Which sectors the deals come from
These charts show each sector's share of the deals in our database, period by period. A second chart shows each sector's share of deal value.
Deals updated October 2026
Mostly deals from management circulars and the valuations in them, and the earlier deals those valuations cite.
These figures count deals in our database, not every deal in the market. Most are deals whose terms were published, and many carry figures. A sector whose share rises may partly have more of its deals reported.
Subsectors split each sector's deals further, so more of them fall under Other.
Source: deals in our database, from company filings, experts' reports and press reports. Shares by onestepright.
| Subsector | 2010 to 2014 (%) | 2015 to 2019 (%) | 2020 to 2026 (%) | Change on 2015 to 2019 |
|---|---|---|---|---|
| Mining (producers) | 28.0 | 10.1 | 13.1 | Share up on 2015 to 2019 |
| Software | Other | 2.2 | 3.6 | Share up on 2015 to 2019 |
| Cannabis retail | Other | Other | 3.2 | No earlier period to compare. |
| Food and beverage manufacturing | 3.8 | 4.0 | 2.5 | Share down on 2015 to 2019 |
| Midstream (pipelines and storage) | Other | 2.5 | 2.1 | Share about the same as 2015 to 2019 |
| Wholesale and distribution | Other | Other | 2.1 | No earlier period to compare. |
| Building materials | Other | Other | 1.7 | No earlier period to compare. |
| Industrial and engineered products | 3.8 | 1.8 | 1.6 | Share about the same as 2015 to 2019 |
| IT services | Other | Other | 1.6 | No earlier period to compare. |
| Primary care and medical centres | Other | Other | 1.6 | No earlier period to compare. |
| Utilities (energy networks, generation and water) | 5.3 | 2.9 | 1.6 | Share down on 2015 to 2019 |
| Cannabis products | Other | Other | 1.5 | No earlier period to compare. |
| Biotechnology | Other | 1.1 | 1.4 | Share about the same as 2015 to 2019 |
| Pharmaceutical and health products | 5.3 | 1.3 | 1.4 | Share about the same as 2015 to 2019 |
| Waste and recycling | 3.8 | 2.2 | 1.2 | Share down on 2015 to 2019 |
| Banking and lending | Other | Other | 1.0 | No earlier period to compare. |
| Home health and hospice | Other | Other | 1.0 | No earlier period to compare. |
| Pharmacy retail | Other | Other | 1.0 | No earlier period to compare. |
| REITs and property investment | Other | 1.3 | 1.0 | Share about the same as 2015 to 2019 |
| Restaurants and food service | Other | Other | 1.0 | No earlier period to compare. |
| Data centres and hosting | Other | Other | 0.9 | No earlier period to compare. |
| Gaming and wagering | Other | 1.6 | 0.9 | Share about the same as 2015 to 2019 |
| Oilfield services | Other | 1.3 | 0.9 | Share about the same as 2015 to 2019 |
| Cannabis cultivation | Other | Other | 0.7 | No earlier period to compare. |
| Civil and infrastructure construction | Other | Other | 0.7 | No earlier period to compare. |
| Funeral services | Other | Other | 0.7 | No earlier period to compare. |
| Payments | Other | 1.3 | 0.7 | Share about the same as 2015 to 2019 |
| Road freight and logistics | Other | Other | 0.7 | No earlier period to compare. |
| Wood and paper products | Other | Other | 0.7 | No earlier period to compare. |
| Diagnostic imaging | Other | Other | 0.6 | No earlier period to compare. |
| Engineering consulting | Other | Other | 0.6 | No earlier period to compare. |
| Packaging | Other | Other | 0.6 | No earlier period to compare. |
| Telecommunications and networks | Other | 1.3 | 0.6 | Share about the same as 2015 to 2019 |
| Aerospace and defence | Other | 1.1 | Other | |
| Film and television production | Other | 1.3 | Other | |
| Helicopter and aviation services | Other | 1.3 | Other | |
| Other | 50.0 | 60.9 | 45.2 |
Sectors with too few deals in a period are grouped under Other for that period.
Where deal activity is rising
These subsectors took a larger share of the overseas deals in our database in 2020 to 2026 than in 2015 to 2019. Overseas means New Zealand, the UK, the US and Canada together. Each row also shows the subsector's median multiple.
A larger share means more of these deals reached our database. That can come from more deals or from more of them being reported. It describes past deals and forecasts nothing.
| Subsector | Share of deals, 2015 to 2019 (%) | Share of deals, 2020 to 2026 (%) | Median (times EBITDA) | Deals | Deal size (A$) | Years |
|---|---|---|---|---|---|---|
| Behavioural and mental health | 0.2 | 0.5 | 12.5 | 5+ | Under A$2bn | 2014 to 2023 |
| Biotechnology | 1.5 | 3.3 | Too few deals with an EBITDA multiple | |||
| Digital media and online platforms | 1.3 | 1.6 | 9.0 | 10+ | A$10m to A$500m | 2013 to 2026 |
| Primary care and medical centres | 0.2 | 0.8 | 8.5 | 5+ | Under A$2bn | 2011 to 2021 |
| Video games | 0.3 | 0.6 | 9.5 | 5+ | Under A$2bn | 2017 to 2021 |
Each median is the subsector's own figure across all markets, with its deal sizes and years as shown.