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Physical Therapy Valuation Multiples (2026)
EBITDA & revenue sale multiples, deal flow, and active acquirers - based on 200real disclosed M&A transactions in the physical therapy space. Run the calculator below to price your business at current multiples.
What multiple does a physical therapy sell for?
In the $5M-$25M EV range, a physical therapy sold at a median of 2.35x revenue (middle 50% of deals 1.95x-2.81x) across 30disclosed M&A transactions, 2018-2026, from SEC EDGAR filings and verified press releases. That is the population midpoint — your specific number depends on margins, growth, customer concentration, and owner-dependence.
Updated 2026-07-31 · 30 disclosed deals · source window 2018-2026
| Size bracket | Median EV/revenue | Typical range (IQR) | n |
|---|---|---|---|
| $5M-$25M EV | 2.35x | 1.95x-2.81x | 30 |
Aggregate population median for the size bracket - disclosed transactions only (SEC EDGAR + verified press releases), 2018-2026, n≥10 per cell. A precise figure for your business depends on margins, growth, customer concentration, and owner-dependence. See the full $5M-$25M EV breakdown →
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State of Physical TherapyM&A in 2026
The physical therapy M&A market is tracked across 200 disclosed transactions in the ExitValue.ai database (94 with EBITDA disclosed, 185 with revenue). The current market trend is consolidating.
Active acquirers include U.S. Physical Therapy, Inc., Welsh, Carson, Anderson & Stowe, L.P., Knighthead Capital Management / Marathon Asset Management Consortium, Knighthead Capital Management and Marathon Asset Management. Recent named transactions: Industrial Injury Prevention Company (2026); Select Medical Holdings Corporation (2025); ATI Physical Therapy (2025).
Premium valuations in physical therapy are driven by multi-location footprint with a clinical director per site; cash-pay specialty programs (sports medicine, women's health, neuro); diversified payor mix (no single insurance contract above 25%).
What compresses valuations: single-location, owner-clinician dependent (can't transfer cleanly); heavy medicare exposure (reimbursement-cut risk priced in); lease under 7 years (kills the sba buyer path).
Source: SEC filings, EDGAR 8-K/S-4, and verified press releases. Run the calculator below to see the specific multiples that apply to your business.
Recent named M&A deals in physical therapy
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 a premium valuation
- ●Multi-location footprint with a clinical director per site
- ●Cash-pay specialty programs (sports medicine, women's health, neuro)
- ●Diversified payor mix (no single insurance contract above 25%)
What compresses valuation
- ●Single-location, owner-clinician dependent (can't transfer cleanly)
- ●Heavy Medicare exposure (reimbursement-cut risk priced in)
- ●Lease under 7 years (kills the SBA buyer path)
Physical Therapy valuation: common questions
What multiple does a physical therapy sell for?
In the $5M-$25M EV range, a physical therapy sold at a median of 2.35x revenue (middle 50% of deals 1.95x-2.81x) across 30 disclosed M&A transactions filed 2018-2026 (SEC EDGAR + verified press releases). That is the aggregate population midpoint for the size bracket; a precise figure for your specific business depends on margins, growth, customer concentration, and owner-dependence — run the ExitValue.ai physical therapy calculator for that.
How is a physical therapy business valued?
Physical Therapy businesses are valued by benchmarking against comparable completed M&A transactions, then adjusting for the specific business. Owner-operator practices are typically priced on an earnings or seller-discretionary-earnings basis, while businesses at platform scale shift toward institutional earnings-multiple methodology. The ExitValue.ai engine selects the methodology that the comparable deal set actually used and adjusts for margin quality, growth, owner dependency, customer concentration, and recurring-revenue mix.
What drives physical therapy valuation?
The biggest value levers in physical therapy are recurring or repeat revenue, owner independence (the business runs without the founder), customer diversification (no single client dominates), a credible growth trajectory, and operating-margin quality relative to the vertical. In this space specifically, buyers pay up for multi-location footprint with a clinical director per site; cash-pay specialty programs (sports medicine, women's health, neuro); diversified payor mix (no single insurance contract above 25%).
How many physical therapy M&A deals are tracked?
ExitValue.ai tracks 200 disclosed physical therapy M&A transactions, 94 with EBITDA disclosed, 185 with revenue disclosed, sourced from SEC filings, EDGAR 8-K/S-4 documents, and verified press releases and refreshed daily. Current market trend: consolidating.
Who buys physical therapy businesses?
Physical Therapy businesses are acquired by strategic acquirers (larger operators in the same space), and private-equity platforms and roll-up consolidators, and unknown. Recent named acquirers include U.S. Physical Therapy, Inc., Welsh, Carson, Anderson & Stowe, L.P., Knighthead Capital Management / Marathon Asset Management Consortium, Knighthead Capital Management and Marathon Asset Management.
What is my physical therapy business worth?
Run the ExitValue.ai physical therapy calculator to see your business priced against the 200 disclosed physical therapy transactions in the database. The engine applies adjustments for margin, growth, owner dependency, customer concentration, and recurring revenue mix to produce a tight range around the most-likely transaction value.
More on physical therapy valuations
- Value a medical practice
- Value a dental practice
- Value a veterinary practice
- Value a physical therapy· run the calculator
- Who buys physical therapy businesses?· active buyers
- Recent deal: Industrial Injury Prevention Company· comparable transaction
- Who acquired Industrial Injury Prevention Company?· buyer profile
- How to value a physical therapy· long-form guide
Methodology details: how ExitValue computes valuation ranges · full physical therapy calculator