HospiceM&A Valuation Benchmarks

The hospice M&A market is currently trading at a median 10.8× EBITDA (interquartile range 8.3×–13.62×) and 1.4× revenue (interquartile range 0.84×–1.87×), based on 78 disclosed transactions at a median deal size of $85.6M. The market trend is currently growing.

Recent (2018+) deals are pricing at 11.75× EBITDA — a step UP from the all-time median of 10.8×. Multiples have expanded as institutional capital has entered the space.

Active acquirers include Linden Capital Partners / CDPQ, The Pennant Group, Adoration Hospice Care, Martis Capital. Recent named transactions: Agape Care Group (2025, $1,350M, 18× EBITDA); Signature Healthcare at Home (Hospice & Home Health) (2025, $80M, 10× EBITDA); West Virginia Hospice (2025, $0.2M).

Premium multiples in hospice are driven by cms star rating 4+ with low survey-deficiency history (vitas / amedisys / compassus prefer these); average daily census above 200 with multi-county footprint (geographic density premium); diversified referral base (no single hospital or snf above 30% of admissions).

What depresses multiples: medicare cap-overage history (claw-back exposure priced into purchase price); length-of-stay trending below 60 days (negative selection on case-mix); single hospital referral source above 50% (concentration kills the buyer pool).

All figures based on disclosed deals only. Source: SEC filings, EDGAR 8-K/S-4, and verified press releases (78 deals total, 56 with EBITDA, 66 with revenue). Quality grade: green.