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.