OB/GYN Practice Valuation Ranges: 2026

OB/GYN practices continue to draw meaningful investor attention in 2026, supported by steady demand for prenatal services and the ability to offer profitable ancillary services. Even as overall healthcare deal activity cools, women’s health remains a priority for buyers, with platform-ready groups demonstrating the infrastructure and leadership depth to reach 10–14× EBITDA.

Most independent OB/GYN groups transact as add-on acquisitions, and their valuations align with patterns seen across other recurring-demand specialties. PitchBook and VMG Health transaction data indicate that add-on physician practice acquisitions most commonly clear in the mid-single-digit EBITDA range, while larger, diversified platforms with multiple service lines and reduced revenue concentration command materially higher multiples due to broader growth vectors and lower underwriting risk.

What you’ll learn in this article:

Current EBITDA multiples for OB/GYN platforms, add-ons, and diversified groups

How buyers apply revenue multiples when EBITDA needs normalization

The premium valuation drivers that move practices into the top quartile

Key risk factors that lead to multiple discounts in 2026

How consolidation trends and private equity activity shape market pricing

OB/GYN Practice EBITDA Multiples by Transaction Type, 2026

Women’s health practices continue to attract strong investor interest in 2026, though valuation ranges vary significantly based on transaction type, practice size, and service offerings. Platform transactions often command substantially higher multiples than add-on acquisitions, reflecting the premium buyers place on scalable infrastructure and leadership depth.

Transaction Type	EBITDA Multiple Range	Typical Practice Profile
Platform Transactions	10×–14×	Often PE-backed and multi-state; more diversified organizations with established infrastructure, ancillary services, and a proven growth history
Add-On Acquisitions	5×–8×	Small and mid-sized practices joining existing platforms
Sizable Diversified Groups	8×–12×+	Larger practices often with a deeper provider bench and imaging, surgery, fertility, or menopause programs in place

Source: works cited combined with guidance from internal bankers, based generally on knowledge and experience. Actual pricing varies with each transaction based on many factors. Intended for educational purposes only and not a guarantee of any outcome.

Platform buyers may pay a 4–6 turn premium over add-on valuations, reflecting the strategic value of establishing or expanding a women’s health footprint. Practices that cross the $5 million EBITDA threshold with diversified service lines can transition from add-on candidates to platform-ready assets, triggering material valuation increases.

Revenue Multiple Benchmarks, 2026

While EBITDA multiples remain the primary valuation metric, revenue multiples can serve as an additional data point and provide an alternative framework for evaluating practices with inconsistent profitability or significant normalization adjustments. Women’s health practices typically trade within a narrower revenue multiple band than specialty peers.

Multiple Type	Typical Range	Application
Revenue Multiple	0.9×–1.5×	Used when EBITDA is thin or heavily normalized
Platform Revenue Multiple	1.2×–1.5×	Larger groups with established margins
Add-On Revenue Multiple	0.9×–1.2×	Smaller practices with limited infrastructure

Revenue multiples become particularly relevant in scenarios where physician compensation requires normalization, owner discretionary expenses are material, or where the practice is transitioning from independent operations to platform integration. Buyers typically apply revenue multiples as a secondary validation check against EBITDA-based pricing.

Premium Valuation Drivers for Women’s Health Practices

Buyers consistently price three categories of factors when evaluating OB/GYN practices: service diversification, operational stability, and growth infrastructure. Practices that score well across all three categories can achieve top-quartile valuations within their size band.

According to Physician Growth Partners’ Q1 2025 white paper on women’s health private equity, practices offering ancillary services such as fertility treatment, mammography, and menopause care are experiencing accelerated consolidation activity. The ability to provide comprehensive care under one roof addresses a fundamental patient preference while creating operational leverage for platform operators.

Value Driver	Potential Impact on Multiple	Why Buyers Pay More
Comprehensive Service Stack	Significant increase	Imaging, surgery, fertility, and menopause programs create multiple revenue streams and reduce single-service dependency
Predictable Prenatal Volumes	Increase	Consistent OB volume provides revenue stability and supports capacity planning
Strong Call Coverage Model	Increase	Physician governance structures that distribute call burden reduce burnout risk and improve retention
Post-Acute Programs	Increase	Postpartum care, pelvic health, and continuum services increase patient lifetime value
Diversified Payor Mix	Increase	Commercial insurance concentration above 65% improves margin predictability

Common Valuation Challenges in 2026

Not all factors move multiples upward. Buyers consistently discount valuations when specific risk factors threaten cash flow stability, physician retention, or margin sustainability.

Medical malpractice insurance remains a particular concern in women’s health transactions. Groups demonstrating strong governance, documented quality metrics, and distributed call coverage models can mitigate this discount by demonstrating operational maturity and reduced liability exposure.

Risk Factor	Potential Impact on Multiple	Buyer Concern
Heavy OB Burden with Narrow Call Pool	Stronger decrease	Physician burnout risk and recruitment challenges
Rising Medical Malpractice Costs	Decrease	Margin compression and insurance availability concerns
Limited Service Offerings	Decrease	Revenue concentration and competitive vulnerability
Single-Provider Dependency	Stronger Decrease	Succession risk and patient retention uncertainty
Declining Volume Trends	Stronger Decrease	Market share loss and reimbursement pressure signals

Market Context and Consolidation Activity

The women’s health sector continues to attract substantial private equity interest despite broader market normalization.

Ongoing Private Equity Momentum

Eight major platforms now operate across the United States, with the most recent being Nova Women’s Health Partners, formed in late 2024 through a partnership between WomanCare and Women’s HealthFirst with Webster Equity Partners.

According to industry data compiled by Levin Associates, physician practice management transactions declined 14% year-over-year in 2024, with 473 deals completed compared to 537 in 2023. Despite lower overall transaction volume, women’s health deal activity remained steady, reflecting continued investor confidence in the specialty’s demographic tailwinds and growth opportunities.

Expanding Service Models and Growth Pathways

Private equity sponsors view women’s health as a stable investment sector with multiple expansion avenues. Platforms are increasingly pursuing adjacencies beyond traditional OB/GYN care, including primary care integration, behavioral health services, and fertility treatment expansion.

This broader service vision supports higher entry multiples as buyers underwrite growth opportunities beyond core obstetrical and gynecological services.

Competitive Pressures are Driving Consolidation

Consolidation dynamics also reflect competitive positioning pressure. Independent practices face increasing difficulty competing with well-capitalized platforms that offer extended hours, comprehensive ancillary services, and sophisticated marketing capabilities.

For many practice owners, a private equity partnership represents not just a liquidity event but a strategic defensive measure to maintain market relevance.

What Drives Higher Valuations in Practice

Beyond the quantitative factors captured in valuation tables, qualitative elements significantly influence final transaction pricing.

Value Driver	Impact on Multiple	Why It Matters
Younger physician cohorts & formal recruiting pipelines	Increase	Reduces succession risk and ensures long-term provider capacity, which buyers model heavily in platform and add-on deals.
Documented retention programs	Increase	Signals organizational stability and lowers the risk of post-close turnover that could erode earnings.
Favorable geographic market dynamics	Increase	High-growth metro areas with strong commercial payor penetration support higher margins and scalable referral networks.
Regional density	Increase	Clusters of sites strengthen referral pathways and support de novo expansion, increasing platform attractiveness.
Operational readiness & standardized processes	Increase	Centralized billing, clinical protocols, and compliance systems reduce integration risk and accelerate value creation.
Limited need for new infrastructure investment	Increaseft	Practices that already meet platform standards avoid capital expenditure drag, improving modeled returns for buyers.

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Sources

Irving Levin Associates, “Healthcare Services Acquisition Report” (2025). levinassociates.com

VMG Health, “Physician Practice Management Valuation Survey” (2024). vmghealth.com

Physician Growth Partners, “State of Women’s Health Private Equity – Q1 2025” (White Paper). physiciangrowthpartners.com

Hyde Park Capital Advisors, “OB/GYN Market Insights Summer 2023” (Industry Report). Tampa, FL. hydeparkcapital.com

Andy Snyder, a FOCUS Managing Director, has ten years of consulting, management, and M&A advisory experience among various healthcare positions. He has significant experience advising physicians in medical practice and surgery center transactions – including the specialties of ophthalmology, gastroenterology, dermatology, and orthopedics. His current practice includes healthcare provider services, home health and hospice, and behavioral health. Prior to joining FOCUS, Mr. Snyder served as Managing Director and Physicians First, a boutique investment banking firm located in Nashville, TN. He completed a variety of healthcare transactions, many with private equity firms and PE-backed companies. In this role, he was responsible for business development and deal execution. His past clients include leading physician groups, healthcare facilities, and institutional healthcare investors. Mr. Snyder began his healthcare career at Covenant Physician Partners (previously Covenant Surgical Partners) where he was promoted to Director of Operations. Covenant is a physician services company that acquires and operates ambulatory surgery centers and physician practices. The company also built and operated an outsourced pathology laboratory, an anesthesia business, and revenue cycle management company. Based in Nashville, Mr. Snyder earned his M.B.A. from Vanderbilt University and his undergraduate degree from The University of Virginia. He is a FINRA licensed investment banker.