Median valuation multiples across the U.S. middle market rose to 6.9x adjusted EBITDA in the second quarter of 2026, up from a median of 6.5x for full-year 2025, according to the Q2 2026 PowerComps Market Update.
The increase extended a run of firming prices even as deal activity has stayed subdued. Valuations continued to scale sharply with transaction size. Businesses changing hands at a total enterprise value between $10 million and $25 million drew a median of 5.7x adjusted EBITDA. That figu...
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