The tables below summarize earnings and revenue multiples based on sales of businesses on BizBuySell. These figures are valuable as relative indicators of business values but should not be relied upon to value a specific business. For more information on the business valuation process, see our guide, How to Value a Business.
(To get timely, comparative sales data for a specific business market, please see BizBuySell's business valuation options.)
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This data is an aggregation of sales reported during a trailing five-year period and is updated biannually. Current data is based on businesses sold from Q3 2020 through Q2 2025.
Earnings (also referred to as "cash flow") multiples represent Sellers Discretionary Earnings (SDE) as reported by the business owners or business brokers closing the sale listing, divided by reported sales price. Revenue multiples represent gross revenue or gross sales reported, divided by reported sales price.
Median small business sale prices – and associated valuation multiples – rose through 2022 due to supply constraints and the economic climate caused by the Covid-19 pandemic. Increasing interest rates reigned in prices through 2023, though valuations have bounced back through 2025. See BizBuySell's Quarterly Insight Report for the latest on small business sales market trends.
Average earnings multiples range from 2 to 3.2 across popular sectors, with the average across all sectors at 2.53. Revenue multiples range from 0.42 to 1.2, with the average across all businesses at 0.66.
(For small business valuation purposes, cash flow to the owner (earnings) is a more reliable indicator than revenue.)
| Average Valuation Multiples & Median Sale Price by Sector | |||
| Industry Sector | Average Revenue Multiple | Average Earnings Multiple | Median Sale Price |
| Automotive and Boat | 0.69 | 3.07 | $500,000 |
| Beauty and Personal Care | 0.53 | 2.09 | $135,000 |
| Building and Construction | 0.58 | 2.58 | $731,228 |
| Communication and Media | 0.87 | 2.47 | $350,000 |
| Education and Children | 0.84 | 2.89 | $349,500 |
| Entertainment and Recreation | 0.89 | 2.76 | $358,000 |
| Financial Services | 1.18 | 2.38 | $420,000 |
| Food and Restaurants | 0.42 | 2.21 | $200,000 |
| Health Care and Fitness | 0.76 | 2.73 | $425,000 |
| Manufacturing | 0.73 | 3.01 | $750,000 |
| Online and Technology | 1.08 | 3.22 | $730,000 |
| Pet Services | 0.73 | 2.52 | $217,500 |
| Retail | 0.52 | 2.59 | $299,000 |
| Service Businesses | 0.81 | 2.55 | $345,000 |
| Transportation and Storage | 0.63 | 2.00 | $150,000 |
| Wholesale and Distributors | 0.53 | 2.84 | $560,000 |
| Valuation multiples and sales prices based on reported financials of business sold on BizBuySell from Q3 2020 through Q2 2025. | |||
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Looking at popular business industries, average earnings multiples range from 1.4 on the low-end to 4+ for select high value categories. To get more detailed valuation data, including quartile ranges of valuation multiples, revenue, and owner discretionary earnings, choose an industry-specific valuation report from the dropdown below.
| Average Valuation Multiples & Median Sale Price by Industry | |||
| Automotive and Boat | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Auto Repair and Service Shops | 0.64 | 2.82 | $400,000 |
| Car Dealerships | 0.43 | 3.11 | $1,035,000 |
| Car Washes | 1.97 | 4.94 | $800,000 |
| Equipment Rental and Dealers | 0.85 | 2.94 | $802,000 |
| Gas Stations | 0.46 | 3.61 | $550,000 |
| Junk and Salvage Yards | 1.03 | 3.85 | $885,500 |
| Marine/Boat Service and Dealers | 0.60 | 2.73 | $475,000 |
| Towing Companies | 0.89 | 3.27 | $1,200,000 |
| Truck Stops | 0.71 | 3.69 | $5,250,000 |
| Beauty and Personal Care | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Hair Salons and Barber Shops | 0.51 | 2.01 | $105,000 |
| Massage Businesses | 0.47 | 2.24 | $183,000 |
| Nail Salons | 0.40 | 1.75 | $150,000 |
| Spas | 0.62 | 2.33 | $225,000 |
| Tanning Salons | 0.53 | 2.15 | $125,000 |
| Building and Construction | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Building Material and Hardware Stores | 0.59 | 3.28 | $765,000 |
| Concrete Businesses | 0.60 | 2.47 | $831,000 |
| Electrical and Mechanical Contracting Businesses | 0.60 | 2.60 | $912,500 |
| Heavy Construction Businesses | 0.56 | 2.68 | $900,000 |
| HVAC Businesses | 0.58 | 2.72 | $725,000 |
| Plumbing Businesses | 0.65 | 2.45 | $638,730 |
| Communication and Media | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Magazines and Newspapers | 0.68 | 2.31 | $212,500 |
| Production Companies | 1.08 | 2.76 | $740,000 |
| Education and Children | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Day Care and Child Care Centers | 0.87 | 3.34 | $400,000 |
| Preschools | 0.94 | 3.17 | $442,500 |
| Schools | 0.75 | 2.44 | $275,000 |
| Entertainment and Recreation | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Art Galleries | 0.57 | 2.03 | $210,000 |
| Banquet Halls | 1.02 | 2.94 | $350,000 |
| Bowling Alleys | 1.03 | 3.71 | $1,150,000 |
| Casinos | 1.54 | 2.44 | $249,000 |
| Golf Courses and Services | 0.76 | 3.04 | $550,000 |
| Marinas and Fishing | 1.01 | 3.69 | $619,750 |
| Nightclubs and Theaters | 0.71 | 3.57 | $562,500 |
| Financial Services | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Accounting and Tax Practices | 1.04 | 2.16 | $400,000 |
| Banking and Loan Businesses | 0.83 | 1.81 | $1,250,000 |
| Check Cashing Businesses | 0.78 | 1.68 | $158,000 |
| Insurance Agencies | 1.52 | 2.85 | $495,000 |
| Food and Restaurants | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Bakeries | 0.49 | 2.32 | $200,000 |
| Bars, Pubs and Taverns | 0.50 | 2.69 | $290,000 |
| Breweries | 0.54 | 3.42 | $300,000 |
| Coffee Shops and Cafes | 0.46 | 2.19 | $150,000 |
| Donut Shops | 0.61 | 2.12 | $185,000 |
| Food Trucks | 0.55 | 1.61 | $82,500 |
| Ice Cream and Frozen Yogurt Shops | 0.56 | 2.44 | $155,000 |
| Juice Bars | 0.45 | 2.06 | $120,000 |
| Restaurants | 0.39 | 2.13 | $210,000 |
| Health Care and Fitness | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Assisted Living and Nursing Homes | 1.37 | 4.38 | $750,000 |
| Dance, Pilates, and Yoga Studios | 0.60 | 1.99 | $110,000 |
| Dental Practices | 0.72 | 2.49 | $340,000 |
| Gyms and Fitness Centers | 0.70 | 2.51 | $204,000 |
| Home Health Care Businesses | 0.64 | 3.04 | $737,500 |
| Medical Practices | 0.76 | 2.34 | $480,000 |
| Manufacturing | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Auto, Boat and Aircraft Manufacturers | 0.68 | 3.28 | $685,000 |
| Chemical and Related Product Manufacturers | 0.99 | 3.37 | $1,290,095 |
| Clothing and Fabric Manufacturers | 0.59 | 2.80 | $505,000 |
| Electronic and Electrical Equipment Manufacturers | 0.79 | 2.95 | $945,000 |
| Energy and Petroleum Production Businesses | 0.55 | 3.35 | $1,000,000 |
| Food and Related Product Manufacturers | 0.68 | 2.74 | $365,000 |
| Furniture and Fixture Manufacturers | 0.60 | 2.74 | $675,000 |
| Glass, Stone, and Concrete Manufacturers | 0.62 | 2.84 | $800,000 |
| Industrial and Commercial Machinery Manufacturers | 0.76 | 3.53 | $1,025,000 |
| Lumber and Wood Products Manufacturers | 0.64 | 3.12 | $1,200,000 |
| Machine Shops and Tool Manufacturers | 0.86 | 3.41 | $867,000 |
| Medical Device and Product Manufacturers | 0.80 | 2.87 | $675,000 |
| Metal Product Manufacturers | 0.77 | 3.20 | $1,100,000 |
| Packaging Businesses | 0.75 | 3.11 | $450,000 |
| Paper Manufacturers and Printing Businesses | 0.59 | 2.55 | $405,000 |
| Rubber and Plastic Products Manufacturers | 0.96 | 3.92 | $1,400,000 |
| Sign Manufacturers and Businesses | 0.64 | 2.52 | $450,000 |
| Online and Technology | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Cell Phone and Computer Repair and Service Businesses | 0.44 | 1.90 | $137,500 |
| Graphic and Web Design Businesses | 1.14 | 2.86 | $737,500 |
| IT and Software Service Businesses | 0.98 | 3.10 | $726,800 |
| Software and App Companies | 1.65 | 3.27 | $610,000 |
| Websites and Ecommerce Businesses | 1.10 | 3.31 | $799,500 |
| Pet Services | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Dog Daycare and Boarding Businesses | 1.07 | 3.16 | $385,000 |
| Pet Grooming Businesses | 0.62 | 2.18 | $150,000 |
| Pet Stores and Supply Businesses | 0.47 | 2.57 | $350,000 |
| Retail | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Bike Shops | 0.44 | 2.49 | $240,123 |
| Clothing and Accessory Stores | 0.52 | 2.28 | $200,000 |
| Convenience Stores | 0.41 | 2.34 | $200,000 |
| Dollar Stores | 0.34 | 1.34 | $75,000 |
| Flower Shops | 0.47 | 2.00 | $195,000 |
| Furniture and Furnishings Stores | 0.54 | 2.65 | $470,000 |
| Grocery Stores and Supermarkets | 0.34 | 2.61 | $417,750 |
| Health Food and Nutrition Businesses | 0.56 | 2.39 | $187,500 |
| Jewelry Stores | 0.60 | 2.09 | $194,750 |
| Liquor Stores | 0.48 | 3.26 | $410,000 |
| Nursery and Garden Centers | 0.66 | 3.06 | $525,000 |
| Pawn Shops | 0.85 | 2.60 | $217,500 |
| Pharmacies | 0.40 | 2.66 | $350,000 |
| Smoke Shops | 0.48 | 1.94 | $150,000 |
| Vending Machine Businesses | 1.15 | 2.39 | $90,000 |
| Service Businesses | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Architecture and Engineering Firms | 0.74 | 2.55 | $720,000 |
| Catering Companies | 0.46 | 1.94 | $310,000 |
| Cleaning Businesses | 0.69 | 2.16 | $250,000 |
| Commercial Laundry Businesses | 1.16 | 2.57 | $214,000 |
| Dry Cleaners | 0.75 | 2.07 | $240,000 |
| Funeral Homes | 1.71 | 4.43 | $1,425,000 |
| Landscaping and Yard Service Businesses | 0.69 | 2.42 | $410,000 |
| Laundromats and Coin Laundry Businesses | 1.31 | 3.56 | $249,000 |
| Legal Services and Law Firms | 0.72 | 2.01 | $500,000 |
| Locksmith Businesses | 0.68 | 2.40 | $300,000 |
| Medical Billing Businesses | 1.31 | 3.52 | $650,000 |
| Pest Control Businesses | 1.00 | 2.43 | $249,500 |
| Property Management Businesses | 0.92 | 2.71 | $378,000 |
| Security Businesses | 0.83 | 2.69 | $612,500 |
| Staffing Agencies | 0.65 | 2.78 | $670,000 |
| Waste Management and Recycling Businesses | 0.95 | 3.37 | $605,000 |
| Transportation and Storage | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Delivery, Freight and Service Routes | 0.61 | 1.82 | $120,524 |
| Limo and Passenger Transportation Businesses | 0.81 | 2.49 | $499,900 |
| Moving and Shipping Businesses | 0.64 | 2.45 | $415,000 |
| Storage Facilities and Warehouses | 0.94 | 3.12 | $950,000 |
| Trucking Companies | 0.66 | 3.04 | $1,100,000 |
| Wholesale and Distributors | Revenue Multiple | Earnings Multiple | Median Sale Price |
| Durable Goods Wholesalers and Distributors | 0.56 | 2.92 | $795,000 |
| Nondurable Goods Wholesalers and Distributors | 0.51 | 2.92 | $605,000 |
| Valuation multiples and sales prices based on reported financials of business sold on BizBuySell from 2020 through 2024. | |||
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Business valuation multiples are used to benchmark the value of a business on the open market. By comparing a business for sale to other, similar businesses that recently sold in the same market, a market value can be estimated. This market value serves as a starting point to which business-specific adjustments can be made to determine an appropriate asking price.
To learn more, please see How Multiples Are Used to Value a Business. To learn more on the common approaches to valuing a business, see our guide, How to Value a Business.
To get a business valuation based on timely, local comps, see BizBuySell's Business Valuation Products.
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