2025 Middle Market M&A Valuations Index
Middle-market valuations compressed to 9.8× EV/EBITDA in 2025 as Q1 deal velocity surged 10.3% YoY, signaling aggressive buyer competition for accretive platforms. Deleveraging across the buyer base—net debt falling to 3.4×—creates runway for bolt-on acquisitions and suggests continued premium pricing for EBITDA-generative assets through cycle.