Sexual and gender minority (SGM) veterans experience numerous disparities in health conditions, behavioral risks, and social adversities compared with non-SGM veterans. Although survey data have illuminated these differences, SGM veterans remain largely invisible in administrative data such as electronic health records due to lack of sexual orientation and gender identity information. Administrative data hold promise for propelling SGM health equity research, but several issues must be addressed, including weighing the benefits and threats of visibility for SGM people in data sets that are tied to receipt of services.