The Aesthetic Brief · Q1 2026 · April 15, 2026 · La Jolla, CA
Quarterly market intelligence from Aesthetic Brokers on M&A across aesthetic & longevity.
Multiples, buyer behavior, and why the gap between average and great is growing.
FROM BILL
A note from our founder
Most founders still think multiples are the story. They're not.
We continue to see outsized outcomes for clients when we go to market. Not because the market is broad, but because conviction is concentrated.
Legacy med spa platforms are doubling down on core aesthetic procedures as durable revenue drivers. At the same time, new capital entering through longevity and wellness is placing real value on GLP-1s and peptide-based revenue streams when delivered credibly within compliance standards.
This is no longer niche. It's becoming a permanent layer in how deals are underwritten.
The gap now isn't awareness. It's positioning. And there will be clear winners and losers based on how that gap is handled.
Bill Walker, Founder & CEO
MARKET PULSE
What we're seeing
Investment in Longevity & Aesthetics Outpaces the Broader Market.
Down vs 5.25% in Q1 '25
~300 med spas per quarter in '25
Outpacing the broader S&P 500
Capital Environment
Current rates hold a premium relative to Q1 '25 as the Fed held steady at 3.50-3.75% through Q1 '26, following a series of rate cuts across 2024-2025. More disciplined underwriting is showing up in how buyers price risk, not in whether they're buying. The S&P Healthcare Index is outpacing the broader market year-to-date, signaling institutional capital rotating toward healthcare and elective services and away from long duration mega cap tech/AI.
FED FUNDS RATE, Q1 '25 THROUGH Q1 '26
Q1 '25
Q2 '25
Q3 '25
Q4 '25
Q1 '26
Buyer Behavior
The White House's laser focus on making capital more affordable continues to drive independent buyer interest into the space. Median EBITDA multiples for standalone aesthetic practices remain in the 4-7x range, consistent year-over-year in alignment with SBA 7(a) mandates. As larger multi-location spa groups come to market, we have seen these top-tier assets with platform characteristics, recurring membership revenue, and diversified service mix clearly fetching 10-12x. The gap between average and great is growing, not shrinking.
DEAL ACTIVITY
Where capital is concentrating
PE and strategic buyers remain active in aesthetic M&A. Buyer conviction is showing up in three consistent categories:
Core Aesthetic Procedures
Legacy med spa platforms are doubling down on neurotoxin, skin tightening, and laser as their primary revenue drivers, not despite the rate environment, but because of it. High repeat visit rates (55-72%) create the kind of predictable cash flow buyers price at a premium.
Source: BeautyEngine Pulse / PitchBook
Longevity & GLP-1 / Peptide Revenue
New capital entering the space is placing real value on GLP-1 and peptide-based revenue streams. This is no longer a niche add-on. Buyers are underwriting it as a durable growth layer. The shift isn't theoretical. It's showing up in how deals are structured and priced.
Source: FOCUS Investment Banking, Q1 2026, Aesthetic Brokers Research Analytics
High-Retention Treatment Models
Practices with membership programs, prepaid treatment packages, and documented patient retention rates are attracting the widest buyer pools. Transferability and recurring revenue remain the primary valuation drivers across all practice sizes.
Source: Scope Research / Breakwater M&A, February 2026
| Single Location | 4-6x |
| Multi-Site (2-3 locations) | 6-8x |
| Scale + Membership Revenue | 8-10x |
| Platform (PE-backed acquisition) | 10-12x |
Aesthetic Appeal
Coming Soon on the Podcast
On the Ground
Where we've been
The quarter opened with Bill on the M&A panel at the Octane Aesthetic Tech Forum in Newport Beach, followed by a seminar at AMWC Miami. From there, HPE Miami led into the 4S Summit in Tucson, where Bill joined Dr. Renato Saltz and industry leaders to tackle the question every owner eventually faces: when is the right time to sell?