What's My Med Spa Worth in 2026?

If you own a med spa and you're thinking about selling — or just curious what it's worth — you've probably seen a huge range of numbers thrown around. Some sources say 2-3x earnings. Others mention 8x or higher for "platforms."

So what's the real answer? It depends on a few key factors.

The Basic Math

Most small to mid-sized med spas sell for 3x to 6x SDE (Seller's Discretionary Earnings) or 4x to 7x EBITDA for slightly larger operations.

But that range is wide for a reason. A single-provider med spa where the owner does all the injections is a very different business than a multi-location operation with five nurse injectors and a medical director who shows up once a week.

What Drives Higher Multiples

Provider independence is the biggest factor. If patients come for you specifically, buyers will worry about retention after you leave. If patients come for the brand and are comfortable seeing any provider, that's worth more.

Recurring revenue matters too. Membership programs, treatment packages, and skincare subscriptions create predictable cash flow. Buyers love predictability.

Service mix affects value. A med spa doing 80% Botox and filler is more defensible than one dependent on a single laser that might become obsolete. Diversification reduces risk.

Scale commands a premium. Med spas with $1M+ EBITDA attract private equity buyers who pay more because they're building platforms. Under $500K in earnings, you're mostly looking at individual buyers or owner-operators.

What Kills Your Valuation

• Owner dependence: If you're doing 70% of the treatments yourself, expect a lower multiple
• No management layer: If you're also the manager, marketer, and bookkeeper, that's more risk for a buyer
• Messy financials: Personal expenses running through the business, inconsistent reporting, no clear P&L
• Customer concentration: If your top 10 clients are 40% of revenue, that's a red flag
• Lease issues: Short lease term or unfavorable renewal terms can tank a deal

What's the Market Like Right Now?

Private equity has been actively rolling up med spas for the past few years. Groups like Princeton Medspa Partners and others are acquiring practices and building regional platforms.

This is good news if you have scale — $1M+ EBITDA, multiple providers, strong brand. You might get approached by aggregators willing to pay 6-8x or more.

If you're smaller, the buyer pool is more likely individual operators or first-time buyers using SBA loans. That typically means 3-4x SDE.

How to Think About Your Number

Start with your SDE (net income + owner salary + add-backs for personal expenses and one-time costs). Multiply by a realistic multiple for your situation:

• Single provider, owner-dependent: 2.5x - 3.5x SDE
• 2-3 providers, some owner involvement: 3.5x - 4.5x SDE
• Multi-provider, manager in place: 4x - 6x EBITDA
• Multi-location platform: 6x - 8x+ EBITDA

These are rough ranges. Your actual number depends on growth rate, margins, location, and a dozen other factors.

What To Do Now

If you're thinking about selling in the next 1-3 years, start working on the factors you can control:

• Build a membership program if you don't have one
• Train and retain associate providers
• Clean up your financials
• Document your processes
• Negotiate a longer lease term

The goal is to make the business less dependent on you and more attractive to buyers. Even if you're not ready to sell, these same factors make your business more profitable and easier to run.

Want to know what your specific med spa might be worth? Check out the valuation guide or book a call to talk through your situation.