The data
EBITDA and SDE multiples by industry
What 151 industries actually sold for, drawn from 10,682 completed transactions. Quartiles and medians, not rules of thumb.
6%
Industry membership explains roughly 6% of the variation in sale multiples. Across these 151 industries the medians cluster between 3.5x and 4.2x EBITDA — but inside any single industry, the spread from the 10th to the 90th percentile runs more than two full turns of earnings. Where you sit inside your own industry's range matters far more than which industry you are in.
| Industry | Deals | Price / SDE | Price / EBITDA | SDE margin | Median revenue | ||||
|---|---|---|---|---|---|---|---|---|---|
| 25th | Median | 75th | 25th | Median | 75th | ||||
| Limited-Service Restaurants722513 | 653 | 2.54x | 2.97x | 3.40x | 3.50x | 4.01x | 4.47x | 18.8% | $883K |
| Offices of Certified Public Accountants541211 | 581 | 2.24x | 2.56x | 2.86x | 3.40x | 3.93x | 4.48x | 43.9% | $436K |
| Offices of Dentists621210 | 465 | 1.72x | 1.98x | 2.22x | 2.67x | 3.36x | 3.93x | 36.7% | $780K |
| Full-Service Restaurants722511 | 456 | 2.39x | 2.75x | 3.07x | 3.21x | 3.74x | 4.23x | 15.8% | $1.34M |
| Veterinary Services541940 | 381 | 2.28x | 2.69x | 3.02x | 3.33x | 3.81x | 4.41x | 27.3% | $836K |
| Offices of Chiropractors621310 | 358 | 1.53x | 1.85x | 2.18x | 2.31x | 2.98x | 3.64x | 41.5% | $424K |
| Child Day Care Services624410 | 294 | 2.37x | 2.80x | 3.19x | 3.15x | 3.79x | 4.29x | 21.6% | $812K |
| General Automotive Repair811111 | 257 | 2.20x | 2.58x | 2.91x | 3.34x | 3.86x | 4.45x | 19.2% | $896K |
| Landscaping Services561730 | 223 | 2.34x | 2.73x | 3.10x | 3.19x | 3.65x | 4.09x | 25.4% | $1M |
| Plumbing, Heating, and Air-Conditioning Contractors238220 | 214 | 2.28x | 2.68x | 3.01x | 3.17x | 3.71x | 4.17x | 18.4% | $1.79M |
| Beer, Wine, and Liquor Stores445310 | 206 | 2.98x | 3.42x | 3.79x | 3.94x | 4.45x | 4.95x | 12.7% | $1.32M |
| Commercial Printing (except Screen and Books)323111 | 197 | 2.42x | 2.86x | 3.11x | 3.48x | 3.86x | 4.23x | 21.9% | $1.07M |
| Fitness and Recreational Sports Centers713940 | 195 | 2.34x | 2.76x | 3.27x | 3.29x | 3.79x | 4.29x | 33.0% | $580K |
| All Other Specialty Trade Contractors238990 | 190 | 2.36x | 2.74x | 3.19x | 3.26x | 3.77x | 4.23x | 19.0% | $1.61M |
| Home Health Care Services621610 | 171 | 2.65x | 3.01x | 3.34x | 3.68x | 4.09x | 4.54x | 18.7% | $1.84M |
| Insurance Agencies and Brokerages524210 | 160 | 2.77x | 3.21x | 3.63x | 3.68x | 4.28x | 4.69x | 58.2% | $450K |
| Drycleaning and Laundry Services (except Coin-Operated)812320 | 141 | 2.73x | 3.13x | 3.43x | 3.81x | 4.16x | 4.76x | 30.9% | $548K |
| Pharmacies and Drug Stores446110 | 137 | 2.44x | 2.82x | 3.18x | 3.46x | 4.06x | 4.63x | 10.9% | $3.07M |
| Janitorial Services561720 | 132 | 2.57x | 2.85x | 3.17x | 3.58x | 3.98x | 4.34x | 20.8% | $1.08M |
| Electronic Shopping and Mail-Order Houses454110 | 123 | 2.71x | 3.11x | 3.50x | 3.73x | 4.14x | 4.44x | 22.9% | $1.56M |
| Machine Shops332710 | 108 | 2.48x | 2.86x | 3.24x | 3.18x | 3.73x | 4.19x | 28.1% | $1.58M |
| Beauty Salons812112 | 107 | 2.25x | 2.69x | 3.13x | 3.36x | 3.93x | 4.31x | 19.7% | $1.18M |
| Other Accounting Services541219 | 106 | 2.39x | 2.62x | 3.01x | 3.52x | 3.99x | 4.49x | 42.6% | $450K |
| Sign Manufacturing339950 | 99 | 2.50x | 2.87x | 3.18x | 3.68x | 3.97x | 4.30x | 25.8% | $942K |
| Other Business Service Centers (including Copy Shops)561439 | 97 | 2.64x | 2.92x | 3.30x | 3.58x | 4.29x | 4.66x | 24.1% | $527K |
| Other Services to Buildings and Dwellings561790 | 96 | 2.38x | 2.77x | 3.15x | 3.43x | 3.86x | 4.30x | 24.9% | $912K |
| Electrical Contractors and Other Wiring Installation Contractors238210 | 90 | 2.15x | 2.67x | 2.90x | 2.87x | 3.50x | 3.83x | 16.9% | $2.71M |
| Supermarkets and Other Grocery (except Convenience) Stores445110 | 89 | 2.45x | 2.95x | 3.40x | 3.38x | 3.96x | 4.47x | 8.5% | $2.67M |
| Automotive Body, Paint, and Interior Repair and Maintenance811121 | 87 | 2.45x | 2.77x | 2.99x | 3.45x | 3.84x | 4.34x | 16.4% | $1.32M |
| Other Building Material Dealers444190 | 86 | 2.49x | 2.88x | 3.26x | 3.46x | 3.85x | 4.32x | 15.3% | $1.74M |
| Offices of Physicians (except Mental Health Specialists)621111 | 85 | 1.42x | 1.80x | 2.32x | 2.42x | 3.01x | 3.89x | 34.0% | $1.06M |
| All Other Miscellaneous Manufacturing339999 | 76 | 2.39x | 2.73x | 3.20x | 3.26x | 3.96x | 4.50x | 25.3% | $2.78M |
| Residential Property Managers531311 | 75 | 2.64x | 2.96x | 3.24x | 3.44x | 4.08x | 4.72x | 31.7% | $717K |
| Offices of Optometrists621320 | 75 | 1.99x | 2.24x | 2.53x | 3.07x | 3.60x | 4.07x | 27.8% | $762K |
| Services for the Elderly and Persons with Disabilities624120 | 73 | 2.64x | 3.06x | 3.33x | 3.82x | 4.17x | 4.55x | 19.7% | $1.51M |
| Snack and Nonalcoholic Beverage Bars722515 | 72 | 2.38x | 2.73x | 3.10x | 3.31x | 3.85x | 4.26x | 23.1% | $647K |
| Pet Care (except Veterinary) Services812910 | 72 | 2.43x | 2.72x | 3.05x | 3.24x | 3.75x | 4.09x | 33.8% | $568K |
| Coin-Operated Laundries and Drycleaners812310 | 70 | 2.89x | 3.36x | 3.82x | 3.79x | 4.39x | 4.77x | 37.4% | $357K |
| Other Personal Care Services812199 | 69 | 2.48x | 2.73x | 3.30x | 3.44x | 3.84x | 4.09x | 22.7% | $1.08M |
| All Other Miscellaneous Store Retailers (except Tobacco Stores)453998 | 67 | 2.40x | 2.85x | 3.30x | 3.59x | 4.09x | 4.55x | 19.3% | $1.01M |
| Hardware Stores444130 | 65 | 2.95x | 3.31x | 3.66x | 3.94x | 4.29x | 4.99x | 14.1% | $1.6M |
| Funeral Homes and Funeral Services812210 | 64 | 2.59x | 3.22x | 3.43x | 3.56x | 4.21x | 4.76x | 29.3% | $791K |
| Commercial Screen Printing323113 | 62 | 2.49x | 2.77x | 3.09x | 3.56x | 4.01x | 4.48x | 21.2% | $1.09M |
| Convenience Stores445120 | 62 | 2.50x | 2.99x | 3.35x | 3.63x | 4.03x | 4.75x | 13.6% | $1.12M |
| Offices of Physical, Occupational and Speech Therapists, and Audiologists621340 | 61 | 2.03x | 2.42x | 2.83x | 3.38x | 3.90x | 4.20x | 29.8% | $905K |
| Sporting Goods Stores451110 | 58 | 2.51x | 2.73x | 3.22x | 3.58x | 4.09x | 4.38x | 16.0% | $1.31M |
| Drinking Places (Alcoholic Beverages)722410 | 57 | 2.43x | 2.73x | 3.01x | 3.26x | 3.79x | 4.30x | 24.0% | $3.29M |
| Floor Covering Stores442210 | 55 | 2.13x | 2.59x | 2.83x | 3.29x | 3.77x | 4.05x | 12.9% | $1.87M |
| Automotive Parts and Accessories Stores441310 | 54 | 2.45x | 2.96x | 3.22x | 3.67x | 4.24x | 4.66x | 14.9% | $1.23M |
| Tire Dealers441320 | 54 | 2.46x | 2.77x | 3.05x | 3.52x | 4.00x | 4.28x | 12.3% | $1.92M |
| Glass and Glazing Contractors238150 | 51 | 2.33x | 2.70x | 2.92x | 3.53x | 4.02x | 4.43x | 18.9% | $1.45M |
| Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers423450 | 51 | 2.56x | 2.86x | 3.20x | 3.40x | 3.73x | 4.34x | 20.8% | $1.61M |
| Motorcycle, ATV, and All Other Motor Vehicle Dealers441228 | 51 | 2.67x | 2.99x | 3.44x | 3.63x | 3.99x | 4.62x | 8.3% | $4.27M |
| All Other Home Furnishings Stores442299 | 50 | 2.41x | 2.79x | 3.17x | 3.64x | 3.81x | 4.38x | 17.8% | $1.4M |
| Computer Systems Design Services541512 | 49 | 2.37x | 2.71x | 3.41x | 3.36x | 4.10x | 4.62x | 24.9% | $1.81M |
| Tax Preparation Services541213 | 48 | 2.26x | 2.58x | 3.04x | 3.29x | 3.89x | 4.50x | 44.4% | $415K |
| Residential Remodelers236118 | 47 | 1.98x | 2.50x | 2.78x | 3.12x | 3.54x | 4.08x | 17.6% | $1.71M |
| All Other Miscellaneous Fabricated Metal Product Manufacturing332999 | 47 | 2.61x | 2.96x | 3.35x | 3.66x | 3.90x | 4.43x | 22.6% | $1.5M |
| Offices of Lawyers541110 | 46 | 1.95x | 2.23x | 2.68x | 2.92x | 3.38x | 4.29x | 39.1% | $842K |
| Other Computer Related Services541519 | 46 | 2.57x | 2.83x | 3.10x | 3.48x | 3.74x | 4.20x | 28.3% | $1.23M |
| Pet and Pet Supplies Stores453910 | 45 | 2.67x | 2.94x | 3.18x | 3.67x | 4.05x | 4.32x | 15.3% | $1.23M |
| Furniture Stores442110 | 44 | 2.42x | 2.84x | 3.27x | 3.16x | 4.04x | 4.45x | 13.8% | $2.48M |
| Engineering Services541330 | 43 | 1.82x | 2.54x | 2.82x | 2.56x | 3.19x | 3.97x | 26.4% | $1.8M |
| Educational Support Services611710 | 43 | 2.84x | 3.00x | 3.32x | 3.84x | 4.22x | 4.75x | 26.1% | $720K |
| Automotive Oil Change and Lubrication Shops811191 | 43 | 2.73x | 3.17x | 3.53x | 3.84x | 4.39x | 4.63x | 20.1% | $916K |
| Industrial Machinery and Equipment Merchant Wholesalers423830 | 41 | 2.50x | 2.78x | 3.16x | 3.59x | 3.88x | 4.52x | 16.9% | $2.06M |
| Other Miscellaneous Durable Goods Merchant Wholesalers423990 | 40 | 2.53x | 2.94x | 3.29x | 3.53x | 4.04x | 4.50x | 17.0% | $1.84M |
| All Other Specialty Food Stores445299 | 40 | 2.48x | 2.72x | 2.97x | 3.42x | 3.94x | 4.17x | 19.6% | $687K |
| Custom Computer Programming Services541511 | 40 | 2.63x | 3.07x | 3.40x | 3.54x | 4.15x | 4.55x | 30.4% | $1.43M |
| Electronics Stores443142 | 39 | 2.41x | 2.70x | 3.08x | 3.29x | 3.83x | 4.18x | 18.1% | $1.22M |
| Surgical Appliance and Supplies Manufacturing339113 | 38 | 2.46x | 2.77x | 3.20x | 3.35x | 3.84x | 4.55x | 28.7% | $2.46M |
| Employment Placement Agencies561311 | 38 | 2.25x | 2.58x | 2.91x | 3.17x | 3.60x | 4.48x | 23.3% | $1.27M |
| All Other Amusement and Recreation Industries713990 | 38 | 2.35x | 2.91x | 3.35x | 3.42x | 3.85x | 4.22x | 26.8% | $762K |
| All Other Personal Services812990 | 38 | 2.74x | 3.04x | 3.27x | 3.70x | 3.96x | 4.34x | 23.0% | $986K |
| Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance811310 | 37 | 2.53x | 2.77x | 3.17x | 3.57x | 4.06x | 4.32x | 24.1% | $1.1M |
| Gift, Novelty, and Souvenir Stores453220 | 36 | 2.35x | 2.79x | 3.04x | 3.20x | 3.82x | 4.47x | 23.1% | $914K |
| Painting and Wall Covering Contractors238320 | 35 | 2.17x | 2.64x | 2.96x | 3.32x | 3.68x | 4.05x | 20.0% | $1.54M |
| Industrial Supplies Merchant Wholesalers423840 | 34 | 2.64x | 2.86x | 3.28x | 3.51x | 4.05x | 4.73x | 14.4% | $2.27M |
| Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing333612 | 33 | 2.46x | 2.92x | 3.29x | 3.40x | 3.74x | 4.08x | 23.1% | $1.74M |
| Other Direct Selling Establishments454390 | 33 | 2.35x | 2.71x | 3.29x | 3.28x | 4.00x | 4.37x | 26.9% | $900K |
| Florists453110 | 32 | 2.34x | 2.65x | 2.88x | 3.30x | 4.08x | 4.58x | 17.3% | $686K |
| Used Household and Office Goods Moving484210 | 32 | 2.45x | 2.70x | 3.11x | 3.25x | 3.64x | 4.24x | 20.6% | $1.45M |
| Finish Carpentry Contractors238350 | 31 | 2.18x | 2.44x | 2.85x | 3.02x | 3.83x | 4.34x | 18.8% | $1.36M |
| Printed Circuit Assembly (Electronic Assembly) Manufacturing334418 | 31 | 2.52x | 2.77x | 3.02x | 3.35x | 3.60x | 4.19x | 28.3% | $1.88M |
| All Other Professional, Scientific, and Technical Services541990 | 31 | 2.69x | 2.88x | 3.20x | 3.52x | 3.96x | 4.50x | 31.6% | $1.03M |
| All Other Plastics Product Manufacturing326199 | 30 | 2.70x | 3.04x | 3.58x | 3.55x | 4.01x | 4.89x | 18.2% | $1.67M |
| All Other Rubber Product Manufacturing326299 | 30 | 2.65x | 3.23x | 3.51x | 3.39x | 3.69x | 4.46x | 22.1% | $1.29M |
| Roofing Contractors238160 | 29 | 2.09x | 2.50x | 2.96x | 2.89x | 3.49x | 3.98x | 14.1% | $2.8M |
| Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers423610 | 29 | 2.64x | 3.10x | 3.27x | 3.59x | 3.96x | 4.48x | 17.6% | $2.2M |
| Poured Concrete Foundation and Structure Contractors238110 | 28 | 2.36x | 2.60x | 2.81x | 3.38x | 3.59x | 3.81x | 25.9% | $1.22M |
| Metal Crown, Closure, and Other Metal Stamping (except Automotive)332119 | 28 | 2.68x | 2.98x | 3.76x | 3.48x | 4.10x | 4.91x | 22.1% | $1.43M |
| Wood Kitchen Cabinet and Countertop Manufacturing337110 | 28 | 2.74x | 2.92x | 3.32x | 3.72x | 4.11x | 4.40x | 16.7% | $2.02M |
| Exterminating and Pest Control Services561710 | 28 | 2.68x | 3.09x | 3.53x | 3.64x | 4.36x | 4.64x | 32.9% | $796K |
| Sheet Metal Work Manufacturing332322 | 27 | 2.33x | 2.91x | 3.42x | 3.22x | 4.13x | 4.41x | 22.1% | $1.91M |
| Motor Vehicle Supplies and New Parts Merchant Wholesalers423120 | 27 | 2.79x | 3.18x | 3.57x | 3.71x | 4.10x | 4.66x | 13.6% | $2.85M |
| Data Processing, Hosting, and Related Services518210 | 27 | 2.60x | 3.06x | 3.77x | 3.48x | 4.06x | 4.50x | 26.8% | $1.39M |
| Construction Machinery Manufacturing333120 | 26 | 2.43x | 2.72x | 3.09x | 3.17x | 4.07x | 4.74x | 29.9% | $1.57M |
| Testing Laboratories541380 | 26 | 2.58x | 2.88x | 3.17x | 3.34x | 3.71x | 4.52x | 30.1% | $1.43M |
| Window Treatment Stores442291 | 25 | 2.35x | 2.63x | 2.87x | 3.52x | 3.97x | 4.34x | 21.2% | $923K |
| Food (Health) Supplement Stores446191 | 25 | 2.45x | 2.77x | 2.94x | 3.33x | 3.67x | 4.25x | 20.9% | $680K |
| Advertising Agencies541810 | 25 | 2.54x | 2.85x | 3.10x | 3.31x | 3.67x | 4.02x | 17.5% | $3M |
| Other Building Finishing Contractors238390 | 24 | 2.19x | 2.57x | 2.87x | 3.12x | 3.42x | 4.04x | 18.6% | $2.52M |
| Cut Stone and Stone Product Manufacturing327991 | 24 | 2.69x | 2.95x | 3.19x | 3.79x | 4.13x | 4.34x | 18.4% | $1.93M |
| Periodical Publishers511120 | 24 | 2.54x | 3.05x | 3.29x | 3.58x | 4.02x | 4.25x | 32.3% | $906K |
| Landscape Architectural Services541320 | 24 | 2.27x | 2.63x | 2.93x | 3.29x | 3.50x | 4.01x | 28.1% | $825K |
| Direct Mail Advertising541860 | 24 | 2.39x | 2.87x | 3.09x | 3.38x | 3.92x | 4.36x | 21.6% | $1.32M |
| Private Mail Centers561431 | 24 | 2.85x | 3.06x | 3.29x | 3.95x | 4.31x | 4.49x | 22.8% | $504K |
| Carpet and Upholstery Cleaning Services561740 | 24 | 2.13x | 2.50x | 2.75x | 3.10x | 3.52x | 3.98x | 33.8% | $716K |
| Site Preparation Contractors238910 | 23 | 2.56x | 2.73x | 2.92x | 3.13x | 3.40x | 3.63x | 19.3% | $2.3M |
| General Freight Trucking, Long-Distance, Truckload484121 | 23 | 2.49x | 2.71x | 3.11x | 3.00x | 3.63x | 4.01x | 16.1% | $2.5M |
| Diagnostic Imaging Centers621512 | 23 | 2.17x | 3.07x | 3.45x | 3.10x | 3.73x | 3.98x | 28.3% | $1.5M |
| Drywall and Insulation Contractors238310 | 22 | 1.88x | 2.39x | 2.80x | 2.62x | 3.07x | 3.46x | 19.3% | $2.61M |
| Dental Equipment and Supplies Manufacturing339114 | 22 | 2.64x | 3.29x | 3.49x | 3.58x | 4.01x | 4.36x | 21.8% | $2.58M |
| All Other Health and Personal Care Stores446199 | 22 | 2.41x | 2.59x | 2.70x | 2.93x | 3.67x | 4.22x | 23.3% | $1.14M |
| Other Clothing Stores448190 | 22 | 2.51x | 2.83x | 3.18x | 3.46x | 4.10x | 4.43x | 17.8% | $1.13M |
| Other Management Consulting Services541618 | 22 | 2.43x | 2.74x | 3.23x | 3.15x | 3.63x | 3.80x | 35.3% | $1.1M |
| Offices of Podiatrists621391 | 22 | 1.36x | 1.70x | 1.84x | 2.32x | 2.95x | 4.29x | 40.0% | $490K |
| All Other Automotive Repair and Maintenance811198 | 22 | 2.32x | 2.79x | 3.19x | 3.41x | 3.76x | 4.21x | 20.0% | $867K |
| Commercial and Institutional Building Construction236220 | 21 | 2.35x | 2.79x | 3.40x | 2.72x | 3.25x | 4.55x | 13.1% | $3.45M |
| Metal Coating, Engraving-except Jewelry and Silverware, and Allied Services332812 | 21 | 2.37x | 2.95x | 3.11x | 3.25x | 3.84x | 4.13x | 30.1% | $1.27M |
| Other Electronic Parts and Equipment Merchant Wholesalers423690 | 21 | 2.23x | 2.82x | 3.26x | 3.27x | 3.90x | 4.24x | 17.9% | $1.49M |
| Outdoor Power Equipment Stores444210 | 21 | 2.57x | 2.71x | 2.98x | 3.60x | 3.73x | 3.98x | 12.0% | $2.55M |
| All Other Consumer Goods Rental532289 | 21 | 2.49x | 2.70x | 3.17x | 3.04x | 3.82x | 4.31x | 30.1% | $908K |
| Flooring Contractors238330 | 20 | 2.12x | 2.55x | 2.74x | 2.90x | 3.38x | 3.93x | 13.4% | $2.56M |
| Other Miscellaneous Nondurable Goods Merchant Wholesalers424990 | 20 | 2.59x | 3.08x | 3.43x | 3.54x | 3.98x | 4.55x | 16.4% | $1.58M |
| Shoe Stores448210 | 20 | 2.63x | 2.79x | 3.08x | 3.87x | 4.29x | 4.42x | 18.1% | $946K |
| Hobby, Toy, and Game Stores451120 | 20 | 2.46x | 2.73x | 2.95x | 3.23x | 3.75x | 4.31x | 21.6% | $2.22M |
| Other Commercial and Industrial Machinery and Equipment Rental and Leasing532490 | 20 | 2.50x | 2.71x | 3.32x | 3.33x | 3.60x | 4.25x | 33.7% | $832K |
| Car Washes811192 | 20 | 2.71x | 3.48x | 3.75x | 4.00x | 4.19x | 4.62x | 28.9% | $686K |
| Nursery, Garden Center, and Farm Supply Stores444220 | 19 | 2.58x | 2.93x | 3.08x | 3.44x | 3.72x | 4.24x | 12.8% | $1.93M |
| Offices of Real Estate Agents and Brokers531210 | 19 | 2.12x | 2.58x | 3.12x | 3.12x | 3.53x | 3.92x | 16.4% | $2.41M |
| Graphic Design Services541430 | 19 | 2.28x | 2.57x | 2.75x | 3.46x | 3.93x | 4.11x | 23.2% | $815K |
| Other Technical and Trade Schools611519 | 19 | 2.19x | 2.67x | 3.10x | 3.02x | 3.68x | 4.06x | 31.2% | $970K |
| Retail Bakeries311811 | 18 | 2.48x | 2.74x | 3.02x | 3.78x | 4.29x | 4.54x | 20.2% | $629K |
| Home Furnishing Merchant Wholesalers423220 | 18 | 2.67x | 3.08x | 3.23x | 3.74x | 4.04x | 4.34x | 18.9% | $2.46M |
| Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers423720 | 18 | 2.71x | 3.13x | 3.70x | 3.55x | 3.95x | 4.35x | 16.8% | $2.57M |
| Women's Clothing Stores448120 | 18 | 2.45x | 2.73x | 2.98x | 3.32x | 4.18x | 4.52x | 20.5% | $696K |
| Collection Agencies561440 | 18 | 2.68x | 2.97x | 3.24x | 3.56x | 4.08x | 4.45x | 34.6% | $1.33M |
| All Other Miscellaneous Schools and Instruction611699 | 18 | 2.55x | 2.84x | 3.43x | 3.58x | 4.20x | 4.78x | 27.2% | $939K |
| Caterers722320 | 18 | 2.07x | 2.42x | 2.67x | 2.92x | 3.26x | 3.89x | 16.7% | $1.58M |
| Service Establishment Equipment and Supplies Merchant Wholesalers423850 | 17 | 3.19x | 3.29x | 3.53x | 4.02x | 4.33x | 4.64x | 13.9% | $2.41M |
| Freight Transportation Arrangement488510 | 17 | 2.40x | 2.92x | 3.23x | 3.58x | 3.90x | 4.00x | 12.2% | $1.87M |
| Security Guards and Patrol Services561612 | 17 | 1.81x | 2.82x | 2.95x | 2.98x | 4.04x | 4.29x | 15.1% | $2.2M |
| Automotive Glass Replacement Shops811122 | 17 | 2.41x | 2.88x | 3.17x | 3.54x | 3.59x | 3.83x | 21.1% | $1.17M |
| Office Equipment Merchant Wholesalers423420 | 16 | 2.42x | 2.75x | 2.94x | 3.15x | 3.67x | 4.05x | 13.7% | $2.19M |
| Vending Machine Operators454210 | 16 | 2.54x | 2.93x | 3.31x | 3.76x | 4.05x | 4.70x | 26.2% | $704K |
| Administrative Management and General Management Consulting Services541611 | 16 | 2.18x | 2.77x | 3.38x | 3.32x | 3.48x | 4.20x | 31.2% | $1.79M |
| Marketing Consulting Services541613 | 16 | 2.45x | 2.65x | 2.99x | 3.34x | 3.79x | 4.26x | 22.2% | $1.25M |
| Sports and Recreation Instruction611620 | 16 | 2.02x | 2.36x | 3.00x | 2.86x | 3.39x | 4.60x | 36.3% | $452K |
| Offices of All Other Miscellaneous Health Practitioners621399 | 16 | 1.86x | 2.05x | 2.42x | 2.98x | 3.35x | 4.21x | 33.4% | $668K |
| Automotive Transmission Repair811113 | 16 | 2.48x | 2.93x | 2.99x | 3.15x | 3.78x | 4.35x | 18.2% | $1.02M |
Rows in grey have fewer than 30 completed transactions on record — treat those percentiles as directional. Linked industries have a dedicated page with the full distribution. Multiples are price divided by earnings; SDE applies to owner-operated businesses, EBITDA to manager-run ones.
These are completed transactions, not asking prices and not appraisals. Real closed-deal data prices materially lower than the rules of thumb owners usually hear. A specific business can fall anywhere in its industry's range depending on owner dependence, customer concentration, recurring revenue, and financial quality. To see where yours sits, run the valuation calculator or the value gap tool.
Common questions
What is a typical EBITDA multiple for a small business?
Across 10,682 completed transactions, most industries show a median price-to-EBITDA multiple between 3.5x and 4.2x. The range within any single industry is far wider than the range between industries — the spread from the 10th to the 90th percentile inside one industry typically exceeds two full turns of EBITDA.
Is SDE or EBITDA the right multiple to use?
SDE is used for owner-operated businesses, where the owner works in the business and their compensation is added back. EBITDA is used for larger, manager-run businesses, generally once earnings exceed roughly $1.5 million. Applying an EBITDA multiple to an SDE figure will overstate value substantially.
Does my industry determine what my business is worth?
Much less than owners expect. A variance decomposition across 151 industries found that industry membership accounts for roughly 6% of the variation in sale multiples. The remainder is driven by characteristics of the individual business — owner dependence, customer concentration, recurring revenue, and financial quality.
Why are these multiples lower than the rules of thumb I have heard?
Rules of thumb circulate informally and tend to reflect asking prices or memorable outcomes rather than typical closed transactions. These figures come from completed sales, so they are lower and more conservative than the numbers owners commonly hear.
Your number
Where does your business sit in that range?
The table gives you the range. The calculator places you inside it, against the same completed transactions, in about two minutes.
Free, runs in your browser, nothing sent anywhere.