Drafted from Napkin Deals' audited fact sheet of 27,794 live listings, data as of 22 September 2026. Every figure is checked against the snapshot.
Napkin Deals reports an asking EBITDA multiple for 9 sectors in September 2026. The sectors with 500 or more listings sit in a narrow band, from 2.81x to 3.81x at the median, while the thinner sectors scatter above it. These are asking prices, not sale prices, drawn from 24,503 listings that state a price on Napkin Deals.
- Retail & Consumer, the largest sample in the table, has a median asking EBITDA multiple of 2.81x across 8,389 listings in September 2026.
- Software & IT holds the highest median among sectors with 500 or more listings, at 3.81x (n=934) in September 2026.
- Industrials & Services asks a median of 3.45x EBITDA across 2,171 listings in September 2026.
- Energy carries the highest median of all 9 sectors at 5.10x, on 61 listings in September 2026.
- The median of the 9 sector medians is 3.35x in September 2026.
What does the data show?
Napkin Deals' September 2026 Index reports an asking EBITDA multiple for 9 sectors. The table gives each sector a lower quartile, a median, an upper quartile and a listing count. Read the median as the midpoint listing: half of that sector's listings ask more, half ask less. The lower quartile is the level a quarter of listings fall below; the upper quartile is the level a quarter exceed. The distance between the two quartiles is the sector's pricing range, not a margin of error.
The band is narrow where the samples are large. Among the sectors with the biggest samples, Retail & Consumer sits at the bottom with a median of 2.81x and Software & IT at the top with 3.81x. Industrials & Services, Healthcare and Food & Consumer Staples fall between them, and their quartiles overlap heavily.
Four times earnings is not the middle of the market. The upper quartile is 3.98x in Retail & Consumer, 4.60x in Industrials & Services and 5.53x in Software & IT, so an ask at or above four times earnings sits in the top quarter of the biggest sectors, before negotiation has started.
The thin sectors scatter. Energy posts the highest median in the table at 5.10x, on 61 listings, and its upper quartile is the widest of any sector. Manufacturing & Materials also sits above the large-sector band on a small count. Napkin Deals publishes these medians alongside their sample sizes rather than hiding them, because the count tells you how much weight the number carries. The data does not say why the thin sectors price higher.
| Sector | Lower quartile | Median | Upper quartile | Listings (n) |
|---|---|---|---|---|
| Energy | 2.25x | 5.10x | 11.56x | 61 |
| Financial Services | 2.01x | 3.00x | 4.10x | 251 |
| Food & Consumer Staples | 2.11x | 3.00x | 4.47x | 1,028 |
| Healthcare | 2.17x | 3.13x | 4.48x | 1,255 |
| Industrials & Services | 2.50x | 3.45x | 4.60x | 2,171 |
| Manufacturing & Materials | 3.01x | 3.99x | 6.95x | 110 |
| Media & Communications | 2.42x | 3.35x | 4.44x | 227 |
| Retail & Consumer | 2.01x | 2.81x | 3.98x | 8,389 |
| Software & IT | 2.53x | 3.81x | 5.53x | 934 |
Articles built on the same September 2026 data:
Why it matters for buyers
Treat a thin sector's median as a description of a small group of sellers, not a benchmark. The Energy median of 5.10x rests on 61 listings, so a handful of asks sets the midpoint. If a seller or a broker quotes a sector median at you, ask how many listings stand behind it before you let it anchor the offer.
The large sectors support the opposite discipline. Retail & Consumer at 2.81x and Software & IT at 3.81x are each backed by hundreds or thousands of listings, so a seller asking above the sector's upper quartile is asking above almost every comparable listing on the market today. Put the question in writing early: what in this business justifies the top quartile? A sector median is one input among valuation methods, not a price, and it moves with whatever earnings the listing reports.
The spread inside a sector is wider than the gap between sectors. Retail & Consumer's middle half runs from 2.01x to 3.98x, a spread of 1.97x, while the gap between the highest and lowest large-sector median is 1.00x. A buyer screening for a high-multiple industry is sorting on the smaller difference. Price the business from its earnings quality, customer concentration and owner dependence, then use the sector quartiles to check where the ask lands.
How to use this number
- Find your sector row and note three things: the median, the upper quartile and the listing count. A median built on fewer than 500 listings deserves less weight in your first offer than one built on thousands.
- Convert the target's trailing EBITDA into an implied asking multiple, then place that multiple against the sector's quartiles. A listing sitting above the upper quartile needs a reason you can name and test in diligence.
- Ask the broker which earnings figure the multiple uses, whether owner compensation and one-off costs are added back, and whether real estate sits inside the asking price.
- Cross-check against closed-deal reporting before you settle. IBBA's Market Pulse, BizBuySell's Insight Report and the DealStats Value Index all describe multiples on completed transactions after negotiation; the Napkin Deals sector table describes list prices standing today.
Browse the live listings behind these numbers, or create a buyer account on Napkin Deals to work from the full set.
Method and caveats
The September 2026 snapshot covers 27,794 live listings across 99 countries, of which 24,503 state an asking price. A listing enters the EBITDA table only when it states both a price and an earnings figure that passes source grounding. Listings with no stated price are excluded, financials that fail grounding are dropped, and real estate holdings are excluded from the sector table.
A sector is reported only when it holds at least 25 listings, and all 9 sectors clear that floor this month. Asking prices are set by sellers before negotiation; closing prices are agreed afterwards and are not in this dataset.
Frequently asked questions
What if my sector is not in the table?
Napkin Deals reports a sector only when it holds at least 25 listings in the September 2026 snapshot, so smaller sectors do not appear. Use the closest sector by business model, and weigh the individual listing's quartile position more heavily than the sector label.
Is the table based on EBITDA or SDE?
The sector table uses EBITDA as reported in the listing. Many smaller listings quote seller's discretionary earnings instead, which retains owner compensation. Confirm the basis with the broker before comparing one listing's multiple against the sector median.
How often do the sector medians change?
Napkin Deals rebuilds the index monthly from live listings, so medians and sample counts move each month. A sector with a small count can shift noticeably between snapshots, while the largest sectors tend to move in smaller increments.