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What Heating and Air Conditioning Businesses Actually Sold For
242 completed sales of heating and air conditioning businesses, 2017 to 2025, broken down by revenue size. Free, unlocked right on this page.
The multiple is not one figure
Ask three people what an HVAC business sells for and you will hear three different answers.
That is because the multiple moves with the size of the business. A company doing $400,000 a year and one doing $4 million do not sell on the same math.
Our report shows the middle range across 242 completed sales, not one average that hides the spread.
Size changes the math
Our report breaks sale prices and multiples into five revenue bands, from under $500,000 to $5 million and up.
You can see where businesses your size actually landed, and how revenue and profit drive what a business is worth.
Sale price, not asking price
Asking price and sale price are two different figures. Most owners only ever see the first one.
Our report shows how the final sale price compared to the asking price across these sales.
What is inside the free report
- The middle range (25th percentile, median, 75th percentile) of sale prices and multiples across all 242 sales
- A size-by-size breakdown by annual revenue
- How sales from 2023 onward compare to the long-run figures
- Sale price as a percent of asking price
This is educational information built from completed sales. It is not a formal appraisal.
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What Heating and Air Conditioning Businesses Actually Sold For
Based on 242 completed sales of heating and air conditioning businesses, 2017 to 2025, from our comparable sales database.
The middle range
| Metric | 25th percentile | Median | 75th percentile |
|---|---|---|---|
| Price to SDE (earnings multiple) | 1.62x | 2.25x | 3.00x |
| Price to revenue | 0.31x | 0.45x | 0.58x |
| Sale price | $275,000 | $569,000 | $1,399,250 |
| Annual revenue | $818,500 | $1,396,000 | $2,612,000 |
| SDE (seller's discretionary earnings) | $161,000 | $255,000 | $513,000 |
| Sale price as a percent of asking price | 83% | 95% | 100% |
The median heating and air conditioning business in our data sold for $569,000, at 2.25x its SDE.
Half of these sales closed between 83% and 100% of the asking price.
What size does to the multiple
| Annual revenue | Sales in our data | Median price to SDE | Median sale price |
|---|---|---|---|
| Under $500,000 | 25 | 1.23x | $130,000 |
| $500,000 to $1M | 61 | 1.72x | $285,000 |
| $1M to $2M | 65 | 2.28x | $595,000 |
| $2M to $5M | 67 | 2.83x | $1,430,000 |
| $5M and up | 24 | 3.65x | $4,310,000 |
What has happened more recently
Among sales from 2023 onward (48 sales with SDE reported), the price to SDE multiple ran 1.50x at the 25th percentile, 2.17x at the median and 3.02x at the 75th percentile.
The long-run median for this trade is 2.25x.
What this means for your business
Where your business falls depends on its own revenue, profit and the details that drive what a business is worth.
See what drives value in a business like yours.
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Source: Based on 11,017 small-business sales from 2017 to 2026, drawn from real small-business sale data plus published industry benchmarks.
These are median figures across a wide range of businesses, not a prediction for any single business.
This is educational information, not a formal appraisal, a guaranteed sale price, or legal, tax or investment advice.