Vertical Multiples Heatmaps
Observed revenue and EBITDA multiple ranges across SaaS, Fintech, Gaming, and Media verticals.
Executive Summary
Valuation in digital asset M&A is driven by a combination of quantitative metrics and qualitative factors. While every asset is unique, market multiples provide a critical benchmark for both buyers and sellers. The following heatmaps represent observed multiple ranges from Acquiry's deal flow and proprietary market data as of Q1 2026. These are not absolute figures but directional indicators of market sentiment and risk appetite.
SaaS Multiples
| SaaS Category | Annual Recurring Revenue (ARR) | TTM Revenue Multiple | TTM EBITDA Multiple |
|---|---|---|---|
| Vertical SaaS | $1M - $10M | 5.0x - 8.0x | 15x - 25x |
| Horizontal SaaS | $1M - $10M | 4.0x - 6.5x | 12x - 20x |
| B2C SaaS | $1M - $10M | 2.5x - 4.5x | 8x - 14x |
Fintech Multiples
| Fintech Category | Annual Revenue | TTM Revenue Multiple | TTM EBITDA Multiple |
|---|---|---|---|
| Payments Infrastructure | $5M - $50M | 6.0x - 10.0x | 20x - 30x |
| Wealthtech / Robo-advisory | $5M - $50M | 4.0x - 7.0x | 15x - 22x |
| Consumer Lending | $5M - $50M | 2.0x - 4.0x | 5x - 10x |
Gaming Multiples
| Gaming Category | Annual Revenue | TTM Revenue Multiple | TTM EBITDA Multiple |
|---|---|---|---|
| Mobile (In-App Purchases) | $2M - $20M | 3.5x - 5.5x | 8x - 12x |
| PC / Console (Premium) | $2M - $20M | 2.5x - 4.0x | 6x - 10x |
| iGaming / Real Money | $2M - $20M | 4.0x - 6.0x | 10x - 15x |
Methodology & Disclaimer
Multiples are derived from a combination of completed transactions, active mandates, and public market comparables. These ranges are indicative and subject to change based on market conditions and asset-specific factors such as growth rate, profitability, customer concentration, and intellectual property. They should not be used as a substitute for a formal valuation.