What Australian businesses sell for, by sector
Deals updated October 2026
Built from a database of 1,100+ Australian deals. Of those, 700+ have a usable multiple at A$10 million to A$500 million, and 500+ of them an EBITDA multiple, used in the table below.
- Accommodation and food services9.0 times EBITDA, middle half 7.5 to 12.0, 20+ deals
- Arts and recreation9.0 times EBITDA, middle half 8.0 to 9.5, 10+ deals
- Financial and insurance services8.5 times EBITDA, middle half 7.5 to 8.5, 10+ deals
- Health care and social assistance8.5 times EBITDA, middle half 8.0 to 9.0, 50+ deals
- Manufacturing8.5 times EBITDA, middle half 6.0 to 10.5, 50+ deals
- Technology, software, media and telecommunications8.0 times EBITDA, middle half 5.5 to 10.0, 100+ deals
- Administrative and support services7.0 times EBITDA, middle half 6.0 to 9.0, 10+ deals
- Retail trade7.0 times EBITDA, middle half 5.0 to 9.0, 30+ deals
- Professional, scientific and technical services6.5 times EBITDA, middle half 5.0 to 9.0, 20+ deals
- Rental, hiring and real estate6.5 times EBITDA, middle half 4.0 to 7.5, 10+ deals
- Transport, postal and warehousing6.5 times EBITDA, middle half 4.5 to 7.5, 10+ deals
- Wholesale trade6.5 times EBITDA, middle half 6.0 to 8.0, 30+ deals
- Construction6.0 times EBITDA, middle half 5.0 to 7.5, 10+ deals
- Mining5.0 times EBITDA, middle half 3.5 to 10.0, 20+ deals
Source: deals in our database with a published value and an EBITDA multiple, from company filings, experts' reports and press reports. Medians by onestepright.
- 2010 to 20147.5 times EBITDA, middle half 6.0 to 9.0, 100+ deals
- 2015 to 20198.0 times EBITDA, middle half 6.0 to 10.0, 200+ deals
- 2020 to 20267.0 times EBITDA, middle half 4.5 to 9.0, 100+ deals
Source: deals in our database with a published value and an EBITDA multiple, from company filings, experts' reports and press reports. Medians by onestepright.
What Australian businesses sold for, as multiples of EBITDA. Each row is a sector with enough deals to show.
| Sector | Median (times EBITDA) | Middle half | Deals | Years |
|---|---|---|---|---|
| All sectors except infrastructure | 7.5 | 5.5 to 9.5 | 500+ | 1998 to 2026 |
| Manufacturing | 8.5 | 6.0 to 10.5 | 50+ | 2001 to 2026 |
| Food and beverage manufacturing | 11.0 | 9.0 to 15.0 | 30+ | 2001 to 2024 |
| Building materials² | 7.0 | 6.0 to 10.0 | 10+ | 2004 to 2024 |
| Pharmaceutical and health products | 7.5 | 6.5 to 10.0 | 10+ | 2012 to 2023 |
| Packaging² | 6.5 | Median only | 5+ | 2016 to 2023 |
| Industrial and engineered products | 8.5 | Median only | 5+ | 2010 to 2023 |
| Chemicals and plastics | 7.5 | Median only | 5+ | 2010 to 2019, all deals |
| Other | 8.5 | 6.0 to 9.5 | 10+ | 2003 to 2026 |
| Technology, software, media and telecommunications | 8.0 | 5.5 to 10.0 | 100+ | 2006 to 2026 |
| Telecommunications and networks | 8.0 | 6.0 to 10.0 | 20+ | 2008 to 2025 |
| IT services | 7.0 | 5.0 to 9.0 | 30+ | 2012 to 2023 |
| Broadcasting (TV and radio) | 7.5 | 6.0 to 8.0 | 10+ | 2007 to 2021 |
| Software | 10.0 | 8.0 to 12.0 | 10+ | 2011 to 2024 |
| Hosting and colocation (small businesses) | 4.0 | Median only | 5+ | 2015 to 2021, under A$2bn |
| Data and information services | 11.5 | Median only | 5+ | 2005 to 2015, under A$2bn |
| Publishing and print media | 8.0 | Median only | 5+ | 2006 to 2019, all deals |
| Web hosting and domains | 8.5 | Median only | 5+ | 2014 to 2019 |
| Other² | 6.5 | Median only | 5+ | 2020 to 2026 |
| Wholesale trade | 6.5 | 6.0 to 8.0 | 30+ | 1998 to 2025 |
| Wholesale distributors | 6.5 | 6.0 to 8.0 | 30+ | 1998 to 2025 |
| Other | 8.0 | Median only | 5+ | 2007 to 2025, under A$2bn |
| Retail trade | 7.0 | 5.0 to 9.0 | 30+ | 2001 to 2025 |
| Apparel and footwear retail | 7.0 | Median only | 5+ | 2010 to 2018 |
| Other | 7.0 | 4.5 to 9.0 | 20+ | 2001 to 2025 |
| Health care and social assistance | 8.5 | 8.0 to 9.0 | 50+ | 2005 to 2025 |
| Diagnostic imaging | 8.5 | 8.0 to 8.5 | 20+ | 2014 to 2022 |
| Hospitals and day surgery | 11.0 | Median only | 5+ | 2011 to 2022 |
| Allied health and physiotherapy | 7.5 | Median only | 5+ | 2018 to 2022 |
| Dental | 9.0 | Median only | 5+ | 2012 to 2021 |
| Other | 8.5 | 7.5 to 10.0 | 10+ | 2005 to 2025 |
| Electricity, gas, water and waste² | 7.0 | 6.0 to 10.5 | 20+ | 2010 to 2026, under A$2bn |
| Waste and recycling² | 6.5 | 6.0 to 9.0 | 10+ | 2010 to 2025 |
| Other | 12.0 | Median only | 5+ | 1999 to 2026, under A$2bn |
| Construction | 6.0 | 5.0 to 7.5 | 10+ | 2013 to 2026 |
| Arts and recreation | 9.0 | 8.0 to 9.5 | 10+ | 2000 to 2025 |
| Gaming and wagering | 7.5 | 6.5 to 9.0 | 10+ | 2000 to 2022 |
| Other | 9.0 | Median only | 5+ | 2002 to 2019 |
| Mining | 5.0 | 3.5 to 10.0 | 20+ | 2012 to 2024 |
| Mining services and contractors | 4.0 | 3.5 to 5.0 | 10+ | 2014 to 2024 |
| Mining (producers) | 10.0 | Median only | 5+ | 2012 to 2015, all deals |
| Oilfield services | 7.0 | Median only | 5+ | 2010 to 2014, under A$2bn |
| Professional, scientific and technical services | 6.5 | 5.0 to 9.0 | 20+ | 2009 to 2025 |
| Engineering consulting | 5.5 | Median only | 5+ | 2009 to 2016 |
| Advertising and marketing | 6.5 | Median only | 5+ | 2015 to 2017, under A$2bn |
| Other² | 8.0 | 5.5 to 10.5 | 10+ | 2010 to 2025 |
| Financial and insurance services² | 8.5 | 7.5 to 8.5 | 10+ | 2014 to 2026 |
| Financial platforms and broking | 8.5 | Median only | 5+ | 2014 to 2021 |
| Financial administration services² | 12.0 | Median only | 5+ | 2017 to 2024, all deals |
| Other² | 8.0 | Median only | 5+ | 2017 to 2026 |
| Transport, postal and warehousing | 6.5 | 4.5 to 7.5 | 10+ | 2010 to 2026 |
| Road freight and logistics | 6.0 | Median only | 5+ | 2010 to 2025 |
| Rail | 10.5 | Median only | 5+ | 2006 to 2024, all deals |
| Other² | 7.0 | Median only | 5+ | 2015 to 2026 |
| Education and training² | 4.5 | 4.0 to 6.5 | 10+ | 2015 to 2026, under A$2bn |
| Early learning and childcare² | 4.0 | Median only | 5+ | 2015 to 2021 |
| Vocational training² | 4.0 | Median only | 5+ | 2021 to 2023, under A$2bn |
| Accommodation and food services | 9.0 | 7.5 to 12.0 | 20+ | 2003 to 2024 |
| Hotels and accommodation | 10.5 | Median only | 5+ | 2003 to 2023 |
| Pubs, taverns and bars | 10.0 | Median only | 5+ | 2005 to 2024 |
| Other | 6.0 | Median only | 5+ | 2005 to 2017 |
| Administrative and support services | 7.0 | 6.0 to 9.0 | 10+ | 2007 to 2024 |
| Facility and asset services | 8.5 | Median only | 5+ | 2011 to 2020, under A$2bn |
| Staffing and recruitment | 7.0 | Median only | 5+ | 2007 to 2015 |
| Travel services | 7.0 | Median only | 5+ | 2010 to 2024 |
| Other² | 4.5 | Median only | 5+ | 2012 to 2024, all deals |
| Rental, hiring and real estate | 6.5 | 4.0 to 7.5 | 10+ | 2013 to 2026 |
| Equipment hire and pooling | 6.0 | Median only | 5+ | 2013 to 2026 |
| Other | 6.5 | Median only | 5+ | 2013 to 2025 |
| Agriculture, forestry and fishing | 9.5 | Median only | 5+ | 1999 to 2024, under A$2bn |
Rows cover deals of A$10 million to A$500 million unless the Years column names another size.
Only deals with a published value count in a size band.
Median only means fewer than ten deals, so no middle half is shown.
Most of these deals had a listed buyer or an independent expert's report. Treat them as a rough guide to what buyers paid.
² Some figures in this sector come from press reports. The rest come from company documents.
Aged care is left out of health care.
Download these multiples as a CSV file, with every figure in the table above and the median at each deal size.
All sectors leaves out mobile towers, airports, ports and utility networks. They sell at different multiples and are shown apart.
What multiple will my business sell for?
Australian businesses bought between 1998 and 2026 sold for a median of 7.5 times EBITDA, across 500+ deals. A buyer sets each business's own multiple.
What is an EBITDA multiple by industry?
It is enterprise value divided by EBITDA, for the businesses bought in one industry. The table gives the median and the middle half for each sector with enough deals.
What is EV/EBITDA?
EV/EBITDA is enterprise value, what a buyer pays for the whole business including its debt, divided by earnings before interest, tax, depreciation and amortisation.
See how Australian multiples compare with other countries.
See which sectors the deals come from, and how that has changed.
See what private equity funds and trade buyers paid, size band by size band.
See what size does to the price, band by band.
See where your business would sit in the range, from three questions.
Infrastructure assets
These four sit apart from the sectors above. They are large assets with long contracts or regulated returns, and infrastructure funds buy most of them. They sell at multiples an ordinary business seldom reaches.
- Utilities: median 11.0 times EBITDA. The middle half of deals ran from 9.5 to 13.0 times (10+ deals of A$10 million to A$500 million, announced 2004 to 2016). Most of these deals were electricity, gas and water networks. A regulator sets what a network may earn, and its customers have no other network to use. Expect an ordinary business to sell for less.
- Airports: median 11.5 times EBITDA (5+ deals under A$2 billion, announced 2003 to 2019). Most of these deals were large airports on long government leases. They earn landing, parking and shop fees with few rivals nearby. Expect an ordinary business to sell for less.
- Ports and terminals: median 12.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2012 to 2019). Most of these deals were large ports and terminals, many on long leases from a state government. They earn a fee on every ship and container that uses them. Expect an ordinary business to sell for less.
- Mobile towers: fewer than five comparable deals, so no figure is shown. Each deal was A$950 million or more. Towers earn long, rising rents from phone companies and cost little to run. Infrastructure funds bought them when interest rates were low. Expect an ordinary business to sell for far less.
Each line comes from Australian businesses that were bought. The figures are reported multiples of EBITDA, from company announcements and independent experts' reports. Each sector shows the median deal and the middle half of its deals.
All sectors except infrastructure: median 7.5 times EBITDA. The middle half of deals ran from 5.5 to 9.5 times (500+ deals of A$10 million to A$500 million, announced 1998 to 2026). All sectors leaves out mobile towers, airports, ports and utility networks. They sell at different multiples and are shown apart.
Most of these deals had a listed buyer or appear in an independent expert's report. They span more than one market cycle. Treat them as a rough guide to what buyers paid, and expect your own figure to differ.
Some deals did not publish their enterprise value. They are left out wherever a deal size is shown.
Sectors with enough deals to show
- Manufacturing: median 8.5 times EBITDA. The middle half of deals ran from 6.0 to 10.5 times (50+ deals of A$10 million to A$500 million, announced 2001 to 2026).
- Food and beverage manufacturing: median 11.0 times EBITDA. The middle half of deals ran from 9.0 to 15.0 times (30+ deals of A$10 million to A$500 million, announced 2001 to 2024).
- Building materials: median 7.0 times EBITDA. The middle half of deals ran from 6.0 to 10.0 times (10+ deals of A$10 million to A$500 million, announced 2004 to 2024). Some figures in this sector come from press reports. The rest come from company documents.
- Pharmaceutical and health products: median 7.5 times EBITDA. The middle half of deals ran from 6.5 to 10.0 times (10+ deals of A$10 million to A$500 million, announced 2012 to 2023).
- Packaging: median 6.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2016 to 2023). Some figures in this sector come from press reports. The rest come from company documents.
- Industrial and engineered products: median 8.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2010 to 2023).
- Chemicals and plastics: median 7.5 times EBITDA (5+ deals announced 2010 to 2019).
- Technology, software, media and telecommunications: median 8.0 times EBITDA. The middle half of deals ran from 5.5 to 10.0 times (100+ deals of A$10 million to A$500 million, announced 2006 to 2026).
- Telecommunications and networks: median 8.0 times EBITDA. The middle half of deals ran from 6.0 to 10.0 times (20+ deals of A$10 million to A$500 million, announced 2008 to 2025).
- IT services: median 7.0 times EBITDA. The middle half of deals ran from 5.0 to 9.0 times (30+ deals of A$10 million to A$500 million, announced 2012 to 2023).
- Broadcasting (TV and radio): median 7.5 times EBITDA. The middle half of deals ran from 6.0 to 8.0 times (10+ deals of A$10 million to A$500 million, announced 2007 to 2021).
- Software: median 10.0 times EBITDA. The middle half of deals ran from 8.0 to 12.0 times (10+ deals of A$10 million to A$500 million, announced 2011 to 2024).
- Hosting and colocation (small businesses): median 4.0 times EBITDA (5+ deals under A$2 billion, announced 2015 to 2021).
- Data and information services: median 11.5 times EBITDA (5+ deals under A$2 billion, announced 2005 to 2015).
- Publishing and print media: median 8.0 times EBITDA (5+ deals announced 2006 to 2019).
- Web hosting and domains: median 8.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2014 to 2019).
- Wholesale trade: median 6.5 times EBITDA. The middle half of deals ran from 6.0 to 8.0 times (30+ deals of A$10 million to A$500 million, announced 1998 to 2025).
- Wholesale distributors: median 6.5 times EBITDA. The middle half of deals ran from 6.0 to 8.0 times (30+ deals of A$10 million to A$500 million, announced 1998 to 2025).
- Health care and social assistance: median 8.5 times EBITDA. The middle half of deals ran from 8.0 to 9.0 times (50+ deals of A$10 million to A$500 million, announced 2005 to 2025).
- Diagnostic imaging: median 8.5 times EBITDA. The middle half of deals ran from 8.0 to 8.5 times (20+ deals of A$10 million to A$500 million, announced 2014 to 2022).
- Hospitals and day surgery: median 11.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2011 to 2022).
- Allied health and physiotherapy: median 7.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2018 to 2022).
- Dental: median 9.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2012 to 2021).
- Electricity, gas, water and waste: median 7.0 times EBITDA. The middle half of deals ran from 6.0 to 10.5 times (20+ deals under A$2 billion, announced 2010 to 2026). Some figures in this sector come from press reports. The rest come from company documents.
- Waste and recycling: median 6.5 times EBITDA. The middle half of deals ran from 6.0 to 9.0 times (10+ deals of A$10 million to A$500 million, announced 2010 to 2025). Some figures in this sector come from press reports. The rest come from company documents.
- Construction: median 6.0 times EBITDA. The middle half of deals ran from 5.0 to 7.5 times (10+ deals of A$10 million to A$500 million, announced 2013 to 2026).
- Arts and recreation: median 9.0 times EBITDA. The middle half of deals ran from 8.0 to 9.5 times (10+ deals of A$10 million to A$500 million, announced 2000 to 2025).
- Gaming and wagering: median 7.5 times EBITDA. The middle half of deals ran from 6.5 to 9.0 times (10+ deals of A$10 million to A$500 million, announced 2000 to 2022).
- Mining: median 5.0 times EBITDA. The middle half of deals ran from 3.5 to 10.0 times (20+ deals of A$10 million to A$500 million, announced 2012 to 2024).
- Mining services and contractors: median 4.0 times EBITDA. The middle half of deals ran from 3.5 to 5.0 times (10+ deals of A$10 million to A$500 million, announced 2014 to 2024).
- Mining (producers): median 10.0 times EBITDA (5+ deals announced 2012 to 2015).
- Oilfield services: median 7.0 times EBITDA (5+ deals under A$2 billion, announced 2010 to 2014).
- Professional, scientific and technical services: median 6.5 times EBITDA. The middle half of deals ran from 5.0 to 9.0 times (20+ deals of A$10 million to A$500 million, announced 2009 to 2025).
- Engineering consulting: median 5.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2009 to 2016).
- Advertising and marketing: median 6.5 times EBITDA (5+ deals under A$2 billion, announced 2015 to 2017).
- Transport, postal and warehousing: median 6.5 times EBITDA. The middle half of deals ran from 4.5 to 7.5 times (10+ deals of A$10 million to A$500 million, announced 2010 to 2026).
- Road freight and logistics: median 6.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2010 to 2025).
- Rail: median 10.5 times EBITDA (5+ deals announced 2006 to 2024).
- Retail trade: median 7.0 times EBITDA. The middle half of deals ran from 5.0 to 9.0 times (30+ deals of A$10 million to A$500 million, announced 2001 to 2025).
- Apparel and footwear retail: median 7.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2010 to 2018).
- Education and training: median 4.5 times EBITDA. The middle half of deals ran from 4.0 to 6.5 times (10+ deals under A$2 billion, announced 2015 to 2026). Some figures in this sector come from press reports. The rest come from company documents.
- Early learning and childcare: median 4.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2015 to 2021). Some figures in this sector come from press reports. The rest come from company documents.
- Vocational training: median 4.0 times EBITDA (5+ deals under A$2 billion, announced 2021 to 2023). Some figures in this sector come from press reports. The rest come from company documents.
- Accommodation and food services: median 9.0 times EBITDA. The middle half of deals ran from 7.5 to 12.0 times (20+ deals of A$10 million to A$500 million, announced 2003 to 2024).
- Hotels and accommodation: median 10.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2003 to 2023).
- Pubs, taverns and bars: median 10.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2005 to 2024).
- Administrative and support services: median 7.0 times EBITDA. The middle half of deals ran from 6.0 to 9.0 times (10+ deals of A$10 million to A$500 million, announced 2007 to 2024).
- Facility and asset services: median 8.5 times EBITDA (5+ deals under A$2 billion, announced 2011 to 2020).
- Staffing and recruitment: median 7.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2007 to 2015).
- Travel services: median 7.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2010 to 2024).
- Agriculture, forestry and fishing: median 9.5 times EBITDA (5+ deals under A$2 billion, announced 1999 to 2024).
- Financial and insurance services: median 8.5 times EBITDA. The middle half of deals ran from 7.5 to 8.5 times (10+ deals of A$10 million to A$500 million, announced 2014 to 2026). Some figures in this sector come from press reports. The rest come from company documents.
- Financial platforms and broking: median 8.5 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2014 to 2021).
- Financial administration services: median 12.0 times EBITDA (5+ deals announced 2017 to 2024). Some figures in this sector come from press reports. The rest come from company documents.
- Rental, hiring and real estate: median 6.5 times EBITDA. The middle half of deals ran from 4.0 to 7.5 times (10+ deals of A$10 million to A$500 million, announced 2013 to 2026).
- Equipment hire and pooling: median 6.0 times EBITDA (5+ deals of A$10 million to A$500 million, announced 2013 to 2026).
A sector appears once it has enough deals to show. More sectors appear as deals are added.
How to read the range
The median is the middle deal. Half the deals sold for more and half for less. Where a line gives a middle half, a quarter of the deals sold below it and a quarter sold above it.
The band says how many deals stand behind the line. A band of 5+ means at least five. Under ten deals, a line shows the median only. Fewer deals leave more room for error, so read a 5+ line with more care than a 50+ one.
The years are when the deals were announced. Multiples rise and fall with interest rates and share prices, so a long span mixes strong years with weak ones.
A buyer applies the multiple to the EBITDA it accepts after due diligence. Two businesses with the same EBITDA can sell at different multiples, for the reasons below.
What moves a multiple up or down
- Size. Larger businesses usually sell at higher multiples than smaller ones in the same sector.
- Growth and margin. Growth a buyer can see in the run-rate, and steady margins, raise the multiple. A plan the record does not support does not.
- Who buys. Investment funds and companies buying a business pay for different things, so they can pay different multiples for the same business.
- Recurring revenue. Revenue under contract or from repeat customers raises the multiple. One-off project revenue lowers it.
- Customer concentration. A few large customers lower the multiple, because losing one would cut earnings.
- Dependence on the owner. A business that needs its owner to win and keep customers sells for less, or with an earn-out.
How listed companies compare
Listed companies trade every day, and most are larger than the businesses in these deals. Their multiples usually sit above what a private business sells for. Read them as context for the deal figures.
Listed companies in Australia, New Zealand and Canada traded at 12.0 times their combined EBITDA in January 2026. Source: Aswath Damodaran, NYU Stern, data as of January 2026.
Where would yours sit?
The range tells you where deals landed. Where would yours sit?
- Put your own figures through the exit value bridge. It splits value at exit into EBITDA growth, the change in multiple and lower net debt, on multiples you choose.
- Take the seller check. About twenty-five questions on what a buyer's team will ask, before they ask it.
- Take the Strategy check. A buyer prices the plan it believes. The check shows where your strategy practices stand.
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For advisers and brokers
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Questions
Does this value my business? No. It shows what buyers paid for other businesses in the sector. A buyer sets the multiple for a particular business after testing its earnings, its customers and its plan. The earnings calculator multiplies your own EBITDA by these multiples. That is arithmetic on reported deals, and still not a valuation.
Where do the figures come from? From company announcements and independent experts' reports on Australian businesses that were bought. Each figure is enterprise value over EBITDA. Some are stated in the source. The rest are worked out from the price and earnings it reports, and a second reader checks each one.
Why do these deals lean to larger businesses? A listed company usually announces a large purchase, and a takeover comes with an independent expert's report. Private sales of smaller businesses rarely publish a multiple.
How often do the figures change? Whenever deals are added. Each page shows the date it was last updated.
Updated 2026-10-08.