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Medical Practice Primary CareM&A Valuation Benchmarks
Median multiples, deal-size medians, named acquirers, and per-bracket multiples — based on 113real M&A transactions in the medical practice primary care space.
State of Medical Primary CareM&A in 2026
The medical practice primary care M&A market is currently trading at a median 12× EBITDA (interquartile range 5.49×–16.55×) and 1× revenue (interquartile range 0.33×–1.94×), based on 113 disclosed transactions at a median deal size of $100M. The market trend is currently consolidating.
Active acquirers include MUSC, United Physician Care, Canopy Growth Corporation, Privia Health Group, Inc.. Recent named transactions: Palmetto Primary Care Physicians (2026, $111M); Woofter Family Medicine (2026, $0.1M); MTL Cannabis Corp. (2025, $122.8M, 12.5× EBITDA).
Premium multiples in medical primary care are driven by capitated / value-based revenue mix (villagemd, optum, privia pay premium for predictable pmpm); medicare advantage attributed-lives panel size 2,000+ (every life is buyable); multi-physician partnership with non-owner associates (transferability + roll-up candidate).
What depresses multiples: 100% fee-for-service medicare (commodity book in a value-based-shift market); solo physician dependency (private buyer only, multiple compresses 40%+); aging panel demographics with no acquisition strategy (negative selection priced in).
All figures based on disclosed deals only. Source: SEC filings, EDGAR 8-K/S-4, and verified press releases (113 deals total, 59 with EBITDA, 102 with revenue). Quality grade: green.
Median multiples
| Metric | p25 | Median | p75 | Sample |
|---|---|---|---|---|
| EV / EBITDA | 5.49× | 12× | 16.55× | 59 deals |
| EV / Revenue | 0.33× | 1× | 1.94× | 102 deals |
| Deal size (EV) | — | $100M | — | 113 deals |
Recent (2018+) median: 12× EBITDA, 1× revenue. Data quality: green.
Recent named M&A deals in medical primary care
Most-recent disclosed transactions. Click any deal for full detail (multiples, financials, source).
Sourced from SEC filings, EDGAR 8-K/S-4, and verified press releases.
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What drives premium multiples
- ●Capitated / value-based revenue mix (VillageMD, Optum, Privia pay premium for predictable PMPM)
- ●Medicare Advantage attributed-lives panel size 2,000+ (every life is buyable)
- ●Multi-physician partnership with non-owner associates (transferability + roll-up candidate)
What depresses multiples
- ●100% fee-for-service Medicare (commodity book in a value-based-shift market)
- ●Solo physician dependency (private buyer only, multiple compresses 40%+)
- ●Aging panel demographics with no acquisition strategy (negative selection priced in)
Methodology details: how ExitValue computes valuation ranges · full medical primary care calculator