Every industry has its own valuation logic.

Home Services

Value an HVAC, plumbing, electrical or other home services business on the owner's earnings, with service agreements valued as their own layer.

View guide →

HVAC & Plumbing

Value an HVAC, plumbing or mechanical service company on the owner's earnings, with its service agreements valued as their own layer above one-off jobs.

View guide →

Pest Control

Value a residential or commercial pest control company on the owner's earnings, with recurring service plans valued as their own layer above one-off treatments.

View guide →

Landscaping

Value a commercial or residential landscaping company on the owner's earnings, with maintenance contracts valued as their own layer above installs and enhancements.

View guide →

Roofing

Value a residential or commercial roofing company on the owner's earnings, with storm and new-construction work read separately from steady replacement demand.

View guide →

Electrical Contracting

Value an electrical contracting company on the owner's earnings, with service and maintenance agreements valued as their own layer above project and new-construction work.

View guide →

Security Systems

Value a security systems integrator on the owner's earnings, with monitoring and service contracts valued as their own layer above installation projects.

View guide →

Equipment Maintenance

Value an equipment maintenance company on the owner's earnings, with preventive maintenance contracts valued as their own layer above call-out repairs.

View guide →

Fire & Life Safety

Value a fire and life safety company on the owner's earnings, with inspection and monitoring contracts valued as their own layer above installation work.

View guide →

Garage Doors

Value a garage door company on the owner's earnings, with repair and replacement work valued above installs for home builders.

View guide →

Industrial Maintenance

Value an industrial maintenance contractor on the owner's earnings, with master service agreements valued as their own layer above one-off project work.

View guide →

Commercial Cleaning

Value a commercial cleaning or janitorial company on the owner's earnings, with recurring cleaning contracts valued as their own layer above one-off jobs.

View guide →

Mobile Repair

Value a mobile repair and on-site field service business on the owner's earnings, with service contracts valued as their own layer above dispatched call-outs.

View guide →

Restoration

Value a water, fire and mold restoration company on the owner's earnings from a typical year, with the insurance programs and referral sources buyers check.

View guide →

Specialty Cleaning

Value a specialty cleaning company, from kitchen hoods and ducts to pressure washing, on the owner's earnings, with scheduled contracts valued as their own layer.

View guide →

Abatement

Value an asbestos, lead and mold abatement contractor on the owner's earnings, with licenses, insurance and backlog read the way buyers read them.

View guide →

Biohazard Cleanup

Value a biohazard cleanup company on the owner's earnings, with referral sources, insurance billing and crew depth read the way buyers read them.

View guide →

Facility Management

Value a facility management company on its earnings, with contract terms, self-performed work and customer concentration read the way buyers read them.

View guide →

Field Inspection

Value a field inspection company on its earnings, with the owner's earnings blended in for a smaller firm and client concentration read as buyers read it.

View guide →

Security Guard Services

Value a security guard company on its earnings, with contract terms, bill rates against wages and customer concentration read the way buyers read them.

View guide →

Surface Finishing

Value a plating, anodizing, powder coating or other finishing company on its earnings, with its equipment and environmental permits as buyers see them.

View guide →

Automotive Services

Value a car wash, repair shop or franchised dealership. VA's automotive model values each type on its own terms: members, earnings or the sum of its parts.

View guide →

Auto Repair

Value an independent auto repair shop on its earnings, with comparable companies, precedent transactions and a discounted cash flow weighed together.

View guide →

Collision Repair

Value a collision repair or body shop on its earnings, and see how insurer programs, manufacturer certifications and capacity shape what buyers pay.

View guide →

Heavy Truck Repair

Value a heavy truck and trailer repair shop on its earnings, with fleet accounts, technician depth and equipment read the way buyers read them.

View guide →

Tire Dealer

Value an independent tire dealer on its earnings, with service work, commercial accounts and inventory read the way buyers read them.

View guide →

Towing

Value a towing and roadside assistance company on the higher of its earnings before rent and what its trucks would bring in an orderly sale.

View guide →

Healthcare Services

Value a healthcare services company on normalized EBITDA, with the multiple chosen from the payer mix: commercial insurers pay more than government plans.

View guide →

Home Health & Hospice

Value a home health or hospice agency on normalized EBITDA, with one-off costs added back and the multiple set by the agency's payer mix.

View guide →

Care Coordination

Value a care coordination or care management company on normalized EBITDA, with the multiple set by how much revenue comes from commercial plans.

View guide →

Medical Equipment

Value a durable medical equipment supplier on normalized EBITDA, with the multiple set by payer mix and rental revenue and audits read as buyers read them.

View guide →

Skilled Nursing and Memory Care

Value a skilled nursing or memory care operator on normalized EBITDA, with the multiple set by payer mix and occupancy and staffing read with it.

View guide →

Clinic Rollup / DSO

Value a clinic group or dental service organization on normalized EBITDA, with the multiple set by payer mix and acquired and new clinics as layers.

View guide →

Dental Practices

Value a dental practice or group on normalized EBITDA, with the multiple set by how the practice is paid and a group's clinics valued by how established each one is.

View guide →

Veterinary Practices

Value a veterinary practice or group on normalized EBITDA, with a group's clinics valued by how established each one is and the payer-mix limit stated plainly.

View guide →

Physical Therapy

Value a physical therapy practice or clinic group on normalized EBITDA, with the multiple set by how the practice is paid and new clinics valued on their own terms.

View guide →

Behavioral Health

Value a behavioral health or addiction treatment practice on normalized EBITDA, with the multiple set by how much revenue comes from commercial insurers.

View guide →

Dermatology

Value a dermatology practice or group on normalized EBITDA, with the multiple set by payer mix and cash-pay cosmetic work read the way buyers read it.

View guide →

Primary Care

Value a primary care practice or group on normalized EBITDA, with the multiple set by payer mix and value-based contracts read the way buyers read them.

View guide →

Specialty Practice

Value an orthopedic, cardiology, gastroenterology or other specialty practice on normalized EBITDA, with the multiple set by the payer mix.

View guide →

Pharmacy

Value an independent retail pharmacy on the owner's earnings, with prescription volume, reimbursement and front-store sales read the way buyers read them.

View guide →

Medical Supply Distribution

Value a medical and surgical supply distributor on its earnings, with supplier lines, customer contracts and working capital read the way buyers read them.

View guide →

Healthcare Staffing

Value a nurse, travel or allied health staffing firm on its earnings, with bill-rate spreads, clients and recruiters read the way buyers read them.

View guide →

Medical Billing and RCM

Value a medical billing, coding or revenue cycle management company on its earnings, with client contracts and concentration read the way buyers read them.

View guide →

Payer Services and TPA

Value a third party administrator or payer services company on its earnings, with contracts and client concentration read the way buyers read them.

View guide →

Medical Labs

Value a clinical or diagnostic lab on its test volume and the net reimbursement it collects per test, with fee-schedule pressure and operating leverage read as buyers do.

View guide →

Healthcare Devices

Value a medical device company using revenue multiples, regulatory clearance premium, and pipeline analysis. Reports.

View guide →

Biotech & Pharma

Value a biotech or pharmaceutical company using rNPV, pipeline analysis, and pharma comparable transactions.

View guide →

Biotech

Value a biotech or life sciences company using risk-adjusted NPV, pipeline analysis, and precedent transaction comps. Reports.

View guide →

CRO Services

Value a clinical research organization or CRO using backlog multiples, EBITDA, and revenue per FTE benchmarks. Reports.

View guide →

Professional Services

Value a consulting, accounting or agency business on its earnings, with seller's discretionary earnings in the blend for a smaller owner-run firm.

View guide →

Accounting Firm

Value a CPA or accounting firm on its earnings, with recurring clients, partner succession and client concentration read the way buyers read them.

View guide →

BPO

Value a business process outsourcing company on its earnings, with client contracts, delivery costs and concentration read the way buyers read them.

View guide →

Compliance Services

Value a compliance services firm on its earnings, with recurring monitoring work, client concentration and the owner's role read the way buyers read them.

View guide →

Legal Services

Value a litigation support, e-discovery, court reporting or legal outsourcing company on its earnings, with client concentration read as buyers do.

View guide →

Marketing Agency

Value a marketing, digital or creative agency on its earnings, with retainers, client concentration and the founder's role read the way buyers read them.

View guide →

Regulatory Consulting

Value a regulatory consulting firm on its earnings, with specialist expertise, repeat clients and the founder's role read the way buyers read them.

View guide →

Testing and Inspection

Value a testing, inspection or certification company on its earnings, with accreditations, recurring inspections and lab equipment read as buyers do.

View guide →

Staffing

Value a staffing or recruiting agency on its earnings, with margin per hour, client concentration and recruiter productivity read the way buyers do.

View guide →

Commercial Staffing

Value a light industrial, warehouse or clerical staffing firm on its earnings, with margin per hour, clients and insurance costs read as buyers do.

View guide →

Executive Search

Value an executive search or retained recruiting firm on its earnings, with partner relationships, repeat clients and fees read as buyers do.

View guide →

PEO and HR Outsourcing

Value a PEO or HR outsourcing company on its earnings, with net revenue, worksite employees and client retention read the way buyers read them.

View guide →

Professional Staffing

Value an IT, finance, engineering or legal staffing firm on its earnings, with contractor margins, client mix and recruiter productivity read as buyers do.

View guide →

Education & Training

Value a school, tutoring, training or childcare business on its earnings, with seller's discretionary earnings weighing most for a smaller one.

View guide →

Corporate Training

Value a corporate training company on its earnings, with repeat clients, content ownership and the founder's role read the way buyers read them.

View guide →

Subscription SaaS

Value a subscription SaaS business using ARR multiples, Rule of 40, and DCF. Benchmarked against public SaaS comps. Reports.

View guide →

Usage-Based AI

Value a usage-based AI or API-first business using revenue multiples, NRR, and DCF. AI-specific benchmarks included. Reports.

View guide →

On-Prem Software

Value a perpetual license or on-premise software business using maintenance ARR, EBITDA multiples, and migration optionality. Reports.

View guide →

IT Managed Services

Value a managed service provider on its earnings, with monthly contracts, client retention and the owner's role read the way buyers read them.

View guide →

Cloud Consulting

Value a cloud consulting or migration firm on its earnings, with partner status, recurring managed services and utilization read the way buyers read them.

View guide →

Cybersecurity Services

Value a managed security or cybersecurity consulting firm on its earnings, with monitoring contracts, analysts and certifications read as buyers do.

View guide →

ERP and CRM Implementation

Value an ERP, CRM or other software implementation partner on its earnings, with vendor status, support contracts and utilization read as buyers do.

View guide →

IT Consulting

Value an IT consulting or technology services firm on its earnings, with client relationships, utilization and recurring work read as buyers do.

View guide →

B2B Marketplace

Value a B2B marketplace or procurement platform using GMV multiples, take rate, and revenue growth benchmarks. Reports.

View guide →

Consumer Marketplace

Value a consumer marketplace or platform business using GMV multiples, take rate, and engagement benchmarks. Reports.

View guide →

Ad-Supported Media

Value a publisher, newsletter, podcast or content site funded by advertising on its earnings, with audience, traffic sources and ad mix read as buyers do.

View guide →

Insurance Brokerage

Value an insurance agency or brokerage on its commissions, with premium retention, new business, contingent commission and the producers read as buyers do.

View guide →

Wealth Management & RIA

Value a registered investment adviser or wealth manager on its recurring fees, with client assets, retention, organic growth and margin read as buyers do.

View guide →

Payments Processing

Value a payment processor, ISO or payment facilitator on net revenue after interchange, with volume, take rate and merchant retention read as buyers do.

View guide →

Fintech

Value a fintech on what it is: a lender on what its loan book earns after credit losses and operating costs and on tangible book, a fee business on net revenue and take rate.

View guide →

Banks & Depository

Value a community bank or credit union on price to tangible book justified by its return on equity, with credit quality, capital and efficiency.

View guide →

Private Equity

Value private equity portfolio companies on the model for each one's industry, with add-backs, net debt and exit timing read the way sponsors read them.

View guide →

Restaurants & Hospitality

Value a restaurant group, hotel, catering company or event venue on its earnings, with results by location, leases and the owner's role read as buyers do.

View guide →

Restaurants

Value a restaurant, café, bar or food truck on seller's discretionary earnings and cash flow, with the lease, the owner's role and costs read as buyers do.

View guide →

Physical Retail

Value a retail store or small chain on seller's discretionary earnings and cash flow, with the lease, inventory and margins read the way buyers read them.

View guide →

E-Commerce DTC

Value an online store, Amazon seller or direct-to-consumer brand on its earnings, with repeat customers, ad costs, channels and stock read as buyers do.

View guide →

Consumer Brands

Value a consumer brand or packaged goods company on its earnings, with distribution, gross margin, trade spending and top retailers read as buyers do.

View guide →

Consumer Services

Value a salon, spa, laundry, funeral home or other personal services business on its earnings, with the owner's role, clients and lease read as buyers do.

View guide →

Fitness & Wellness

Value a gym, fitness studio, climbing gym or day spa on its earnings, with members, retention, the lease and trainers who stay read as buyers do.

View guide →

Leisure & Entertainment

Value an entertainment center, bowling center, escape room or golf course on its earnings, with repeat visits, events and the lease read as buyers do.

View guide →

Pet Services

Value a pet grooming, boarding, daycare or training business on its earnings, with repeat clients, capacity, the site and staff read as buyers do.

View guide →

Industrial Manufacturing

Value an industrial manufacturer on its earnings, with contracts, certifications, customer concentration and capital spending read as buyers read them.

View guide →

Manufacturing

Value a manufacturing business on its earnings and cash flow, with customers, margins, equipment and working capital read the way buyers read them.

View guide →

Wholesale Distribution

Value a wholesale distributor on its earnings and cash flow, with supplier lines, customers and working capital read the way buyers read them.

View guide →

Automation & Controls

Value an automation, controls or robotics integrator on its earnings, with backlog, service contracts and engineering talent read the way buyers read them.

View guide →

Automotive Supplier

Value an automotive parts supplier on its earnings, with program awards, customer mix, tooling and annual price reductions read the way buyers read them.

View guide →

Engineered Products

Value an engineered components maker on its earnings, with aftermarket sales, design specifications and end markets read the way buyers read them.

View guide →

Industrial Machinery

Value an industrial machinery maker on its earnings, with backlog, customer deposits, aftermarket service and working capital read as buyers read them.

View guide →

Packaging & Chemicals

Value a packaging or chemicals company on its earnings, with raw material pass-through, customer approvals and capital spending read as buyers do.

View guide →

Machine Shops

Value a CNC machine shop or contract manufacturer on its earnings, with certifications, customer concentration and equipment read the way buyers read them.

View guide →

Construction

Value a construction or contracting business on its earnings, with backlog, bonding, work in progress and the owner's role read the way buyers read them.

View guide →

Equipment Rental

Value an equipment rental company using EBITDA multiples, fleet utilization, and OEC (original equipment cost) benchmarks. Reports.

View guide →

Specialty Contractors

Value a specialty trade contractor on its earnings, with backlog, bonding, customer mix and the owner's role read the way buyers read them.

View guide →

Construction Engineering

Value a civil, structural or construction engineering firm on its earnings, with public work, backlog and licensed engineers read as buyers do.

View guide →

Building Products

Value a building products manufacturer on its earnings, with dealer channels, housing exposure and plant capacity read the way buyers read them.

View guide →

Construction Materials

Value a quarry or aggregates company as a depleting reserve, with permitted tons, price and cost per ton and reclamation read the way buyers read them.

View guide →

Logistics & Transport

Value a trucking, logistics or transportation company on the higher of its earnings before rent and what its fleet would bring in an orderly sale.

View guide →

Trucking

Value an asset-based trucking company on the higher of its earnings before rent and what its fleet would bring in an orderly sale.

View guide →

Freight Brokerage

Value a freight brokerage or 3PL using gross revenue, net revenue multiples, and EBITDA analysis.

View guide →

3PL & Warehousing

Value a third-party logistics or warehousing company on its earnings before rent, less its warehouse leases, with its own equipment as a floor.

View guide →

Cold Chain Logistics

Value a cold chain logistics company on the higher of its earnings before rent and what its refrigerated trucks and equipment would bring in a sale.

View guide →

Heavy Haul

Value a heavy haul or specialized transport company on the higher of its earnings before rent and what its tractors and trailers would bring in a sale.

View guide →

Air Charter

Value an air charter or aircraft management company on the higher of its earnings before rent and what its aircraft would bring in an orderly sale.

View guide →

Marine & Port Services

Value a marine towing, barge or port services company on the higher of its earnings before rent and what its vessels would bring in an orderly sale.

View guide →

Rail Services

Value a short line railroad or rail services company on the higher of its earnings before rent and what its locomotives and railcars would bring in a sale.

View guide →

Industrial Distribution

Value an industrial or MRO distributor on its earnings, with supplier lines, customer programs and working capital read the way buyers read them.

View guide →

Project Finance

Size the debt a contracted solar, wind or battery project can carry against a coverage target, then value the sponsor's equity from the cash left over.

View guide →

Regulated Utilities

Value a regulated water, gas or electric utility on its rate base and the return its regulator allows, with a haircut when it persistently earns less.

View guide →

Data Centers

Value a data center on its net operating income at a market cap rate, checked against a cash flow model, public comparables and comparable transactions.

View guide →

Mining & Resources

Value a mine, quarry or producing well on reserves and netback: a finite cash flow to depletion, less closure cost, never a perpetuity multiple.

View guide →

Environmental Services

Value a remediation, compliance or environmental services company on its earnings, with contracts, permits and recurring work read as buyers do.

View guide →

Waste & Water Services

Value a waste collection, recycling, septic or water treatment services company on its earnings, with routes, contracts and equipment read as buyers do.

View guide →

Power & Renewables Contractors

Value a contractor building solar farms, wind projects, substations or power lines on its earnings, with backlog, bonding and customers read as buyers do.

View guide →

Infrastructure

How infrastructure is valued and which model fits: debt capacity for a contracted energy project, rate base for a utility, cap rate for a data center.

View guide →

Apartment Property

Value an apartment building from its trailing twelve-month statement: net operating income rebuilt line by line, then capitalized at a market cap rate.

View guide →

Self-Storage

Value a self-storage facility on net operating income over a cap rate, with occupancy, ancillary income and lease-up read the way buyers read them.

View guide →

Property Management

Value a property management company on its fees and earnings, with owner retention, doors under management and ancillary fees read as buyers of a service business do.

View guide →

Hotel Management

Value a hotel management company on its fee earnings: base and incentive fees, contract terms and owner concentration, read the way buyers of managers do.

View guide →

Agriculture

Value a farm on land at market, biological assets and operating earnings struck after an imputed land rent, so the same acres are never counted twice.

View guide →

Food Distribution

Value a food or foodservice distributor on its earnings, with thin margins, routes, customer contracts, inventory and the fleet read as buyers do.

View guide →

Ag Equipment Dealers

Value a farm equipment dealer on its earnings, with parts and service, used inventory, floor plan and the manufacturer relationship read as buyers do.

View guide →

Irrigation Services

Value an irrigation installation and service company on the owner's earnings, with maintenance contracts valued as their own layer above installation work.

View guide →

Aerospace & Defense Manufacturing

Value an aerospace or defense parts manufacturer on its earnings, with certifications, program positions and customer concentration read as buyers do.

View guide →

Space Systems

Value a space hardware or satellite components company on its earnings, with contracts, flight heritage and customer concentration read as buyers do.

View guide →

Government Contracting

Value a government services contractor on its earnings, with contract vehicles, recompete dates, set-aside status and clearances read as buyers do.

View guide →