At Evergreen for Founders, we support clinical research site owners as they evaluate exit options and plan strategically for a sale. We help owners realize millions more in value after bringing multiple buyers to the negotiation table, and we see the entire process through to close. We manage a tight process and hold all parties accountable, so you can focus on continuing to grow your business. In this article, we provide an educational overview of how site valuations are derived, what market benchmarks are meaningful in 2025, and practical steps you can take to position your site for a strong outcome. If you have any questions as you're reviewing the materials, please contact Senior Clinical Research Site M&A Advisor, Hannah Huke, hannah@evergreenforfounders.com.
How Much Is My Clinical Research Site Worth? A Complete Valuation Guide for 2025
If you own a clinical research site and are considering your options, whether selling outright, partnering, or simply preparing for the future, one of the first questions is: What is my business really worth?
Understanding valuation is critical because it sets expectations, sharpens negotiation strategy, and guides your preparation efforts.
Here are some things to consider when assigning a value to your clinical research site:
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- The macro market context for clinical research sites
- Typical valuation methodologies and benchmark multiples
- Primary value-drivers (what buyers care about)
- Steps you can take today to increase your value
- Your leadership role and what is next for you
1. Market context for clinical research sites
The clinical research site (“CRS”) market is experiencing meaningful activity. For example, a recent report estimates that the global “clinical trial investigative site network” market was valued at approximately $7.55 billion in 2022 and is projected to reach $14.25 billion by 2031, a CAGR of roughly 7.5%. PR Newswire
Meanwhile, independent site owners remain a highly fragmented segment: one study counted around 600 privately-owned sites generating at least $1 million in annual revenue, representing about 46% of total site revenue in a given market segment. CRIO+1
This combination of growth opportunity, fragmentation, and consolidation interest from buyers creates a favorable environment for well-positioned site owners. Private Equity-backed buyers and platforms remain highly interested in the Clinical Research industry, with consolidation being in early stages – this means higher multiples for those owners seeking an exit in the next 6 months to a year.
2. How valuations are calculated & benchmark multiples
Primary methodology: Most valuations of clinical research sites are based on a multiple of EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization), adjusted for size, growth prospects, sponsor diversification, and operational maturity.
Here are some benchmark multiples in 2025 for site owners to reference:
| Smaller standalone sites (EBITDA $500k - $2M) |
Multiples in the 4×–8× EBITDA range |
| Mid-sized sites (EBITDA $2M - $5M) |
Multiples in the 8×–10× EBITDA range |
| Mid-large sized sites (EBITDA $5M - $10M) |
Multiples in the 10×–12× EBITDA range |
| Larger, differentiated site networks (EBITDA > $10 million) |
Multiples can reach into the mid to high teens |
It’s important to emphasize: the multiple you receive depends heavily on your site’s scale, growth, risk profile, therapeutic areas, team, geography, and attractiveness — it is not simply a fixed number. It’s a combination of science AND art.
Recent platform transactions underscore the strong interest in well-positioned
site networks.
For example, in April 2025 CenExel Clinical Research (a network of 18 U.S. locations focused on complex therapeutic areas) was acquired by BayPine LP
(with existing investor Webster Equity Partners retaining a minority stake) to build a
digitally-enabled next-generation site platform. And in September 2024 Flourish
Research (a multi-site clinical trial organization with 24 sites and ~150 investigators)
received a majority investment from Genstar Capital to scale across therapeutic areas
and geographies. These deals illustrate how buyers are valuing scale, specialization,
technology-infrastructure and growth orientation, and create a live benchmark for what an owner of an independent site might aim toward.
3. What drives value – what buyers are looking for
To maximize your valuation, it helps to understand what acquirers focus on:
a. Scale and financial performance
• Larger revenue, multiple locations, and EBITDA signal maturity and reduced execution risk.
• Growth visibility and study backlog add value: buyers like a site with awarded work yet to be fully delivered.
b. Therapeutic focus & service mix
• Sites specialized in high-growth therapeutic areas (oncology, CNS, rare disease, metabolic, gastroenterology) tend to command premiums. All buyers agree that having limited vaccine-related studies is important to capture higher value, if any interest at all.
• Broad service capability (multi-phase trials, inpatient facilities, registries) also matters.
c. Patient recruitment and geographic reach
• Sites in densely populated areas or with access to diverse patient pools are more attractive, because enrollment risk is lower.
• Demonstrated track record of meeting enrollment timelines adds confidence.
• Marketing and business development infrastructure in place shows sophistication.
d. Operational quality, systems & compliance
• Robust quality assurance, regulatory compliance (e.g., audit history), and clearly documented SOPs are value enhancers.
• Adoption of technology (CTMS, e-source, e-consent) signals scalability.
e. Sponsor / CRO diversification & investigator strength
• Revenue concentration (one large sponsor or one PI) is viewed as risk; diversification reduces risk and increases value. CRIO
• Ownership structure, investigator retention, and organizational leadership matter.
f. Growth potential and strategic fit
• Buyers pay for future upside: platforms with room for expansion (geography, TA, recruiting) are more valuable.
• Also, strategic acquirers may pay more if the target fits into their existing network and offers synergies.
4. Practical steps you can take now to enhance value
As a site owner thinking about an exit (or possible sale down the road), here are some actionable steps:
• Clean up your financials: Prepare audited or review-level financial statements, show consistent EBITDA, and identify potential “add-backs” (owner compensation adjustments, non-recurring costs). Consider performing a valuation for realistic expectations and planning. Evergreen offers this service – get in touch with Hannah to discuss, hannah@evergreenforfounders.com.
• Build backlog visibility: Ensure you can demonstrate awarded but not yet initiated studies; contracts with sponsors that show near-term revenue.
• Diversify your sponsors/CROs: Reduce reliance on one sponsor or one therapeutic area; aim for repeat business across multiple sponsors.
• Strengthen enrollment performance: Track and document metrics such as screen-to-randomize ratio, drop-out rates, time to enrollment target; strive to show reliability.
• Formalize quality systems: Ensure audit-readiness, clean regulatory history, documented SOPs, and technology adoption.
• Document your growth story: Highlight how you might expand (new TAs, new site locations, patient diversity initiatives) and show your roadmap.
• Prepare your governance & organizational structure: Have solid leadership, retention plans for key staff, and balanced owner/PI roles.
• Engage early advisors: The earlier you start thinking about the exit process, the more time you will have to position your business. The more prepared you are, the more calm and confident you will be entering a sales process!
5. Interpreting your position & next moves
Here’s a simple framework. Please get in touch with us if you would like a more detailed analysis.
• Estimate your trailing 12-month EBITDA.
• Consider where you fallin EBITDA (small, mid, mid/large, large).
• Map against benchmark multiples (4×–6×, 7×–9×, 10×+ respectively) to arrive at a ballpark value range.
• Adjust upward or downward based on your unique strengths (e.g., strong TA, technology, backlog) or risks (e.g., heavy concentration, regulatory history).
• Decide your timing: Are you prepared now? Do you need 12-24 months of value-enhancement work?
• Align your plan: Set clear goals (e.g., diversify sponsors, add new TA, upgrade systems) with a timeline and resource plan.
Summary
Valuing your clinical research site is both an art and a science. The science lies in benchmark multiples (4×—12×+ EBITDA) and analyzing financials. The art lies in demonstrating future value, mitigating risks, and presenting your site as a scalable, operationally sound asset.
For many owners, the market environment today is favorable, but only those who prepare and position thoughtfully will realize top-tier outcomes.
Contact Us
If you’re a clinical research site owner exploring your exit options, the team at Evergreen is available to walk you through a confidential valuation, help you benchmark your business, and advise you on preparing your site for sale. We’d welcome the opportunity to support your goals. Get in touch with Hannah Huke, Senior M&A Advisor, Clinical Research Sites to get started: hannah@evergreenforfounders.com.