EBITDA multiples by industry
What lower middle market businesses actually sell for — real multiple ranges, named PE buyers, recent deal structures, and the value drivers that move your number most.
Built from PE press releases, GF Data lower middle market reports, IBISWorld industry data, and Ad Astra advisory records. Updated quarterly.
Consumer Products & Services
Vertical overview- 5x – 8x
Car Wash Business
Car wash EBITDA multiples: 5x to 8x in 2026. UWC penetration is the key lever. Real estate valued separately. Named PE buyers and 2025-2026 deal comps.
See multiples - 1.5x – 7x
eCommerce Business
Amazon FBA brands sell for 2–3x EBITDA; DTC brands 3.5–5.5x in 2026. Aggregator-era 5–7x SDE is gone. Named buyers, deal structure, inventory carve-out.
See multiples - 1.5x – 7.0x
Restaurant
Restaurants sell at 1.5–3x SDE or 4–7x EBITDA for multi-unit groups. Named PE buyers, 2025 deal comps, and the lease and liquor license items owners miss.
See multiples
Construction & Specialty Contracting
Vertical overview- 4.0x – 12.0x
Construction Company
Construction companies sell for 4.0x–12.0x adjusted EBITDA. Sub-segment drives everything: GC 4–5.5x, specialty trade 8–11x. PE paid 54.3% of 2025 deals.
See multiples - 4.0x – 10.0x
HVAC Business
HVAC businesses sell for 4.0x–10.0x adjusted EBITDA in 2026. Sector average 10.9x (Capstone). Named PE buyers, Q2 2026 comps, 4 value levers.
See multiples - 4.0x – 7.5x
Plumbing Business
Plumbing businesses sell for 4.0x–7.5x adjusted EBITDA. Named PE buyers, the Apex/Apollo $10B platform anchor, and the four levers that move your number.
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Healthcare Services & IT
Vertical overview- 5x – 11x
Dental Practice
Dental practices sell for 5x–11x adjusted EBITDA in 2026. DSO platforms pay 9–11x for regional groups. Size bands, named PE buyers, and deal structure.
See multiples - 3x – 12x
Home Health Agency
Home health agencies sell for 5x–12x adjusted EBITDA. Medicare certification is the binary value gate worth 1.5–2x. Named PE buyers, deal comps, 2026 data.
See multiples - 4.0x – 14.0x
Veterinary Practice
Vet practices sell for 4x–14x EBITDA in 2026. Multiples by size, the SVP/MVP recap, and the multi-doctor lever that moves a solo cap to platform tier.
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Business & Professional Services
Vertical overview- 6x – 14x
Insurance Agency
Insurance agencies with $1M+ EBITDA averaged 11.8x in H1 2025 (Sica|Fletcher, 450+ deals). Full band 6x–14x. Book retention and LOB mix drive 4–6 turns.
See multiples - 4.0x – 7.0x
Staffing Company
Staffing companies sell for 4.0x–7.0x adjusted EBITDA in 2026. Niche drives a two-turn spread: IT/healthcare at 5.5x–7.0x vs light industrial at 4.0x–4.5x.
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Technology & Tech-Enabled Services
Vertical overview- 4x – 14x
IT Services Company (MSP)
MSP / IT services companies sell for 4x–14x adjusted EBITDA in 2026. N2M 2026 median: 8.9x (120 deals). CMMC Phase 2 Nov 2026 is the repricing catalyst.
See multiples - 4.0x – 8.0x ARR
SaaS Company
SaaS valuation multiples 2026: 4.0x–8.0x ARR for vertical B2B SaaS. Post-SaaSpocalypse benchmarks, NRR impact, Rule of 40, and named PE buyers.
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