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M&A multiples by industry

Energy & Utilities M&A valuation multiples

Lower-middle-market energy & utilities companies have sold for a median 6.2× trailing EBITDA. The middle half of the 23 sourced transactions fall between 4.6× and 8.8×; data as of October 2026.

Median EV/EBITDA
6.2×
Middle half
4.6× – 8.8×
Median EV/Revenue
1.1×
Transactions
23

Quartiles

Measurep25 – median – p75n
EV/EBITDA4.6× – 6.2× – 8.8×23
EV/Revenue0.7× – 1.1× – 1.7×12

Trailing multiples of enterprise value, targets at or below $25M of EBITDA, sourced transactions only, deals from 2018–2026. The database tracks 160 sourced energy & utilities transactions at every size; only those that disclose a multiple and fall in the band are counted here. Figures from fewer than 8 transactions are withheld.

By company size

Smaller companies usually trade at lower multiples. Where both halves of the band have enough deals, they are shown separately. Why multiples differ by size.

Size bandEV/EBITDA p25 – median – p75n
Targets with EBITDA of $5M to $25M5.6× – 7.0× – 8.9×17

Estimate a energy & utilities company’s value

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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.

Selling a energy & utilities company

Citing a figure?

This page updates as deals are added. The fixed 2026-Q4 snapshot recorded a median of 6.2× for Energy & Utilities (n=23) and will not change. Cite the 2026-Q4 snapshot.

Other industries

How these figures are built: methodology.