Business owners often look up the average EBITDA multiple in their industry when preparing for a sale, discussing financing, or reviewing an annual valuation. But the figure can move with company size, transaction market, revenue profile, and the period covered by the data. One cross-industry average can blur the distinction that matters most: whether the benchmark describes a small owner-operated business, a private equity-backed middle-market transaction, or a publicly traded company.

This report draws on five published data releases from CIBC, GF Data, the International Business Brokers Association and M&A Source, and NYU Stern. The sources include historical observations from 2003 through 2025, IBBA market-segment figures through Q2 2026, and public-market data from January 2026. GF Data’s most recent full-year benchmark was 7.2x trailing-12-month adjusted EBITDA for private equity-sponsored transactions in its dataset. It is not an average for every private business.

The tables do not blend unlike datasets into one average. Industry figures come from the GF Data LBO series presented by CIBC. The size benchmarks use different enterprise-value and EBITDA bands, while the public-company figures are trading multiples, not completed acquisition multiples. Yury Zabella publishes this research as an original compilation of the cited source data.

Average EBITDA Multiple by Industry: Full-Year 2025

The table below uses one consistent private-transaction dataset to compare industries. It covers private equity-sponsored leveraged buyouts, so the figures are not universal averages for smaller owner-operated companies or public businesses.

The Average EBITDA Multiple by Industry — 2025

Healthcare services had the highest 2025 average in this seven-sector dataset at 8.5x. Technology had the lowest at 6.4x. That 2.1-turn spread means the overall 7.2x middle-market figure cannot replace an industry benchmark. Results also moved in different directions from 2024: healthcare services rose 0.8x, technology fell 1.5x, and manufacturing fell 0.4x.

For acquisition-specific context, including the assumptions behind enterprise value and adjusted EBITDA, see the separate guide to average EBITDA multiples for acquisitions.

EBITDA Multiples by Company Size: Q3 2025–Q2 2026

Company size affects both the buyer pool and the benchmark that applies. The table separates IBBA’s enterprise-value market segments from GF Data’s private equity-sponsored transaction universe because the two sources use different size definitions and methodologies.

The EBITDA Multiple by Company Size — Q3 2025–Q2 2026

GF Data’s YTD Q3 2025 sample does not rise in a straight line. The average moved from 6.7x in the $3 million–$5 million EBITDA band to 7.4x in the $5 million–$8 million band, then fell to 6.8x in the $8 million–$10 million band before reaching 8.3x above $10 million EBITDA. Deal mix, company quality, and sample composition still affect the average within each band.

Manufacturing owners can compare these broad size bands with the more focused average EBITDA multiple for manufacturing companies.

Historical Average EBITDA Multiples: 2021–2025

Five years of data puts the current benchmark in context. The CIBC monitor’s GF Data-based annual LBO series covers enterprise values from $10 million to $500 million.

The Historical Average EBITDA Multiple — 2021–2025

The aggregate multiple fell from 7.6x in 2022 to 7.2x in 2023, then stayed at 7.2x through 2025. GF Data reported 297 completed transactions for full-year 2025, 23% fewer than in 2024, while the average purchase-price multiple remained unchanged. So the headline multiple stayed flat even as transaction volume fell and industry results differed.

Public-Company EV/EBITDA Multiples by Industry: January 2026

Public-company trading multiples offer a separate point of comparison, but they are not a direct valuation shortcut for a private company. The table uses NYU Stern’s January 2026 U.S. sector data and reports aggregate EV/EBITDA for companies with positive EBITDA.

The Public-Company EV/EBITDA Multiple by Industry — January 2026

Source: NYU Stern Enterprise Value Multiples by Sector (U.S.), data as of January 2026. Figures shown are the “only positive EBITDA firms” EV/EBITDA values. The firm count covers the full industry grouping; the positive-EBITDA subset used in the multiple may be smaller. This is a January 2026 snapshot, not a September 2026 market reading.

In this selected comparison, the public-company figures are higher than the private LBO industry averages shown earlier. The measures and sector definitions differ, however, and the categories are not matched one for one. Public-company benchmarks cover listed businesses with different scale, liquidity, capital access, and reporting requirements. A private-company valuation should start with transaction data that matches the company’s size and market. Public comparables are useful only when the peer selection and adjustments can be supported.

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Sources

2. GF Data, “Year-End M&A Volume Hits Multi-Year Low as Market Navigates Choppy Conditions,” February 18, 2026 — https://gfdata.com/year-end-ma-volume-hits-multi-year-low-as-market-navigates-choppy-conditions/

3. CIBC U.S. Middle Market Monitor, Q1 2026 — https://cms.cibcusmmib.com/wp-content/uploads/2026/04/US-Middle-Market-Monitor_Q1-2026.pdf

4. GF Data Middle-Market M&A ESOP Advisor, Q3 2025 — https://gfdata.com/wp-content/uploads/Q3-25_GFData_ESOP_Report.pdf

5. IBBA and M&A Source, Market Pulse Q2 2026 Highlights — https://www.ibba.org/wp-content/uploads/2026/08/mp-highlights-q2-2026.pdf

6. Aswath Damodaran, NYU Stern, Enterprise Value Multiples by Sector (U.S.), January 2026 — https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html

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