EBITDA Multiples in the
DACH Mittelstand 2026
by Nick HerbigUpdated Data as of DUB KMU-Multiples Q3/2026
Valuation multiples across 20 sectors and 3 size classes, as of Q3/2026, with the development since Q1/2026 and my reading from practice. Based on DUB KMU-Multiples, prepared by SourcingClub.
Key findings
In 2026, EBITDA multiples in the DACH Mittelstand range from 2.4x (consumer goods, micro cap) to 10.6x (software & SaaS, mid cap), depending on sector and company size. Software/SaaS, healthcare and IT services achieve the highest valuations. In the small cap segment, the midpoint of the range averages 6.0x across the 20 sectors.
2.4x–10.6x
EBITDA multiple range
Full spread across all 20 sectors and size classes
20
Sectors analysed
From software & SaaS to logistics & transport
3
Size classes
Micro cap, small cap and mid cap shown separately
Q3/2026
Current data
EBITDA multiples. EBIT and revenue: as of Q2/2026
EBITDA multiples by sector and size class
The table shows the current EBITDA ranges of all 20 sectors in the DACH Mittelstand in three size classes. Sorted by the midpoint of the small cap range, descending.
| # | Sector | Micro Cap< €5m | Small Cap€5–50m | Mid Cap> €50m |
|---|---|---|---|---|
| 1 | Software Development & SaaS | 6.1x–7.6x | 7.5x–9.5x | 8.3x–10.6x |
| 2 | Healthcare & Medical Technology | 5.9x–7.6x | 7.0x–9.0x | 8.2x–10.0x |
| 3 | IT Services & Managed Services | 5.5x–6.8x | 6.6x–8.5x | 7.6x–10.0x |
| 4 | Healthcare: Nursing & Care Services | 4.0x–6.0x | 6.0x–7.7x | 7.9x–9.7x |
| 5 | Financial Services & Insurance Brokers | 4.7x–6.3x | 6.0x–7.5x | 8.1x–9.6x |
| 6 | Telecommunications & Infrastructure | 4.2x–6.5x | 5.7x–7.7x | 6.6x–8.2x |
| 7 | Electrical Engineering & Automation | 4.2x–6.0x | 5.7x–7.6x | 6.9x–8.5x |
| 8 | E-Commerce & Mail Order | 4.3x–6.9x | 5.4x–7.3x | 7.3x–9.4x |
| 9 | Business Services (B2B) | 3.7x–5.4x | 5.0x–7.2x | 6.4x–8.0x |
| 10 | Food & Beverages | 4.4x–5.7x | 5.5x–6.6x | 6.7x–7.9x |
| 11 | Chemicals, Plastics & Packaging | 3.6x–4.6x | 5.4x–6.5x | 6.4x–8.1x |
| 12 | Real Estate Services & Facility Mgmt. | 4.1x–5.0x | 5.0x–6.9x | 6.5x–8.1x |
| 13 | Media, Marketing & Agencies | 3.1x–5.0x | 4.4x–6.4x | 6.1x–7.5x |
| 14 | Machinery & Plant Engineering | 3.5x–4.7x | 4.6x–6.0x | 5.6x–7.3x |
| 15 | Trades & Construction | 3.7x–5.1x | 4.4x–5.8x | 5.6x–6.8x |
| 16 | Logistics & Transport | 3.7x–5.0x | 4.5x–5.6x | 5.6x–7.2x |
| 17 | Bricks-and-Mortar Wholesale & Retail | 3.4x–4.8x | 4.4x–5.5x | 5.1x–6.8x |
| 18 | Metalworking & Manufacturing Technology | 3.4x–4.2x | 4.0x–5.4x | 5.0x–7.2x |
| 19 | Vehicle Manufacturing & Automotive | 2.7x–4.5x | 3.8x–5.2x | 4.7x–6.0x |
| 20 | Consumer Goods (Non-Food) | 2.4x–4.0x | 3.5x–5.5x | 4.8x–6.3x |
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. I smooth quarterly swings (methodology in the article EBITDA-Multiples DACH Q3/2026 (in German)), so the values are not identical to the raw DUB values in every segment. All figures EV/EBITDA, without guarantee. EBIT and revenue multiples (as of Q2/2026) are on the linked page. Interactive table with sorting: EBITDA Multiples DACH 2026
Sector analysis: highlights and value drivers
The valuation gaps between sectors come from structural factors such as recurring revenue, growth, regulatory barriers to entry and cyclicality. Below I look at the most important sectors in detail.
Software & SaaS: highest multiples, slightly lower in Q3
With small cap multiples of 7.5x to 9.5x and mid cap multiples of 8.3x to 10.6x, the sector tops the valuation ranking. Recurring revenue, high scalability and low capital intensity justify the premium. The AI-driven repricing of 2025, when buyers had to check whether existing software products could be replaced by AI-based alternatives, is behind the sector. After stabilising in Q2/2026, multiples ease slightly in Q3/2026: the small cap midpoint falls from 8.7x to 8.5x, the mid cap midpoint from 9.7x to 9.5x. Vertical SaaS with deep industry integration and high switching costs was the least affected by the repricing anyway.
Software development & SaaS: top of the valuation table
Software, data and AI companies achieve small cap multiples of 7.5x to 9.5x and up to 10.6x in mid cap. The share of recurring revenue decides: productised vertical software with a high subscription share and low churn sits at the upper end, project-heavy development shops well below. Alongside private equity, serial software acquirers bid for niche providers with predictable profits.
Business services: contract quality decides
Business services achieve small cap multiples of 5.0x to 7.2x. In mid cap, the midpoint rises from 6.9x to 7.2x in Q3/2026. The spread within the sector is wide: regulation-driven services with long-term contracts sit above, consulting models that depend on individuals sit below. What matters are contract terms, repeat order rates and how much the business depends on single people.
Healthcare & medical technology: defensive growth
The healthcare sector achieves small cap multiples of 7.0x to 9.0x and benefits from non-cyclical demand, demographic tailwinds and high regulatory barriers to entry. Specialised laboratories, medical device manufacturers and outpatient care centres reach the upper end of the range. In small cap, the midpoint stays at 8.0x in Q3/2026, in mid cap it rises from 8.9x to 9.1x.
IT services & managed services: a buy-and-build magnet
IT service providers achieve small cap multiples of 6.6x to 8.5x. The sector is one of the most active buy-and-build fields in the DACH region. PE platforms systematically consolidate regional IT firms and use the multiple arbitrage between micro cap (5.5x to 6.8x) and mid cap (7.6x to 10.0x). Managed service providers with more than 70% recurring revenue reach the upper end of the range. The jump from Q2/2026 partly reverses in Q3/2026: the mid cap midpoint is 8.8x after 9.0x.
Electrical engineering & automation: the energy transition as a catalyst
Small cap multiples of 5.7x to 7.6x reflect solid demand for automation solutions and control technology. Specialists in building automation and energy efficiency achieve 6.9x to 8.5x in the mid cap segment. The German Buildings Energy Act (GEG), ESG regulation and the expansion of renewable energy create long-term tailwinds.
Facility management: predictable cash flows
Facility management companies achieve small cap multiples of 5.0x to 6.9x. Integrated FM providers with technical and infrastructure services reach 6.5x to 8.1x in mid cap. High contract loyalty and cross-selling potential make the sector attractive for PE investors with a long investment horizon.
Machinery & plant engineering: cyclical with niche upside
Small cap multiples of 4.6x to 6.0x reflect the cyclicality of the sector. Niche market leaders with their own IP, a high export share and after-sales revenue reach up to 7.3x in the mid cap segment. Industry 4.0, digital twins and AI-supported production create room for differentiation.
Trend analysis: winners and losers Q1 to Q3 2026
The overall level stays largely stable through the year, but individual sectors move noticeably. From Q2 to Q3, business services, healthcare, nursing care and financial services gain in mid cap. Software & SaaS, telecommunications, IT services and trades ease in mid cap. In IT services the jump from Q2 partly reverses, but year on year the mid cap at 8.8x is still 0.5x above the Q1 value.
| Sector | Midpoint Q1 | Midpoint Q2 | Midpoint Q3 | Q2 to Q3 |
|---|---|---|---|---|
| Business Services (B2B) | 7.25x | 6.90x | 7.20x | +0.30x |
| Healthcare & Medical Technology | 8.85x | 8.85x | 9.10x | +0.25x |
| Healthcare: Nursing & Care Services | 8.55x | 8.55x | 8.80x | +0.25x |
| Financial Services | 9.00x | 8.65x | 8.85x | +0.20x |
| Software & SaaS | 9.35x | 9.70x | 9.45x | −0.25x |
| IT Services & Managed Services | 8.30x | 9.00x | 8.80x | −0.20x |
| Telecommunications & Infrastructure | 7.45x | 7.60x | 7.40x | −0.20x |
| Trades & Construction | 6.40x | 6.40x | 6.20x | −0.20x |
Midpoint of the range in the mid cap segment (over €50m revenue), EBITDA multiples, as of Q1, Q2 and Q3/2026. Based on DUB KMU-Multiples, prepared by SourcingClub. Full trend analysis with all 60 segments: EBITDA-Multiples DACH Q3/2026: development by sector (in German)
Size premium: the size class effect
Besides the sector, company size is the main factor that sets the multiple. Larger companies are valued higher systematically, the so-called size premium. The effect runs through all sectors. Between micro cap and mid cap it is usually 2x to 3x at the midpoint of the ranges, and 1.8x to 3.8x depending on the sector.
| Sector | Micro Cap | Small Cap | Mid Cap |
|---|---|---|---|
| Software Development & SaaS | 6.1x–7.6x | 7.5x–9.5x | 8.3x–10.6x |
| IT Services & Managed Services | 5.5x–6.8x | 6.6x–8.5x | 7.6x–10.0x |
| Healthcare & Medical Technology | 5.9x–7.6x | 7.0x–9.0x | 8.2x–10.0x |
| Machinery & Plant Engineering | 3.5x–4.7x | 4.6x–6.0x | 5.6x–7.3x |
| Trades & Construction | 3.7x–5.1x | 4.4x–5.8x | 5.6x–6.8x |
PE investors with buy-and-build strategies use this as arbitrage. They buy add-ons in the micro cap segment and sell after consolidation in mid cap. The size premium alone lifts the multiple by 2x to 3x. All 20 sectors in detail: Multiples by sector & size
What the study covers
- Current EBITDA multiple ranges for 20 sectors in the DACH Mittelstand
- Breakdown by 3 size classes: micro cap, small cap, mid cap
- EBIT and revenue multiples as additional valuation metrics (as of Q2/2026)
- Factors that drive the multiple (size, growth, margins, dependencies)
- Trend analysis Q1 to Q3 2026: winners and losers by sector
- Worked examples: from adjusted EBITDA to equity value
- Methodology and data sources
Methodology & data sources
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 data basis is the DUB KMU-Multiples, published quarterly. According to DUB, they are based on aggregated market estimates from M&A advisory firms. I prepare the ranges for the lower mid-market and put them in context. It is not my own survey. Since Q3/2026 I smooth the EBITDA ranges using a fixed rule per corner value against the previous quarter: I hold movements below 0.15x, take movements of 0.15x to 0.5x in full, and from 0.5x only 30 percent. The values shown are therefore not identical to the raw DUB values in every segment. Each of the 20 sectors is shown in three size classes, following the DUB system: micro cap (under €5m revenue), small cap (€5m to €50m) and mid cap (over €50m).
Other providers of sector-specific multiples in the German-speaking region include the FINANCE Multiples Barometer, Zephyr/Bureau van Dijk, MergerMarket, Duff & Phelps, Pitchbook and Refinitiv. They serve here as context and not as the data basis of this study.
The sector grouping follows a practical classification based on typical M&A search profiles. Unlike statistical classifications (NACE, WZ), sectors are grouped by transaction-relevant features, to give investors and business owners guidance they can use directly.
I review the interactive table on the EBITDA multiples page every quarter and adjust it when the market moves.
Häufig gestellte Fragen
How many sectors does the study cover?
The study shows EBITDA multiples for 20 sectors in the DACH Mittelstand, including software & SaaS, healthcare, IT services, machinery, trades and logistics. Each sector is shown in three size classes: micro cap (under €5m revenue), small cap (€5m to €50m) and mid cap (over €50m).
Which data sources are the multiples based on?
The data basis is the DUB KMU-Multiples, published quarterly (dub.de/kmu-multiples). According to DUB, they are based on aggregated market estimates from M&A advisory firms in the DACH region. I prepare the ranges for the lower mid-market and smooth quarterly swings using a fixed rule. It is not my own survey.
How often is the data updated?
The last update was in October 2026. The EBITDA multiples are as of Q3/2026, the EBIT and revenue multiples as of Q2/2026. I review the interactive table on the EBITDA multiples page every quarter and adjust it when the market moves.
Which sector has the highest EBITDA multiples?
Software development & SaaS achieves the highest EBITDA multiples in the DACH Mittelstand at 7.5x to 9.5x (small cap) and 8.3x to 10.6x (mid cap). The drivers are recurring revenue, high scalability and low capital intensity. Healthcare & medical technology follows in second place at 7.0x to 9.0x (small cap).
How much do multiples differ by company size?
The size premium between micro cap (under €5m) and mid cap (over €50m) is usually 2x to 3x at the midpoint of the ranges, and 1.8x to 3.8x depending on the sector. Example IT services: micro cap 5.5x to 6.8x against mid cap 7.6x to 10.0x, a gap of a good 3x at the upper end. The effect runs through all sectors, and buy-and-build strategies are built on it.
How do I cite the source of the multiples?
The values are based on the DUB KMU-Multiples (dub.de/kmu-multiples). Please name DUB as the data basis and the quarter, for example: based on DUB KMU-Multiples Q3/2026, prepared by SourcingClub. You will find a suggested citation at the bottom of this page.
Do the multiples also apply to Austria and Switzerland?
The ranges apply to the DACH region as a whole. I do not show separate values by country. In an individual case, margin, buyer universe and market position move the value of an Austrian or Swiss company up or down.
How do I calculate enterprise value with the EBITDA multiple?
Enterprise value = adjusted EBITDA x multiple. Net financial debt is deducted from the enterprise value and excess cash is added to arrive at the equity value (purchase price). Example: €1.5m EBITDA x 7.0x = €10.5m enterprise value. With €1.0m net debt, the equity value is €9.5m.
How to cite
Herbig, N. (2026): EBITDA Multiples in the DACH Mittelstand 2026, as of Q3/2026. https://dealorigination.de/en/study/ebitda-multiples-dach-2026. Data basis: DUB KMU-Multiples Q3/2026, prepared by SourcingClub.
Source note: the multiples are based on the DUB KMU-Multiples (dub.de/kmu-multiples). Please name DUB as the data basis when citing.
View the full data
All 20 sector multiples with an interactive table, worked examples, value drivers and PDF download.
Newsletter: Deal Origination Insights
Every week the best analyses, sector reports and M&A trends from the DACH Mittelstand.
No spam. Unsubscribe at any time. Your data is processed in line with my privacy policy.