Average Industry EBITDA Multiples (2025–2026 Outlook)

2025-2026 outlook. Multiples are applied to a company's EBITDA to estimate enterprise value. Higher multiples mean buyers pay more per dollar of earnings - usually because of growth, recurring revenue, or defensibility.

Multiples by Industry

Typical range of enterprise value / EBITDA for small to mid-market businesses.

Industry	EBITDA Multiple	Notes
Real Estate & Operations	15.6x - 27.6x	-
Technology & SaaS	10.0x - 14.1x+	Higher for high-growth recurring revenue.
Aerospace & Defense	7.2x - 13.8x	-
Waste Management	6.2x - 9.4x	-
Food & Beverage Processing	5.2x	-
Healthcare	4.3x - 6.0x+	-
Manufacturing	3.0x - 6.0x+	-
Construction	2.6x - 3.7x	-
HVAC & Specialized Services	2.1x - 3.4x	-
Restaurants & Hospitality	2.2x - 3.0x	-

Key Valuation Drivers

Why two businesses in the same industry can trade at very different multiples.

Size: Larger companies usually command higher multiples - more predictable cash flows, more buyer interest, lower perceived risk.
Growth: Higher revenue or EBITDA growth rates earn premium multiples. A business growing 20%+ is worth significantly more than a flat one.
Dependence: High dependency on a single owner, customer, or product lowers the multiple. Buyers pay more for businesses that can run without the founder.
Profitability: Recurring revenue and high EBITDA margins boost value. Predictable, high-quality earnings are worth more than lumpy ones.

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