How Much Are Corporations Paying for Veterinary Practices in 2025/26

If you have been watching the market lately you have probably noticed that corporate buyers are still paying strong prices for veterinary practices. The calls keep coming, the offers sound high  and yet when you start looking at the details it can feel hard to know what’s real. 

Some owners are being offered six or ten times EBITDA while others are being told their practice isn’t ready for that kind of number. We talk to practice owners every week who want to understand why the difference is so big and what they can do about it. This year continues to be a seller’s market but it rewards the practices that are prepared. Buyers are still competing for the right clinics but they are far more selective about what they will pay top dollar for.

What Corporations Are Paying For Veterinary Practices in 2025

According to the most recent 2025 data from FirstPageSage, smaller single-doctor practices with steady performance are selling for about five to seven times EBITDA. Mid-sized multi-doctor clinics with strong growth and clean financials are usually in the eight to eleven times EBITDA range. Large, high-performing practices with strong leadership, excellent retention, and efficient operations can reach twelve or even thirteen times EBITDA.

The Ackerman Group’s Q2 2025 report shows that some corporate deals this year closed at 12.5 times EBITDA, which is one of the highest averages they have ever reported.

If your practice is being valued based on revenue instead of EBITDA, the range is typically between 1.5 and 2.9 times annual revenue depending on location, profit margins and management structure.

In simple terms, buyers are still paying premium prices  but only for practices that already run like strong, independent businesses.

Why the Market Is Still So Strong

Even with higher interest rates and slower financing, the veterinary industry remains one of the most stable investments available. Pet ownership is still growing, veterinary spending is increasing and the demand for care continues to outpace supply. For investors and corporate buyers, that combination makes veterinary practices a secure long-term asset.

There’s also a supply shortage. Many owners who thought about selling during 2020 or 2021 decided to hold off. That means there are fewer quality practices available today and that scarcity has kept valuations high. When a well-run clinic comes to market, buyers move fast because they know there aren’t many like it.

Why Some Practices Get Higher Offers

Two clinics can have the same revenue but receive very different offers. The reason usually comes down to three things 

1. Financial Clarity.

2. Team independence

3. Operations/ systems.

   
   

Financial clarity means your books are clean, accurate and easy to understand. Buyers don’t want to guess what your true earnings are. They want to see clear financial statements, organized expense categories and consistent performance. If you can hand over three years of reliable data, you instantly build trust and that trust shows up in the valuation.

Team independence means your clinic isn’t completely dependent on you. If you take a week off, the practice should still run smoothly. If you handle every decision, every client issue and every ordering process, the buyer sees risk. But if your practice manager and associates already lead day-to-day operations, that risk disappears and your value goes up.

Strong systems are the third piece. A practice with clear protocols for patient care, scheduling, inventory and communication feels stable to a buyer. They know it can keep performing well under new ownership. A practice that only works because the owner “knows how everything runs” is worth less because that knowledge walks out the door when you do.

Real Stories from Owners

Earlier this year we spoke with a doctor from Colorado who had three corporate offers on the table within ninety days. The lowest offer was six times EBITDA and the highest was nearly eleven. The difference wasn’t luck, it was preparation. She had spent six months cleaning up her finances, building her leadership team and documenting her systems. By the time buyers reviewed her numbers, her practice looked like a business that could scale not one that would collapse without her.

Another owner in Texas had the same experience. Her first offers came in lower than expected. After she improved her reporting, reduced personal expenses running through the business and delegated more to her practice manager, her valuation increased by almost twenty-five percent.

These examples show that practice value is not about size alone. It’s about confidence. Buyers pay more when they believe your business will keep running smoothly without you.

What This Means for You

If you’re thinking about selling in the next few years, this is the time to prepare. The market is still strong but buyers are cautious. They want predictable performance, stable teams and clean data. When you give them that, they pay a premium.

Start with your finances. Make sure your profit and loss statements, payroll summaries and production reports are accurate. If you have personal or one-time expenses running through the business, clean those up early so buyers can see your true profitability.

Then look at your team. Who makes decisions when you’re not there. Does your practice manager have clear authority? Are your associates confident and productive? Buyers love practices where leadership already exists because it means the business can continue without disruption.

Finally, document your systems. Write down how you handle client communication, appointment flow, inventory and HR. It sounds simple but it makes your business easier to understand, easier to manage and more valuable to anyone stepping in.

The Emotional Side of Selling

Selling a practice isn’t just financial. It’s emotional. You’ve built relationships with clients, trained your staff and shaped your clinic’s reputation. Thinking about handing that over to someone else can feel uncomfortable, even when the numbers make sense. That’s why it’s so important to plan early. When you start preparing before you’re ready to sell, you get to decide how the transition happens and how long you stay involved.

We often tell owners that the best time to start preparing is two to three years before they think they’ll sell. That gives you time to strengthen your numbers, improve your systems and make sure your team is ready. It also gives you time to decide what you actually want  whether it’s a full sale, a partial exit or a partnership with a corporate group that lets you keep leading while taking some chips off the table.

Why Independence Adds Value

Independence is what every buyer is paying for. A clinic that can run itself is worth more than one that depends on the owner for everything. But independence doesn’t just raise your sale price, it also makes your day-to-day life better.

When your business runs smoothly without your constant involvement, you can take real time off, focus on growth and avoid burnout. It also gives you leverage. When buyers see that you don’t have to sell, they compete harder to win your attention.

The same systems that make your practice more valuable later also make it more profitable and less stressful now.

Final Thoughts

Corporations are still paying strong prices for veterinary practices in 2025, but the highest offers go to owners who prepare. It’s not about being the biggest clinic or the one with the fanciest equipment. It’s about being the most organized, independent and financially transparent.

You’ve worked too hard to let your value depend on chance. The more you prepare, the more control you have not just over what you get but over what happens next for your team, your clients, and your future.

If you want to understand what your practice could be worth today, we can help you get a clear picture and a plan to grow that value over time.