Mergers and acquisitions for small to medium-sized businesses (SMBs) in the U.S., defined as transactions between $10MM - $250MM, accounted for 121 of the closed deals in the third quarter of 2025[1]. According to Capital IQ, disclosed deal valuations from SMBs for the third quarter of 2025 reported median TEV/Revenue and TEV/EBITDA multiples of 1.6x and 9.3x, respectively.
Of the reported closed transactions in the period, 42.1% occurred within the $10MM - $50MM transaction size range. Information Technology (20.0%), Consumer Discretionary (19.2%), Industrials (15.8%), and Health Care (15.8%) generated the highest deal activity among sectors for the quarter.
On a trailing four quarter (T4Q) basis, there were a total of 432 transactions closed with median TEV/Revenue and TEV/EBITDA multiples of 1.3x and 7.8x, respectively.
[1] Capital IQ. Deals excluding Financials sector.
The full report on annual valuation multiples by sector can be viewed here:
To understand more about our experience working with SMBs or to learn more about our M&A and capital raising capabilities, visit metcapbank.com and view our library of case studies.
About Metropolitan Capital
Metropolitan Capital is a Universal Bank providing fully integrated financial and consulting services focused on small to medium-sized businesses (SMBs). Our comprehensive suite of Commercial Banking, Private Banking, Investment Banking, and Wealth Consulting and Trust Services are delivered through a single, coordinated platform. The breadth of our service offerings and ability to create innovative, thoughtful, and highly customized solutions enable our clients to grow their organizations and achieve their long-term financial goals. We believe in a relationship first approach and have successfully built our network to serve clients in all 50 states and over 10 countries.
Metropolitan Capital is comprised of a family of financial service companies that include Metropolitan Capital Bancorp, Inc. (Federal Reserve-regulated financial holding company), wholly owned Metropolitan Capital Bank & Trust (Member FDIC), Metropolitan Capital Investment Banc (FINRA-licensed broker dealer), and Metropolitan Capital Solutions, LLC.
This material is for general information only and should not be read as containing advice or recommendations. It has not been prepared taking into account any person’s particular objectives or needs. Any person should consider whether the information is appropriate to their needs or seek advice before making a decision based on this information. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without Metropolitan Capital’s prior written consent. All securities are offered through Metropolitan Capital Investment Banc, Inc., Member FINRA/SIPC.
Not subscribed? Click here to receive our M&A Deal Review newsletter.
