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ResourcesValuation Multiples
Business valuation multiples by industry
What businesses actually sell for: current SDE and EBITDA multiple ranges across 105 industries, drawn from sold-transaction data, with the drivers that put a specific business at the top or bottom of its range.
Updated November 2026
105 Industries
Sold-transaction data
6 min read
What multiple do small businesses sell for by size?
Before industry, size sets the baseline. Bigger businesses sell for higher multiples because more buyers can finance and run them. Market Pulse groups closed deals by sale price; these are the SDE multiples in each group, across all industries:
| Sale price | Low | Typical | High |
|---|---|---|---|
| Under $500,000 | 2.00x | 2.57x | 3.30x |
| $500,000 - $1,000,000 | 2.57x | 2.80x | 3.30x |
| $1,000,000 - $2,000,000 | 2.80x | 3.00x | 3.30x |
Above roughly $2,000,000 of earnings, buyers price on EBITDA rather than SDE, and multiples step up again (about 4.0x-5.8x on deal size per the Market Pulse). Source: IBBA and M&A Source Market Pulse Q1 and Q2 2026. The industry ranges below come from small sales, most of them businesses earning under $250,000 of SDE. From there our calculator raises an industry's range with size, up to 1.32 times at $1,000,000 of SDE, about a $3,400,000 sale at the Market Pulse multiple. Online businesses and the types whose sales often include the property keep their ranges.
Commercial construction by deal size (EBITDA)
Commercial general contractors, design-build, civil and large specialty contractors trade on their own curve: thin margins, project revenue and bonding hold small deals under the all-industry median, while $100,000,000-plus contractors close in a strategic and private equity market. Deal size is estimated as EBITDA times four.
| Estimated deal size | Low | Typical | High |
|---|---|---|---|
| $2,000,000 - $5,000,000 | 3.0x EBITDA | 3.6x EBITDA | 4.2x EBITDA |
| $5,000,000 - $25,000,000 | 3.5x EBITDA | 4.5x EBITDA | 5.5x EBITDA |
| $25,000,000 - $100,000,000 | 4.5x EBITDA | 5.5x EBITDA | 7.0x EBITDA |
| Over $100,000,000 | 5.5x EBITDA | 6.5x EBITDA | 8.0x EBITDA |
Sources: IBBA and M&A Source Market Pulse Q1 2026 ($2,000,000-$50,000,000 deals), GF Data YTD 2025 (TEV/EBITDA by deal size, $10,000,000-$250,000,000), Capstone Partners construction services M&A update February 2026 (strategic 7.5x and private equity 10.6x averages 2018-2025; named closings at 6.6x and 9.7x). The high end of each band is specialty and infrastructure work in a competitive process; commodity general contracting prices at typical or below.
Valuation multiples by industry (SDE, Main Street)
Each range is what similar small businesses sold for. Bigger businesses in the same industry sell higher, so the calculator raises the range from $250,000 of SDE.
- SaaS / Software2.4x - 4.0x
SDE
Net revenue retention, growth rate, low churn
Guide - E-commerce / DTC2.6x - 4.0x
SDE
Repeat purchase rate, owned audience, margin
Guide - Amazon FBA2.0x - 2.6x
SDE
Brand registry, review moat, supplier terms, TACoS
Guide - Content Sites & Media2.1x - 2.9x
SDE
Traffic diversification, email list, evergreen content
Guide - Dental Practices1.6x - 3.4x
SDE
Payer mix, associate-driven production, room capacity
Guide - Home Health2.2x - 3.6x
SDE
Medicare certification, star ratings, clinician retention
Guide - Home Care (non-medical)2.5x - 3.1x
SDE
Private-pay mix, caregiver retention, W-2 workforce
Guide - DME (medical equipment)2.8x - 3.3x
SDE
Medicare accreditation, payer mix, rental revenue share
Guide - HVAC2.0x - 3.3x
SDE
Maintenance agreements, technician bench, service mix
Guide - Plumbing1.7x - 3.1x
SDE
Service vs new-construction mix, master-license coverage
Guide - Electrical1.8x - 3.3x
SDE
License transferability, recurring commercial accounts
Guide - Construction / Contracting1.8x - 3.1x
SDE
Backlog that conveys, low customer concentration, PM depth
Guide - Commercial Construction2.0x - 3.2x
SDE, then own EBITDA bands
Signed backlog, PM and estimating bench, transferable bonding
Guide - Auto Repair1.7x - 3.3x
SDE
Repeat customer base, fleet accounts, technician retention
Guide - Cleaning / Janitorial1.5x - 2.6x
SDE
Recurring commercial contracts, low owner involvement
Guide - Lawn Care & Landscaping1.7x - 3.0x
SDE
Recurring commercial contracts, route density, crew leads
Guide - Pet Grooming1.4x - 2.5x
SDE
Staff groomers, standing appointments, repeat clients
Guide - Dog Daycare & Boarding2.0x - 3.7x
SDE
Manager-run facility, repeat boarding clients, owned real estate
Guide - Manufacturing2.0x - 3.6x
SDE + equipment
Contract backlog, proprietary products, certifications
Guide - Staffing & Recruiting2.0x - 3.2x
SDE
Contract vs perm mix, client tenure, niche depth
Guide - IT Services / MSP2.2x - 3.9x
SDE
Managed-services contracts, MRR, engineer retention
Guide - Restaurants & Food Service1.3x - 2.5x
SDE
Manager-run operations, lease security, margin durability
Guide - Insurance Agencies1.9x - 3.4x
SDE
Renewal commission share, agency-owned book of business
Guide - Accounting & Tax Practices1.6x - 2.7x
SDE
Recurring monthly vs tax-season work, transferable client relationships
Guide - Property Management2.0x - 3.0x
SDE
Evergreen management contracts, door retention, staffed operations
Guide - Professional Services1.8x - 3.1x
SDE
Recurring engagements, transferable relationships, documented process
Guide - Concrete Contractors1.7x - 3.0x
SDE
Repeat builder and contractor work, foremen who run jobs, equipment condition
Value yours - Excavation, Site Work and Paving1.8x - 3.3x
SDE
Equipment value, repeat contracts with developers and towns, licensed operators
Value yours - Security and Alarm Companies1.9x - 3.3x
SDE
Recurring monitoring revenue, few cancellations, contracts that transfer
Value yours - Junk Removal and Hauling2.1x - 3.9x
SDE
Commercial and contract customers, newer trucks, low owner dependence
Value yours - Laundromats2.7x - 4.5x
SDE
Years left on the lease, newer machines, wash-and-fold income
Value yours - Dry Cleaners1.4x - 2.5x
SDE
A clean environmental record, a plant on site, repeat customers
Value yours - Commercial Laundry and Linen1.9x - 3.5x
SDE
Contract accounts, spread-out customers, plant condition
Value yours - Hair Salons and Barbershops1.3x - 2.3x
SDE
Clients who book with the shop, filled chairs, a long lease
Value yours - Nail Salons1.1x - 2.0x
SDE
Repeat clients, technicians who stay, a long lease
Value yours - Day Spas1.4x - 2.8x
SDE
Memberships and packages, therapists who stay, a long lease
Value yours - Gyms and Fitness Centers1.7x - 3.0x
SDE
Members who stay, a long lease, newer equipment
Value yours - Coffee Shops and Cafes1.5x - 2.5x
SDE
A paid manager behind the counter, a long lease, steady regulars
Value yours - Bakeries1.6x - 2.8x
SDE
Bakers on staff, wholesale accounts, a long lease
Value yours - Bars, Pubs and Taverns1.6x - 3.2x
SDE
A liquor license that transfers, a long lease, books that match the tax returns
Value yours - Breweries and Taprooms2.4x - 4.3x
SDE
Taproom sales, permits that carry over, brewing equipment condition
Value yours - Retail Stores1.6x - 3.1x
SDE
A long lease in a busy spot, inventory that turns, sales that hold without the owner
Value yours - Convenience Stores1.3x - 2.8x
SDE
Location and lease, beer and lottery sales, low owner hours
Value yours - Liquor Stores2.2x - 4.0x
SDE
A liquor license that transfers, a long lease, steady sales
Value yours - Health Food and Vitamin Stores1.8x - 3.0x
SDE
Repeat customers, healthy margins, a long lease
Value yours - Gas Stations1.7x - 5.6x
SDE, many sales include the property
Fuel volume and margin, inside sales, clean tanks
Value yours - Car Washes3.2x - 6.7x
SDE, many sales include the property
Monthly members, car count, newer equipment
Value yours - Car Dealerships1.7x - 3.3x
SDE
Franchise or brand, a strong location, service department profit
Value yours - Towing Companies2.1x - 3.9x
SDE
Police and motor club contracts, newer trucks, drivers who stay
Value yours - Moving Companies1.8x - 3.1x
SDE
Repeat and referral work, newer trucks, a clean claims record
Value yours - Route Businesses0.9x - 2.3x
SDE
A contract that transfers, drivers in place, newer trucks
Value yours - Vending Machines1.8x - 2.6x
SDE
Location contracts that transfer, newer machines with card readers
Value yours - Machine Shops2.3x - 4.2x
SDE
Modern CNC machines, quality certifications, spread-out customers
Value yours - Chemical and Coatings Manufacturing2.9x - 3.9x
SDE
Owned formulas and brands, customer contracts, clean compliance
Value yours - Distribution and Wholesale2.0x - 3.4x
SDE
Supplier agreements that transfer, repeat customers, gross margin
Value yours - Durable Goods Distributors2.2x - 3.5x
SDE
Product-line agreements, spread-out customers, inventory that turns
Value yours - Hotels and Motels2.7x - 6.5x
SDE, many sales include the property
Occupancy and room rates, brand, building condition
Value yours - Bed and Breakfasts3.5x - 6.8x
SDE, many sales include the property
Occupancy through the seasons, reviews, repeat guests
Value yours - Marinas1.6x - 5.4x
SDE, many sales include the property
Slips full with a waitlist, owned land or a long waterfront lease, service income
Value yours - Medical Practices1.5x - 2.9x
SDE
A doctor-owner who stays on, other providers, a steady payer mix
Value yours - Pharmacies1.7x - 3.8x
SDE
Prescription count and growth, payer margins, long-term care contracts
Value yours - Medical Spas1.4x - 2.8x
SDE
Licensed providers who stay, memberships and packages, a long lease
Value yours - Technology Businesses2.5x - 4.0x
SDE
Recurring contract revenue, spread-out clients, a team that runs without the owner
Value yours - Architecture and Engineering Firms1.8x - 3.1x
SDE
Signed backlog, licensed staff who stay, repeat clients
Value yours - Financial Service Businesses1.7x - 2.9x
SDE
Steady fee income, licenses that transfer, a clean compliance record
Value yours - Photo and Video Production1.7x - 4.1x
SDE
Repeat corporate clients, a team that delivers without the owner
Value yours - Daycares and Child Care Centers1.9x - 4.0x
SDE
Full enrollment with a waitlist, a license in good standing, a long lease
Value yours - Preschools and Early Learning1.9x - 3.5x
SDE
Full enrollment, teachers who stay, a long lease
Value yours - Private Schools and Tutoring1.6x - 3.0x
SDE
Students who re-enroll, teachers who stay, classes that run without the owner
Value yours - Medical Billing Companies2.8x - 3.9x
SDE
Ongoing client contracts, spread-out practices, a team that runs the work
Value yours - Self Storage2.6x - 4.2x
SDE
Units rented, rent increases that stick, the property or a long lease
Value yours - Grocery Stores and Supermarkets1.6x - 3.1x
SDE
A long lease, steady sales, a manager in place
Value yours - Smoke and Vape Shops1.2x - 2.4x
SDE
Licenses that transfer, a long lease, sales that match the books
Value yours - Hardware and Building Supply Stores2.0x - 3.9x
SDE
Contractor accounts, inventory that turns, a long lease
Value yours - Nurseries and Garden Centers1.9x - 4.0x
SDE
Steady sales through the seasons, landscaper accounts, the land or a long lease
Value yours - Pet Stores2.0x - 3.0x
SDE
Repeat customers, grooming or services in store, a long lease
Value yours - Jewelry Stores1.3x - 2.3x
SDE
Repair and custom work, a long lease, inventory valued fairly
Value yours - Clothing and Apparel Stores1.5x - 2.8x
SDE
Inventory that turns, loyal customers, a long lease
Value yours - Bike Shops1.5x - 3.0x
SDE
Repair and service income, brand dealer agreements, a long lease
Value yours - Massage Studios1.7x - 2.8x
SDE
Memberships, therapists who stay, a long lease
Value yours - Yoga, Pilates and Dance Studios1.3x - 2.5x
SDE
Members who stay, instructors who stay, a long lease
Value yours - Phone and Computer Repair Shops1.2x - 2.4x
SDE
Techs who stay, business accounts, a long lease
Value yours - Ice Cream and Frozen Yogurt Shops1.6x - 2.8x
SDE
A manager behind the counter, a long lease, sales outside summer
Value yours - Donut Shops1.3x - 2.6x
SDE
Bakers on staff, wholesale accounts, a long lease
Value yours - Food Trucks1.0x - 2.3x
SDE
Steady event and catering bookings, a newer truck, permits that transfer
Value yours - Catering Companies1.4x - 2.2x
SDE
Repeat corporate clients, a kitchen team that runs events, booked events
Value yours - Equipment Rental2.0x - 3.8x
SDE
Newer equipment, repeat contractor accounts, how often the fleet is out
Value yours - Golf Courses and Golf Businesses2.0x - 3.6x
SDE
Members and rounds, the land or a long lease, a manager in place
Value yours - Law Firms1.5x - 2.3x
SDE
Clients who stay with the firm, attorneys who stay, steady case flow
Value yours - Nightclubs and Theaters2.2x - 5.2x
SDE
A long lease, licenses that transfer, a manager who runs the nights
Value yours - Art Galleries1.3x - 2.3x
SDE
Artists who stay, repeat collectors, a long lease
Value yours - Boat Dealers and Marine Service1.7x - 3.3x
SDE
Brand dealer agreements, repair and service income, a long lease
Value yours - Magazines and Newspapers1.3x - 3.0x
SDE
Advertisers who renew, paid subscribers, a team that puts out each issue
Value yours - Metal Fabrication2.3x - 3.7x
SDE
Repeat industrial customers, newer machines, welders who stay
Value yours - Food Manufacturing1.8x - 3.4x
SDE
Long-term grocery or food service accounts, food safety certifications, newer equipment
Value yours - Commercial Printing2.0x - 3.0x
SDE
Repeat business clients, newer presses, a team that runs the shop
Value yours - Machinery and Equipment Manufacturing2.2x - 4.3x
SDE
A backlog of orders, products of its own, repeat customers
Value yours - Electronics Manufacturing2.2x - 3.5x
SDE
Repeat contract customers, quality certifications, newer equipment
Value yours - Clothing and Fabric Manufacturing1.7x - 3.2x
SDE
Repeat brand customers, products of its own, newer equipment
Value yours - Pallets, Lumber and Wood Products2.1x - 3.8x
SDE
Repeat industrial customers, newer mill equipment, a steady wood supply
Value yours - Glass, Stone and Countertop Fabrication2.1x - 3.5x
SDE
Builder and contractor accounts, newer saws and machines, a long lease
Value yours - Vehicle, Boat and Aircraft Manufacturing2.0x - 3.8x
SDE
Long-term supply agreements, quality certifications, newer equipment
Value yours - Plastics and Rubber Products3.0x - 5.2x
SDE
Long-term supply agreements, quality certifications, newer machines
Value yours - Limo and Shuttle Services1.7x - 2.9x
SDE
Corporate and contract accounts, newer vehicles, drivers who stay
Value yours - Food and Nondurable Goods Distributors2.1x - 3.6x
SDE
Steady customer accounts, supplier agreements that transfer, routes that run without the owner
Value yours
Ranges are the sold-comp low/high bands for owner-operated businesses under $1,000,000 of SDE, rendered live from the BridgeBook valuation dataset (v2026.11.0, refreshed 2026-11-02). Individual businesses trade outside these ranges when value drivers are exceptional or impaired. When citing this data, please attribute it to BridgeBook (bridgebook.io).
Sources & methodology
Every range on this page derives from published sold-transaction data, never asking prices. Asking prices reflect what sellers hope for; sold data reflects what buyers actually paid. The primary sources:
- IBBA and M&A Source Market Pulse (Q1 and Q2 2026) - the all-industry size curve and the EBITDA basis switch above roughly $2,000,000 of earnings.
- BizBuySell sold-comp benchmarks and Insight Report - per-industry SDE ranges from completed transactions.
- Pepperdine Private Capital Markets Report (2025) - EBITDA multiples by size band, used for corroboration.
Accessed October 2026. The multiple applies to SDE (seller's discretionary earnings) for owner-operated businesses and EBITDA for businesses with a management layer; getting the earnings number right matters as much as the multiple, so see SDE vs. EBITDA. Methodology approved by Legend Atty, BridgeBook founder and M&A advisor.
Where a business lands inside its range is not random. Buyers pay the top for growth, recurring revenue, a diversified customer base, documented processes, and an owner who works ten hours a week. They pay the bottom, or walk, for declining revenue, one dominant customer, and a business that cannot run a payroll cycle without its owner. The full playbook: How to Sell a Business. For how these numbers square with the valuation folklore in online forums, see what Reddit says about business valuation.
Frequently Asked Questions
What is a business valuation multiple?
A valuation multiple is the number a buyer multiplies your annual earnings by to arrive at a price. Small businesses are usually valued on SDE (seller's discretionary earnings: net profit plus owner salary and personal add-backs); larger businesses on EBITDA. A business earning $500,000 in SDE at a 3.0x multiple is worth roughly $1,500,000.
What is the average multiple for a small business?
BizBuySell sold data puts US small businesses at roughly 2.0x to 3.3x SDE, with 2.57x as the middle. The multiple rises with the size of the sale: IBBA Market Pulse closed deals run about 2.0x SDE for sales under $500,000, 2.8x for $500,000 to $1,000,000 and 3.0x for $1,000,000 to $2,000,000. Businesses with recurring revenue, low owner involvement, and clean financials sell at the top of their range; owner-dependent businesses with concentrated customers sell at the bottom, or not at all.
Where does this valuation multiple data come from?
The ranges are built from published sold-transaction data, not asking prices: the IBBA and M&A Source Market Pulse (closed deals and the size curve), BizBuySell sold-comp valuation benchmarks (per-industry SDE ranges), and the Pepperdine Private Capital Markets Report (EBITDA size bands). Where a primary source has no coverage, a flagged secondary sold aggregate is used. Asking-price data is never used.
Why do hotels, car washes and gas stations show higher multiples?
Many of those sales include the land or building, so the price pays for the property as well as the business. The same is true of bed and breakfasts and marinas. When the property doesn't come with the sale, expect the lower half of the range. The free BridgeBook calculator asks, and keeps a business-only sale in the lower half.
Why do SaaS businesses get higher multiples than service businesses?
Predictability. Recurring subscription revenue with low churn is worth more per dollar of profit than project-based revenue that must be re-sold every month. The same logic applies within any industry: HVAC companies with service agreements out-multiple identical companies doing one-off installs.
How do I find the multiple for my specific business?
Start with your industry range, then adjust for the value drivers buyers price: revenue trend, customer concentration, owner hours, recurring revenue share, and the quality of your books. The free BridgeBook business valuation calculator applies your industry and size band to sold-transaction data and returns a low, mid, and high range.
One important decision. Two good places to start.
Where Does Your Business Land?
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