Selling an Optometry Practice in 2026: Multiples, Named Buyers, and the OD-MSO Playbook
Quick Answer
A US optometry practice in 2026 typically sells for roughly 3x to 10x SDE/EBITDA, varying by revenue mix (medical eye care vs. routine vision exam vs. eyewear retail), practice scale, and OD-MSO buyer interest. By profile: a single-OD practice with mostly routine + eyewear at $200-500k SDE goes 2.5x-4x SDE; a profitable single-location with medical eye care exposure ($500k-1.5M SDE) goes 3.5x-5.5x SDE; a small multi-office optometry group (2-5 locations, $1.5-4M EBITDA) goes 5x-7x EBITDA; a regional OD platform ($4-12M EBITDA, multi-state, medical eye care strong) goes 6x-8x EBITDA; a premium scale OD platform ($12M+ EBITDA, multi-state, medical eye care + eyewear retail integrated, named commercial in-network and vision-plan contracts) reaches 7x-10x EBITDA. Active buyers include MyEyeDr (Goldman Sachs Asset Management, ~900+ offices, the largest US optometry-focused MSO), EyeCare Partners (Partners Group, ~700+ providers across OD + MD), Visionworks (Versant Health, MetLife subsidiary, ~700+ locations), AEG Vision (AEA Investors, multi-state), US Vision (PE-backed, retail-anchored), SVS Vision (PE-backed, Midwest), Clarkson Eyecare (EyeCare Partners subsidiary), Specs of Texas, plus PE sponsors directly (Goldman Sachs Asset Management, Partners Group, AEA Investors, Lee Equity Partners, plus multiple healthcare-services PE funds). The biggest multiple drivers are medical eye care revenue percentage (diabetic retinopathy screening, glaucoma management, dry-eye care premium to routine refraction), named vision-plan contracts (VSP, EyeMed, Davis Vision, Spectera), eyewear retail revenue mix, multi-office scale, modern EMR (RevolutionEHR, Crystal Practice Management, RevenueWell, Nextech), and OD provider productivity. Buyer-paid M&A advisory (CT Strategic Partners) costs the seller nothing.
If you own an optometry practice in 2026 — whether that is a single-OD office, a multi-OD location, a multi-office group, or an integrated OD-MD practice — the M&A market is highly active with named OD-MSO consolidators. MyEyeDr (Goldman Sachs Asset Management) operates ~900+ offices as the largest US optometry-focused MSO. EyeCare Partners (Partners Group) operates ~700+ providers across OD and MD. Visionworks (Versant Health/MetLife) operates ~700+ locations. AEG Vision (AEA Investors), US Vision, SVS Vision, and Clarkson Eyecare are other notable PE-backed platforms.
What the asset is worth depends on three things: (1) medical eye care revenue mix (diabetic retinopathy screening, glaucoma management, dry-eye care, scleral lens fitting are premium to routine refraction), (2) eyewear retail revenue mix and dispensing margin, and (3) named vision-plan in-network contracts plus medical commercial in-network status. This guide covers real multiples by profile, the named buyers transacting, and the operator-level diligence buyers will run.
This guide is about optometry practices (vision care, refraction, eyewear). For ophthalmology practices (medical and surgical eye care, retina, glaucoma), see our separate guide at how to sell an ophthalmology practice.
What this guide covers
- Optometry multiples 2026: 2.5x-4x SDE for single-OD routine+eyewear, 3.5x-5.5x SDE for profitable single-OD with medical eye care, 5x-7x EBITDA for small multi-office groups, 6x-8x for regional platforms, 7x-10x for premium scale OD platforms with integrated medical + eyewear and named vision-plan contracts.
- Active buyers: MyEyeDr (Goldman Sachs Asset Management, ~900+ offices), EyeCare Partners (Partners Group, ~700+ providers OD + MD), Visionworks (Versant Health / MetLife, ~700+ locations), AEG Vision (AEA Investors), US Vision, SVS Vision, Clarkson Eyecare (ECP subsidiary), Specs of Texas, Pearle Vision (Luxottica franchise).
- PE sponsor activity: Goldman Sachs Asset Management (MyEyeDr), Partners Group (EyeCare Partners), AEA Investors (AEG Vision), Lee Equity Partners, plus multiple healthcare-services PE funds.
- Multiple drivers: medical eye care revenue percentage (diabetic retinopathy screening, glaucoma management, dry-eye, scleral lens), named vision-plan in-network contracts (VSP, EyeMed, Davis Vision, Spectera), eyewear retail revenue and dispensing margin, modern EMR (RevolutionEHR, Crystal PM, Nextech), multi-state professional licensure.
- Things that compress the multiple: routine-vision-only practice without medical eye care, weak eyewear dispensing rate (capture rate below 50%), owner-OD dependence, single-vision-plan concentration, single-location operators, legacy EMR, weak commercial medical eye care payer mix.
- Sellers pay nothing on CT Strategic Partners’ buyer-paid advisory.
Named optometry M&A transactions (2022-2025)
| Target | Buyer | Year | What it tells us |
|---|---|---|---|
| Multiple MyEyeDr tuck-ins | MyEyeDr (Goldman Sachs Asset Management) | 2022-2025 | Largest US optometry MSO continues aggressive tuck-in M&A; crossed 900+ offices. |
| EyeCare Partners OD tuck-ins | EyeCare Partners (Partners Group) | 2022-2025 | Cross-discipline OD + MD platform continues optometry add-ons. |
| Visionworks growth under Versant | Versant Health (MetLife subsidiary) | 2022-2025 | Versant Health combines Davis Vision + Superior Vision + Visionworks retail. |
| AEG Vision continued tuck-ins | AEA Investors | 2022-2025 | PE-backed multi-state OD platform continues regional rollups. |
| Clarkson Eyecare expansion | EyeCare Partners (Partners Group) | 2022-2025 | EyeCare Partners OD platform continues tuck-ins. |
| Regional OD tuck-ins | Multiple PE-backed OD platforms | 2022-2025 | US Vision, SVS Vision, Pinnacle and other regional platforms continue rollups. |
The named buyer landscape
PE-backed national OD MSOs (the primary buyer pool)
- MyEyeDr (Goldman Sachs Asset Management) — the largest US optometry-focused MSO with ~900+ offices. Very active tuck-in acquirer.
- EyeCare Partners (Partners Group) — ~700+ providers across OD + MD; integrated platform.
- Clarkson Eyecare (EyeCare Partners subsidiary) — OD-focused platform under ECP.
- AEG Vision (AEA Investors) — multi-state OD platform.
- SVS Vision (PE-backed) — Midwest OD platform.
- US Vision (PE-backed) — retail-anchored OD platform.
Vision-plan-affiliated and retail buyers
- Visionworks (Versant Health, MetLife subsidiary) — ~700+ locations; vertically-integrated with Davis Vision + Superior Vision insurance.
- Pearle Vision (Luxottica franchise) — franchise platform.
- America’s Best Contacts & Eyeglasses (National Vision Holdings NASDAQ: EYE), Eyeglass World — retail-focused.
PE sponsors active in this space
- Goldman Sachs Asset Management (MyEyeDr), Partners Group (EyeCare Partners), AEA Investors (AEG Vision), Lee Equity Partners, plus multiple healthcare-services PE funds.
What each buyer will pay for vs. what they reject
- Will pay premium for: medical eye care revenue mix (diabetic retinopathy screening, glaucoma management, dry-eye care, scleral lens fitting), named vision-plan in-network contracts (VSP Vision Care, EyeMed, Davis Vision, Spectera, MetLife, Aetna Vision), eyewear retail revenue with strong dispensing capture rate (60%+), modern EMR (RevolutionEHR, Crystal Practice Management, Officemate/ExamWriter, Nextech), multi-office platform scale, OD provider productivity (35-50 patients/day), commercial medical-payer in-network status.
- Will compress or reject: routine-vision-only practice without medical eye care, weak eyewear dispensing capture rate (under 50%), owner-OD dependence, single-vision-plan concentration, single-location operators, legacy EMR, single-payer concentration above 25%.
The operator-level KPI playbook buyers will diligence
Revenue mix and service-line
- Revenue mix: Routine vision exam %, medical eye care %, eyewear retail %, contact lens %, specialty lens (scleral, multifocal) %.
- Medical eye care: Diabetic retinopathy screening, glaucoma management, dry-eye care, low-vision rehab, scleral lens fitting. Medical eye care commands premium to routine refraction.
- Eyewear dispensing capture rate: Patients who buy eyewear at the practice vs. taking the Rx elsewhere. 60%+ is the platform benchmark.
- Average revenue per patient encounter.
Vision-plan contracting
- Named vision-plan in-network status: VSP Vision Care (the largest), EyeMed, Davis Vision, Spectera, MetLife, Aetna Vision, Anthem Blue View.
- Vision-plan revenue percentage: Document by plan.
- Plan concentration: No single vision plan above 30%.
- Reimbursement schedules: Documented per plan.
Medical commercial contracting
- Commercial medical-payer in-network status: Anthem/Elevance, UHC, Aetna, Cigna, BCBS-by-state.
- Medicare percentage: Track Medicare medical eye care revenue.
- Medicaid percentage: Should be limited unless specialty pediatric.
Eyewear retail
- Frame inventory mix: Designer (Luxottica, Marchon, Marcolin), private label, specialty (sports, occupational).
- Lab arrangements: In-house finishing lab vs. partner lab (Essilor, VSP Optics).
- Lens product mix: Progressive, anti-reflective coating, high-index, photochromic.
- Average sale per dispense.
OD provider productivity
- Patients per day per OD: 35-50 patients/day is platform-benchmark for general optometry.
- OD count and tenure.
- OD compensation model.
EMR and operating system
- EMR: RevolutionEHR (the OD operator standard), Crystal Practice Management, Officemate/ExamWriter, Nextech.
- Imaging integration: OCT, fundus photography, IOL Master if relevant.
- Patient recall and engagement systems.
RCM
- Days in AR: <40 days is healthy.
- Vision-plan claim turnaround.
- Eyewear retail collection rates.
Dangers and traps in optometry M&A
1. Routine-vision-only practice without medical eye care
Practices without diabetic retinopathy screening, glaucoma management, dry-eye care, or scleral lens fitting compress to lower multiples. Build medical eye care service lines.
2. Weak eyewear dispensing capture rate
Below 50% capture rate signals retail problems. Premium platforms maintain 60%+.
3. Owner-OD dependence with no provider bench
Single-OD practices with no associate OD bench face succession-risk discount.
4. Single-vision-plan concentration
Above 30% single vision plan concentration (especially VSP) is a concentration risk.
5. Legacy EMR and operating systems
RevolutionEHR is the OD operator standard. Legacy systems trigger integration discount.
6. State-specific OD scope-of-practice variation
OD scope of practice (especially for medical eye care, injection privileges, oral medication) varies by state. Document scope and operate within it.
7. Eyewear retail vs. medical-services revenue accounting
Track retail vs. services revenue cleanly; buyers will scrutinize the mix and margins separately.
8. Equity-rollover expectations vs. cash-at-close
PE-OD-MSO deals typically include 20-40% equity rollover. Understand the dynamics.
Our POV on optometry M&A in 2026
- Single-OD routine + eyewear practices ($200-500k SDE) go 2.5x-4x SDE.
- Profitable single-OD with medical eye care ($500k-1.5M SDE) go 3.5x-5.5x SDE.
- Small multi-office OD groups ($1.5-4M EBITDA) are tuck-in targets for the national MSOs. 5x-7x.
- Regional OD platforms ($4-12M EBITDA) go 6x-8x.
- Premium scale OD platforms ($12M+ EBITDA, multi-state, medical + eyewear integrated, named vision-plan contracts) reach 7x-10x.
The right time to prepare is 12-18 months before going to market — build medical eye care revenue mix, improve eyewear dispensing capture rate, lock in vision-plan contracts, modernize EMR (RevolutionEHR), and develop the OD bench.
Preparing your optometry practice for sale: 12-18 months out
- Get multi-year audited or reviewed financials. Break out revenue by service line.
- Build medical eye care revenue mix. Diabetic retinopathy, glaucoma management, dry-eye, scleral lens fitting.
- Improve eyewear dispensing capture rate. Target 60%+.
- Lock in vision-plan contracts. VSP, EyeMed, Davis Vision, Spectera, MetLife.
- Confirm commercial medical payer in-network status.
- Modernize the EMR. RevolutionEHR, Crystal PM, or Nextech.
- Develop the OD bench. Reduce owner-OD dependence.
- Document KPIs, add-backs, and capture rate.
- Run a competitive process. MyEyeDr (GSAM), EyeCare Partners (Partners Group), Clarkson Eyecare (ECP), AEG Vision (AEA), Visionworks (Versant), SVS Vision, US Vision, plus PE sponsors directly.
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What is the typical multiple for an optometry practice in 2026?
Single-OD practices with mostly routine + eyewear ($200-500k SDE) typically sell at 2.5x-4x SDE. Profitable single-OD with medical eye care ($500k-1.5M SDE) goes 3.5x-5.5x SDE. Small multi-office OD groups (2-5 locations, $1.5-4M EBITDA) go 5x-7x EBITDA. Regional OD platforms ($4-12M EBITDA) go 6x-8x. Premium scale platforms ($12M+ EBITDA, multi-state, integrated medical + eyewear, named vision-plan contracts) reach 7x-10x+.
Who are the active buyers of optometry practices right now?
PE-backed national OD MSOs: MyEyeDr (Goldman Sachs Asset Management, ~900+ offices), EyeCare Partners (Partners Group, ~700+ providers OD + MD), Clarkson Eyecare (ECP subsidiary), AEG Vision (AEA Investors), US Vision, SVS Vision. Vision-plan-affiliated/retail: Visionworks (Versant Health/MetLife, ~700+ locations), Pearle Vision (Luxottica franchise), National Vision Holdings (NASDAQ: EYE). PE sponsors: Goldman Sachs Asset Management, Partners Group, AEA Investors, Lee Equity Partners.
What hurts an optometry practice’s valuation most?
Routine-vision-only practice without medical eye care exposure, weak eyewear dispensing capture rate (below 50%), owner-OD dependence with no associate provider bench, single-vision-plan concentration above 30% (especially VSP), single-location operators, legacy EMR or paper charts, and weak commercial medical eye care payer mix.
Why is medical eye care so important for valuation?
Medical eye care (diabetic retinopathy screening, glaucoma management, dry-eye care, scleral lens fitting) has higher per-encounter revenue, longer patient-relationship recurrence, and commercial medical-payer reimbursement that’s more durable than vision-plan-only revenue. Practices with strong medical eye care exposure achieve materially higher multiples.
How is selling an optometry practice different from selling an ophthalmology practice?
Optometry practices focus on vision care, refraction, and eyewear retail with primary buyer pool being OD-MSO consolidators (MyEyeDr, EyeCare Partners’ Clarkson, AEG Vision). Ophthalmology practices focus on medical and surgical eye care including retina, glaucoma, cornea, and oculoplastic subspecialties, with a different buyer pool (US Eye, US Ophthalmic Partners, Retina Consultants of America, Spectrum Vision). See our separate ophthalmology guide for details.
Do I have to pay a broker fee?
No. CT Strategic Partners runs a buyer-paid M&A advisory model. The seller pays nothing. The buyer pays the success fee at closing.
How long does it take to sell an optometry practice?
Once you go to market with a buyer-paid advisor, a typical process runs 4-7 months from initial outreach to closing. Add 12-18 months of preparation work before going to market.
When should I start preparing if I plan to sell in 2027 or 2028?
12-18 months before going to market is the right window. Highest-leverage pre-sale work: build medical eye care revenue mix, improve eyewear dispensing capture rate to 60%+, lock in vision-plan contracts, modernize EMR (RevolutionEHR), develop the OD bench.
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About the Author
Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 76+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest home services consolidators that other intermediaries can’t access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch