Review our public benchmarks
Use the Equine and Companion Animal financial benchmarks to review selected industry findings across financial performance, production, compensation, cash flow, and balance-sheet strength.
View the report libraryVeterinary practice research and benchmarking
Veterinary Practice Benchmarks
Benchmark data can show where a practice differs from a relevant comparison group. It cannot explain the difference without understanding the practice.
Trinity's Equine and Companion Animal benchmark reports compare selected practice financials, veterinarian production and compensation, cash flow, balance-sheet strength, and owner returns. They are useful for identifying where a result deserves a closer look, not for telling every practice what its numbers should be.
Start with the public reports for industry context. Contribute practice data to help strengthen Trinity's veterinary benchmarks, or use a Practice Financial Analysis when you want Trinity to build and interpret the analysis for your practice.
Use benchmarks as context, not targets. The appropriate comparison depends on practice type, service mix, staffing model, ownership structure, reinvestment needs, and owner goals.How to Use Our Veterinary Industry Benchmarks
Participate in a benchmark study
Contributing usable practice data helps strengthen Trinity's veterinary benchmark research. Participating practices receive the most recent applicable Equine or Companion Animal benchmark report after their information is reviewed.
See how participation worksUnderstand your practice's results
Use a Practice Financial Analysis when you want Trinity to normalize the practice financials, identify opportunities and priorities, and connect the findings to cash flow, practice value, and the decisions ahead.
Explore Practice Financial AnalysisLatest published reports
Download Trinity's 2025 veterinary benchmark reports.
Each eight-page report compares selected 2023 and 2025 industry results across practice financials, veterinary production and compensation, balance-sheet metrics, cash flow, and shareholder returns.
Public PDF
2025 Equine Industry Benchmark
Review reported equine-practice results for revenue growth, professional-services costs, payroll and employee costs, EBITDA, veterinarian production and compensation, days in cash, leverage, capital expenditures, debt service, distributions, and shareholder-return metrics.
Public PDF
2025 Companion Animal Industry Benchmark
Review reported companion-animal results for revenue growth, professional-services costs, payroll and employee costs, EBITDA, veterinarian production and compensation, days in cash, leverage, capital expenditures, debt service, distributions, and shareholder-return metrics.
Important: The attached reports are provided for informational purposes and contain broad industry benchmark figures. Before relying on a figure, confirm the metric definition, the relevance of the comparison group, and how the practice's own accounting and operating model affect the result.
Use benchmarks responsibly
A benchmark is a comparison point, not a diagnosis.
A result can look better or worse than a benchmark for reasons that have little to do with the health of the practice. Before acting, confirm who is being compared, how the metric was calculated, and what is happening inside the practice.
Context matters
An equine, small animal, specialty, emergency, mobile, mixed animal, or multi-location practice may produce very different results for valid reasons. The comparison group needs to reflect how the practice actually operates.
Confirm the Categorization
Two practices can report the same category differently. Before comparing owner pay, doctor production, rent, contract labor, capital expenditures, debt service, or distributions, confirm that the figures are being calculated the same way.
Review the numbers cohesively
A higher payroll percentage may reflect staffing problems, but it may also reflect added capacity, stronger associate production, or reduced owner dependence. Review the relationship among revenue, staffing, production, margins, cash flow, and reinvestment before isolating one number.
Investigate before acting
A difference between your financials and the benchmark identifies a question. The source financials and operating information help determine whether the difference is intentional, a function of your business model, or something that needs attention.
Public benchmarks or practice-specific analysis
Do you need a frame of reference or a practice-specific analysis?
The public reports let you compare selected practice results with Trinity's veterinary industry findings on your own. A Practice Financial Analysis starts with the source records, reorganizes and normalizes the financials into Trinity's benchmark framework, and gives you a team to interpret the findings, identify priorities, and help implement decisions over the following year.
Use the Public Benchmarks
Practice Financial Analysis
Who does the work
Public benchmarks
You review the Equine or Companion Animal report and compare selected figures with your own practice results.
Practice Financial Analysis
Trinity collects and reviews the available P&L statements, balance sheets, payroll, production, compensation, debt, ownership, and other relevant records.
How the numbers are prepared
Public benchmarks
You determine how the practice's accounting categories and calculations correspond with the definitions used in the public report.
Practice Financial Analysis
We reorganize and normalize the financials into Trinity's benchmark framework so profitability, payroll, production, compensation, cash flow, balance-sheet strength, and owner economics can be compared more consistently.
What it provides
Public benchmarks
A directional view of where selected practice results appear to differ from the available industry figures and which questions may deserve a closer look.
Practice Financial Analysis
A practice-specific analysis of normalized earnings, owner compensation, cash flow, uses of cash, benchmark relationships, internal transfer value, external sale value, and the financial return created by ownership.
What happens next
Public benchmarks
You decide what differences need further investigation and whether any action may be appropriate.
Practice Financial Analysis
We identify opportunities, risks, and priorities, then connect the findings to compensation, distributions, staffing, pricing, debt, expansion, partner decisions, succession, sale readiness, and the owner's personal financial plan.
Support included
Public benchmarks
The reports are public, self-guided resources for veterinary practice owners and their advisory teams.
Practice Financial Analysis
For the following year, you can bring Trinity financial, ownership, and practice-management questions as they arise. We help apply the analysis, track progress, adjust the plan, and coordinate with your CPA, bookkeeper, attorney, or other professionals when needed.
Need more than a directional comparison?
A Practice Financial Analysis gives Trinity the records and context to build the comparison, identify opportunities and priorities, and help apply the findings over the following year.
How to participate
Contribute your practice data and receive the latest applicable benchmark report.
Trinity continually updates its veterinary benchmarks as new practice data becomes available. Reach out, and we will confirm your practice details, send a secure data request through ShareFile, incorporate the usable information into the applicable anonymized benchmark dataset, and send you the most recent version available.
Confirm the practice details
We will confirm the practice type, ownership structure, locations, and the financial, payroll, compensation, production, and personnel information available.
Share the requested information securely
Trinity will send a secure ShareFile request outlining the records needed. Sensitive practice information should be uploaded through ShareFile rather than sent through a public website form or ordinary email.
Receive the most recent applicable benchmark report
We review the submitted information, incorporate the applicable data into Trinity's anonymized veterinary benchmark research, and send you the most recent Equine or Companion Animal benchmark report available.
Confidentiality is taken seriously.
Veterinary practice financial, payroll, production, compensation, and personnel information is sensitive. Trinity uses ShareFile for secure, encrypted file transfer. Practice-identifying information is removed from benchmark outputs, and results are reported in anonymized, aggregated form so individual participating practices are not identified.
Interested in participating?
Reach out and we will confirm the practice details, explain what information is needed, and send the secure ShareFile request.
Frequently asked questions
Practical questions about veterinary benchmarks and participation.
What information is included in Trinity's veterinary benchmark reports?
Trinity's Equine and Companion Animal benchmark reports include selected practice financial results, veterinarian production and compensation, balance-sheet metrics, cash-flow information, and shareholder-return measures. The available reports may also include comparisons with prior benchmark periods.
How often are the veterinary benchmarks updated?
Trinity continues to update its veterinary benchmarks as new, usable practice data becomes available. Participating practices receive the most recent applicable Equine or Companion Animal benchmark report available at the time their information is reviewed.
Should the published benchmark figures be treated as targets?
No. A benchmark is a comparison point, not a prescribed result. The appropriate outcome for a practice depends on factors such as practice type, service mix, staffing model, geography, ownership structure, debt, reinvestment needs, and owner goals.
How can my veterinary practice participate?
Start by contacting Trinity. We will confirm the practice type, ownership structure, locations, and available records. We will then send a secure ShareFile request for the applicable financial, payroll, production, compensation, and practice information.
After reviewing the usable information, Trinity incorporates the applicable data into its anonymized veterinary benchmark dataset and sends the practice the most recent applicable benchmark report.
What information may Trinity request?
The exact request depends on the practice and benchmark dataset. It may include profit and loss statements, balance sheets, payroll records, veterinarian production and compensation reports, personnel information, ownership details, and practice-type and location information.
You do not need to organize everything before the initial conversation. Trinity will explain what is needed and provide the secure upload request.
How is sensitive practice information protected?
Veterinary practice financial, payroll, production, compensation, and personnel information is sensitive, and Trinity takes its protection seriously.
Requested records are shared through ShareFile using secure, encrypted file transfer. Practice-identifying information is not shown in the benchmark reports, and benchmark results are presented in anonymized, aggregated form. Sensitive records should not be submitted through a public website form or ordinary email.
What does a participating practice receive?
A participating practice receives the most recent applicable Equine or Companion Animal benchmark report available after its information has been reviewed.
Participation provides access to the current benchmark research. It does not automatically include a practice-specific financial analysis, individualized recommendations, or ongoing implementation support.
How are the public benchmarks different from a Practice Financial Analysis?
The public reports are self-guided resources. The owner and their team can compare their practice's figures with Trinity's published veterinary benchmark findings and determine which differences may deserve attention.
With a Practice Financial Analysis, Trinity reviews the source records and reorganizes and normalizes the financials into Trinity's benchmark framework for a more consistent comparison. We analyze profitability, owner compensation, cash flow, uses of cash, normalized earnings, practice value, and other relevant financial relationships.
Trinity then identifies opportunities and priorities, connects the findings to the owner's larger practice and personal financial decisions, and remains on the owner's team for one year to help apply the findings, track progress, adjust the plan, and coordinate with other professionals.
Does participating in the benchmarks include a Practice Financial Analysis?
No. Benchmark participation and a Practice Financial Analysis are separate.
Participation contributes usable information to Trinity's anonymized benchmark research and provides the practice with the most recent applicable benchmark report. A PFA is a Trinity-led, practice-specific engagement that includes analysis, recommendations, decision support, and one year of ongoing advisory support.
Does Trinity work nationwide and with different veterinary practice types?
Yes. Trinity works with veterinary practice owners across the United States, including small animal, equine, mixed animal, specialty, emergency, mobile, and multi-location practices.
The relevance of a benchmark still depends on the practice model and the comparison information available.
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