Most lower-middle-market businesses sell for 2x to 6x EBITDA, or 2x to 4x SDE for smaller main-street businesses. The multiple depends heavily on industry, recurring revenue, and owner dependence. The table below shows typical ranges across 40 industries, with how many of each operate in the US.
Valuation multiples by industry
Ranked by number of US establishments. Click any industry for a full valuation breakdown.
| Industry | Typical selling range | Owner earnings band | US businesses (Census) |
|---|---|---|---|
| Dental Practices | 6-10x EBITDA on platform deals | $150K - $1.5M | 135,137 |
| Accounting & CPA Firms | 1.0x to 1.4x revenue (under $2M) | $200K - $3M | 134,697 |
| Independent Insurance Agencies | 8-12x EBITDA on platform deals | $150K - $2.5M | 133,999 |
| Landscaping & Lawn Care | 3-5x EBITDA | $150K - $2M | 116,325 |
| Tree Service & Arborists | 3-5x SDE | $150K - $1M | 116,325 |
| HVAC Companies | 3-6x EBITDA standalone | $250K - $4M | 108,933 |
| Plumbing Companies | 3-6x EBITDA standalone | $250K - $4M | 108,933 |
| Gas Stations with Real Estate | Real estate cap rate 6-8 + 2-4x SDE operations | $200K - $1.5M | 96,093 |
| Auto Repair Shops | 3-5x EBITDA | $150K - $1.2M | 83,367 |
| Electrical Contractors | 4-7x EBITDA | $300K - $5M | 80,964 |
| Childcare and Daycare Centers | 4-7x EBITDA | $150K - $1.2M | 79,102 |
| Commercial Cleaning & Janitorial | 3-5x EBITDA | $150K - $2M | 66,112 |
| IT Services & MSPs | 5-8x EBITDA | $200K - $3M | 56,104 |
| Physical Therapy Clinics | 5-8x EBITDA on multi-clinic | $150K - $2M | 49,560 |
| Trucking and Logistics Companies | 3-5x EBITDA | $200K - $4M | 44,249 |
| Independent Pharmacies | 3-6x EBITDA | $150K - $1.5M | 41,321 |
| Fitness Gyms and Studios | 3-5x EBITDA | $100K - $1.5M | 39,529 |
| Excavation & Hardscaping | 3-5x EBITDA | $200K - $3M | 38,780 |
| Home Care Agencies | 4-7x EBITDA | $150K - $2M | 37,932 |
| Staffing and Recruiting Agencies | 4-6x EBITDA | $200K - $3M | 33,794 |
| Veterinary Practices | 8-15x EBITDA on platform deals | $150K - $2M | 32,641 |
| Medical Spas | 4-7x EBITDA | $150K - $1.5M | 28,969 |
| Roofing Companies | 3-5x EBITDA residential | $200K - $3M | 23,424 |
| Optometry Practices | 5-8x EBITDA on platform deals | $150K - $1.5M | 21,369 |
| Car Washes | 5-9x EBITDA on membership models | $200K - $2M | 18,304 |
| Self-Storage Facilities | 6-9 cap rate on real-estate-attached | $150K - $2.5M | 17,254 |
| Flooring Companies | 3-5x EBITDA | $150K - $2M | 17,031 |
| Pool Service & Construction | 4-6x EBITDA | $150K - $1M | 16,591 |
| Machine Shops and CNC Manufacturing | 4-6x EBITDA | $200K - $4M | 16,198 |
| Pest Control Companies | 6-10x EBITDA | $200K - $1.5M | 14,749 |
| Marketing & SEO Agencies | 4-7x EBITDA on B2B retainer-heavy books | $200K - $2M | 14,217 |
| Funeral Homes | 4-7x EBITDA | $150K - $1M | 13,585 |
| Security Guard Companies | 4-6x EBITDA | $150K - $2.5M | 9,764 |
| Laundromats | 2.5x to 4.5x SDE | $80K - $400K per location | 9,713 |
| Waste and Dumpster Rental | 5-8x EBITDA | $250K - $3M | 9,283 |
| Distribution and Wholesale Businesses | 4-7x EBITDA | $300K - $5M | 8,714 |
| Fire Protection and Life Safety | 6-9x EBITDA | $250K - $4M | 6,763 |
| Garage Door Companies | 4-7x EBITDA | $200K - $2M | 6,763 |
| Septic & Drainage Service | 3-5x SDE | $150K - $750K | 2,701 |
| Welding & Metal Fabrication Shops | 4-6x EBITDA | $300K - $3M | 881 |
How to read this table
The selling range is the typical multiple we see for a healthy business in each industry, applied to normalized owner earnings (SDE or EBITDA), not revenue. The owner earnings band is what a business at that industry's typical size usually nets after add-backs. The US business count is from U.S. Census County Business Patterns, and it tells you how fragmented and active each market is: a large, fragmented market means steady buyer demand for well-run operators.
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Valuation multiples FAQ
What multiple does a small business sell for?
Most lower-middle-market businesses sell for 2x to 6x EBITDA, and smaller main-street businesses for 2x to 4x SDE (seller's discretionary earnings). The exact multiple depends on the industry, size, recurring revenue, and owner dependence. The table above shows typical ranges by industry.
Why do multiples vary so much by industry?
Buyers pay more for recurring or contracted revenue, licensing barriers, and low owner dependence. A pest-control route or an accounting firm with sticky, recurring clients commands a higher multiple than a purely project-based business at the same earnings.
Is my business worth revenue times a multiple, or earnings times a multiple?
Almost always earnings, not revenue. Value is normalized owner earnings (SDE or EBITDA) times the multiple. A few very sticky, recurring-revenue businesses also trade on a revenue multiple, but earnings are the base for most sales.
How do I find my exact multiple?
These ranges are typical, not a quote. Your exact number depends on your books, customer concentration, team, and growth. Send your figures and WETYR returns an indicative range within a day, confidentially and with no obligation.
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