Small Business Valuation Multiples, 2018 Edition

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The valuation multiples presented in this analysis are derived from actual market transactions as reported by BIZCOMPS®, with the primary focus on small businesses priced at less than $1 million. The selected valuation multiple range represents the midrange of the reported transactions. The average and median both fall within this range, with the midpoint of the range closely approximating the median in most cases.
Selected Range
The price determined by these multiples includes intangible assets (such as trademarks, licenses, franchises, customer lists, and goodwill), and furniture, fixtures, and equipment. It does not include cash, accounts receivable, inventory, real estate, other tangible assets, or liabilities, so these items must be added or subtracted, as applicable, in arriving at the equity value of a business.
Price - Sales price paid for intangible assets and furniture, fixtures, and equipment.

Price/Revenue Multiple - Price divided by annual net sales.

Price/SDE Multiple - Price divided by seller's discretionary earnings (most recent year's net income before interest, taxes, depreciation, amortization, primary owner's compensation, and non-business related or nonrecurring income or expenses).
Valuation Formula
    Revenue or SDE
Valuation multiple                    
    Intangible assets and furniture,
    fixtures, and equipment
+  Cash
+  Accounts receivable
+  Inventory
+  Real estate
+  Other tangible assets
‒  Liabilities                                
Indicated equity value

Additional Resources
BIZCOMPS® ( provides transaction data on over 12,000 small business sales transactions from a wide variety of industries. Primary focus is on
small businesses priced at less than $1 million, with data available in print and online versions.

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 0181  Plant Nurseries.23.541.101.57
SIC 0740  Veterinary Clinic and Hospitals.59.761.842.89
SIC 0752  Pet Grooming and Boarding.44.671.412.06
SIC 0782  Landscape and Lawncare Companiessamplesamplesamplesample
SIC 0783  Tree Trimming Servicessamplesamplesamplesample
SIC 1520  Home Improvement Contractorssamplesamplesamplesample
SIC 1541  General Building Contractors - Nonresidentialsamplesamplesamplesample
SIC 1542  Fire and Flood Restoration Contractorssamplesamplesamplesample
SIC 1611  Paving Contractorssamplesamplesamplesample
SIC 1623  Utilities Contractorssamplesamplesamplesample
SIC 1711  Plumbing, Heating, and Air Conditioning Contractorssamplesamplesamplesample
SIC 1721  Painting Contractorssamplesamplesamplesample
SIC 1731  Electrical Contractorssamplesamplesamplesample
SIC 1741  Masonry Contractorssamplesamplesamplesample
SIC 1742  Drywall, Plaster, Acoustical, and Insulation Contractorssamplesamplesamplesample
SIC 1743  Tile and Marble Contractorssamplesamplesamplesample
SIC 1752  Commercial Flooring Contractorssamplesamplesamplesample
SIC 1761  Roofing, Siding, and Sheet Metal Contractorssamplesamplesamplesample
SIC 1771  Concrete Contractorssamplesamplesamplesample
SIC 1793  Window and Door Contractorssamplesamplesamplesample
SIC 1794  Excavating Contractorssamplesamplesamplesample
SIC 1799  Fencing Contractorssamplesamplesamplesample
SIC 1799  Swimming Pool Contractorssamplesamplesamplesample
SIC 2050  Wholesale and Commercial Bakeriessamplesamplesamplesample
SIC 2097  Ice and Ice Products Manufacturerssamplesamplesamplesample
SIC 2300  Apparel and Clothing Manufacturerssamplesamplesamplesample
SIC 2394  Awning, Tent, and Other Canvas Products Manufacturerssamplesamplesamplesample
SIC 2395  Commercial Embroiderysamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 2431  Millwork, Window, and Door Manufacturerssamplesamplesamplesample
SIC 2434  Kitchen Cabinet and Countertop Manufacturerssamplesamplesamplesample
SIC 2500  Furniture Manufacturerssamplesamplesamplesample
SIC 2591  Window Coverings Manufacturerssamplesamplesamplesample
SIC 2700  Book, Magazine, and Newspaper Publisherssamplesamplesamplesample
SIC 2752  Commercial Printerssamplesamplesamplesample
SIC 2759  Silk Screen Printerssamplesamplesamplesample
SIC 2834  Water Purification Products Manufacturerssamplesamplesamplesample
SIC 3080  Plastics Products Manufacturerssamplesamplesamplesample
SIC 3270  Concrete Products Manufacturerssamplesamplesamplesample
SIC 3281  Cultured Marble and Marble Products Manufacturerssamplesamplesamplesample
SIC 3441  Structural Metal Fabricatorssamplesamplesamplesample
SIC 3446  Ornamental and Architectural Metal Products Manufacturerssamplesamplesamplesample
SIC 3470  Metal Coating, Plating, and Finishingsamplesamplesamplesample
SIC 3585  HVAC and Refrigeration Equipment Manufacturerssamplesamplesamplesample
SIC 3599  Machine Shopssamplesamplesamplesample
SIC 3714  Auto Products Manufacturerssamplesamplesamplesample
SIC 3949  Sporting Goods Manufacturerssamplesamplesamplesample
SIC 3993  Sign Manufacturerssamplesamplesamplesample
SIC 4119  Limousine Servicessamplesamplesamplesample
SIC 4119  Medical and Special Needs Transportation Servicessamplesamplesamplesample
SIC 4212  Waste Collection and Trash Removal Servicessamplesamplesamplesample
SIC 4213  Trucking Companiessamplesamplesamplesample
SIC 4213  Vehicle Transport Companiessamplesamplesamplesample
SIC 4214  Moving and Storage Companiessamplesamplesamplesample
SIC 4215  Courier and Delivery Servicessamplesamplesamplesample
SIC 4581  Aircraft Servicessamplesamplesamplesample
SIC 4724  Travel Agenciessamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 4731  Freight Forwarders and Brokerssamplesamplesamplesample
SIC 4959  Parking Lot Sweeping Servicessamplesamplesamplesample
SIC 4959  Environmental Cleanup and Consulting Servicessamplesamplesamplesample
SIC 5013  Auto Products Distributorssamplesamplesamplesample
SIC 5031  Door, Window, Cabinet, and Millwork Distributorssamplesamplesamplesample
SIC 5044  Office Furniture and Equipment Distributorssamplesamplesamplesample
SIC 5046  Restaurant Equipment and Supplies Distributorssamplesamplesamplesample
SIC 5047  Medical Equipment and Supplies Distributorssamplesamplesamplesample
SIC 5051  Metal Supply Centerssamplesamplesamplesample
SIC 5063  Electrical Supplies Distributorssamplesamplesamplesample
SIC 5065  Electronic Parts and Equipment Distributorssamplesamplesamplesample
SIC 5074  Plumbing and Heating Equipment and Supplies Distributorssamplesamplesamplesample
SIC 5085  Industrial Equipment and Supplies Distributorssamplesamplesamplesample
SIC 5087  Cleaning and Janitorial Supplies Distributorssamplesamplesamplesample
SIC 5088  Golf Cart Distributorssamplesamplesamplesample
SIC 5092  Toy, Game, and Hobby Goods Distributorssamplesamplesamplesample
SIC 5093  Scrap and Waste Material Recyclers and Processorssamplesamplesamplesample
SIC 5094  Jewelry, Precious Stone, and Precious Metal Distributorssamplesamplesamplesample
SIC 5112  Office Supplies and Stationery Distributorssamplesamplesamplesample
SIC 5113  Paper Products and Packaging Distributorssamplesamplesamplesample
SIC 5140  Food Distributors and Wholesalerssamplesamplesamplesample
SIC 5170  Oil, Fuel, and Gas Distributorssamplesamplesamplesample
SIC 5193  Flower and Nursery Plant and Supplies Distributorssamplesamplesamplesample
SIC 5199  Advertising Specialties Distributorssamplesamplesamplesample
SIC 5211  Building Materials and Supplies Storessamplesamplesamplesample
SIC 5211  Garage and Overhead Door Dealerssamplesamplesamplesample
SIC 5231  Glass and Mirror Shopssamplesamplesamplesample
SIC 5251  Hardware Storessamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 5261  Lawn and Garden Centerssamplesamplesamplesample
SIC 5331  Dollar and Variety Storessamplesamplesamplesample
SIC 5411  Convenience Storessamplesamplesamplesample
SIC 5411  Grocery Stores and Supermarketssamplesamplesamplesample
SIC 5421  Meat Marketssamplesamplesamplesample
SIC 5421  Fish and Seafood Marketssamplesamplesamplesample
SIC 5441  Candy Storessamplesamplesamplesample
SIC 5461  Retail Bakeriessamplesamplesamplesample
SIC 5462  Donut Shopssamplesamplesamplesample
SIC 5499  Bottled Water and Ice Retailerssamplesamplesamplesample
SIC 5499  Health Food, Vitamin, and Supplement Storessamplesamplesamplesample
SIC 5521  Used Car Dealerssamplesamplesamplesample
SIC 5531  Auto Parts and Accessories Storessamplesamplesamplesample
SIC 5531  Tire Dealerssamplesamplesamplesample
SIC 5541  Gasoline Service Stations and Minimartssamplesamplesamplesample
SIC 5551  Boat, Watercraft, and Marine Supply Dealerssamplesamplesamplesample
SIC 5561  Recreational Vehicle Dealerssamplesamplesamplesample
SIC 5571  Motorcycle Dealerssamplesamplesamplesample
SIC 5600  Clothing Storessamplesamplesamplesample
SIC 5661  Shoe Storessamplesamplesamplesample
SIC 5699  Uniform Storessamplesamplesamplesample
SIC 5712  Furniture Storessamplesamplesamplesample
SIC 5713  Carpet and Floor Covering Storessamplesamplesamplesample
SIC 5714  Drapery and Window Covering Shopssamplesamplesamplesample
SIC 5722  Household Appliance Storessamplesamplesamplesample
SIC 5734  Computer and Electronics Storessamplesamplesamplesample
SIC 5812  Restaurants and Sandwich Shopssamplesamplesamplesample
SIC 5812  Coffee Shops and Coffeehousessamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 5812  Food Caterers and Catering Servicessamplesamplesamplesample
SIC 5813  Bars, Taverns, and Nightclubssamplesamplesamplesample
SIC 5912  Retail Pharmacies and Drug Storessamplesamplesamplesample
SIC 5921  Liquor Storessamplesamplesamplesample
SIC 5932  Pawn Shopssamplesamplesamplesample
SIC 5932  Used Merchandise Storessamplesamplesamplesample
SIC 5941  Bicycle Shopssamplesamplesamplesample
SIC 5941  Bait and Tackle Shopssamplesamplesamplesample
SIC 5941  Dive Shopssamplesamplesamplesample
SIC 5941  Gun Shopssamplesamplesamplesample
SIC 5941  Sporting Goods Storessamplesamplesamplesample
SIC 5942  Bookstoressamplesamplesamplesample
SIC 5943  Office Supplies and Stationery Storessamplesamplesamplesample
SIC 5944  Jewelry Storessamplesamplesamplesample
SIC 5945  Toy, Hobby, Arts, and Craft Storessamplesamplesamplesample
SIC 5947  Card and Gift Shopssamplesamplesamplesample
SIC 5961  Electronic Shopping and Mail Order Businessessamplesamplesamplesample
SIC 5962  Vending Machine Operatorssamplesamplesamplesample
SIC 5992  Retail Florists and Flower Shopssamplesamplesamplesample
SIC 5993  Tobacco Products Retailerssamplesamplesamplesample
SIC 5995  Retail Optical Centerssamplesamplesamplesample
SIC 5999  Cell Phone Retailerssamplesamplesamplesample
SIC 5999  Pet Storessamplesamplesamplesample
SIC 5999  Picture Frame Shopssamplesamplesamplesample
SIC 5999  Commercial Art Galleriessamplesamplesamplesample
SIC 5999  Cosmetics and Beauty Supplies Storessamplesamplesamplesample
SIC 5999  Pool and Spa Equipment and Supplies Storessamplesamplesamplesample
SIC 5999  Retail Hearing Aid Centerssamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 5999  Trophy Shopssamplesamplesamplesample
SIC 6099  Check Cashing Servicessamplesamplesamplesample
SIC 6361  Title Insurance Companiessamplesamplesamplesample
SIC 6411  Insurance Agenciessamplesamplesamplesample
SIC 6531  Real Estate Brokerssamplesamplesamplesample
SIC 6500  Property Management Companiessamplesamplesamplesample
SIC 7211  Commercial Laundriessamplesamplesamplesample
SIC 7215  Coin-Operated Laundriessamplesamplesamplesample
SIC 7216  Dry Cleanerssamplesamplesamplesample
SIC 7217  Carpet Cleaning Servicessamplesamplesamplesample
SIC 7221  Photographers and Photography Studiossamplesamplesamplesample
SIC 7230  Hair, Nail, and Beauty Salonssamplesamplesamplesample
SIC 7291  Tax Preparation Servicessamplesamplesamplesample
SIC 7299  Massage Therapistssamplesamplesamplesample
SIC 7299  Tanning Salonssamplesamplesamplesample
SIC 7299  Tattoo Parlorssamplesamplesamplesample
SIC 7299  Laser Hair Removalsamplesamplesamplesample
SIC 7299  Tuxedo Rentalsamplesamplesamplesample
SIC 7311  Advertising Agenciessamplesamplesamplesample
SIC 7322  Collection Agenciessamplesamplesamplesample
SIC 7331  Direct Mail Advertising Servicessamplesamplesamplesample
SIC 7334  Photocopying and Duplicating Servicessamplesamplesamplesample
SIC 7338  Executive Suitessamplesamplesamplesample
SIC 7342  Pest Control Servicessamplesamplesamplesample
SIC 7349  Janitorial and Cleaning Servicessamplesamplesamplesample
SIC 7349  Construction Cleanupsamplesamplesamplesample
SIC 7349  Vent and Duct Cleaningsamplesamplesamplesample
SIC 7349  Pressure Cleaningsamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 7359  Equipment Rental and Leasingsamplesamplesamplesample
SIC 7359  Party and Event Rentalssamplesamplesamplesample
SIC 7359  Bounce House Rentalssamplesamplesamplesample
SIC 7360  Employment and Temporary Staffing Agenciessamplesamplesamplesample
SIC 7378  Computer Repair and Maintenancesamplesamplesamplesample
SIC 7371  Website Design and Developmentsamplesamplesamplesample
SIC 7372  Software Companiessamplesamplesamplesample
SIC 7379  Internet Service Providerssamplesamplesamplesample
SIC 7381  Security Guard Servicessamplesamplesamplesample
SIC 7382  Security Systems and Alarm Servicessamplesamplesamplesample
SIC 7389  Home Inspection Servicessamplesamplesamplesample
SIC 7389  Interior Designerssamplesamplesamplesample
SIC 7389  Pool Cleaning Servicessamplesamplesamplesample
SIC 7389  Packing and Shipping Servicessamplesamplesamplesample
SIC 7389  Parcel Shipping and Private Mail Centerssamplesamplesamplesample
SIC 7389  Paralegal Servicessamplesamplesamplesample
SIC 7389  Convention, Event, Meeting, and Trade Show Servicessamplesamplesamplesample
SIC 7514  Auto and Car Rentalsamplesamplesamplesample
SIC 7532  Auto Body Shopssamplesamplesamplesample
SIC 7533  Auto Muffler Shopssamplesamplesamplesample
SIC 7536  Auto Glass Repair Shopssamplesamplesamplesample
SIC 7537  Auto Transmission Repair Shopssamplesamplesamplesample
SIC 7538  Auto Repair Shopssamplesamplesamplesample
SIC 7542  Car Washes and Auto Detailing Servicessamplesamplesamplesample
SIC 7549  Tow Truck and Towing Servicessamplesamplesamplesample
SIC 7549  Oil Change and Fast Lube Operationssamplesamplesamplesample
SIC 7549  Auto Window Tinting Servicessamplesamplesamplesample
SIC 7629  Appliance Repair Servicessamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 7641  Upholstery and Furniture Restorationsamplesamplesamplesample
SIC 7699  Locksmithssamplesamplesamplesample
SIC 7812  Video Productionsamplesamplesamplesample
SIC 7841  Video Rental Storessamplesamplesamplesample
SIC 7911  Dance Studiossamplesamplesamplesample
SIC 7991  Health Clubs and Fitness Centerssamplesamplesamplesample
SIC 7991  Day Spas and Salonssamplesamplesamplesample
SIC 7992  Golf Courses and Driving Rangessamplesamplesamplesample
SIC 7993  Amusement Arcadessamplesamplesamplesample
SIC 7999  Billiard Parlorssamplesamplesamplesample
SIC 7999  Boat and Jet Ski Rentalssamplesamplesamplesample
SIC 7999  Gaming Casinossamplesamplesamplesample
SIC 7999  Casino Arcadessamplesamplesamplesample
SIC 8011  Medical Practicessamplesamplesamplesample
SIC 8021  Dental Practicessamplesamplesamplesample
SIC 8021  Oral and Maxillofacial Surgery Practicessamplesamplesamplesample
SIC 8041  Chiropractic Practicessamplesamplesamplesample
SIC 8049  Physical Therapy Practicessamplesamplesamplesample
SIC 8051  Assisted Living Facilitiessamplesamplesamplesample
SIC 8072  Dental Laboratoriessamplesamplesamplesample
SIC 8082  Home Health Care Providerssamplesamplesamplesample
SIC 8099  Medical Testing Laboratoriessamplesamplesamplesample
SIC 8111  Legal Practicessamplesamplesamplesample
SIC 8249  Technical and Trade Schoolssamplesamplesamplesample
SIC 8299  Flight Schoolssamplesamplesamplesample
SIC 8299  Tutoring Servicessamplesamplesamplesample
SIC 8351  Child Day Care Centerssamplesamplesamplesample
SIC 8711  Engineering Servicessamplesamplesamplesample

SIC Code and Industry DescriptionMultiple RangeMultiple Range
SIC 8712  Architectural and Drafting Servicessamplesamplesamplesample
SIC 8721  Accounting, Tax, and Bookkeeping Servicessamplesamplesamplesample
SIC 8721  Medical Billing Servicessamplesamplesamplesample

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