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 that bankers cited as comparisons in fairness opinions filed with US mergers. The sector mix follows the companies being sold in those filings.
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 |
|---|---|---|---|---|
| Banking and lending | 0.6 | 5.8 | 14.5 | Share up on 2015 to 2019 |
| Software | 4.8 | 6.1 | 9.0 | Share up on 2015 to 2019 |
| Biotechnology | Other | 1.9 | 4.9 | Share up on 2015 to 2019 |
| Pharmaceutical and health products | 3.9 | 2.7 | 4.2 | Share up on 2015 to 2019 |
| Midstream (pipelines and storage) | 5.0 | 6.5 | 3.6 | Share down on 2015 to 2019 |
| Mining (producers) | 6.0 | 1.5 | 3.1 | Share up on 2015 to 2019 |
| Food and beverage manufacturing | 4.8 | 3.3 | 2.8 | Share about the same as 2015 to 2019 |
| Industrial and engineered products | 2.9 | 3.9 | 2.8 | Share down on 2015 to 2019 |
| Wholesale and distribution | 2.5 | 2.8 | 2.6 | Share about the same as 2015 to 2019 |
| Medical devices | 1.8 | 3.6 | 2.4 | Share down on 2015 to 2019 |
| Building materials | 1.2 | 1.9 | 2.1 | Share about the same as 2015 to 2019 |
| Digital media and online platforms | 0.6 | 1.5 | 2.1 | Share about the same as 2015 to 2019 |
| Utilities (energy networks, generation and water) | 2.8 | 2.3 | 1.9 | Share about the same as 2015 to 2019 |
| Aerospace and defence | 2.0 | 1.9 | 1.8 | Share about the same as 2015 to 2019 |
| Funds management | 1.7 | 1.3 | 1.6 | Share about the same as 2015 to 2019 |
| IT services | 1.0 | 1.8 | 1.5 | Share about the same as 2015 to 2019 |
| Insurance | 1.6 | 1.3 | 1.4 | Share about the same as 2015 to 2019 |
| Telecommunications and networks | 3.1 | 3.1 | 1.3 | Share down on 2015 to 2019 |
| Chemicals and plastics | 2.2 | 2.1 | 1.1 | Share down on 2015 to 2019 |
| Gaming and wagering | 1.7 | 1.2 | 1.1 | Share about the same as 2015 to 2019 |
| Restaurants and food service | 2.1 | 1.6 | 1.1 | Share about the same as 2015 to 2019 |
| Semiconductors and electronics | 2.7 | 2.4 | 1.1 | Share down on 2015 to 2019 |
| Oilfield services | 1.7 | 0.7 | 1.0 | Share about the same as 2015 to 2019 |
| Payments | 1.0 | 0.9 | 1.0 | Share about the same as 2015 to 2019 |
| Waste and recycling | 0.9 | 0.4 | 1.0 | Share about the same as 2015 to 2019 |
| Road freight and logistics | 0.9 | 0.8 | 0.9 | Share about the same as 2015 to 2019 |
| Scientific instruments | 0.4 | 0.6 | 0.9 | Share about the same as 2015 to 2019 |
| Cybersecurity | 0.7 | 0.4 | 0.8 | Share about the same as 2015 to 2019 |
| Broadcasting (TV and radio) | 1.2 | 2.2 | 0.7 | Share down on 2015 to 2019 |
| Consumer products manufacturing | 0.9 | 1.0 | 0.7 | Share about the same as 2015 to 2019 |
| Data and information services | 0.7 | 1.4 | 0.7 | Share about the same as 2015 to 2019 |
| Data centres and hosting | Other | 0.5 | 0.7 | Share about the same as 2015 to 2019 |
| Home health and hospice | 0.6 | 0.6 | 0.7 | Share about the same as 2015 to 2019 |
| Behavioural and mental health | Other | Other | 0.6 | No earlier period to compare. |
| Financial platforms and broking | Other | 0.3 | 0.6 | Share about the same as 2015 to 2019 |
| Insurance broking | Other | Other | 0.6 | No earlier period to compare. |
| Life science tools and diagnostics | 0.8 | 0.3 | 0.6 | Share about the same as 2015 to 2019 |
| Primary care and medical centres | Other | Other | 0.6 | No earlier period to compare. |
| Automotive parts | 2.3 | 1.3 | 0.5 | Share about the same as 2015 to 2019 |
| Equipment hire and pooling | Other | 0.4 | 0.5 | Share about the same as 2015 to 2019 |
| Packaging | 0.6 | 1.1 | 0.5 | Share about the same as 2015 to 2019 |
| Staffing and recruitment | 0.7 | 0.5 | 0.5 | Share about the same as 2015 to 2019 |
| Building services and restoration | Other | Other | 0.4 | No earlier period to compare. |
| Clinical research organisations | 0.6 | 0.5 | 0.4 | Share about the same as 2015 to 2019 |
| Healthcare revenue cycle services | Other | Other | 0.4 | No earlier period to compare. |
| Home medical equipment | Other | Other | 0.4 | No earlier period to compare. |
| Hospitals and day surgery | 0.9 | 0.2 | 0.4 | Share about the same as 2015 to 2019 |
| Metals and metal products | 0.8 | 0.7 | 0.4 | Share about the same as 2015 to 2019 |
| Online retail | Other | 0.5 | 0.4 | Share about the same as 2015 to 2019 |
| Petroleum refining and products | 0.5 | 0.5 | 0.4 | Share about the same as 2015 to 2019 |
| Real estate agencies and franchising | Other | Other | 0.4 | No earlier period to compare. |
| REITs and property investment | 0.8 | 1.5 | 0.4 | Share down on 2015 to 2019 |
| Sporting goods and ammunition | Other | Other | 0.4 | No earlier period to compare. |
| Video games | Other | 0.3 | 0.4 | Share about the same as 2015 to 2019 |
| Advertising and marketing | 0.4 | 0.4 | 0.3 | Share about the same as 2015 to 2019 |
| Business process outsourcing | Other | Other | 0.3 | No earlier period to compare. |
| Cannabis products | Other | Other | 0.3 | No earlier period to compare. |
| Construction | Other | 0.4 | 0.3 | Share about the same as 2015 to 2019 |
| Energy retail | Other | 0.5 | 0.3 | Share about the same as 2015 to 2019 |
| Engineering consulting | 0.8 | 0.7 | 0.3 | Share about the same as 2015 to 2019 |
| Financial advice and licensee services | Other | 0.8 | 0.3 | Share about the same as 2015 to 2019 |
| Gaming equipment | 0.7 | Other | 0.3 | |
| Health benefits management | Other | Other | 0.3 | No earlier period to compare. |
| Hotels and accommodation | 0.5 | 1.0 | 0.3 | Share about the same as 2015 to 2019 |
| Allied health and physiotherapy | Other | Other | 0.2 | No earlier period to compare. |
| Apparel and footwear retail | 0.7 | Other | 0.2 | |
| Benefits administration and HR services | Other | Other | 0.2 | No earlier period to compare. |
| Cannabis retail | Other | Other | 0.2 | No earlier period to compare. |
| Electronics and household goods retail | Other | Other | 0.2 | No earlier period to compare. |
| Facility and asset services | Other | Other | 0.2 | No earlier period to compare. |
| Furniture | Other | Other | 0.2 | No earlier period to compare. |
| Government services contractors | Other | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Management consulting | Other | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Manufacturing, other | Other | Other | 0.2 | No earlier period to compare. |
| Networking and communications equipment | 2.5 | 1.4 | 0.2 | Share down on 2015 to 2019 |
| Pathology and laboratories | Other | 0.4 | 0.2 | Share about the same as 2015 to 2019 |
| Personal care and cosmetics | 0.5 | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Publishing and print media | 0.4 | 0.7 | 0.2 | Share about the same as 2015 to 2019 |
| Specialty construction trades | Other | Other | 0.2 | No earlier period to compare. |
| Specialty retail | 0.7 | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Technology, software, media and telecommunications | Other | Other | 0.2 | No earlier period to compare. |
| Trailers and transport equipment | Other | 0.4 | 0.2 | Share about the same as 2015 to 2019 |
| Travel services | Other | 0.2 | 0.2 | Share about the same as 2015 to 2019 |
| Wood and paper products | Other | 0.3 | 0.2 | Share about the same as 2015 to 2019 |
| Airlines | 0.4 | Other | Other | |
| Apparel manufacturing | 1.2 | 0.5 | Other | |
| Computer hardware and peripherals | 0.7 | 0.5 | Other | |
| Contract logistics and warehousing | 0.6 | Other | Other | |
| Customer contact centres | 0.4 | Other | Other | |
| Department stores | 0.6 | 0.2 | Other | |
| Dialysis and renal care | 0.5 | Other | Other | |
| Electronics manufacturing services | 0.7 | 0.3 | Other | |
| Engineering and construction contracting | 0.4 | Other | Other | |
| Grocery and convenience retail | 1.0 | 0.4 | Other | |
| Horticulture | 0.4 | Other | Other | |
| Mining services and contractors | Other | 0.2 | Other | |
| Outdoor advertising | Other | 0.3 | Other | |
| Pharmacy benefit management | 0.5 | 0.2 | Other | |
| Physician services | 0.4 | 0.4 | Other | |
| Ports and terminals | Other | 0.2 | Other | |
| Pulp and paper | Other | 0.5 | Other | |
| Security services | 0.5 | Other | Other | |
| Shipping | 0.7 | Other | Other | |
| Ski resorts | 0.7 | 0.3 | Other | |
| Telematics and tracking | 0.4 | 0.3 | Other | |
| Testing and inspection | Other | 0.2 | Other | |
| Theme parks and attractions | 0.5 | 0.3 | Other | |
| Timeshare and vacation ownership | Other | 0.4 | Other | |
| Other | 10.2 | 8.0 | 6.2 |
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.