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M&A valuation multiples by industry

EV/EBITDA and EV/Revenue quartiles computed from real, publicly sourced M&A transactions. Updated as the underlying transaction database grows.

IndustryEV/EBITDA (p25 – median – p75)EV/Revenue (p25 – median – p75)
Aerospace & Defense12.35× – 12.9× – 13.1×2.4× – 3.25× – 3.6×
Industrials & Manufacturing6.88× – 9.35× – 12.56×1.19× – 2.2× – 3.1×
Software & Technology7.14× – 8.26× – 10.03×1.32× – 3.11× – 3.75×
Healthcare9.25× – 12× – 14.5×1.39× – 2.01× – 3.43×
Consumer & Food8.44× – 9.3× – 12.4×1.18× – 1.67× – 2.8×
Business Services9.75× – 11.1× – 13.2×1.23× – 1.87× – 2.39×
Distribution & Logistics8.03× – 10.45× – 13.1×0.42× – 0.8× – 1.12×
Construction & Engineering6.2× – 7.6× – 10.2×0.62× – 0.82× – 1.13×
Packaging & Plastics8.13× – 8.9× – 10.1×1.17× – 1.58× – 1.97×
Energy & Utilities7× – 7.6× – 9.28×0.73× – 1.11× – 1.23×

Computed from 334+ sector-matched observations across a database of real, publicly disclosed transactions (every record carries a source link). Industries with thin samples are withheld rather than shown. Disclosed deals skew larger than typical private sales; use the spread, not a single point.

This valuation guidance is an educational estimate generated from publicly sourced comparable-transaction data and standard methodologies. It is not an appraisal, a fairness opinion, or investment, legal, or tax advice, and it does not predict the price any buyer will pay. Actual outcomes depend on diligence, market conditions, and negotiation. Consult your own advisors before making decisions.

Turn a multiple into your number

A multiple only means something applied to the right earnings. The free valuation calculator applies these same industry quartiles to your revenue and adjusted EBITDA. To understand what moves a business up or down within the range, start with how business valuation multiples work and financial due diligence explained.

Frequently asked questions

Where do these M&A multiples come from?
Every figure is computed from a database of real, publicly disclosed M&A transactions, each carrying a source link (SEC filing or press release). We show the 25th percentile, median, and 75th percentile of EV/EBITDA and EV/Revenue for each industry, and only publish an industry once its sample is large enough to be meaningful.
What EBITDA multiple do businesses sell for?
It varies widely by industry, size, growth, and earnings quality. Across the lower middle market, most disclosed transactions cluster in the mid-single-digit to low-double-digit EV/EBITDA range. The table on this page shows current quartiles by industry from real transactions rather than a single rule of thumb.
Why is the median multiple here higher than what small businesses sell for?
Disclosed transactions skew larger, because bigger deals are more likely to be publicly reported. Smaller companies typically trade below the medians shown here, which is why the quartile spread matters more than any single number, and why an educational estimate is not an appraisal.
Can I use these multiples to value my business?
As a directional starting point, yes: apply an industry multiple range to your adjusted EBITDA. A defensible number requires normalizing earnings first (financial due diligence) and comparing against transactions of similar size and quality. Our free valuation calculator applies these same quartiles to your figures in one step.