If you looking for an answer about how to sell your veterinary practice and find the perfect buyer, chances are you have already been approached by a corporate group. They are calling, emailing, and in some cases, showing up with numbers that sound promising. But what are corporations actually paying for practices in 2025?
The answer depends on one number that matters more than revenue — your EBITDA. That stands for earnings before interest, taxes, depreciation, and amortization. It is how buyers measure true profitability, and it is what determines how much they are willing to offer.
What most corporate buyers are using to value your practice
When a corporate buyer looks at your clinic, they are not just buying your brand or your building. They are buying your future cash flow. To calculate what that is worth, they multiply your EBITDA by a number called a valuation multiple.
The higher the multiple, the higher the offer.
Multiples vary depending on your practice type, size, location, and growth potential. In 2025, here is what corporations are typically paying.
Current EBITDA multiples for general practices
If your clinic is a general practice, here is what the market is showing right now:
- Practices with $500,000 to $1 million in EBITDA are seeing offers around 5.3x
- Practices with $1 million to $5 million in EBITDA are often getting 8.6x
- Larger clinics with $5 million to $10 million in EBITDA can reach 11.3x
So if your clinic earns $1.5 million in EBITDA and attracts a buyer at an 8.6x multiple, your total valuation could land around $12.9 million. But if you are earning $750,000 with a 5.3x multiple, the offer might be closer to $3.9 million.
Multiples for specialty and referral practices
Specialty and referral practices tend to command higher multiples. These clinics are more difficult to build from scratch, often have better margins, and attract buyers looking for scalable medical services.
- Specialty clinics earning $500,000 to $1 million in EBITDA are landing around 7.1x
- Mid-sized specialty practices are averaging 11x
- The largest, most profitable specialty clinics are getting up to 13.2x
If your clinic offers referral services, oncology, surgery, or 24/7 emergency care and runs efficiently, you are likely to attract more aggressive buyers with stronger offers.
What increases your multiple
The number on the table is not just about EBITDA. Buyers increase the multiple when they see less risk and more opportunity. Here is what makes a practice more valuable in a buyer’s eyes:
- Low owner dependence: If you are not the only vet and your team can run the clinic without you
- Clean, accurate financials: A clear P&L with accurate EBITDA adds immediate trust
- Strong team retention: Buyers want to know your doctors and support staff will stay
- Lease stability or real estate ownership: A secure location adds value
- Growth potential: Space to expand, services to add, or marketing that has not been tapped yet
If your practice checks all these boxes, your multiple can increase by a full point or more — which could mean hundreds of thousands or even millions added to your sale price.
Common deal structures in 2025
Most corporate buyers are not offering all cash upfront. Instead, here is what typical deal structures look like this year:
- Seventy to eighty percent paid at closing
- Twenty to thirty percent held as an earnout, based on performance over the next one to three years
- Sometimes equity in the parent group, depending on the buyer
- Post-sale employment or transition agreements, where the seller stays on short-term
Understanding the structure is just as important as understanding the headline number. Two practices might get a $6 million offer, but one seller walks away with $5 million at close while the other only gets $3.8 million upfront and has to earn the rest over time.
Final word
Corporations in 2025 are actively buying well-run veterinary practices. The market is still competitive, especially for profitable, systemized clinics with strong teams. If your EBITDA is consistent, your staff is stable, and your operations are clean, you can expect real offers — often at strong multiples.
But not all offers are equal. The multiple matters. The deal structure matters. And the story behind your numbers matters most.
If you are considering selling in the next one to three years, now is the time to get clarity on your EBITDA, clean up your records, and understand how buyers think — so when the offers come in, you are not just reacting. You are negotiating from a position of strength.