Free playbook
50 industries. Multiples, drivers, deal-killers.
Every industry has its own pricing logic. This is the working reference we use on real deals — pricing ranges, value drivers, deal-killer flags, and the questions that actually move a buyer.
Auto, Transport & Storage (10)
Convenience Store + Gas
SDE 2.0x–3.5x · EBITDA 3.5x–5.5x (larger ops / institutional buyers)
Convenience Store Without Gas (Urban Bodega / Corner Store)
SDE 1.5x–2.8x · EBITDA 2.5x–4.0x
Gas Station Only (No Significant Inside Sales)
SDE 2.0x–3.5x · EBITDA 2.5x–4.0x (business only / leasehold); 7.0x–9.0x (business + real estate)
Auto Repair Shops (Independent, Non-Franchise)
SDE 2.0x–3.0x (typical independent); up to 4.5x (manager-run, multi-bay, strong repeat base) · EBITDA 2.75x–4.5x (single location); 4.5x–6.5x (multi-location or with fleet accounts)
Tire Stores (Independent, Non-Franchise)
SDE 2.1x–3.1x · EBITDA 2.68x–4.89x
Auto Body / Collision Repair Shops
SDE 2.0x–3.0x (independent single shop); 2.5x–3.5x (DRP-certified, multi-bay) · EBITDA 3.0x–5.0x (single location $1–5M revenue); 5.0x–8.0x (platform/MSO-level with DRPs and OEM certs)
Car Washes (Full-Service, Express, Self-Serve)
SDE 3.5x–5.5x (express exterior / tunnel with memberships); 2.5x–3.5x (self-serve); 3.0x–5.0x (full-service) · EBITDA 3.0x–5.0x (self-serve/full-service); 3.8x–6.5x (express exterior tunnel with membership revenue)
Towing Companies
SDE 2.3x–3.5x (typical independent); up to 4.5x–6.0x (impound-heavy with police contracts) · EBITDA 3.0x–4.5x
Trucking / Freight / Logistics (Small Fleets)
SDE 2.0x–3.5x (small owner-operators / 5–20 trucks); 3.0x–4.5x (asset-light with contracts, dry van/specialized) · EBITDA 3.5x–5.5x (dry van, $500K–$5M EBITDA); 4.5x–6.5x (specialized: reefer, hazmat, flatbed); 5.0x–8.0x (larger fleets with long-term shipper contracts)
Auto Detailing Businesses
SDE 2.4x–4.2x · EBITDA 3.6x–6.9x
Trades & Restaurants (10)
HVAC Businesses (residential/commercial service)
SDE 2.5x–5x (avg 2.75x; premium recurring-revenue businesses hit 5x+ in competitive bid) · EBITDA 4x–8x typical; 10x+ for large-scale service-heavy platforms pursued by PE roll-ups (Q1 2025 avg ~8x per First Page Sage; Capstone Partners confirms elevated multiples just below 2020–2021 bull market peak; 149 transactions completed YTD 2025, +12.9% YOY; PE add-on transactions up 88% YOY H1 2025)
Plumbing Businesses
SDE 1.68x–2.97x (Peak Business Valuation 2025); avg 2.47x per ClearlyAcquired 2025 data; maintenance-focused firms 4x–6x SDE · EBITDA 2.43x–4.45x (Peak Business Valuation small-market); larger established businesses 6x–11x (Viking Mergers); PE-backed platforms paying premium for licensed workforce
Electrical Contractors
SDE 2.22x–2.89x (Peak Business Valuation legacy data); electrification-exposed operators achieving significant premiums above that baseline · EBITDA 3.2x–8.0x typical range; residential-focused owner-operators 3.2x–4.5x; commercial/mixed operators 4.5x–6.5x; data center / EV / hyperscaler-exposed operators 7.5x–9x+ (CT Acquisitions 2026); Cascade Partners H1 2025 confirms <$5M EBITDA firms 3.0x–4.5x, $10M–$15M EBITDA 5.0x–6.5x, $15M+ EBITDA 5.5x–8.0x+; M&A volume up 13% in 2024
Roofing Companies
SDE 1.88x–2.73x (Peak Business Valuation 2025); 2x–4x practical market range (homeservicesbusinessvaluation.com 2025); premium businesses with recurring maintenance contracts hitting 4x+ · EBITDA 2.47x–3.55x (Peak Business Valuation small-market); 3x–5x for under-$3M revenue; 5x–7x for $3M–$10M revenue; 7x–9x+ for $10M+ with strong margin/systems (Profitability Partners 2026); PE platforms surged from 17 to 56 in 2 years
Landscaping & Lawn Care
SDE 2.76x–3.21x (Peak Business Valuation Oct 2025); 2.46x avg per BizBuySell 2025; recurring-maintenance-heavy businesses 3.5x–5x SDE (OffDeal 2025); project-only businesses 2x–3.5x SDE · EBITDA 3.63x–3.98x (Peak Business Valuation 2025); First Page Sage Q1 2025 shows commercial landscaping at 9.9x and lawn service at 8.6x EBITDA for PE-targeted $500K–$3M EBITDA range (PE roll-up demand elevated by fragmented market)
General Contractors
SDE 2.15x–2.85x (Peak Business Valuation 2025); BizBuySell construction avg earnings multiple 2.60x; Calder Capital Q2 2025 — construction SDE 3.13x at $1–2M deal size, 3.52x at $2–5M deal size · EBITDA 2.75x–4.15x (Peak Business Valuation 2025); private construction median 3.8x from 2017–2024 (ClearlyAcquired); general commercial construction ~3.2x median; specialized trade GCs command higher; public construction firms 9.43x avg (not relevant at private lower-market)
Fast Food / QSR (independent + franchise)
SDE 1.5x–2.83x (Peak Business Valuation Aug 2025); franchise units command higher multiples than independents; QSR Magazine notes 2024 M&A activity up 10%+ YOY to $9.6B in deal value · EBITDA 3.34x–4.25x (Peak Business Valuation); multi-unit franchise platforms 5x–8x+ EBITDA for institutional buyers; Auxo Capital notes QSR/drive-thru concepts command the strongest restaurant EBITDA multiples due to throughput efficiency
Full-Service Restaurants (sit-down, non-franchise)
SDE 1.5x–3x (We Sell Restaurants 2025); Peak Business Valuation 2025 range 2.14x–2.96x; BizBuySell 2025 avg earnings multiple 2.15x; single-location independents often 1.5x–2.5x · EBITDA 2.80x–3.65x (Peak Business Valuation 2025); multi-unit chains with proven unit economics can achieve 5x–7x+; fine dining and experiential concepts typically trade at discount due to chef dependency and labor intensity
Bars / Pubs / Taverns
SDE 2.12x–3.10x (Peak Business Valuation Nov 2024); BizBuySell avg earnings multiple 2.73x in 2025 (trending up from 2.6 five years ago); bars declining from 2023–2025 due to rising rates though still above pre-pandemic levels · EBITDA 3.00x–5.07x (Peak Business Valuation); entertainment-positioned bars with events and live music can achieve upper range; median financials relatively flat 2024–2025
Pizza Restaurants (independent + franchise)
SDE 1.0x–2.5x for independents (PMQ Pizza Media transaction analysis; Sofer Advisors Dec 2025); very few exceed 3.5x SDE; trades at discount vs. broader restaurant average (2.14x–2.96x) due to competitive pressures and commodity sensitivity · EBITDA 2.5x–4.5x for independents; franchise brands (Domino's, Papa John's, Pizza Hut) achieve higher multiples due to brand value, systemized operations, and financing availability; multi-unit operators with delivery technology can reach 5x+
Food & Retail (10)
Bakeries (Retail + Wholesale)
SDE 2.27x–3.09x · EBITDA 3.67x–4.38x
Ice Cream / Frozen Yogurt Shops
SDE 2.0x–3.0x · EBITDA 3.0x–4.0x
Food Trucks
SDE 1.5x–2.5x · EBITDA 2.0x–3.5x
Catering Companies
SDE 2.0x–3.0x · EBITDA 3.0x–4.5x
Liquor Stores
SDE 2.90x–3.68x · EBITDA 3.5x–5.0x
Smoke Shops / Vape Shops
SDE 1.2x–2.5x · EBITDA 2.0x–3.5x
Grocery Stores / Specialty Markets (Independent, Ethnic, Urban)
SDE 2.23x–3.38x · EBITDA 3.21x–4.15x
Pharmacies (Independent Retail)
SDE 2.45x–3.38x · EBITDA 3.60x–4.75x
Clothing Stores / Boutiques
SDE 1.80x–2.50x · EBITDA 2.5x–3.5x
Jewelry Stores
SDE 1.86x–3.91x · EBITDA 4.69x–5.12x
Services & Health (10)
Vending Machine Routes / ATM Routes
SDE 1.8x–2.6x (vending); ATM routes 2x–2.5x annual net (or 20–30x monthly NOI) · EBITDA 2.5x–3.5x (larger, professionally managed routes)
Cleaning Services (Commercial Janitorial + Residential)
SDE 2.0x–4.5x (residential 2x–3.8x; commercial with recurring contracts 3x–4.5x) · EBITDA 3.5x–6.0x (commercial with strong recurring contracts and management team)
Pest Control Companies
SDE 2.3x–3.5x (small owner-operated, <$1M revenue); up to 5x–7x SDE for recurring-heavy businesses · EBITDA 3.3x–5.5x (Main Street); 6x–8.5x (PE add-ons with 80%+ recurring revenue); 8x–12x (platform transactions)
Laundromats (Coin & Card)
SDE 3.2x–4.2x (well-run; 2.5x–3.5x for average; below 2.5x for poorly documented) · EBITDA 4x–6x — NOTE: EBITDA multiples appear higher than revenue multiples because laundromats carry very high EBITDA margins (35–45%). Revenue multiples of 1.5x–2x look lower, but the underlying EBITDA multiples of 4x–6x are normal for high-margin businesses. The combination is NOT an anomaly — it reflects the asset-light, low-labor model. A 'low' revenue multiple on a 40% EBITDA margin business equates to a reasonable earnings multiple.
Dry Cleaners
SDE 1.95x–2.93x (average per Peak Business Valuation transaction data) · EBITDA 2.5x–4.1x
Gyms / Fitness Centers (Independent + Franchise)
SDE 1.5x–2.5x (independent owner-operated); up to 3x for absentee, profitable, GM-run locations · EBITDA 3.3x–4.3x (independent small gyms); 7x–11x (public multi-unit franchise platforms — Planet Fitness, Xponential brands)
Salons / Barber Shops / Nail Salons
SDE 1.8x–2.9x (hair/barber; median ~2.0x per BizBuySell); 1.6x–2.0x (nail salons; median ~1.76x); premium salons with strong books: up to 3.5x · EBITDA 2.5x–4.0x (larger, professionally managed multi-location)
Med Spas (Cosmetic Injectables, Laser, etc.)
SDE 3x–5x SDE (single location, owner-operated) · EBITDA 3x–6x (single location, <$5M revenue); 5x–8x (mid-sized $5M–$20M); 7x–12x (PE-backed multi-location platforms with membership model and diversified treatments). NOTE: This sector is in explosive growth — 10,488 U.S. locations in 2023 (up 18% YoY per AmSpa 2024 State of the Industry), average revenue $1.4M/location, 15–25% CAGR expected. Only ~3% PE-owned as of 2024, signaling early-stage consolidation land-grab. PE groups are paying 6–10x EBITDA for scalable platforms; best-in-class multi-site operators with membership revenue and diverse treatments can reach 10–12x.
Dental Practices (General + Specialty)
SDE 3x–5x SDE (doctor-to-doctor sale for practices <$1.8M collections); approx 60–80% of prior 3-year average collections for traditional transitions · EBITDA 5x–8x (DSO add-ons, single-office GP); 7x–9x (multi-provider regional groups $1M–$3M EBITDA); 9x–11x (emerging multi-site platforms $3M–$5M EBITDA); 11x+ (platform-level organizations $5M+ EBITDA). NOTE: DSO consolidation has reached ~25% market penetration, paying record multiples. Specialty practices — orthodontics, oral surgery (OMS), pediatric dentistry — command 20–40% premium multiples over general dentistry. Of 250 OMS residency graduates in 2024, ~150 went directly to IDSOs/DSOs (per Large Practice Sales), reflecting fastest consolidation of any dental specialty. IDSO partnership model (selling 51–90% while retaining equity) can yield 6x–12x EBITDA for practices with $500K+ EBITDA.
Medical Practices (Primary Care + Specialty)
SDE 2.6x–4.5x SDE (solo or small primary care / general practice); NOTE: most physician practice M&A at meaningful scale uses EBITDA, not SDE · EBITDA Primary Care: 5x–7x (add-on) / 8x–12x (scaled value-based platforms); Specialty (Cardiology, GI, Ortho): 7x–14x; Ophthalmology / Oncology / Urology: 8x–20x (retina and oncology platforms at upper end). NOTE: Median public healthcare services EV/EBITDA was ~11.5x in 2025 (down from 14.5x in 2024 per ClearlyAcquired / FOCUS data). Private practice M&A shows strong PE activity driving consolidation across all specialties. Practices with ancillary revenue (ASC, imaging, lab) command 1–3x premium over pure clinical practices.
Professional & Tech (10)
Chiropractic Practices
SDE 1.75x–2.27x (BizBuySell/Peak: 2.0x–3.5x for stronger practices) · EBITDA 2.86x–3.83x
Accounting / CPA Firms
SDE 2.0x–3.5x (premium well-systematized firms: 3.25x–4.0x) · EBITDA 4.0x–7.5x (PE platform acquisitions: 7x–10x+)
Law Firms
SDE 2.44x–2.84x (well-positioned firms: 3x–4x SDE) · EBITDA 3.75x–4.34x (earnings multiples 3x–6x per LeanLaw 2025)
IT Services / MSPs (Managed Service Providers)
SDE 3x–5x (small T&M-heavy or sub-$500K EBITDA MSPs; PE tuck-ins going as low as $300K EBITDA) · EBITDA 5x–8x for $500K–$2M EBITDA; 8x–12x+ for $2M+ EBITDA PE platform targets; median 6x–8x across all deals in 2025
Marketing / Advertising Agencies
SDE 2x–4x (small owner-operated, <$1M EBITDA) · EBITDA 3x–5x for small agencies (<$1M EBITDA); 5x–8x for mid-market ($1M–$5M EBITDA); 8x–12x for scaled performance/data-driven agencies ($5M+ EBITDA)
Insurance Agencies (P&C + Life)
SDE N/A (EBITDA is industry standard; revenue multiple of 1.0x–1.5x gross commissions used for smallest book purchases) · EBITDA P&C commercial lines focus: 7x–10x EBITDA (mid-market; PE-driven roll-ups at 12x–14x for platforms). Small personal lines (<$1M revenue): 4x–6x EBITDA. Life agencies: typically lower, 4x–6x, due to less recurring/renewal premium stability. Internal perpetuation valuations: ~9.3x EBITDA (Reagan Consulting 2024 data)
E-Commerce / Amazon FBA Brands
SDE 2.5x–4.0x SDE for sub-$1M brands (crashed from 2021 peak of ~43x monthly = ~3.6x annual; 2024 Empire Flippers average sale multiple: 26.6x monthly = ~2.2x annual SDE). DTC/Shopify brands: 3.5x–5.5x SDE. Market polarizing: sub-$250K and $1M+ transacting well; $250K–$1M ('orphan range') hardest to sell. · EBITDA Amazon FBA: 2.0x–3.0x EBITDA (well-positioned brands). DTC brands: 3.5x–5.5x EBITDA. Aggregator-level $1M+ EBITDA FBA: 4x–6x EBITDA possible in competitive process.
SaaS / Software Companies (sub-$10M revenue)
SDE 2x–4x SDE for sub-$500K ARR (bootstrapped, owner-operated) · EBITDA Profitable SaaS: 10x–20x EBITDA (high growth); 5x–12x for moderate growth; EBITDA rarely primary metric for growth-stage SaaS
Daycares / Childcare Centers
SDE 2.0x–3.5x SDE (single-location; BizBuySell 2025 average earnings multiple: 3.27x; median sale price $395K on median owner earnings of $132,779) · EBITDA 3x–5x EBITDA for single-location centers; 4x–7x for multi-site operators; PE-backed chains and platform acquisitions: 6x–8x EBITDA
Self-Storage Facilities
SDE N/A — self-storage is real property valued on cap rate / NOI, not SDE multiples. BizBuySell storage/warehouse median SDE multiple 3.41x as secondary reference for smaller facilities. · EBITDA Not standard metric; NOI capitalization is primary method. For context: REITs/public operators implied cap rates 5.25%–5.70% (2025 Newmark survey); private market Class A: 4.75%–5.50% cap; Class B: 5.25%–6.50% cap; Class C: 6.25%–8.00% cap.