vet spending is remarkably stable across economic cycles.

Fragmented market. Most practices are still independently owned. Corporate consolidators see massive roll-up opportunity.

Recurring revenue. Wellness plans, vaccination schedules, dental cleanings, and chronic condition management create predictable patient visits.

High barriers to entry. You need DVMs, support staff, specialized equipment, and controlled substance licenses. New competitors don't appear overnight.

Key Metrics Buyers Evaluate

Revenue Per DVM

Strong practices generate $600K–$1M+ per DVM annually. Below $500K per DVM may indicate pricing issues or low utilization.

Active Patient Count

Buyers look at active patients (seen in the last 18–24 months) as a measure of practice health. Growing active patient counts signal a healthy, well-marketed practice.

Average Transaction Value

Higher ATVs indicate a practice that provides comprehensive care rather than just basic wellness. ATVs above $250 are solid for general practice.

Associate Retention

The veterinary labor market is extremely tight. Practices that retain associate DVMs and support staff have a major advantage. High turnover is a red flag.

Service Mix

Buyers prefer practices with a balanced mix: wellness/preventive (30–40%), surgery (15–25%), dental (10–15%), and diagnostics/specialty. Heavy reliance on any single service type increases risk.

Individual Buyer vs. Corporate Buyer

Individual buyers (associate DVMs buying their first practice) are limited by SBA loan capacity. They typically pay 2.5x–4x SDE and want practices priced under $2M.

Corporate buyers (consolidators, DSO-style platforms) pay higher multiples but structure deals differently — expect rollover equity, earnouts, and employment agreements. They want you to stay 2–3 years post-close and often have opinions about how the practice should be run.

The decision between buyer types is partly financial, partly personal. Corporate deals pay more but come with strings. Individual sales are cleaner but at lower multiples.

How to Increase Your Practice's Value

1. Grow associate production. Every dollar your associates generate is worth more than your own production when it comes to valuation.
2. Build a wellness plan program. Monthly payment plans for preventive care create recurring revenue and increase patient compliance.
3. Invest in equipment. Digital radiography, in-house labs, and dental equipment expand your service capabilities and signal a modern practice.
4. Grow your active patient base. Invest in marketing — Google Ads, social media, community presence. A growing patient count drives buyer interest.
5. Retain your team. Competitive compensation, CE budgets, and good culture keep DVMs and techs from leaving. Buyer confidence depends on team stability.
6. Lock in your lease. Minimum 7–10 years remaining for corporate buyers, 5+ years for individual buyers.

Ready to Find Out What Your Veterinary Practice Is Worth?

Browse the valuation multiples guide for current industry data, or schedule a free call for a confidential assessment of your practice.