Acquidex Intelligence · Market Data
SMB Valuation Multiples
Q2 2026 Edition
Updated · 2026-04-30
Refresh · Quarterly
Structural valuation bands for small business acquisitions across 11 sectors. Bands reflect SDE or EBITDA basis as noted. Top and bottom of band conditions are structural — equipment age, lease durability, revenue quality, license transferability — not negotiating positions.
SectorMultiple BandBasisTop of BandBottom of Band
Car Wash
4.5×–7.0×
EBITDA
Per-cohort retention data documented; EBITDA verified at run-rate chemicals/utilities; real estate separated from operating value
Aggregate membership count without cohort data; chemical/utility costs at trough; site value bundled into operating multiple
Electrical
2.5×–4.5×
SDE
Cash-basis SDE verified; backlog excluded from trailing period; single-project year normalized via 3-year trend
Percentage-completion revenue in trailing SDE; EV/solar pipeline included in SDE narrative; single-year peak used as baseline
HVAC
2.8×–5.0×
SDE
Verified Comfort Club cohort retention data; W-2 license documented; IRA pull-forward normalized
Blended agreement count without cohort data; 1099 Qualifier arrangement; IRA spike not normalized
Landscaping
2.0×–3.5×
SDE
Maintenance contracts separated from installation; recurring revenue verified via signed contracts; H-2B history documented
Installation and maintenance co-mingled; peak installation year used as baseline; H-2B dependency undisclosed
Laundromat
2.0×–4.0×
SDE
Card system + reconciled deposits; conservative add-backs
Cash-only, unverifiable revenue; aggressive WDF SDE inclusion
Pest Control
3.0×–5.5×
SDE
Recurring route revenue above 80%; annual renewal rate documented above 85%; one-time treatments excluded from SDE multiple justification
One-time treatment revenue co-mingled with recurring; renewal rate undocumented or below 75%; geographic concentration undisclosed
Plumbing
2.5×–4.5×
SDE
Service agreement recurring revenue documented above 35%; emergency calls shown as 3-year average variance; fleet capex reserve priced in
Emergency revenue presented as steady-state; service agreements absent; fleet capex deferred and not reflected in multiple
Pool Service
2.5×–4.5×
SDE
Chemical costs at run-rate; account tenure documented; service records available for trailing 12 months per account
Chemical costs at trough; account count without tenure data; no third-party chemical usage verification available
Restoration
2.5×–4.5×
SDE
Cash-basis SDE verified; AR normalized under 75 days; accrual-to-cash adjustment calculated and disclosed before LOI
Accrual SDE presented without cash-basis adjustment; AR days above 90; supplement revenue at peak not normalized
Roofing
1.8×–3.5×
SDE
Storm year normalized to steady-state via 3-year average; supplement at 3-year average; warranty reserve quantified and disclosed
Storm-year SDE as baseline without normalization; supplement at peak; warranty tail unpriced and undisclosed
Tree Care
1.8×–3.2×
SDE
Storm revenue normalized to 5-year average; commercial contract revenue separated from emergency; equipment at appraised value not book
Storm-year SDE as baseline; emergency removal presented as steady-state; equipment at book without appraisal
Bands are structural assessments based on trailing 12-month samples. All figures SDE basis unless noted EBITDA. Top and bottom of band conditions sourced from the earnings-quality pillar of the Acquidex four-pillar framework. Quarterly refresh — next update target: Q3 2026. Read methodology →
Acquidex Score
See where a specific deal sits in the band — scored against the same framework.