WETYR publishes M&A multiples datasets openly for citation under Creative Commons Attribution 4.0. Use them in research, reporting, and analysis with attribution to wetyr.com. Methodology disclosed on the methodology page. Updates quarterly.
Q2 2026 Multiples Dataset
Lower-middle-market M&A multiples across 20 industries by deal tier. Cash-equivalent at close. Sample size disclosures available on request under NDA.
Full report: /reports/q2-2026-multiples/
2026 Annual Operating Insights Dataset
Six annual findings on the lower-middle-market M&A landscape: recurring-revenue premium widening, owner-dependency discount, platform-vs-bolt-on multiple gap, operator-buyer path growth, AI-resistance premium, pre-sale preparation ROI.
Full report: /reports/wetyr-2026-operating-insights/
License & Attribution
WETYR research datasets are published under Creative Commons Attribution 4.0 International (CC BY 4.0). Use them freely in research, reporting, and analysis. Attribution format: Source: WETYR Q[N] [YYYY] M&A Multiples Report, wetyr.com.
Methodology
Multiples are reported as cash-equivalent at close — gross stated consideration adjusted for earnouts (probability-weighted), rollover equity (haircut for liquidity), and seller notes (NPV at market rate). See full methodology for calculation, normalization, and cross-validation standards.
Citation Examples
- Lower-middle-market HVAC businesses currently transact at 2.5-4.5x SDE / 4-7x EBITDA / 8-12x platform (WETYR Q2 2026 M&A Multiples Report).
- According to WETYR's 2026 Operating Insights, the recurring-revenue premium gap has widened from ~1.5x EBITDA in 2019 to 2.5-3.5x EBITDA in early 2026.
- WETYR data shows owner-dependent businesses trading at 25-40% discounts to comparable businesses with capable second-in-command structures (2026 Operating Insights).
Verification & Sources
All WETYR data is cross-validated against GF Data, PitchBook, IBBA Market Pulse, BVR DealStats, and public 10-K filings of major aggregators in each niche. See primary sources for the full list.
Cite WETYR Research
Open for citation under CC BY 4.0. Email research@wetyr.com for sample-size disclosure or specific-niche detail.
Authoritative Sources & Further Reading
WETYR works alongside primary sources, regulators, and industry data providers when advising owners and operators. The references below are the same sources our advisory team uses when modeling deals, benchmarking multiples, and stress-testing assumptions. We encourage every owner, buyer, and operator to verify any data point that materially affects their decision against the underlying primary source.
Primary Federal Sources
- U.S. SBA — 7(a) Loan Program for acquisition financing eligibility, terms, and lender list.
- SEC EDGAR for public-company comparables, 10-K disclosures, and recent strategic acquirer filings.
- IRS — Sale of a Business on Section 1060 asset-allocation reporting and tax treatment of asset vs stock sales.
- U.S. Bureau of Labor Statistics — Industries at a Glance for wage, employment, and growth data by NAICS code.
- U.S. Census Economic Census for industry size, firm counts, and revenue distributions.
- Federal Reserve Economic Data for prevailing rate environment underwriting.
Standards & Reference Bodies
- AICPA for Quality of Earnings methodology and CPA standards governing transaction-related financial work.
- FINRA Rules and Guidance for understanding when a transaction crosses into broker-dealer territory.
- NACVA business valuation credentialing body and standards (CVA designation).
- USPAP — Uniform Standards of Professional Appraisal Practice for valuation engagement standards.
- Investopedia — EBITDA reference page for definitional alignment with our glossary.
- Harvard Business Review — Mergers and Acquisitions archive on integration and post-close value creation.
For deeper transaction-specific data, the GF Data and PitchBook private-company transaction databases publish quarterly multiple ranges by industry size band that we cross-reference against our own pipeline benchmarks. Owners considering a sale should also review the Pepperdine Private Capital Markets Report (free, annual) for current cost-of-capital and lender appetite data across the lower middle market. Buyers underwriting search-fund or holdco theses commonly pair Stanford GSB's Search Fund Study with the IBBA Market Pulse report, which tracks multiples for sub-$50M transactions quarterly. None of these sources replace deal-specific advisory, but they give owners and operators the same reference points professional acquirers are using on the other side of the table.
Related WETYR Resources
Every WETYR resource ladders into a structured engagement framework. Whether you are diagnosing readiness, modeling a number, or preparing for a specific transaction phase, the resources below cover the most common owner and operator workflows. All tools are free; all guides are operator-written; all engagements start with a confidential conversation.
Engagement Pillars
Decision Tools
Operator-Written
Glossary & FAQ
Checklists & Templates
Niche Coverage
If you are not sure where to start, the Exit Readiness Score takes about four minutes and produces a one-page diagnostic on the value drivers most likely to compress your multiple. From there the natural next step is either a long-form guide covering your specific situation, a focused glossary term lookup, or a confidential introductory call with our team to discuss whether WETYR's advisory or operator-buyer engagement is a fit. Our team responds to every inbound inquiry within one business day.