Opinion on E-Commerce Multiple

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December 12, 2025

by a searcher from University of Illinois at Urbana-Champaign - College of Business in Austin, TX, USA

Niche e-commerce business doing just north of ~$3M EBITDA for 2023 and 2024. Estimated 2025 is ~$3.5M EBITDA. The ask is $25M. Roughly 7.15x multiple. What is your opinion?
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Reply by a professional
from Audencia Business School in Auckland, New Zealand
Is that EBITDA reported or adjusted? For e-commerce especially, the multiple can look very different once you strip out add-backs (owner comp, one-offs, marketing normalisation, fulfilment tweaks, etc.), so the answer materially affects whether 7.5x feels fair or not.
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Reply by an intermediary
from University of Washington in Chicago, IL, USA
Way way too high. eCommerce multiples are around the 2.75X-4X at best. Here's a methodology for eCom valuations: https://webacquisition.com/how-to-value-ecommerce-business/
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