What multiple is your industry actually getting?

For owners who want a rough range before talking to a broker.

Takes about 2 minutes

Find your range

This is math with public numbers in it. It is an estimate, not an offer, not a valuation and not advice. Your accountant or broker will have better inputs than we do. Vaultfish helps you run the process. We are not lawyers and this is not legal advice. If you need counsel who knows this area, we can point you to one. Ask for a referral

Industry

Type the SDE or EBITDA you would give a buyer. SDE adds back the owner's pay. Pick the matching basis below.

Your earnings figure is

Owner-run companies are usually priced on SDE, and larger ones on EBITDA. Above $2M we start on EBITDA.

Size, by earnings

Filled in from your earnings. Pick another to see where bigger or smaller sits in the band.

Growth
Owner dependence

EBITDA multiples by industry

The multiple ruler

$1.8M to $2.17M

A rough range for home services, not a valuation.

Public figure, see sourceBuilt from BizBuySell and BizQuest and Website Closers, who state they cover a company with $750K of SDE.

Home services: 2x to 3.3x of SDE

Grey is the full band from BizBuySell and BizQuest and Website Closers. The bright part is where your answers put you: 2.4x to 2.9x.

Every industry on the same ruler

  • Home services2x to 3.3x SDE
  • Constructionno source at this size
  • Healthcareno source at this size
  • Manufacturingno source at this size
  • Software and SaaSno source at this size
  • Retail1.8x to 3.1x SDE
  • E-commerce1.5x to 3x SDE
  • Restaurants and food1.5x to 5x SDE
  • Auto services2x to 5x SDE
  • Distributionno source at this size
  • Marketing and agenciesno source at this size
  • IT and managed servicesno source at this size
  • All other industries3x to 4.5x EBITDA

Your answers put you in the middle of the band. Less owner dependence moves you up.

A band spans what each named source says. Your answers only pick a spot inside it. See the sources.

See the numbers as a table
Multiples by industry, for your size
IndustryLowHighBasis
Home services2x3.3xSDE
Constructionnonenone
Healthcarenonenone
Manufacturingnonenone
Software and SaaSnonenone
Retail1.8x3.1xSDE
E-commerce1.5x3xSDE
Restaurants and food1.5x5xSDE
Auto services2x5xSDE
Distributionnonenone
Marketing and agenciesnonenone
IT and managed servicesnonenone
All other industries3x4.5xEBITDA

This is math with public numbers in it. It is an estimate, not an offer, not a valuation and not advice.

Add a line for the records

Off by default, and it stays apart from the number above.

Buyers price the company, and some also pay for the records. These are separate lines.

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What this means

  • A multiple is a price tag per dollar of earnings. Every industry here has at least two named sources.
  • Where you land in the band depends on growth, size and how much the company needs the owner.
  • The result is a rough range, and a broker or valuation pro gives the real number.

How to read a multiple

A multiple is a price tag per dollar of earnings. Think of price per square foot on a house. A buyer who pays 3x earnings pays $3 for every $1 the company earns in a year.

Small companies are quoted on SDE and larger ones on EBITDA. The tool starts on SDE up to $2 million of earnings and on EBITDA above it, and you can switch. A dollar range uses only sources that state they cover your size. When none do, the tool shows the multiples for context and no dollars.

0x2x4x6x8xIndustry bandYour spot0x2x4x6x8xIndustry bandYour spot
An illustration. The calculator draws the real bands.

This page works in three steps

  1. Find your industry's band. It spans what each named source says, and at least two publishers stand behind it.
  2. Pick where you sit. Growth, size and how much the company needs its owner move you up or down inside the band.
  3. Multiply. Your earnings times the low and high of your narrower band is the rough range.

Where the numbers come from

Each band spans the ranges its publishers give. A publisher with several rows counts once, from its lowest low to its highest high. Public-company numbers sit apart and never move a band. They are rough figures, so treat a source's own limits as yours.

Full bands by industry, all sizes together
IndustrySDE (smaller)EBITDA (larger)
Home services2x to 3.3xnone
Constructionnone3.7x to 12x
Healthcarenone4.3x to 11x
Manufacturingnone5x to 11x
Software and SaaSnone5.7x to 22x
Retail1.8x to 3.1xnone
E-commerce1.5x to 3x3.5x to 10x
Restaurants and food1.5x to 5x2.8x to 7x
Auto services2x to 5x2.8x to 7x
Distributionnone3x to 9x
Marketing and agencies2x to 4x2.5x to 12x
IT and managed servicesnone3.7x to 10x
All other industries2x to 3.1x3x to 10x

Download the bands and their sources as a spreadsheet.

Home services: the sources

SDE multiples, 2x to 3.3x

  • BizBuySell and BizQuest: HVAC businesses (sold), 2x to 3.3x. median sold revenue $1,482,016, median owner earnings $304,309. BizBuySell (HVAC Business Valuation Benchmarks).
  • BizBuySell and BizQuest: Plumbing Businesses (BizBuySell sector comparison table), 2.5x average. median revenue $1,229,834. BizBuySell (HVAC Business Valuation Benchmarks).
  • BizBuySell and BizQuest: Electrical, Mechanical, and HVAC Contractors, 2.6x average. avg sale price $1,304,419, avg cash flow $466,069. BizQuest (Average Business Valuation Multiples).
  • BizBuySell and BizQuest: Landscaping Services, 2.4x average. avg sale price $733,151, avg cash flow $273,739. BizQuest (Average Business Valuation Multiples).
  • BizBuySell and BizQuest: Commercial Cleaning and Janitorial, 2.1x average. avg sale price $513,815, avg cash flow $205,976. BizQuest (Average Business Valuation Multiples).
  • Website Closers: Home or commercial service (HVAC, landscaping, cleaning), 2x to 3x. main-street, under about $5M revenue. Website Closers (How to Value a Small Business in the US).
Construction: the sources

EBITDA multiples, 3.7x to 12x

  • DealStats: Construction, 3.7x median. all deal sizes in DealStats, band not stated. DHJJ (citing DealStats / Business Valuation Resources).
  • Ad Astra Equity: Construction Company, 4x to 12x. lower middle market PE-type deals. Ad Astra Equity (EBITDA Multiples by Industry).

Public companies, for context only

Healthcare: the sources

EBITDA multiples, 4.3x to 11x

  • DealStats: Healthcare, 4.3x median. all deal sizes in DealStats, band not stated. DHJJ (citing DealStats / Business Valuation Resources).
  • DealStats: Dental, 5.4x median. all deal sizes in DealStats, band not stated. DHJJ (citing DealStats / Business Valuation Resources).
  • GF Data: Healthcare services, 7.7x average. GF Data sample: TEV $10M to $500M, 335 contributing PE firms. Mercer Capital Middle Market Transaction Update, Fall 2026 (citing GF Data).
  • Ad Astra Equity: Dental Practice, 5x to 11x. lower middle market PE-type deals. Ad Astra Equity (EBITDA Multiples by Industry).

Public companies, for context only

Manufacturing: the sources

EBITDA multiples, 5x to 11x

  • DealStats: Manufacturing, 5.4x median. all deal sizes in DealStats, band not stated. DHJJ (citing DealStats / Business Valuation Resources).
  • GF Data: Manufacturing, 7.1x average. GF Data sample: TEV $10M to $500M, 335 contributing PE firms. Mercer Capital Middle Market Transaction Update, Fall 2026 (citing GF Data).
  • Ad Astra Equity: Manufacturing Company, 5x to 11x. lower middle market PE-type deals. Ad Astra Equity (EBITDA Multiples by Industry).

Public companies, for context only

Software and SaaS: the sources

EBITDA multiples, 5.7x to 22x

  • DealStats: Information Technology, 8.8x median. all deal sizes in DealStats, band not stated. DHJJ (citing DealStats / Business Valuation Resources).
  • GF Data: Technology, 5.7x average. GF Data sample: TEV $10M to $500M, 335 contributing PE firms. Mercer Capital Middle Market Transaction Update, Fall 2026 (citing GF Data).
  • Aventis Advisors: Private SaaS companies, 22.4x median. deals with disclosed multiples via Capital IQ, skews to larger companies. Aventis Advisors (SaaS Valuation Multiples, 2026 update).

Public companies, for context only

Retail: the sources

SDE multiples, 1.8x to 3.1x

  • BizBuySell and BizQuest: Building Material and Hardware Stores (BizBuySell sector comparison table), 2.5x average. median revenue $1,650,098. BizBuySell (HVAC Business Valuation Benchmarks).
  • BizBuySell and BizQuest: Retail Stores, 2.3x average. avg sale price $513,160, avg cash flow $201,828. BizQuest (Average Business Valuation Multiples).
  • BizBuySell and BizQuest: Other Retail Stores, 2.4x average. avg sale price $571,576, avg cash flow $222,588. BizQuest (Average Business Valuation Multiples).
  • BizBuySell and BizQuest: Hardware and DIY Retailing, 3.1x average. avg sale price $1,124,461, avg cash flow $344,294. BizQuest (Average Business Valuation Multiples).
  • Website Closers: Retail store, 1.8x to 2.5x. main-street, under about $5M revenue. Website Closers (How to Value a Small Business in the US).

Public companies, for context only

E-commerce: the sources

SDE multiples, 1.5x to 3x

  • Flippa: E-commerce, $100K-$250K deals, 2.1x median. $100K-$250K sale price. Flippa (2025 online business M&A report).
  • Flippa: E-commerce, $250K-$1M deals, 2.3x median. $250K-$1M sale price. Flippa (2025 online business M&A report).
  • Flippa: E-commerce, $1M+ deals, 2.9x median. $1M+ sale price. Flippa (2025 online business M&A report).
  • Ad Astra Equity: Sub-$2M / dropship, 1.5x to 3x. Sub-$2M revenue. Ad Astra Equity.

EBITDA multiples, 3.5x to 10x

  • Ad Astra Equity: $3M-$15M / DTC Shopify, 3.5x to 5.5x. $3M-$15M revenue. Ad Astra Equity.
  • Ad Astra Equity: $15M+ / hybrid omnichannel, 5x to 7x. $15M+ revenue. Ad Astra Equity.
  • Raincatcher: E-Commerce, 6x to 10x. Raincatcher.
Restaurants and food: the sources

SDE multiples, 1.5x to 5x

  • Iconic: Single-unit owner-operated restaurants, 1.5x to 3x. single unit. Iconic.
  • Iconic: Profitable independents, 3x to 5x. consistent margins, clean books. Iconic.
  • Peak Business Valuation: Restaurant, 2.1x to 3x. Peak Business Valuation.

EBITDA multiples, 2.8x to 7x

  • Iconic: Multi-unit or franchise groups, 5+ locations, 4x to 7x. 5+ locations, $5M+ revenue. Iconic.
  • Peak Business Valuation: Restaurant, 2.8x to 3.6x. Peak Business Valuation.
  • Raincatcher: Restaurants and Food Service, 3x to 6x. Raincatcher.

Public companies, for context only

  • Damodaran, NYU Stern: Restaurant/Dining, 17.5x median EBITDA. 64 US public firms, EV/EBITDA (positive-EBITDA firms) column, all-firms column is 21.40.
Auto services: the sources

SDE multiples, 2x to 5x

  • OffDeal: Routine Maintenance, 3x to 5x. single-shop. OffDeal.
  • OffDeal: Balanced Maintenance & Repair, 3.5x to 5x. single-shop. OffDeal.
  • OffDeal: Specialized Repairs, 3x to 4.5x. single-shop. OffDeal.
  • OffDeal: Performance/Restoration, 2.5x to 4x. single-shop. OffDeal.
  • AutoLeap: Auto repair businesses, 2x to 3.5x. AutoLeap.
  • Peak Business Valuation: Automotive repair shops, 2x to 2.7x. Peak Business Valuation.

EBITDA multiples, 2.8x to 7x

  • AutoLeap: Large auto repair businesses, 2.8x to 3.8x. large shops. AutoLeap.
  • Peak Business Valuation: Automotive repair shops, 2.8x to 3.6x. Peak Business Valuation.
  • Raincatcher: Automotive and Auto Services, 4x to 7x. Raincatcher.

Public companies, for context only

  • Damodaran, NYU Stern: Retail (Automotive), 14.8x median EBITDA. 34 US public firms, positive-EBITDA column, all-firms 17.56.
Distribution: the sources

EBITDA multiples, 3x to 9x

  • Peak Business Valuation: Wholesale Trade, 3.6x to 4.4x. Peak Business Valuation.
  • Raincatcher: Wholesale and Distribution, smallest band, 4x median. smallest band as labelled by source (unit not clear on page). Raincatcher.
  • Raincatcher: Wholesale and Distribution, $1M-$10M, 6x median. $1M-$10M band as labelled. Raincatcher.
  • Raincatcher: Wholesale and Distribution, >$10M, 7.2x median. >$10M band as labelled. Raincatcher.
  • Viking Mergers and Acquisitions: Wholesale & Distribution, 5x to 9x. Viking Mergers & Acquisitions.
  • Ad Astra Equity: Wholesale distribution companies, 3x to 8.5x. bottom quartile sub-$1M EBITDA, top quartile $3M+ EBITDA. Ad Astra Equity.

Public companies, for context only

  • Damodaran, NYU Stern: Retail (Distributors), 13.7x median EBITDA. 62 US public firms, positive-EBITDA column, all-firms 16.66.
Marketing and agencies: the sources

SDE multiples, 2x to 4x

  • FE International: Digital marketing agency, SDE, 2x to 4x. typically under $2M revenue or $500K EBITDA. FE International.
  • Peak Business Valuation: Advertising agencies, 2.2x to 3.5x. Peak Business Valuation.

EBITDA multiples, 2.5x to 12x

  • FE International: Digital marketing agency, Under $500K EBITDA, 2.5x to 4x. Under $500K EBITDA. FE International.
  • FE International: Digital marketing agency, $500K-$1M EBITDA, 3x to 5x. $500K-$1M EBITDA. FE International.
  • FE International: Digital marketing agency, $1M-$2.5M EBITDA, 4x to 6.5x. $1M-$2.5M EBITDA. FE International.
  • FE International: Digital marketing agency, $2.5M-$5M EBITDA, 5.5x to 8.5x. $2.5M-$5M EBITDA. FE International.
  • FE International: Digital marketing agency, $5M+ EBITDA, 7x to 12x. $5M+ EBITDA. FE International.
  • Capital A: Digital Marketing, 4.9x median. $1-3M EBITDA. Capital A.
  • Capital A: Digital Marketing, 6.1x median. $3-5M EBITDA. Capital A.
  • Capital A: Digital Marketing, 9x median. $5-10M EBITDA. Capital A.
  • Capital A: Advertising, 5.6x median. $1-3M EBITDA. Capital A.
  • Capital A: Advertising, 7.7x median. $3-5M EBITDA. Capital A.
  • Capital A: Advertising, 9.5x median. $5-10M EBITDA. Capital A.
  • Capital A: PR & Communications, 4.4x median. $1-3M EBITDA. Capital A.
  • Capital A: PR & Communications, 6.4x median. $3-5M EBITDA. Capital A.
  • Capital A: PR & Communications, 8.1x median. $5-10M EBITDA. Capital A.
  • Peak Business Valuation: Advertising agencies, 3.2x to 4.3x. Peak Business Valuation.

Public companies, for context only

  • Damodaran, NYU Stern: Advertising, 12x median EBITDA. 52 US public firms, positive-EBITDA column, all-firms 15.12.
IT and managed services: the sources

EBITDA multiples, 3.7x to 10x

  • Aventis Advisors: Under $5M deals, 5.2x median. Under $5M deals. Aventis Advisors.
  • Aventis Advisors: $5M-$20M deals, 6.8x median. $5M-$20M deals. Aventis Advisors.
  • Aventis Advisors: MSP rules of thumb, 4x to 10x. smaller 4-6x, midsize 6-8x, larger 8-10x. Aventis Advisors (webinar recap).
  • Peak Business Valuation: IT Consulting Firm, 3.7x to 4.3x. Peak Business Valuation.
  • Raincatcher: Business Services (B2B) / IT Services, 6x to 10x. Raincatcher.

Public companies, for context only

  • Damodaran, NYU Stern: Computer Services, 14.1x median EBITDA. 64 US public firms, positive-EBITDA column, all-firms 16.46.
All other industries: the sources

SDE multiples, 2x to 3.1x

  • IBBA Market Pulse: under $500K, 2x median. enterprise value band. IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $500K-$1M, 2.8x median. enterprise value band. IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $1M-$2M, 3.1x median. enterprise value band. IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • BizBuySell and BizQuest: All businesses sold on BizBuySell, Q2 2026, 2.7x average. median sale price $349,250. Small Business Trends (reporting BizBuySell Insight Report Q2 2026).

EBITDA multiples, 3x to 10x

  • DealStats: All industries (DealStats private companies), 3.5x median. all deal sizes. Kreischer Miller (citing DealStats Value Index).
  • IBBA Market Pulse: $2M-$5M, 4x median. enterprise value band. IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $5M-$50M, 5.8x median. enterprise value band. IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • Website Closers: EBITDA $500K-$1M, 3x to 4.5x. band is EBITDA amount, not deal price. Website Closers (How to Value a Small Business in the US).
  • Website Closers: EBITDA $1M-$3M, 4x to 6x. band is EBITDA amount, not deal price. Website Closers (How to Value a Small Business in the US).
  • Website Closers: EBITDA $3M-$10M, 5.5x to 7.5x. band is EBITDA amount, not deal price. Website Closers (How to Value a Small Business in the US).
  • Website Closers: EBITDA $10M+, 7x to 10x. band is EBITDA amount, not deal price. Website Closers (How to Value a Small Business in the US).

Public companies, for context only

Which source covers which size

These rows state the size of company or deal they cover, so they can be used for a dollar range at that size. Earnings are the company's SDE or EBITDA. A purchase price is checked against earnings times the row's own multiple. Rows with no stated size count for SDE up to $2 million of earnings and never for EBITDA.

Rows that state a size
PublisherIndustryCoversMultiple
GF DataHealthcare$10M to $500M purchase price7.7x average EBITDA
GF DataManufacturing$10M to $500M purchase price7.1x average EBITDA
GF DataSoftware and SaaS$10M to $500M purchase price5.7x average EBITDA
FlippaE-commerce$100K to $250K purchase price2.1x median SDE
FlippaE-commerce$250K to $1M purchase price2.3x median SDE
FlippaE-commerce$1M and up purchase price2.9x median SDE
FE InternationalMarketing and agenciesunder $500K of earnings2x to 4x SDE
FE InternationalMarketing and agenciesunder $500K of earnings2.5x to 4x EBITDA
FE InternationalMarketing and agencies$500K to $1M of earnings3x to 5x EBITDA
FE InternationalMarketing and agencies$1M to $2.5M of earnings4x to 6.5x EBITDA
FE InternationalMarketing and agencies$2.5M to $5M of earnings5.5x to 8.5x EBITDA
FE InternationalMarketing and agencies$5M and up of earnings7x to 12x EBITDA
Capital AMarketing and agencies$1M to $3M of earnings4.9x median EBITDA
Capital AMarketing and agencies$3M to $5M of earnings6.1x median EBITDA
Capital AMarketing and agencies$5M to $10M of earnings9x median EBITDA
Capital AMarketing and agencies$1M to $3M of earnings5.6x median EBITDA
Capital AMarketing and agencies$3M to $5M of earnings7.7x median EBITDA
Capital AMarketing and agencies$5M to $10M of earnings9.5x median EBITDA
Capital AMarketing and agencies$1M to $3M of earnings4.4x median EBITDA
Capital AMarketing and agencies$3M to $5M of earnings6.4x median EBITDA
Capital AMarketing and agencies$5M to $10M of earnings8.1x median EBITDA
Aventis AdvisorsIT and managed servicesunder $5M purchase price5.2x median EBITDA
Aventis AdvisorsIT and managed services$5M to $20M purchase price6.8x median EBITDA
IBBA Market PulseAll industriesunder $500K purchase price2x median SDE
IBBA Market PulseAll industries$500K to $1M purchase price2.8x median SDE
IBBA Market PulseAll industries$1M to $2M purchase price3.1x median SDE
IBBA Market PulseAll industries$2M to $5M purchase price4x median EBITDA
IBBA Market PulseAll industries$5M to $50M purchase price5.8x median EBITDA
Website ClosersAll industries$500K to $1M of earnings3x to 4.5x EBITDA
Website ClosersAll industries$1M to $3M of earnings4x to 6x EBITDA
Website ClosersAll industries$3M to $10M of earnings5.5x to 7.5x EBITDA
Website ClosersAll industries$10M and up of earnings7x to 10x EBITDA
Deal size, all industries together
  • IBBA Market Pulse: under $500K, 2x median of SDE.IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $500K-$1M, 2.8x median of SDE.IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $1M-$2M, 3.1x median of SDE.IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $2M-$5M, 4x median of EBITDA.IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • IBBA Market Pulse: $5M-$50M, 5.8x median of EBITDA.IBBA / M&A Source Market Pulse, Q2 2026 Highlights.
  • Website Closers: EBITDA $500K-$1M, 3x to 4.5x of EBITDA.Website Closers (How to Value a Small Business in the US).
  • Website Closers: EBITDA $1M-$3M, 4x to 6x of EBITDA.Website Closers (How to Value a Small Business in the US).
  • Website Closers: EBITDA $3M-$10M, 5.5x to 7.5x of EBITDA.Website Closers (How to Value a Small Business in the US).
  • Website Closers: EBITDA $10M+, 7x to 10x of EBITDA.Website Closers (How to Value a Small Business in the US).
Left out, and why
  • Professional services. Only one publisher family (BizBuySell and BizQuest) gave a closed-deal multiple, and one advisor range covered a single sub-industry. Two sources are needed.
  • Roofing and pest control, inside Home services. No page we could read gave a number.

Questions people ask

What is an EBITDA multiple?

An EBITDA multiple is the price divided by EBITDA, which is earnings before interest, taxes, depreciation and amortization. A company that sells for $3 million with $1 million of EBITDA sold at 3x.

What is the difference between SDE and EBITDA multiples?

Small, owner-run companies are quoted on SDE, which adds back the owner's pay. Larger companies are quoted on EBITDA. IBBA Market Pulse splits at $2 million of purchase price, SDE under that line and EBITDA over it. SDE multiples are usually lower, because SDE is the bigger earnings number.

What multiple do small businesses sell for?

IBBA Market Pulse for Q2 2026 shows about 2.0x SDE for deals priced under $500K, 2.8x for $500K to $1M, and 3.1x for $1M to $2M. For bigger deals, 4.0x EBITDA for deals priced $2M to $5M and 5.8x for $5M to $50M. IBBA's figures cover all industries together, and the bands are purchase prices, not earnings.

Why does the calculator sometimes show no dollar range?

A dollar range only uses sources that state they cover a company your size. Many industry pages quote private-equity deals or all deal sizes together, so they say little about a company with $1 million of earnings. When no source states your size, you get the multiples for context and the IBBA all-industry figure, with no dollars.

Why do multiples change so much by industry?

Buyers pay more for steady, repeatable earnings and less for work that depends on one person. A software company with recurring revenue and a plumbing company that runs on the owner's phone are priced very differently.

Can I use EBITDA multiples to value my business?

No. It gives a rough range from public sources. A real valuation looks at your books, contracts, customers and add-backs. A broker, CPA or valuation analyst does that work.

Where do these numbers come from?

From named public pages, each linked below the calculator with the date we read it. We use BizBuySell and BizQuest, DealStats, GF Data, IBBA, Flippa, Website Closers and other advisors. An industry only appears if two different publishers back it.