Most "typical multiple" figures online are guesses dressed up as data. The numbers below are sourced from real, closed small business sale transactions — Q3 2021 through Q2 2026 — not modelled or estimated.
The overall picture (2026)
The median small business sold in Q1 2026 went for $350,000 on $165,256 of median cash flow — a 2.7x cash flow (SDE) multiple. Across all businesses, the average SDE multiple sits around 2.6x–2.7x, and revenue multiples average 0.67x (ranging roughly 0.42x–1.2x depending on sector and margin profile).
By business size (EBITDA)
EBITDA sizeTypical multiple range
Sub-$1M EBITDA2x–3.5x
$1M–$5M EBITDA3x–5.5x
$5M+ EBITDA4x–7x
By industry (SDE multiple)
Industries with recurring revenue, real property/equipment value, licensing barriers, or active private-equity buyer interest trade meaningfully above the ~2.6x average; distressed or commoditised retail trades well below it.
IndustryTypical SDE multipleWhy
Car washes~5.8xReal estate value + recurring/subscription revenue
Self-storage~4.6xReal estate value, low operating complexity
Laundromats~4.0xRecurring cash flow, low staffing dependency
HVAC / plumbing / trades with recurring contracts3.5x–5xRecurring service revenue, active PE buyer interest
Dental / healthcare practices3.5x–5x+Licensing barriers, recurring patient base
General small business average2.6x–2.7xBaseline across all sectors
Distressed / commoditised retail~1.4xLow differentiation, high owner dependency, thin margins
Why your business isn't "the average"
Even within one industry line, multiples move on real, specific factors: customer concentration, owner dependency, how much of the revenue is contracted versus one-off, and how clean the financial records are. Two car washes can genuinely be worth 4x and 6.5x depending on exactly these factors — the industry number is a real starting point for a conversation, never the final answer.
Want your own Normalised EBITDA and an indicative range using these real mechanics? Try the free Business Valuation Calculator — no email required.
The Business Sale Readiness & Valuation Toolkit runs a full sensitivity table from 1.5x to 5.0x against your own real numbers, not a single industry average.
Source: aggregated small business sale transaction data, Q3 2021–Q2 2026 (BizBuySell industry reporting and related 2026 market analyses). Figures are real, published ranges — not Forge estimates.
