What US businesses sell for, by sector
Each line comes from US businesses in our database that were bought. Most are deals that bankers cited as comparisons in fairness opinions filed with US mergers. The sector mix follows the companies being sold in those filings. Each sector shows the median deal and the middle half of its deals.
Deals updated October 2026
Sectors with enough deals to show
- Accommodation and food services10.0 times EBITDA, middle half 7.0 to 13.5, 30+ deals
- Financial and insurance services9.0 times EBITDA, middle half 6.0 to 14.0, 10+ deals
- Health care and social assistance9.0 times EBITDA, middle half 6.5 to 12.5, 20+ deals
- Professional, scientific and technical services9.0 times EBITDA, middle half 6.5 to 10.5, 20+ deals
- Arts and recreation8.5 times EBITDA, middle half 7.0 to 9.5, 10+ deals
- Manufacturing8.5 times EBITDA, middle half 6.5 to 11.0, 100+ deals
- Administrative and support services8.0 times EBITDA, middle half 7.5 to 9.5, 10+ deals
- Technology, software, media and telecommunications8.0 times EBITDA, middle half 6.0 to 12.5, 50+ deals
- Mining7.5 times EBITDA, middle half 3.5 to 10.0, 20+ deals
- Retail trade7.5 times EBITDA, middle half 5.0 to 10.5, 10+ deals
- Transport, postal and warehousing6.5 times EBITDA, middle half 5.0 to 8.0, 30+ deals
- Construction5.5 times EBITDA, middle half 4.5 to 6.0, 10+ deals
- Electricity, gas, water and waste5.5 times EBITDA, 5+ deals
Source: US deals in our database with a published value and an EBITDA multiple, mostly from bankers' opinions filed with US mergers. Medians by onestepright.
What US 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 | 8.0 | 6.0 to 11.0 | 400+ | 1997 to 2026 |
| Manufacturing | 8.5 | 6.5 to 11.0 | 100+ | 1999 to 2026 |
| Aerospace and defence | 10.5 | 8.5 to 12.0 | 20+ | 2006 to 2024 |
| Apparel manufacturing | 6.5 | Median only | 5+ | 2010 to 2017 |
| Automotive parts | 6.0 | 5.0 to 7.0 | 20+ | 1999 to 2022 |
| Building materials | 9.0 | 7.5 to 11.5 | 10+ | 2010 to 2022 |
| Chemicals and plastics | 10.0 | 8.0 to 11.0 | 10+ | 2005 to 2022 |
| Electronics manufacturing services | 7.5 | Median only | 5+ | 2012 to 2018 |
| Food and beverage manufacturing | 10.5 | 8.5 to 13.5 | 20+ | 2001 to 2026 |
| Industrial and engineered products | 8.5 | 7.0 to 12.0 | 20+ | 2008 to 2024 |
| Medical devices | 14.0 | Median only | 5+ | 2015 to 2019 |
| Pharmaceutical and health products | 10.0 | Median only | 5+ | 2010 to 2024 |
| Other | 6.5 | Median only | 5+ | 2012 to 2024 |
| Technology, software, media and telecommunications | 8.0 | 6.0 to 12.5 | 50+ | 2009 to 2025 |
| Broadcasting (TV and radio) | 6.5 | Median only | 5+ | 2016 to 2019 |
| Digital media and online platforms | 7.0 | Median only | 5+ | 2016 to 2024 |
| IT services | 9.0 | 6.0 to 11.5 | 10+ | 2012 to 2022 |
| Networking and communications equipment | 13.0 | Median only | 5+ | 2009 to 2024 |
| Publishing and print media | 5.0 | 4.0 to 6.0 | 10+ | 2011 to 2020 |
| Semiconductors and electronics | 10.5 | Median only | 5+ | 2012 to 2025 |
| Software | 13.5 | Median only | 5+ | 2014 to 2024 |
| Telecommunications and networks | 7.0 | 6.0 to 12.0 | 10+ | 2009 to 2021 |
| Other | 12.5 | Median only | 5+ | 2012 to 2022 |
| Accommodation and food services | 10.0 | 7.0 to 13.5 | 30+ | 2010 to 2025 |
| Hotels and accommodation | 14.0 | 13.0 to 15.0 | 10+ | 2014 to 2024 |
| Restaurants and food service | 7.5 | 6.5 to 9.5 | 20+ | 2010 to 2025 |
| Transport, postal and warehousing | 6.5 | 5.0 to 8.0 | 30+ | 2002 to 2023 |
| Road freight and logistics | 5.0 | 4.5 to 6.0 | 10+ | 2002 to 2023 |
| Health care and social assistance | 9.0 | 6.5 to 12.5 | 20+ | 2005 to 2023 |
| Other | 9.5 | 6.5 to 12.5 | 10+ | 2010 to 2023 |
| Mining | 7.5 | 3.5 to 10.0 | 20+ | 2007 to 2025 |
| Oilfield services | 4.5 | 3.5 to 8.5 | 10+ | 2007 to 2025 |
| Professional, scientific and technical services | 9.0 | 6.5 to 10.5 | 20+ | 2010 to 2026 |
| Advertising and marketing | 9.5 | Median only | 5+ | 2018 to 2024 |
| Engineering consulting | 9.5 | 7.0 to 11.0 | 10+ | 2010 to 2026 |
| Other | 6.5 | Median only | 5+ | 2010 to 2014 |
| Administrative and support services | 8.0 | 7.5 to 9.5 | 10+ | 2005 to 2025 |
| Arts and recreation | 8.5 | 7.0 to 9.5 | 10+ | 2010 to 2024 |
| Gaming and wagering | 8.5 | Median only | 5+ | 2012 to 2021 |
| Ski resorts | 7.5 | Median only | 5+ | 2010 to 2018 |
| Construction | 5.5 | 4.5 to 6.0 | 10+ | 2006 to 2022 |
| Other | 5.5 | Median only | 5+ | 2013 to 2022 |
| Financial and insurance services | 9.0 | 6.0 to 14.0 | 10+ | 2014 to 2024 |
| Payments | 7.0 | Median only | 5+ | 2014 to 2021 |
| Retail trade | 7.5 | 5.0 to 10.5 | 10+ | 2004 to 2022 |
| Other | 9.5 | Median only | 5+ | 2007 to 2021 |
| Wholesale distributors | 8.5 | 7.5 to 9.5 | 10+ | 2002 to 2025 |
| Electricity, gas, water and waste | 5.5 | Median only | 5+ | 2011 to 2023 |
Rows cover deals of US$6.7 million to US$333 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 were chosen by bankers as comparisons for other mergers. Treat them as a rough guide to what buyers paid.
Sizes are converted from our size range of A$10 million to A$500 million, at the fixed rate our database uses to place overseas deals: US$1 = A$1.50. The rate stays fixed, so the range always describes the same deals.
Download these multiples as a CSV file, with every figure in the table above and the median at each deal size.
What size does to the price
Larger businesses sell at higher multiples of EBITDA. This chart shows the median multiple at each deal size, for United States deals in our database.
- Under US$6.7m9.5 times EBITDA, middle half 7.0 to 12.5, 30+ deals
- US$6.7m to US$33.3m7.5 times EBITDA, middle half 5.5 to 11.0, 50+ deals
- US$33.3m to US$167m7.5 times EBITDA, middle half 6.0 to 10.0, 200+ deals
- US$167m to US$667m9.5 times EBITDA, middle half 7.0 to 11.5, 500+ deals
- Over US$667m11.0 times EBITDA, middle half 8.5 to 13.5, 1,200+ deals
Source: deals in our database with a published value and an EBITDA multiple, from company filings, experts' reports and press reports. Medians by onestepright.
| Deal size (A$) | Median (times EBITDA) |
|---|---|
| Under US$6.7m | 9.5 times EBITDA, middle half 7.0 to 12.5, 30+ deals |
| US$6.7m to US$33.3m | 7.5 times EBITDA, middle half 5.5 to 11.0, 50+ deals |
| US$33.3m to US$167m | 7.5 times EBITDA, middle half 6.0 to 10.0, 200+ deals |
| US$167m to US$667m | 9.5 times EBITDA, middle half 7.0 to 11.5, 500+ deals |
| Over US$667m | 11.0 times EBITDA, middle half 8.5 to 13.5, 1,200+ deals |
The bands are our Australian bands, converted at the fixed rate our database uses to place overseas deals: US$1 = A$1.50. The rate stays fixed, so each band always describes the same deals.
What multiple will my business sell for?
US businesses bought between 1997 and 2026 sold for a median of 8.0 times EBITDA, across 400+ deals. Most were deals that bankers cited as comparisons for US mergers. 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.
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.
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 the United States traded at 17.0 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.
No email before your result. No sales call after it. No list. Delete on request.
Questions
Does this value my business? No. It shows what buyers paid for other US businesses in the sector. A buyer sets the multiple for a particular business after testing its earnings, its customers and its plan.
Where do the figures come from? Mostly from the opinions bankers file with US mergers, which list earlier deals as comparisons. 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.
Why do these deals lean to larger businesses? Bankers cite deals that compare with the company being sold, which is usually listed. 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.