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Cannot load the dataset split (in streaming mode) to extract the first rows.
Error code:   StreamingRowsError
Exception:    CastError
Message:      Couldn't cast
data: struct<advertising-agency: struct<25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: (... 18473 chars omitted)
  child 0, advertising-agency: struct<25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>, 5m_ (... 84 chars omitted)
      child 0, 25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
          child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
      child 1, 5m_25m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
          child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
  child 1, aerospace: struct<100m_500m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>, 25 (... 334 chars omitted)
      child 0, 100m_500m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
          child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
      child 1, 25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: 
...
          child 3, p75: double
      child 2, 5m_25m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
          child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
      child 3, over_500m_ev: struct<ev_ebitda: struct<n: int64, p25: double, p50: double, p75: double>, ev_revenue: struct<n: int (... 43 chars omitted)
          child 0, ev_ebitda: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
          child 1, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
      child 4, under_5m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
          child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
              child 0, n: int64
              child 1, p25: double
              child 2, p50: double
              child 3, p75: double
generated_at: timestamp[s]
license: string
methodology: string
min_cell_n: int64
schema_version: string
source_window: string
min_n_per_cell: int64
year_range: list<item: int64>
  child 0, item: int64
source: string
to
{'data': {'advertising-agency': {'2018': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}}, 'aerospace': {'2018': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2019': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2020': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2021': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2024': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64
...
4')}, 'n_deals': Value('int64')}, '2021': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2022': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2023': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2024': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2025': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}}}, 'generated_at': Value('string'), 'min_n_per_cell': Value('int64'), 'schema_version': Value('string'), 'source': Value('string'), 'year_range': List(Value('int64'))}
because column names don't match
Traceback:    Traceback (most recent call last):
                File "/src/services/worker/src/worker/utils.py", line 99, in get_rows_or_raise
                  return get_rows(
                         ^^^^^^^^^
                File "/src/libs/libcommon/src/libcommon/utils.py", line 272, in decorator
                  return func(*args, **kwargs)
                         ^^^^^^^^^^^^^^^^^^^^^
                File "/src/services/worker/src/worker/utils.py", line 77, in get_rows
                  rows_plus_one = list(itertools.islice(ds, rows_max_number + 1))
                                  ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/iterable_dataset.py", line 2690, in __iter__
                  for key, example in ex_iterable:
                                      ^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/iterable_dataset.py", line 2227, in __iter__
                  for key, pa_table in self._iter_arrow():
                                       ^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/iterable_dataset.py", line 2251, in _iter_arrow
                  for key, pa_table in self.ex_iterable._iter_arrow():
                                       ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/iterable_dataset.py", line 494, in _iter_arrow
                  for key, pa_table in iterator:
                                       ^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/iterable_dataset.py", line 384, in _iter_arrow
                  for key, pa_table in self.generate_tables_fn(**gen_kwags):
                                       ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/packaged_modules/json/json.py", line 299, in _generate_tables
                  self._cast_table(pa_table, json_field_paths=json_field_paths),
                  ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/packaged_modules/json/json.py", line 128, in _cast_table
                  pa_table = table_cast(pa_table, self.info.features.arrow_schema)
                             ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/table.py", line 2321, in table_cast
                  return cast_table_to_schema(table, schema)
                         ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
                File "/usr/local/lib/python3.12/site-packages/datasets/table.py", line 2249, in cast_table_to_schema
                  raise CastError(
              datasets.table.CastError: Couldn't cast
              data: struct<advertising-agency: struct<25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: (... 18473 chars omitted)
                child 0, advertising-agency: struct<25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>, 5m_ (... 84 chars omitted)
                    child 0, 25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
                        child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
                    child 1, 5m_25m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
                        child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
                child 1, aerospace: struct<100m_500m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>, 25 (... 334 chars omitted)
                    child 0, 100m_500m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
                        child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
                    child 1, 25m_100m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: 
              ...
                        child 3, p75: double
                    child 2, 5m_25m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
                        child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
                    child 3, over_500m_ev: struct<ev_ebitda: struct<n: int64, p25: double, p50: double, p75: double>, ev_revenue: struct<n: int (... 43 chars omitted)
                        child 0, ev_ebitda: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
                        child 1, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
                    child 4, under_5m_ev: struct<ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>>
                        child 0, ev_revenue: struct<n: int64, p25: double, p50: double, p75: double>
                            child 0, n: int64
                            child 1, p25: double
                            child 2, p50: double
                            child 3, p75: double
              generated_at: timestamp[s]
              license: string
              methodology: string
              min_cell_n: int64
              schema_version: string
              source_window: string
              min_n_per_cell: int64
              year_range: list<item: int64>
                child 0, item: int64
              source: string
              to
              {'data': {'advertising-agency': {'2018': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}}, 'aerospace': {'2018': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2019': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2020': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2021': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2024': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64
              ...
              4')}, 'n_deals': Value('int64')}, '2021': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2022': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2023': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2024': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}, '2025': {'ev_ebitda': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'ev_revenue': {'n': Value('int64'), 'p25': Value('float64'), 'p50': Value('float64'), 'p75': Value('float64')}, 'n_deals': Value('int64')}}}, 'generated_at': Value('string'), 'min_n_per_cell': Value('int64'), 'schema_version': Value('string'), 'source': Value('string'), 'year_range': List(Value('int64'))}
              because column names don't match

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SMB and Lower Middle Market M&A Valuation Multiples

Per-vertical valuation multiples (EV/EBITDA, EV/Revenue, SDE) for 107 SMB and lower-middle-market sub-verticals, derived from 25,615+ verified M&A transactions across SEC filings, EDGAR 8-K, and verified press releases.

Includes p25/p50/p75 multiples per sub-vertical and per size bracket, methodology recommendations, and named-acquirer pool composition.

Files

  • multiples.json — per (sub-vertical × EV-bracket) median + p25/p75 EV/EBITDA, EV/Revenue, SDE multiples
  • multiples-by-year.json — per (sub-vertical × year) date-stamped quartiles (210 cells, n>=10, 2018-2025)

Source

Live JSON: https://exitvalue.ai/data/multiples.json Methodology: https://exitvalue.ai/methodology Zenodo DOI: https://doi.org/10.5281/zenodo.20398222

Updated nightly from continuous EDGAR ingestion.

License

CC-BY-4.0. Free to use with attribution to ExitValue.ai.

Citation

ExitValue.ai. (2026). SMB and Lower Middle Market M&A Valuation Multiples.
Hugging Face. https://huggingface.co/datasets/nickcals/smb-mna-multiples
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