Digital M&A Sector Multiples.

EV/Revenue and EV/EBITDA ranges for 26 digital sub-sectors on one scale, plus a quick way to value your business against any of them.

  • 26 sub-sectors
  • Revenue and EBITDA multiples
  • Trend by sector
  • Value your business
Multiples
  • Vertical SaaS4-12x rev15-40x EBITDAtrend up
  • Horizontal SaaS3-9x rev12-30x EBITDAtrend flat
  • Infrastructure / DevOps SaaS5-15x rev18-50x EBITDAtrend up
  • SMB SaaS2.5-7x rev8-22x EBITDAtrend flat
  • AI / ML SaaS6-20x rev20-60x EBITDAtrend up
  • Payments / Processing3-10x rev12-35x EBITDAtrend up
  • Lending / Credit Platform1.5-5x rev6-18x EBITDAtrend flat
  • Wealthtech / Robo-Advisory2-7x rev8-25x EBITDAtrend flat
  • Insurtech1.5-5x rev6-18x EBITDAtrend flat
  • Crypto Exchange / Brokerage2-8x rev6-20x EBITDAtrend flat
  • Mobile Gaming1.5-5x rev5-16x EBITDAtrend flat
  • PC / Console Gaming2-7x rev8-22x EBITDAtrend flat
  • iGaming / Online Gambling2.5-8x rev8-25x EBITDAtrend up
  • Esports / Competitive Gaming1-4x rev4-14x EBITDAtrend down
  • Gaming Infrastructure / Tools3-9x rev10-28x EBITDAtrend up
  • Crypto Exchange (CEX)2-8x rev6-20x EBITDAtrend flat
  • Web3 / DeFi Protocol3-12x rev8-35x EBITDAtrend flat
  • NFT / Digital Collectibles Platform1-4x rev3-12x EBITDAtrend down
  • Content / Newsletter1-3x rev3-8x EBITDAtrend flat
  • Affiliate / Performance Marketing1.5-4x rev4-10x EBITDAtrend flat
  • Digital Media / Publishing0.8-2.5x rev3-8x EBITDAtrend down
  • Podcast / Audio1-3.5x rev4-12x EBITDAtrend flat
  • YouTube / Creator Platform1.5-4x rev5-14x EBITDAtrend up
  • B2B Marketplace2-6x rev8-20x EBITDAtrend up
  • B2C Marketplace1.5-4.5x rev5-15x EBITDAtrend flat
  • Freelance / Services Marketplace1.5-4x rev5-14x EBITDAtrend flat

Value against a sector

Enter 0 if loss-making. The revenue method is then used on its own.

Indicative enterprise value, Vertical SaaS

$33.8M

Blended mid-point of 4x to 12x revenue and 15x to 40x EBITDA.

Revenue method
$20.0M to $60.0M
4x to 12x revenue
EBITDA method
$15.0M to $40.0M
15x to 40x EBITDA
Where both agree
$20.0M to $40.0M
The most defensible range

EV/Revenue and EV/EBITDA multiples by sector

26 digital sub-sectors on one scale. The bar shows the typical range and the mark shows the mid-point.

  • AI / ML SaaSSaaS · Model differentiation, data moat
    6x to 20xRising
  • Infrastructure / DevOps SaaSSaaS · Usage growth, enterprise contracts
    5x to 15xRising
  • Vertical SaaSSaaS · NRR, ARR growth, TAM
    4x to 12xRising
  • Web3 / DeFi ProtocolBlockchain · TVL, protocol revenue
    3x to 12xStable
  • Payments / ProcessingFintech · TPV, take rate, geography
    3x to 10xRising
  • Horizontal SaaSSaaS · ARR, churn, gross margin
    3x to 9xStable
  • Gaming Infrastructure / ToolsGaming · SDK adoption, developer base
    3x to 9xRising
  • iGaming / Online GamblingGaming · GGR, licence jurisdiction
    2.5x to 8xRising
  • Crypto Exchange / BrokerageFintech · Trading volume, regulatory status
    2x to 8xStable
  • Crypto Exchange (CEX)Blockchain · Spot volume, regulatory status
    2x to 8xStable
  • SMB SaaSSaaS · Churn rate, ARPU
    2.5x to 7xStable
  • Wealthtech / Robo-AdvisoryFintech · AUM, client retention
    2x to 7xStable
  • PC / Console GamingGaming · IP value, franchise strength
    2x to 7xStable
  • B2B MarketplaceMarketplace · GMV, take rate, liquidity
    2x to 6xRising
  • Lending / Credit PlatformFintech · Loan book quality, NIM
    1.5x to 5xStable
  • InsurtechFintech · Loss ratio, premium growth
    1.5x to 5xStable
  • Mobile GamingGaming · DAU, ARPDAU, LTV
    1.5x to 5xStable
  • B2C MarketplaceMarketplace · GMV growth, buyer/seller ratio
    1.5x to 4.5xStable
  • Affiliate / Performance MarketingMedia · Traffic quality, diversification
    1.5x to 4xStable
  • YouTube / Creator PlatformMedia · Subscriber base, CPM
    1.5x to 4xRising
  • Freelance / Services MarketplaceMarketplace · Take rate, repeat usage
    1.5x to 4xStable
  • Esports / Competitive GamingGaming · Audience size, sponsorship
    1x to 4xCompressing
  • NFT / Digital Collectibles PlatformBlockchain · GMV, creator base
    1x to 4xCompressing
  • Podcast / AudioMedia · Downloads, sponsorship revenue
    1x to 3.5xStable
  • Content / NewsletterMedia · Subscriber count, churn
    1x to 3xStable
  • Digital Media / PublishingMedia · Audience size, ad revenue
    0.8x to 2.5xCompressing

Showing 26 of 26 sub-sectors. Not meaningful usually means EBITDA is negative or not how buyers price the sector.

How to read sector multiples

Scope of the data

Ranges reflect private control transactions for digital businesses between $1M and $100M of enterprise value, on a cash-free, debt-free basis. They draw on Acquiry transaction experience, disclosed comparable deals and broker market data.

EV/Revenue

Enterprise value divided by trailing twelve-month revenue. Used where EBITDA is negative or not meaningful, which is common for high-growth SaaS and early-stage fintech.

EV/EBITDA

Enterprise value divided by EBITDA. The main metric for profitable businesses, because it removes the effect of capital structure and non-cash charges.

What moves you up the range

Growth, net revenue retention, gross margin, customer concentration, management depth and market size. Test your own numbers in the SaaS valuation calculator (opens in a new tab) or the SDE and EBITDA calculator.

Frequently asked questions

What is a good EV/EBITDA multiple?
It depends on the sector and scale. Profitable private digital businesses between $1M and $100M of enterprise value typically trade between 8x and 25x EBITDA, with high-growth SaaS, infrastructure software and AI businesses reaching higher and media and services businesses trading lower.
When should I use EV/Revenue instead of EV/EBITDA?
Use revenue multiples when EBITDA is negative or depressed by deliberate investment, which is common in high-growth SaaS and early fintech. Use EBITDA multiples for mature, cash-generative businesses, where buyers price on earnings.
What are SaaS valuation multiples in 2026?
Private SaaS businesses typically trade between 2.5x and 15x revenue depending on segment, with AI and infrastructure SaaS at the top of the range. Growth, net revenue retention and gross margin explain most of the difference. Model your own numbers in the SaaS valuation calculator.
Why do multiples vary so much within a sector?
Growth rate, revenue quality, customer concentration, churn, margins, management depth and scale all move the multiple. A business with recurring revenue, low churn and no single large customer will sit near the top of its sector range.
Are these public or private company multiples?
Private-market control transactions. Public companies usually trade at higher multiples because their shares are liquid; a private business typically carries a discount for lack of marketability.
How often is this data updated?
The ranges are reviewed against Acquiry transaction experience and disclosed comparable deals, and updated when the market moves. The trend column shows the current direction for each sub-sector.
Acquiry ResearchEmpirical Research: Discount for Lack of MarketabilityWhy private businesses trade below public peers. A review of restricted stock studies, pre-IPO studies and option pricing models, from the SEC Institutional Investor Study (1971) to current quantitative models.Read the research (opens in a new tab)

Indicative ranges based on observed private-market transactions and public comparable data. They are not financial advice, and actual multiples vary with deal-specific factors.