Acquidex · Industry Atlas · Tokyo · New York
Laundromat Acquisitions · Q2 2026 · Issue 01
AQX-IR-LDM-2026Q2
2026 Multiples Band, Structural Conditions, and the Underwriting Lens
US small-business laundromat acquisitions traded in a 2.0×–4.0× SDE band over the trailing twelve months. The structural conditions documented in this report determine where a specific deal sits within the band.
BY AVERY HASTINGS · CPA · FOUNDER, ACQUIDEX
Sample 2025-04 → 2026-03·n=—·Quarterly·Published 2026-04-30·Next 2026-07-15·Acquidex v1.0 §3.4
PILLAR 01
Earnings Quality
71%
↑ ↑ vs Q1of deals presented WDF revenue at gross margin without fully-loaded labor. Largest source of post-LOI repricing.
PILLAR 02
Pricing
2.0× – 4.0×
→ → Band held, dispersion wideningSDE multiple band stable. Equipment age driving placement more than any factor in the trailing 24 months.
PILLAR 03
Fundability
#1
→ → Same as Q1SBA fall-through cause: lease term under 10 years. Ahead of unverified cash revenue and DSCR failure.
PILLAR 04
Transferability
12%
↑ ↑ vs Q1of sites flagged for PERC contamination from prior dry-cleaning operations. Phase I diligence non-negotiable.
Executive summary
Four findings shaping Q2 2026 laundromat deal flow.
Principal finding
The trailing-12-month SDE multiple band held at 2.0×–4.0×, wider than HVAC, MSP, and dental verticals. Dispersion is structural, driven by equipment age and lease runway — not transaction noise.
Further findings
- 02
Finding 02
Utility share of revenue above 30% appeared in 38% of observed deals. Without exception in the sample, this correlated with machines past 10 years of useful life and with deferred capex not priced into the headline multiple.
- 03
Finding 03
WDF and PUD revenue lines were presented at gross-margin contribution to SDE in 71% of deals reviewed. Fully-loaded labor analysis brought these lines to break-even or below in roughly two-thirds of cases.
- 04
Finding 04
Lease term under 10 years remained the single most common SBA financing fall-through cause, ahead of unverifiable cash revenue and DSCR failure.
The Acquidex Read
Q2 2026 · AQX Evaluation
AQX Evaluation Layer · Section 07 · Bands & Structural Conditions
The Q2 2026 numbers, with the conditions that move them.
| Metric | Band | Structural condition |
|---|---|---|
| SDE multiple paid | 2.0× – 4.0×1 | Lower band associated with older equipment, short lease runway, unverified cash revenue |
| Turns per machine per day | 4 – 8 | Validate against meter readings or card-system data — not seller turn estimates |
| Utility share of revenue | 20% – 30% | Above 30% structurally compresses SDE; correlates with machine age > 10 years |
| Vend price (washer) | $3.00 – $5.50 | Higher in urban / card-enabled stores; floor varies by local water rates |
| Washer-to-dryer ratio | 1:2 – 1:3 | Imbalance creates cycle bottlenecks and customer churn |
| WDF margin (fully loaded) | 0% – 15%2 | Frequently negative once labor is accounted for; rarely additive to SDE |
| Repair & maintenance % of revenue | < 8% | Above 12% structurally indicates equipment past useful life |
| Vending / ancillary revenue share | 2% – 5% | Real but rarely material; structural risk if used to pad headline SDE |
| Sources · BizBuySell closed-deal data, IBBA Market Pulse Q3–Q4 2025 and Q1 2026 surveys, Pratt's Stats SMB transaction database, Acquidex direct deal observations (buyer, lender, broker engagements during sample window) | ||
AQX Evaluation Layer · Section 08 · Four-Pillar Underwriting Lens
What moves a deal from the middle of the band to the edges.
The four-pillar lens — Earnings Quality, Pricing, Fundability, Transferability — surfaces the structural conditions most frequently observed in laundromat acquisitions. Each is described in operational terms in the Underwriting Playbook.
| Pillar | ↑ Top-of-band condition | ↓ Bottom-of-band condition |
|---|---|---|
| Earnings Quality | Card system + reconciled deposits; conservative add-backs | Cash-only, unverifiable revenue; aggressive WDF SDE inclusion |
| Pricing | Recent equipment, capex priced in | Aging equipment, capex not budgeted |
| Fundability | 10+ year lease, DSCR clears post-stripping | < 7 year lease, DSCR fails after add-back stripping |
| Transferability | Operator-light, no environmental history | Operator-dependent, prior dry-cleaning history (PERC) |
AQX Evaluation Layer · Section 09 · Cross-Border Lens · US / Japan
Cross-Border Lens · US / Japan
Laundromat acquisitions are predominantly a US phenomenon at the SMB scale tracked here. Japanese equivalents (コインランドリー) operate at substantially smaller average SDE and trade at compressed multiples (typically 1.5×–2.8× EBITDA after J-GAAP normalization, n=11 in this sample). The 0.5×–1.0× cross-border discount reflects three structural conditions: (1) personal-guarantee non-release risk on real-estate-backed leases, (2) lower operator pool for foreign-buyer transitions, (3) tighter local sample set compressing comparability. Cross-border data is reported separately when sample size warrants; consolidated bands above remain US-only for Q2 2026.
Byline · Provenance
Avery Hastings, CPA · Founder, Acquidex
SMB acquisitions in the US and Japan. Methodology development and research direction. Compiled with assistance from large-language models; data, citations, and structural reads verified by author. External pressure-test reviewers will be named at the publication of the Acquidex v1.0 methodology paper.
Methodology · Acquidex v1.0
§3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8)
Sample window
Sources
SDE definition
Band construction
Limitations
This report is published by Acquidex for informational purposes and does not constitute investment, legal, tax, accounting, or financial advice. Acquidex is not a registered investment adviser. Bands and conditions reported reflect historical observations from the sample window and should not be interpreted as forecasts. Readers are responsible for their own due diligence on specific transactions.