Current HVAC EBITDA Multiples
EBITDA Multiple
EBITDA Multiple
EBITDA Multiple
These multiples reflect current M&A market conditions as of January 2026. Actual valuations depend on many factors including revenue quality, geographic market, and operational efficiency.
6 Key Value Drivers for HVAC Businesses
Service Agreement Revenue
Recurring maintenance contracts are the most valuable revenue stream. Companies with 30%+ service agreement penetration command premium multiples.
Technician Retention
Low turnover and experienced technicians reduce transition risk. Average tenure of 5+ years signals operational stability to buyers.
Commercial Mix
Commercial contracts provide larger ticket sizes and longer relationships. A balanced residential/commercial mix reduces market concentration risk.
Fleet & Equipment
Well-maintained vehicles and modern equipment reduce capital expenditure requirements for buyers and signal professional operations.
Technology Stack
Modern field service software (ServiceTitan, Housecall Pro) demonstrates operational sophistication and provides clean data for due diligence.
Owner Independence
Businesses that can operate without daily owner involvement are more attractive. Strong management teams enable smoother transitions.