Industry multiples
Educational benchmarks for Main Street and lower-middle-market dialog — not a substitute for transaction comps, lender quotes, or a quality of earnings review. Filter by keyword and copy rows into your working model.
26 of 26 industries
| Industry | SDE low / mid / high | EBITDA low / mid / high | Notes | |
|---|---|---|---|---|
| HVAC / Mechanical | 2.5 / 3 / 3.5 | 4 / 5 / 6 | Recurring maintenance contracts and brand lift multiples; heavy capex or fleet age drags value. | |
| Plumbing | 2.4 / 2.9 / 3.4 | 4 / 4.8 / 5.8 | Service agreements and van routes help; owner-led estimating is a discount factor. | |
| Electrical Contracting | 2.3 / 2.8 / 3.3 | 3.8 / 4.6 / 5.5 | Commercial backlog and licensing depth support higher multiples. | |
| Landscaping / Lawn Care | 2 / 2.5 / 3 | 3.5 / 4.2 / 5 | Seasonality and equipment replacement cycles matter; contracts help. | |
| Restaurant (QSR / Casual) | 1.5 / 2 / 2.5 | 2.5 / 3.2 / 4 | Lease terms and transferability dominate; franchise vs independent shifts range. | |
| Restaurant (Full-Service) | 1.4 / 1.85 / 2.4 | 2.2 / 3 / 3.8 | Higher labor volatility; key-person risk if chef/owner dependent. | |
| Retail (General) | 1.8 / 2.3 / 2.9 | 3 / 3.8 / 4.8 | Inventory turns, lease economics, and e-commerce mix drive spreads. | |
| E-commerce / DTC | 2.2 / 2.8 / 3.6 | 3.5 / 4.5 / 6 | Margin profile and ad efficiency matter more than top-line growth alone. | |
| SaaS / Subscription Software | 4 / 6 / 10 | 5 / 8 / 15 | ARR growth, churn, and gross retention drive outsized multiples vs traditional SMB. | |
| Healthcare Services | 2.4 / 3.1 / 4 | 4 / 5.5 / 7 | Payer mix and regulatory exposure; compliance infrastructure adds value. | |
| Dental Practice | 2.5 / 3.2 / 4 | 4 / 5.5 / 7 | Often viewed on % of collections or SDE; equipment age and payer mix shift outcomes. | |
| Auto Repair / Collision | 2.2 / 2.8 / 3.4 | 3.8 / 4.8 / 6 | Bay count, OEM certifications, and fleet relationships support premiums. | |
| Manufacturing (Light) | 2.5 / 3.2 / 4.2 | 4 / 5.5 / 7 | Customer concentration and capex cycle are primary risk factors. | |
| Distribution / Wholesale | 2.4 / 3 / 3.8 | 4 / 5 / 6.5 | Working capital intensity and supplier agreements frame negotiations. | |
| Construction / GC | 2 / 2.6 / 3.2 | 3.5 / 4.5 / 5.5 | Backlog quality and bonding capacity often matter as much as SDE. | |
| Professional Services (General) | 2.2 / 2.8 / 3.5 | 4 / 5 / 6.5 | Recurring clients and junior bench strength reduce key-person discount. | |
| Law Firm | 2 / 2.6 / 3.2 | 3.5 / 4.5 / 5.8 | Partner dependency and case concentration heavily influence transferability. | |
| Accounting / Tax Practice | 2.4 / 3 / 3.8 | 4.2 / 5.2 / 6.5 | Recurring compliance work and staff leverage support higher multiples. | |
| Marketing / Creative Agency | 2 / 2.6 / 3.4 | 3.5 / 4.5 / 6 | Project concentration and senior talent retention are key diligence items. | |
| Logistics / Trucking | 2.2 / 2.8 / 3.5 | 3.8 / 4.8 / 6 | Fleet age, driver market, and contract lanes drive valuation bands. | |
| Hospitality / Hotel | 2 / 2.8 / 3.8 | 3.5 / 5 / 7 | FF&E reserves, franchise terms, and market RevPAR trends dominate. | |
| Fitness / Gym | 1.8 / 2.4 / 3 | 3 / 4 / 5 | Membership economics and lease flexibility matter; franchise vs independent varies. | |
| Home Services (Other) | 2.1 / 2.6 / 3.2 | 3.8 / 4.6 / 5.5 | Catch-all for residential trades — document recurring routes where possible. | |
| Education / Tutoring | 2 / 2.6 / 3.2 | 3.5 / 4.5 / 5.5 | Enrollment stability and curriculum IP can support premiums. | |
| Franchise (Multi-unit) | 2.2 / 2.9 / 3.8 | 3.8 / 5 / 6.5 | FDD terms, transfer fees, and remodel obligations flow through to buyers. | |
| Other / General SMB | 2 / 2.6 / 3.2 | 3.5 / 4.5 / 5.5 | Conservative blended benchmarks when industry-specific data is unavailable. |