EBITDA ANSWER · CURRENT 2026 SOURCES
What is a business with $10 million in EBITDA worth?
Two current source-consistent references map $10 million of normalized EBITDA to $83 million or $103 million of enterprise value.
SOURCE-CONSISTENT REFERENCES
Same EBITDA. Different reported markets.
Each result is shown only when its implied enterprise value lands inside the source tier’s own value band.
$10,000,000 × 8.3×
$50M–$100M reported enterprise-value tier
GF Data middle-market report · Through Q3 2025Open the source$10,000,000 × 10.3×
$100M–$250M reported enterprise-value tier
GF Data middle-market report · Through Q3 2025Open the sourceWHAT CHANGES HERE
At $10M, the broader-market tier no longer fits its own value band.
The Q2 2026 broader-market 5.8× reference produces $58 million, above its reported $50 million ceiling, so it is excluded. Within the PE-backed report, 8.3× lands inside the $50M–$100M tier and 10.3× lands inside the $100M–$250M tier. These are two market references, not a confidence interval or a recommendation to choose the midpoint.
TURN THE REFERENCE INTO A DECISION
Three checks before treating the number as yours.
Normalize EBITDA
Keep supportable non-recurring and non-operating adjustments. Retain market-rate management compensation for a management-run company.
Reconcile add-backsMatch the real buyer pool
Broader lower-middle-market deals and PE-backed platform acquisitions are not interchangeable, even when the same EBITDA fits both.
Compare all size tiersBridge EV to equity
Debt, cash, working capital, fees, rollover, financing, earnouts, and taxes determine what the seller may actually receive.
Model sale proceedsCOMPARE THE SIZE LADDER
What another EBITDA amount maps to.
SOURCE CONTRACT
Public aggregates only. No private deal row exposed.
The broader-market reference comes from the IBBA/M&A Source Market Pulse Q2 2026 highlight sheet. PE-backed references come from GF Data’s report through Q3 2025. We preserve the metric, value band, period, and buyer universe; we do not blend the sources into a midpoint or infer an industry adjustment.
COMMON QUESTIONS
$10M EBITDA valuation, without the shortcut.
What is a business with $10 million in EBITDA worth?
Two current source-consistent references map $10 million of normalized EBITDA to $83 million or $103 million of enterprise value. These are enterprise-value references, not seller proceeds or a formal appraisal.
Is $10 million of EBITDA considered lower middle market?
It can fit lower-middle-market buyer screens, but EBITDA alone does not determine buyer interest. Industry, recurring revenue, growth, management depth, concentration, reporting quality, and deal structure still matter.
Why are there multiple enterprise-value answers?
The cited sources describe different buyer universes and value bands. We keep those references separate and include only calculations that land inside the source tier from which the multiple came.
Is enterprise value the cash a seller receives?
No. Seller equity value starts with enterprise value and then reconciles debt, cash, working capital, transaction costs, rollover equity, seller financing, earnouts, and taxes.