How to Value an Optometry Practice in 2026

Optometry is where dental was in 2015. Private equity has discovered the space, consolidation platforms are scaling aggressively, and practice valuations are rising faster than most ODs realize. But unlike dental — where DSO multiples are now well-understood — optometry valuations are still opaque, and I see sellers leaving significant money on the table because they don't understand the current market dynamics.

Our database tracks 7 optometry-specific transactions with a median EBITDA multiple of 10.0x and a median revenue multiple of 1.28x. Those numbers skew toward larger, PE-backed deals. The private sale market looks very different, and understanding where your practice falls on that spectrum is the first step to getting the right price.

Two Markets, Two Methodologies

Just like dental practices, optometry has bifurcated into two distinct buyer pools with fundamentally different valuation approaches.

Private buyers — another OD buying their first practice or expanding a small group — use the gross revenue method. The standard range is 50-75% of gross revenue for the practice, with the optical inventory valued separately at cost. A practice collecting $800K annually would sell for $400-600K plus inventory, with the buyer financing through a combination of SBA loans and seller notes.

PE-backed platforms — EyeCare Partners, MyEyeDr, National Vision, Total Vision, and a growing list of regional platforms — value on EBITDA at 5-10x EBITDA. Platform acquisitions (the first practice in a new market) get 8-10x. Add-on acquisitions (bolting into an existing market) get 5-7x. The difference between those two scenarios can be $500K+ on the same practice.

The gap between private and PE pricing is real and growing. A practice generating $1.2M in revenue with $250K EBITDA might sell for $750K to a private buyer (62% of revenue) or $1.5-2.5M to a PE platform (6-10x EBITDA). That's not a rounding error — it's a life-changing difference for the selling OD.

The Optical Dispensary Is the Profit Engine

Here's what most ODs intuitively know but don't articulate to buyers well enough: the optical dispensary is often 40-60% of total revenue and carries significantly higher margins than the clinical side. A well-run dispensary generates 55-65% gross margins on frames and lenses, compared to 30-40% margins on exam and medical services after insurance write-offs.

This matters for valuation because buyers evaluate the sustainability of each revenue stream. Clinical exam revenue is relatively stable — patients need annual exams, and insurance drives the visits. Dispensary revenue is more vulnerable. Warby Parker, Zenni Optical, and a dozen online competitors are putting real pressure on optical retail margins.

Practices that have successfully defended their dispensary capture rate — the percentage of exam patients who buy glasses on-site — command higher multiples. A 70%+ capture rate tells buyers your dispensary is healthy. Below 50%, and buyers will model continued erosion, which compresses your multiple.

The counter-intuitive move I recommend to sellers: lean into premium frames and specialty lenses (progressives, blue-light, transitions). Online competitors can't match the try-on experience and fitting expertise for premium products. Shifting your dispensary mix upmarket protects margins and signals to buyers that your revenue is defensible.

Medical Optometry: The Multiple Accelerator

The single biggest trend reshaping optometry valuations is the expansion into medical eye care. ODs who actively manage glaucoma, diabetic retinopathy, dry eye disease, and post-surgical co-management generate higher reimbursement per visit and attract a patient base that is significantly stickier.

A practice where 30%+ of visits are medical (billed under medical insurance, not vision plans) is worth meaningfully more than a routine-exam-and-glasses shop. The reasons are straightforward: medical visits have higher reimbursement rates, medical patients are seen more frequently (quarterly for glaucoma monitoring vs annually for routine exams), and medical optometry is less vulnerable to retail disruption.

PE buyers in particular value medical optometry because it creates a referral pathway to ophthalmology — many platforms are integrating OD practices with ophthalmology surgical centers to capture the full patient journey.

The Consolidation Wave: Who's Buying and What They Pay

The optometry consolidation landscape in 2026 is aggressive and getting more so. EyeCare Partners (backed by Partners Group) has assembled 600+ locations. MyEyeDr (backed by Goldman Sachs and KKR) operates 800+ offices. National Vision runs 1,300+ retail locations. And there are a dozen regional platforms — Midwest Vision Centers, Total Vision, SVS Vision — building in specific geographies.

What these platforms pay depends on what you bring to the table:

• Single-location practice, $700K-$1.5M revenue: 5-7x EBITDA as an add-on. You'll stay on as a clinical provider for 3-5 years.
• Multi-location group, $3M+ revenue: 7-9x EBITDA. You bring management infrastructure, which the platform values.
• Platform anchor in a new market: 8-10x EBITDA. You're the beachhead for their expansion in your metro area.
• Medical-heavy practice with ophtho referral relationships: Premium pricing. You accelerate their integrated care model.

Most PE deals involve an equity rollover — you sell 60-80% of your equity for cash upfront and retain 20-40% in the platform. The retained equity is the "second bite of the apple" when the platform eventually sells to the next PE fund, typically 4-6 years later. I've seen ODs make more on the second bite than the first sale.

What Kills Optometry Practice Value

Vision plan dependency. If 70%+ of your revenue comes from VSP, EyeMed, or other managed vision plans, buyers see compressed and declining reimbursement. Vision plan rates have barely moved in a decade while costs have risen steadily. Diversifying into medical billing and out-of-network strategies directly improves your valuation.

Single-provider dependency. The most common problem I see in optometry sales. If you're the only OD and your name is on the door, patients are coming for you, not the practice. Having even a part-time associate who sees patients 2-3 days per week proves the practice can survive your departure. Read more about why medical practice valuation hinges on this factor.

Outdated equipment. An OCT machine, retinal camera, and automated visual field are essentially table stakes for a modern optometry practice. If your diagnostic equipment is 15+ years old, buyers will deduct $100-200K for equipment upgrades. Worse, outdated equipment signals that you haven't been investing in the practice, which raises questions about what else has been deferred.

Lease problems. Optometry practices are highly location-dependent. If your lease expires within 3 years and you don't have a renewal option, the buyer faces the risk of losing the location entirely. Negotiate a 7-10 year lease extension before going to market.

How to Maximize Your Practice Value

If you're planning to sell in the next 2-3 years, these are the highest-ROI actions I recommend:

Expand medical services. Get credentialed with medical insurers, invest in diagnostic equipment (OCT, fundus photography), and actively manage chronic conditions. Every percentage point of revenue you shift from vision plans to medical billing improves your reimbursement and your multiple.

Protect your dispensary capture rate. Train your opticians on consultative selling. Stock premium independent frames that aren't available online. Offer lens technologies (digital progressives, specialty coatings) that require professional fitting. Your dispensary is your profit center — defend it.

Bring on an associate. Even 2 days per week of associate coverage dramatically reduces key-person risk and increases your practice's value. It also lets you step back and prove the practice runs without you — which is exactly what a buyer needs to see.

Talk to PE platforms early. The consolidation window in optometry is open right now, but it won't stay open forever. Dental DSO multiples have already started compressing as the market matures. Optometry is still in the expansion phase where platforms are paying premium multiples to build scale. If your practice qualifies (generally $200K+ EBITDA), start conversations now.

The Bottom Line

Optometry practice valuations are at a historic high point, driven by PE consolidation that is still in its early-to-middle innings. The spread between private-sale pricing (50-75% of revenue) and PE pricing (5-10x EBITDA) means the same practice can be worth $500K or $2M depending on who buys it. Positioning your practice for the right buyer pool — through medical expansion, dispensary strength, and associate coverage — is the single most valuable thing you can do before selling.