Quick Estimate
ASCs typically trade at 6-12x EBITDA. A $2M EBITDA ASC could be worth $12M-$24M depending on specialty, case mix, and buyer type.
ASC Valuation Multiples by Specialty
| Specialty | Low | Mid | High |
|---|---|---|---|
| Orthopedic | 8.0x | 10.0x | 12.0x |
| GI / Endoscopy | 7.0x | 8.5x | 10.0x |
| Ophthalmology | 7.0x | 9.0x | 11.0x |
| Spine | 7.5x | 9.0x | 11.0x |
| Pain Management | 6.0x | 7.5x | 9.0x |
| Multi-Specialty | 6.5x | 8.0x | 10.0x |
| Cardiac | 7.0x | 8.5x | 10.0x |
What Drives ASC Valuations?
- Case Volume: Higher volume = lower key-person risk
- Payer Mix: Commercial-heavy mix commands premium valuations
- Physician Alignment: Multi-partner structures preferred over solo
- Growth Trajectory: Demonstrated volume growth over 3+ years
- Specialty Mix: Orthopedic and GI command highest multiples
- Capacity Upside: Room for additional cases without major expansion
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