What industry is the most over inflated in terms of EBITDA multiple?

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October 05, 2025

by a professional in New York, NY, USA

Searchers and M&A Pros, I need your Help What industry is the most over inflated in terms of EBITDA multiple? HVAC/plumbing Accounting SAAS Real Estate Other Would love to hear your opinion on trends and Ebitda multiples you would pay on each industry.
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Reply by a professional
from University of Central Florida in Chicago, IL, USA
I've been doing diligence on a lot of accounting firms recently, and the multiples have gotten crazy - like 8-10X for relatively small firms that would have went for 4-5X 7-10 years ago.
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Reply by a searcher
in St. Louis, MO, USA
HVAC has been so inflated for the longest time. I would wait for the market to cool off.
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