EBITDA multiples for German Mittelstand companies range from 2.5x to 10.6x depending on industry and size, per the DUB KMU Multiples for Q3 2026. For most companies under €5 million revenue, typical multiples are 4x to 6x adjusted EBITDA (our reading of the DUB panel). This page shows ten reference sectors across three size brackets; NORDVISORY updates it quarterly.
If you're evaluating a German acquisition or benchmarking a company you own, the multiple table below is the fastest reference point. It comes from the DUB KMU Multiples, a quarterly panel aggregating the estimates of more than 25 M&A advisory firms and financial institutions across the DACH region, and it covers the small and lower-mid-cap segment that most international databases miss.
What are current EBITDA multiples for German companies?
The Q3 2026 panel spans 2.5x to 10.6x EBITDA across 20 industries and three size brackets. The headline reference points:
| Industry (selection) | Micro-cap (<€5m revenue) | Small-cap (€5-50m) | Mid-cap (>€50m) |
|---|---|---|---|
| Medical technology & life sciences | 5.9-7.6 | 7.1-9.0 | 8.2-10.0 |
| Software & digital platforms | 5.6-7.6 | 7.2-9.0 | 8.3-10.6 |
| IT services & system integrators | 5.2-6.7 | 6.3-8.5 | 7.1-9.6 |
| Food & beverage | 4.4-5.7 | 5.5-6.6 | 6.8-8.0 |
| Care & healthcare services | 4.0-5.9 | 6.0-8.1 | 8.6-10.1 |
| Construction & skilled trades | 3.7-5.0 | 4.4-5.8 | 5.0-6.8 |
| Transport & logistics | 3.7-5.0 | 4.5-5.7 | 5.6-7.2 |
| Machinery & plant engineering | 3.6-5.1 | 4.6-6.0 | 5.6-7.3 |
| Automotive | 2.7-4.5 | 3.9-5.1 | 4.7-6.1 |
| Consumer goods (non-food) | 2.5-4.0 | 3.6-5.6 | 4.8-6.3 |
Source: DUB KMU Multiples Q3 2026 (opens in a new tab), EV/EBITDA, sorted by micro-cap floor. The panel covers 20 industries; ten reference sectors are shown here and the full table is published by DUB. Your sector missing? Our company valuation calculator covers all 20.
Two things to read correctly. These are enterprise value multiples, so net debt still comes off before you reach the equity price. And the ranges assume a sellable company; owner dependence or heavy customer concentration pushes a business below the bottom end.
How the size discount works
Size moves German multiples more than most buyers expect. In the DUB table, the midpoint of a sector's range sits on average just over one turn higher in the small-cap bracket than in the micro-cap bracket, and about two and a half turns higher in the mid-cap bracket (our own analysis, Q3 2026). Dealsuite's DACH M&A Monitor of August 2026 shows the same pattern in deals: companies with €200,000 of EBITDA are valued at an average of 3.9x, companies with €10 million of EBITDA at 7.0x. Across all sectors, Dealsuite puts the DACH average at 5.4x for H1 2026, after 5.55x in H1 2025 and 5.5x in H2 2025.
That gap is the engine behind buy-and-build strategies in the Mittelstand: consolidators buy small companies at the lower multiples of their size class, integrate them, and the larger combined group is valued in a higher size bracket. If you're a strategic or financial buyer, the arbitrage is still available in most fragmented German sectors. If you're a seller, it explains why platform buyers can often outbid local rivals.
How to apply the multiple to a German target
The mechanics follow four steps:
- Normalize EBITDA. German owner-managers often pay themselves below market; per the BBE 2024 compensation study, average total pay for GmbH managing directors is around €150,000 at companies with up to €1 million revenue and around €169,000 at €1-2.5 million. Private expenses and one-offs come out too.
- Pick the multiple from the right industry row and size bracket, then position within the range based on earnings quality and owner independence.
- Multiply to get enterprise value.
- Bridge to equity value by deducting net financial debt.
Done properly, EBITDA adjustments routinely shift reported figures by 15 to 30 percent, which is why the adjustment schedule gets tested hard in due diligence.
One German specific worth knowing early: valuations here anchor on documented, sustainable earnings rather than growth stories. Our guides to business valuation in the German mid-market and the German sale process cover the method and the process in detail.
What the 2026 market data signals
Between Q2 and Q3 2026 the SME panel barely moved on average: across all 20 sectors, the mean micro-cap range slipped from 4.1x-5.7x to 4.0x-5.6x (our own analysis of the DUB tables). Individual sectors moved more. Software, IT services and telecoms saw their lower bounds fall in all three size brackets; micro-cap software went from 6.3x-8.0x to 5.6x-7.6x. Care and healthcare services rose in the mid-cap bracket, from 7.7x-9.6x to 8.6x-10.1x.
Larger European mid-market deals are still recovering. The Argos Index, which tracks acquisitions of unlisted eurozone companies with an equity value of €15-500 million, rose to 8.8x EBITDA in Q2 2026, from 8.6x in Q1 and a low of 8.3x at the end of 2025. Investment funds paid 10.2x on average, strategic buyers 7.9x, while the share of deals priced below 7.0x rose from 22% to 27%. Rates are the headwind: the ECB raised its key rates by 25 basis points in June and again in September 2026, taking the deposit facility rate to 2.50% from 16 September. PitchBook links those hikes to a 10.9% quarter-on-quarter drop in European private equity deal value in Q3 2026, with entry multiples down to 8.9x EBITDA from 9.8x in 2025. The Argos level sits above the SME ranges in the table because it measures larger deals; read it for direction, not level.
Supply remains high. The IfM Bonn research institute projects around 186,000 German company successions between 2026 and 2030, and 57% of Mittelstand owners are 55 or older per KfW Research. For buyers, that means steady deal flow at moderate multiples. For sellers, it means real competition and a widening gap between well-prepared companies and the rest.
NORDVISORY advises Mittelstand owners on sell-side processes and works regularly with international acquirers. For a first indication, try our company valuation calculator, or get in touch for a confidential conversation.
FAQ
What is a typical EBITDA multiple for a German SME?
For most German companies under €5 million revenue, typical multiples are 4x to 6x adjusted EBITDA (our reading of the DUB KMU Multiples, Q3 2026). Software reaches 5.6x to 7.6x and medtech 5.9x to 7.6x even at that size; automotive suppliers and non-food consumer goods start below 3x.
Why are German Mittelstand multiples lower than US private-market multiples?
Size and structure. The German SME market skews to smaller, owner-dependent companies, and valuations anchor on documented current earnings rather than projected growth. The size discount is measurable: 3.9x at €200k EBITDA versus 7.0x at €10m EBITDA in the DACH region, per Dealsuite's August 2026 monitor.
Do the multiples refer to enterprise value or purchase price?
Enterprise value. Net financial debt is deducted and cash added to reach the equity purchase price. A target with significant bank debt costs correspondingly less at the equity level than the headline multiple suggests.
Which EBITDA figure do German advisors apply the multiple to?
Adjusted (normalized) EBITDA: owner compensation set to market rates, private expenses and one-off items removed. Adjustments of 15 to 30 percent against reported figures are common and must be documented to survive due diligence.
How current is this data?
The table reflects the DUB KMU Multiples for Q3 2026 and is refreshed each quarter when the new panel is published. Market indicators like the Argos Index are added as new quarterly readings appear.
Sources
- DUB KMU Multiples Q3 2026 (opens in a new tab) (20 industries, 3 revenue-based size brackets; panel of more than 25 DACH M&A advisors and financial institutions)
- Dealsuite, DACH M&A Monitor August 2026 (opens in a new tab) (size effect 3.9x to 7.0x; DACH average 5.4x in H1 2026) and August 2025 (opens in a new tab) (5.55x in H1 2025)
- Argos Index, Q2 2026 (opens in a new tab), 3 September 2026, and Q1 2026 (opens in a new tab)
- ECB, monetary policy decisions of 10 September 2026 (opens in a new tab)
- PitchBook, Q3 2026 European PE Breakdown (opens in a new tab), 6 October 2026
- IfM Bonn, company successions 2026-2030 (opens in a new tab) · KfW Research, Succession Monitoring 2025 (opens in a new tab)
- BBE media, GmbH managing director compensation study 2024
Note: multiples are valuation indications, not price commitments. Actual prices depend on the company, market conditions and process quality.
NORDVISORY is an independent M&A advisory firm based in Hamburg, advising Mittelstand owners on company sales and succession processes.
Related: Business valuation in the German mid-market · The German sale process · Buy-and-build in the Mittelstand · Taxes on selling a German company
