Valuation multiples in the DACH Mittelstand, Q3/2026
by Nick HerbigUpdated Data as of DUB KMU-Multiples Q3/2026 (EBITDA), Q2/2026 (EBIT, revenue)
How a company is valued depends on its sector and, to a large extent, on its size. The interactive overview shows current valuation ranges in 20 sectors in the German-speaking region, split into three size classes and three valuation metrics. The data is based on the DUB KMU-Multiples, i.e. aggregated market estimates from M&A advisory firms, prepared by SourcingClub. It is a guide, not an expert valuation. The EBITDA multiples are as of Q3/2026, the EBIT and revenue multiples as of Q2/2026. I show what moved from Q2 to Q3 2026 in the article EBITDA Multiples DACH Q3/2026 (in German). A first individual estimate comes from the company valuation calculator (in German).
Valuation multiples by sector & size class
| Sector ▲ | Micro cap (< €5m) | Small cap (€5-50m) | Mid cap (> €50m) |
|---|---|---|---|
| Bricks-and-Mortar Wholesale & Retail | 3.4x – 4.8x | 4.4x – 5.5x | 5.1x – 6.8x |
| Business Services (B2B) | 3.7x – 5.4x | 5.0x – 7.2x | 6.4x – 8.0x |
| Chemicals, Plastics & Packaging | 3.6x – 4.6x | 5.4x – 6.5x | 6.4x – 8.1x |
| Consumer Goods (Non-Food) | 2.4x – 4.0x | 3.5x – 5.5x | 4.8x – 6.3x |
| E-Commerce & Mail Order | 4.3x – 6.9x | 5.4x – 7.3x | 7.3x – 9.4x |
| Electrical Engineering & Automation | 4.2x – 6.0x | 5.7x – 7.6x | 6.9x – 8.5x |
| Financial Services & Insurance Brokers | 4.7x – 6.3x | 6.0x – 7.5x | 8.1x – 9.6x |
| Food & Beverages | 4.4x – 5.7x | 5.5x – 6.6x | 6.7x – 7.9x |
| Healthcare & Medical Technology | 5.9x – 7.6x | 7.0x – 9.0x | 8.2x – 10.0x |
| Healthcare: Nursing & Care Services | 4.0x – 6.0x | 6.0x – 7.7x | 7.9x – 9.7x |
| IT Services & Managed Services | 5.5x – 6.8x | 6.6x – 8.5x | 7.6x – 10.0x |
| Logistics & Transport | 3.7x – 5.0x | 4.5x – 5.6x | 5.6x – 7.2x |
| Machinery & Plant Engineering | 3.5x – 4.7x | 4.6x – 6.0x | 5.6x – 7.3x |
| Media, Marketing & Agencies | 3.1x – 5.0x | 4.4x – 6.4x | 6.1x – 7.5x |
| Metalworking & Manufacturing Technology | 3.4x – 4.2x | 4.0x – 5.4x | 5.0x – 7.2x |
| Real Estate Services & Facility Mgmt. | 4.1x – 5.0x | 5.0x – 6.9x | 6.5x – 8.1x |
| Software Development & SaaS | 6.1x – 7.6x | 7.5x – 9.5x | 8.3x – 10.6x |
| Telecommunications & Infrastructure | 4.2x – 6.5x | 5.7x – 7.7x | 6.6x – 8.2x |
| Trades & Construction | 3.7x – 5.1x | 4.4x – 5.8x | 5.6x – 6.8x |
| Vehicle Manufacturing & Automotive | 2.7x – 4.5x | 3.8x – 5.2x | 4.7x – 6.0x |
20 of 20 sectors · EBITDA multiple · as of Q3/2026
Data basis: DUB KMU-Multiples; prepared by SourcingClub with smoothing of quarterly spikes, so not identical to the raw DUB values in every segment.
Data basis: DUB KMU-Multiples (aggregated market estimates from M&A advisory firms in the DACH region), as of Q3/2026. Preparation and smoothing: SourcingClub. Source: dub.de/kmu-multiples. The EBIT and revenue multiples are as of Q2/2026. I smooth the EBITDA ranges against quarterly swings (methodology in the Q3 article, in German), so they are not identical to the raw DUB values in every segment. All figures without guarantee.
How to read the table
Each row shows a sector's valuation range (from/to) in the selected size class. The three size classes are defined by annual revenue: Micro cap covers companies with less than €5m in revenue, small cap those with €5m to €50m and mid cap companies with more than €50m in annual revenue. The ranges show typical transaction values. The actual multiple of a specific company can sit above or below the range, depending on quality, growth and market position.
EBITDA vs. EBIT vs. revenue multiple
EBITDA multiples (earnings before interest, taxes, depreciation and amortisation) are the most widely used valuation metric in the DACH Mittelstand, because they make companies with different depreciation policies comparable. EBIT multiples also take depreciation and amortisation into account and are therefore numerically higher. This matters most in capital-intensive sectors such as machinery or logistics with high investment in fixed assets. Revenue multiples suit companies with negative or strongly fluctuating EBITDA, for example young technology companies or growth companies before profitability. A detailed explanation is on the EBITDA Multiples DACH overview page.
The size premium explained
In valuation practice, the larger the company, the higher the multiple. This size premium comes from lower dependence on the owner, broader customer diversification, a deeper management team and better scalability. At the midpoint of the range, mid cap companies usually sit 2x to 3x above comparable micro cap businesses in the same sector, depending on the sector, 1.8x to 3.8x. The table above shows this in all 20 sectors. More on this in the section Multiples by company size on the main page.
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