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M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples

Dataset DOILicense: CC BY 4.0

An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.

Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).

  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.

What multiple does a business in my industry sell for?

These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.

Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17

Larger transactions (enterprise value $100M+)

For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):

Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49

Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.

Files

FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.

Schema (multiples.json)

{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}

p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.

Methodology

Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.

Full methodology and the live data: https://exitvalue.ai/methodology State of SMB & Mid-Market M&A report: https://exitvalue.ai/research

License

Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.

Citation

If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):

ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About

M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.

exitvalue.ai/methodology

Topics

business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples

Resources

Readme
CC-BY-4.0 license
Activity

Stars

4 stars

Watchers

0 watching

Forks

1 fork
Report repository

Releases

Packages

Contributors

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M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
Resources
Readme
CC-BY-4.0 license
Activity
Stars
4 stars
Watchers
0 watching
Forks
1 fork
Report repository
Releases
Packages
Contributors

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Force GitHub README to respect dark mode\n(function() {\n var style = document.createElement('style');\n style.textContent = '\n .markdown-body {\n color-scheme: dark light;\n }\n .markdown-body pre { background: #161b22 !important; }\n .markdown-body code { background: rgba(110, 118, 129, 0.4) !important; }\n .markdown-body table th, .markdown-body table td { border-color: #30363d !important; }\n .markdown-body img { background: #0d1117; }\n .markdown-body blockquote { border-left-color: #8b949e; }\n .markdown-body hr { border-color: #30363d; }\n ';\n document.head.appendChild(style);\n})();", "GitHub Dark Mode README Fix");
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})();
(function(){
try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

Skip to content
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Repository files navigation
M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
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CC-BY-4.0 license
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, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Highlight search terms from Google/DuckDuckGo/Bing referrer\n(function() {\n var ref = document.referrer;\n var terms = [];\n \n if (ref.includes('google.com') || ref.includes('duckduckgo.com') || ref.includes('bing.com')) {\n var url = new URL(ref);\n var q = url.searchParams.get('q') || url.searchParams.get('p');\n if (q) {\n terms = q.split(/\\s+/).filter(function(t) { return t.length > 2; });\n }\n }\n \n if (terms.length === 0) return;\n \n var style = document.createElement('style');\n style.textContent = '.userscript-highlight { background: #fbbf24; color: #1a1a2e; padding: 1px 3px; border-radius: 2px; }';\n document.head.appendChild(style);\n \n function highlight(node) {\n if (node.nodeType === 3) { // text node\n var text = node.textContent;\n var found = false;\n terms.forEach(function(term) {\n var regex = new RegExp('(' + term.replace(/[.*+?^${}()|[\\]\\\\]/g, '\\\\') + ')', 'gi');\n if (regex.test(text)) {\n found = true;\n var frag = document.createDocumentFragment();\n var parts = text.split(regex);\n parts.forEach(function(part, i) {\n if (i % 2 === 0) {\n frag.appendChild(document.createTextNode(part));\n } else {\n var span = document.createElement('span');\n span.className = 'userscript-highlight';\n span.textContent = part;\n frag.appendChild(span);\n }\n });\n node.parentNode.replaceChild(frag, node);\n }\n });\n } else if (node.nodeType === 1 && node.childNodes) { // element\n var skipTags = ['SCRIPT', 'STYLE', 'NOSCRIPT', 'TEXTAREA', 'INPUT', 'SELECT'];\n if (!skipTags.includes(node.tagName)) {\n Array.from(node.childNodes).forEach(highlight);\n }\n }\n }\n \n highlight(document.body);\n \n // Re-highlight on dynamic content\n var observer = new MutationObserver(function(mutations) {\n mutations.forEach(function(m) {\n m.addedNodes.forEach(function(node) {\n if (node.nodeType === 1 || node.nodeType === 3) highlight(node);\n });\n });\n });\n observer.observe(document.body, { childList: true, subtree: true });\n})();", "Highlight Search Terms");
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})();
(function(){
try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

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M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
Resources
Readme
CC-BY-4.0 license
Activity
Stars
4 stars
Watchers
0 watching
Forks
1 fork
Report repository
Releases
Packages
Contributors

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Strip utm_, fbclid, gclid, etc. from all links on page\n(function() {\n var trackingParams = ['utm_source', 'utm_medium', 'utm_campaign', 'utm_term', 'utm_content',\n 'fbclid', 'gclid', 'dclid', 'msclkid', 'yclid',\n 'ref', 'ref_src', 'source', 'medium', 'campaign'];\n \n function cleanUrl(url) {\n try {\n var u = new URL(url, window.location.origin);\n var changed = false;\n trackingParams.forEach(function(p) {\n if (u.searchParams.has(p)) {\n u.searchParams.delete(p);\n changed = true;\n }\n });\n return changed ? u.toString() : url;\n } catch (e) {\n return url;\n }\n }\n \n function cleanLinks() {\n document.querySelectorAll('a[href]').forEach(function(a) {\n var clean = cleanUrl(a.href);\n if (clean !== a.href) a.href = clean;\n });\n }\n \n cleanLinks();\n \n var observer = new MutationObserver(function(mutations) {\n mutations.forEach(function(m) {\n m.addedNodes.forEach(function(node) {\n if (node.nodeType === 1) {\n if (node.tagName === 'A') cleanLinks();\n node.querySelectorAll('a[href]').forEach(function(a) {\n var clean = cleanUrl(a.href);\n if (clean !== a.href) a.href = clean;\n });\n }\n });\n });\n });\n observer.observe(document.body, { childList: true, subtree: true });\n})();", "Remove Tracking Parameters from Links");
}
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})();
(function(){
try {
var __m = "youtube.com";
var __re = new RegExp('^' + "youtube\\.com" + '

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M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
Resources
Readme
CC-BY-4.0 license
Activity
Stars
4 stars
Watchers
0 watching
Forks
1 fork
Report repository
Releases
Packages
Contributors

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Auto-enable theater mode on YouTube\n(function() {\n function tryTheater() {\n var btn = document.querySelector('button[aria-label=\"Theater mode\"], ytd-player #player button[title=\"Theater mode\"]');\n if (btn && !btn.classList.contains('activated')) {\n btn.click();\n }\n }\n \n // Try immediately\n tryTheater();\n \n // Try after navigation (SPA)\n var lastUrl = location.href;\n setInterval(function() {\n if (location.href !== lastUrl) {\n lastUrl = location.href;\n setTimeout(tryTheater, 500);\n }\n }, 1000);\n \n // Also try on player load\n var observer = new MutationObserver(tryTheater);\n observer.observe(document.body, { childList: true, subtree: true });\n})();", "YouTube Theater Mode Default");
}
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})();
(function(){
try {
var __m = "*";
var __re = new RegExp('^' + ".*" + '

Skip to content
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Repository files navigation
M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
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Readme
CC-BY-4.0 license
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M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
Resources
Readme
CC-BY-4.0 license
Activity
Stars
4 stars
Watchers
0 watching
Forks
1 fork
Report repository
Releases
Packages
Contributors

, 'i');
if (__m === '*' || __re.test(location.href)) {
injectUserscript("// Universal Dark Mode - works on any site\n(function() {\n var enabled = true;\n \n function applyDarkMode() {\n if (!enabled) return;\n \n // Create style element if it doesn't exist\n var style = document.getElementById('universal-dark-mode-style');\n if (!style) {\n style = document.createElement('style');\n style.id = 'universal-dark-mode-style';\n document.head.appendChild(style);\n }\n \n // Dark mode CSS - inverts colors but preserves images/video\n style.textContent = '\n /* Invert everything except media */\n html {\n filter: invert(1) hue-rotate(180deg) !important;\n background: #1a1a2e !important;\n }\n \n /* Restore images, videos, iframes, canvas */\n img, video, iframe, canvas, svg, picture, [style*=\"background-image\"] {\n filter: invert(1) hue-rotate(180deg) !important;\n }\n \n /* Preserve specific elements that should not be inverted */\n .no-dark-mode, .no-dark-mode *,\n [data-theme=\"light\"], [data-theme=\"light\"],\n .ace_editor, .ace_editor *,\n .CodeMirror, .CodeMirror *,\n .monaco-editor, .monaco-editor *,\n .markdown-body pre, .markdown-body pre *,\n .highlight, .highlight *,\n pre code, pre code * {\n filter: none !important;\n }\n \n /* Fix common UI elements */\n .modal, .popup, .dropdown-menu, .tooltip, .popover {\n filter: invert(1) hue-rotate(180deg) !important;\n background: #2d2d44 !important;\n border-color: #444 !important;\n }\n \n /* Scrollbars */\n ::-webkit-scrollbar { background: #1a1a2e !important; }\n ::-webkit-scrollbar-thumb { background: #444 !important; }\n ::-webkit-scrollbar-thumb:hover { background: #555 !important; }\n \n /* Selection */\n ::selection { background: #4ecdc4 !important; color: #1a1a2e !important; }\n ::-moz-selection { background: #4ecdc4 !important; color: #1a1a2e !important; }\n ';\n }\n \n function removeDarkMode() {\n var style = document.getElementById('universal-dark-mode-style');\n if (style) style.remove();\n }\n \n // Toggle with Alt+Shift+D\n document.addEventListener('keydown', function(e) {\n if (e.altKey && e.shiftKey && e.key === 'D') {\n e.preventDefault();\n enabled = !enabled;\n if (enabled) {\n applyDarkMode();\n console.log('[Universal Dark Mode] Enabled');\n } else {\n removeDarkMode();\n console.log('[Universal Dark Mode] Disabled');\n }\n }\n });\n \n // Apply on load\n applyDarkMode();\n \n // Re-apply on dynamic content\n var observer = new MutationObserver(function(mutations) {\n if (enabled && !document.getElementById('universal-dark-mode-style')) {\n applyDarkMode();\n }\n });\n observer.observe(document.head, { childList: true });\n \n console.log('[Universal Dark Mode] Loaded - Press Alt+Shift+D to toggle');\n})();", "Universal Dark Mode");
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})();
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M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples
Dataset DOILicense: CC BY 4.0
An open, continuously-updated index of real-world M&A valuation multiples (EV/EBITDA and EV/Revenue), broken out by sub-vertical and enterprise-value bracket. Built and maintained by ExitValue.ai.
Every number below is an aggregate median of disclosed M&A transactions — not an estimate, rule of thumb, or imputed value. Each published cell requires at least 10 disclosed deals (n >= 10). Outliers are excluded (EV/EBITDA outside [0.5, 60.0]; EV/Revenue outside [0.05, 25.0]).
  • Coverage: 25,487 unique completed transactions; 13,819 with disclosed EV/EBITDA, 24,656 with disclosed EV/Revenue.
  • Published cells: 73 EV/EBITDA + 135 EV/Revenue across 46 sub-verticals.
  • Source window: 2018-2026 (deals post-2018, from SEC EDGAR 8-K/S-4 filings, fairness opinions, and verified press releases).
  • Last updated: 2026-08-16.
What multiple does a business in my industry sell for?
These are median EV/EBITDA exit multiples for small-business and lower-middle-market deals (enterprise value up to $100M) — the size range where most owner-operated companies actually transact. p25/p75 show the interquartile spread; n is the number of disclosed deals in the cell.
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Ambulatory surgery center (ASC)$5M-25M8.1x5.5x11.4x20
Ambulatory surgery center (ASC)$25M-100M9.5x6.8x12.2x11
Dental practice$5M-25M7.0x6.5x8.3x10
Durable medical equipment (DME)<$5M5.3x4.3x7.0x11
Durable medical equipment (DME)$5M-25M5.1x4.7x5.8x13
Electronics$25M-100M9.2x6.8x16.4x11
Gaming$25M-100M9.1x5.1x11.6x10
Healthcare IT$5M-25M9.5x7.0x14.4x10
Home health<$5M4.7x3.9x6.2x25
IT services$5M-25M7.0x5.3x8.6x13
IT services$25M-100M6.4x4.8x10.0x10
Industrial equipment$25M-100M8.6x6.2x12.1x19
Medical devices$25M-100M12.7x9.1x21.9x14
Oil & gas services$25M-100M3.7x2.2x7.5x15
Primary-care practice<$5M3.6x3.4x4.6x11
SaaS$5M-25M11.0x8.7x19.1x16
SaaS$25M-100M15.5x5.9x19.1x11
Specialty medical practice$5M-25M5.9x5.1x8.2x15
Wholesale distribution$25M-100M6.8x4.8x8.7x17
Larger transactions (enterprise value $100M+)
For reference, the same sub-verticals at larger deal sizes (multiples typically expand with scale):
Sub-verticalEV bracketMedian EV/EBITDAp25p75n (deals)
Aerospace>$500M14.2x12.9x16.9x24
Apparel>$500M5.9x3.8x10.1x11
Auto parts>$500M8.1x6.6x12.6x14
Consulting>$500M13.7x11.7x15.8x13
Consumer products>$500M10.1x8.9x12.2x19
Dental practice>$500M14.0x11.9x15.8x17
Digital media>$500M15.2x10.1x29.4x14
Durable medical equipment (DME)>$500M10.3x9.0x11.9x10
Electrical utility>$500M12.4x11.6x13.8x16
Electronics>$500M18.3x8.9x23.5x14
Enterprise software>$500M22.4x15.3x30.1x11
Food manufacturing>$500M12.9x10.2x17.3x32
Gaming>$500M14.5x9.6x20.9x18
Health tech>$500M25.7x15.7x34.7x12
Healthcare IT>$500M20.0x16.6x25.6x70
Home health>$500M11.6x10.4x15.4x19
IT services>$500M11.3x9.3x13.5x17
Industrial equipment>$500M13.1x10.8x16.1x31
Laboratory services>$500M22.2x17.4x29.5x14
Medical devices>$500M15.2x11.9x20.6x52
Mental / behavioral health$100M-500M13.5x10.0x15.5x21
Metal fabrication>$500M7.8x6.4x10.0x26
Oil & gas services>$500M7.5x5.0x11.3x159
Packaging>$500M9.9x7.6x12.1x19
Pharmacy>$500M18.3x11.9x20.9x21
Physical therapy>$500M14.3x11.2x15.0x11
Primary-care practice>$500M16.6x13.1x18.6x16
Radio & television>$500M8.3x6.7x11.8x16
Restaurant (QSR)>$500M11.5x9.2x16.0x22
SaaS>$500M27.9x15.8x39.6x37
Specialty contractor>$500M9.1x7.1x12.6x14
Specialty medical practice>$500M14.3x9.8x18.3x28
Specialty retail>$500M6.6x4.8x14.8x25
Trucking>$500M6.7x5.3x10.2x10
Veterinary practice>$500M18.8x15.6x22.0x15
Wholesale distribution>$500M10.7x8.8x13.4x49
Scope note. These are population medians by segment — the citable answer to "what does industry X sell for." They are not a valuation of any specific business. A real exit multiple is adjusted for margins, growth, customer concentration, and owner-dependence; that business-specific calculation lives in the free ExitValue.ai valuation tool. EV/Revenue medians (useful for thin-margin and pre-profit segments) are in multiples.json.
Files
FileWhat's in it
multiples.jsonPer (sub-vertical × EV-bracket) median + p25/p75 for EV/EBITDA, EV/Revenue. 73 EV/EBITDA + 135 EV/Revenue cells, each n >= 10.
multiples-by-year.jsonPer (sub-vertical × year) date-stamped quartiles, 2018-2026. Tracks how multiples move over time.
datapackage.jsonFrictionless Data descriptor for the two resources above.
CITATION.cffMachine-readable citation metadata.
Schema (multiples.json)
{
"data": {
"dental-practice": {
"5m_25m_ev": {
"ev_ebitda": { "n": 10, "p25": 6.5, "p50": 7.0, "p75": 8.3 }
}
}
},
"source_window": "2018-2026",
"min_cell_n": 10
}
p50 is the median. EV brackets: under_5m_ev, 5m_25m_ev, 25m_100m_ev, 100m_500m_ev, over_500m_ev.
Methodology
Multiples are computed as aggregate quartiles of disclosed transaction multiples within each (sub-vertical × EV-bracket) cell, restricted to post-2018 deals. All metrics are at the time of acquisition, not current state. No values are estimated, imputed, or fabricated — cells without enough disclosed deals (n < 10) are simply omitted rather than filled in.
Full methodology and the live data: https://exitvalue.ai/methodology
State of SMB & Mid-Market M&A report: https://exitvalue.ai/research
License
Data licensed CC BY 4.0 — free to use, including commercially, with attribution to ExitValue.ai.
Citation
If you use this dataset in research, reporting, or a product, please cite it (see CITATION.cff):
ExitValue.ai. (2026). M&A Multiples Index — SMB & Lower-Middle-Market Valuation Multiples.
DOI: 10.5281/zenodo.20398222. https://github.com/nickcals/multiples

About
M&A Multiples Index — open dataset of median EV/EBITDA & EV/Revenue valuation multiples for SMB & lower-middle-market deals, by sub-vertical and EV bracket. From 25,000+ real disclosed transactions. CC-BY-4.0. By ExitValue.ai.
exitvalue.ai/methodology
Topics
business-valuationdatasetebitdaev-ebitdafinancefinancial-datam-and-amergers-and-acquisitionsmiddle-marketopen-dataprivate-equitysmbvaluationvaluation-multiples
Resources
Readme
CC-BY-4.0 license
Activity
Stars
4 stars
Watchers
0 watching
Forks
1 fork
Report repository
Releases
Packages
Contributors