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HVAC Valuation Multiples (2026)
EBITDA & revenue sale multiples, deal flow, and active acquirers - based on 14real disclosed M&A transactions in the hvac space. Run the calculator below to price your business at current multiples.
State of HVACM&A in 2026
The hvac M&A market is tracked across 14 disclosed transactions in the ExitValue.ai database (11 with EBITDA disclosed, 13 with revenue). The current market trend is consolidating.
Active acquirers include Blackstone (BXPE), Altas Partners, Comfort Systems USA, Goldman Sachs Alternatives. Recent named transactions: Champions Group (2026); Redwood Services (2025); Century Contractors, Inc. (2025).
Premium valuations in hvac are driven by recurring maintenance contract revenue (40%+ of revenue commands a 25-40% multiple premium); technician depth and a service manager who runs day-to-day without the owner; commercial mix vs pure residential (commercial contracts are stickier and easier to underwrite).
What compresses valuations: project-only revenue with no maintenance program (caps you at 3-4x sde); owner answering service calls and managing techs personally; reliance on new construction (cyclical, contracts at the bottom of any range).
Source: SEC filings, EDGAR 8-K/S-4, and verified press releases. Run the calculator below to see the specific multiples that apply to your business.
Recent named M&A deals in hvac
Most-recent disclosed transactions. Click any deal for full detail (multiples, financials, source).
Sourced from SEC filings, EDGAR 8-K/S-4, and verified press releases.
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What drives a premium valuation
- ●Recurring maintenance contract revenue (40%+ of revenue commands a 25-40% multiple premium)
- ●Technician depth and a service manager who runs day-to-day without the owner
- ●Commercial mix vs pure residential (commercial contracts are stickier and easier to underwrite)
What compresses valuation
- ●Project-only revenue with no maintenance program (caps you at 3-4x SDE)
- ●Owner answering service calls and managing techs personally
- ●Reliance on new construction (cyclical, contracts at the bottom of any range)
HVAC valuation: common questions
How is a hvac business valued?
HVAC businesses are valued by benchmarking against comparable completed M&A transactions, then adjusting for the specific business. Owner-operator practices are typically priced on an earnings or seller-discretionary-earnings basis, while businesses at platform scale shift toward institutional earnings-multiple methodology. The ExitValue.ai engine selects the methodology that the comparable deal set actually used and adjusts for margin quality, growth, owner dependency, customer concentration, and recurring-revenue mix.
What drives hvac valuation?
The biggest value levers in hvac are recurring or repeat revenue, owner independence (the business runs without the founder), customer diversification (no single client dominates), a credible growth trajectory, and operating-margin quality relative to the vertical. In this space specifically, buyers pay up for recurring maintenance contract revenue (40%+ of revenue commands a 25-40% multiple premium); technician depth and a service manager who runs day-to-day without the owner; commercial mix vs pure residential (commercial contracts are stickier and easier to underwrite).
How many hvac M&A deals are tracked?
ExitValue.ai tracks 14 disclosed hvac M&A transactions, 11 with EBITDA disclosed, 13 with revenue disclosed, sourced from SEC filings, EDGAR 8-K/S-4 documents, and verified press releases and refreshed daily. Current market trend: consolidating.
Who buys hvac businesses?
HVAC businesses are acquired by strategic acquirers (larger operators in the same space), and private-equity platforms and roll-up consolidators. Recent named acquirers include Blackstone (BXPE), Altas Partners, Comfort Systems USA, Goldman Sachs Alternatives.
What is my hvac business worth?
Run the ExitValue.ai hvac calculator to see your business priced against the 14 disclosed hvac transactions in the database. The engine applies adjustments for margin, growth, owner dependency, customer concentration, and recurring revenue mix to produce a tight range around the most-likely transaction value.
More on hvac valuations
- Value a hvac· run the calculator
- Who buys hvac businesses?· active buyers
- Recent deal: Champions Group· comparable transaction
- Who acquired Champions Group?· buyer profile
- How to value a hvac· long-form guide
Methodology details: how ExitValue computes valuation ranges · full hvac calculator