Live data
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.
| Industry | EV/EBITDA (p25 – median – p75) | n | EV/Revenue (p25 – median – p75) | n |
|---|---|---|---|---|
| Aerospace & Defense | 9.02× – 10.41× – 12.95× | 19 | 0.99× – 1.66× – 2.73× | 15 |
| Industrials & Manufacturing | 6.1× – 8.2× – 11.45× | 55 | 0.85× – 1.47× – 2.3× | 39 |
| Software & Technology | 6.66× – 7.79× – 10× | 22 | 1.34× – 2.32× – 3.17× | 19 |
| Healthcare | 7.33× – 9.38× – 11.68× | 20 | 1.28× – 1.5× – 2.68× | 17 |
| Consumer & Food | 7.35× – 10× – 12.5× | 21 | 0.74× – 1.64× – 2.6× | 8 |
| Business Services | 6.61× – 8.7× – 10× | 21 | 0.6× – 1.28× – 2.21× | 15 |
| Distribution & Logistics | 5.05× – 7× – 8.15× | 23 | 0.58× – 0.75× – 0.91× | 16 |
| Construction & Engineering | 4.65× – 6.24× – 8.93× | 23 | 0.5× – 1× – 1.31× | 17 |
| Packaging & Plastics | 5.95× – 8× – 9.3× | 16 | 0.45× – 0.7× – 1.84× | 13 |
| Energy & Utilities | 4.8× – 6.24× – 8.86× | 21 | 0.66× – 1.1× – 1.74× | 12 |
Scope: transactions with a target at or below $25M of EBITDA — the lower middle market. These are not all-size M&A multiples, and quoting them as such would overstate them: across the same database, disclosed deals above $50M of EBITDA run several turns higher, because large public acquirers are the ones who must disclose. Deals announced or closed 2012–2026, 84% of them in 2021 or later. Computed from 241 sector-matched observations; every underlying record carries a source link. n is the number of transactions behind each figure — industries below eight are withheld rather than published, since a handful of deals is not a benchmark. Use the quartile spread rather than a single point. Full methodology — what qualifies, what gets rejected, how duplicate records are resolved.
About this data & how to cite it
Every quartile on this page is computed from Bankerly's database of real, publicly disclosed M&A transactions (SEC filings and press releases, each record with a source link) and refreshes as the database grows; the newest underlying record was added on . You're welcome to cite or republish these figures.
If you are citing a specific number, link the fixed quarterly snapshot instead. The figures on this page move as the database grows, so a citation to this URL will not match what a reader sees later. The 2026-Q3 snapshot is frozen and will always read the same.
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.