EBITDA multiples by industry
An EBITDA multiple shows how many times its annual operating profit a buyer pays for a company. For privately held small and mid-sized companies in Brazil, the most common ranges are 3x to 6x in traditional industries and 5x to 10x in software, healthcare and education. The exact multiple depends on recurring revenue, growth, owner dependence and customer concentration.
| Industry | EV/EBITDA range | What pushes it up |
|---|---|---|
| Software and SaaS | 6x – 10x | Recurring revenue, low churn and growth above 20% a year. |
| Healthcare (clinics, labs) | 5x – 9x | Multiple locations, medical staff not tied to the founder, and insurer contracts. |
| Education | 5x – 8x | Stable student base, low default rates and a known local brand. |
| B2B services | 4x – 7x | Long-term contracts, diversified client base and a management team in place. |
| Accounting and professional services | 4x – 6x | Recurring monthly fees and clients who stay after the sale. |
| Logistics and transportation | 4x – 6x | Dedicated contracts with large shippers and a young fleet. |
| Manufacturing | 4x – 6x | Own branded products, stable margins and a plant that does not need heavy investment. |
| Agribusiness (inputs and services) | 4x – 7x | Long-standing relationships with growers and presence in expanding regions. |
| Distribution and wholesale | 3x – 5x | Exclusive brand agreements, well-managed working capital and own logistics. |
| Construction and engineering | 3x – 5x | Contracted backlog and technical certifications held by the company. |
| Retail | 3x – 5x | Several stores with similar results, online sales and long leases. |
| Food service and restaurants | 3x – 5x | A brand that works across locations (or franchising) and standardized operations. |
Indicative ranges for privately held small and mid-sized companies, as of November 2026.
How to use the table
- Calculate adjusted EBITDA for the last 12 months (add back personal expenses and one-off items).
- Pick a point in the range based on risk: owner-dependent with few customers sits near the low end; recurring, growing and with its own management, near the top.
- Multiply: the result is enterprise value (EV).
- Subtract net debt (loans minus cash) to get equity value.
Why private companies trade below public ones
Listed companies have liquidity, governance and scale. A privately held small business carries more risk for the buyer, so it usually trades at a discount to public multiples in the same industry.
Frequently asked questions
Straight answers for owners thinking about valuing or selling their company.
Still have questions? Talk to a specialistWhat is an EBITDA multiple?
It is the ratio between a company’s value and its annual EBITDA. A 5x multiple means the buyer pays five years of operating profit for the company.
What is a good EBITDA multiple?
It depends on the industry. In traditional industries, 5x or more is a good result for a small business; in software with recurring revenue, buyers may pay above 8x.
Can I use a revenue multiple?
Only as a rough shortcut, and mostly for growing software companies. Two companies with the same revenue and different margins are worth very different amounts.
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