What is my HVAC business worth?

HVAC is one of the most actively bought main-street trades. Owner-operated shops sell on SDE; larger shops with managers are priced on EBITDA by private-equity-backed buyers. Maintenance agreements are the single biggest value lever.

Avg SDE multiple

2.83×

Typical range

1.99–3.33×

Avg revenue multiple

0.60×

Median sale price

$750K

BizBuySell industry row: HVAC Businesses, plus BizBuySell's HVAC sold-business quartiles. Range is BizBuySell's sold-business lower to upper quartile (median 2.58×). Median sold business: $1,482,016 revenue, $304,309 owner earnings. Source: BizBuySell — Business Valuation Multiples by Industry (businesses sold Q3 2021–Q2 2026); BizBuySell — HVAC Business Valuation Benchmarks (sold 2021–2025, 562 listings analyzed).

Value your HVAC business

Let's estimate what your business is worth. Seven quick questions, no email needed.

Trade: HVAC ·

Which state is it in?

Worked example

Hypothetical. A residential HVAC shop close to BizBuySell's median sold HVAC business (about $1.48M revenue and $304K owner earnings). About 45% of revenue comes from maintenance members and repeat service.

Revenue $1,500,000, owner earnings (SDE) $305,000, 12 years, about 45% recurring, “I manage, my team does the work”.
Start at the published 2.83× average.
Owner involvement: I manage, my team does the work: +0.15×. Buyers pay more when the business runs without the owner.
Recurring revenue 30–59%: +0.10×. Some contracted or repeat revenue.
12 years in business: +0.10×. Long, proven history.
Adjusted multiple 3.18× × $305,000 = $970,000, range $702,000 – $1,174,000.
Revenue cross-check: $1,500,000 × 0.60× = $900,000.

What raises the price

A large base of paid maintenance agreements
Residential replacement work with financing offered
Techs with NATE or EPA certifications who will stay
A general manager or service manager who isn't the owner
Low dependence on new-construction contracts

What lowers it

Revenue tied to a few builders
Owner selling and diagnosing most jobs
No maintenance-agreement program
High technician turnover

Calculating SDE for a HVAC business

Start from net profit on your tax return or P&L, then add back:

Owner salary and benefits
Personal vehicle and family on payroll
Depreciation and loan interest
One-time equipment or marketing spend

Only add back what a buyer can verify. If there are two working owners, the second owner's salary usually stays as a cost, because a buyer will need to replace that person.

Questions

Will private equity buy my HVAC company?

Mostly above about $1M of EBITDA. Smaller shops usually sell to competitors and individual owner-operators, at the SDE multiples on this page.

Why is the median lower than the average?

A minority of large, high-multiple sales pull the average up. Half of sold HVAC businesses traded between the lower and upper quartile.

Compare other trades

Trade	Avg SDE multiple	Avg revenue multiple	Median sale price	Basis
Plumbing	2.61×	0.69×	$699,000	Trade row
HVAC	2.83×quartiles 1.99–3.33×	0.60×	$750,000	Trade row
Electrical	2.77×	0.63×	$1,009,000	Trade row
Landscaping	2.49×	0.72×	$449,950	Trade row
Pool service / routes	2.61×	0.83×	—	Sector average (no trade row)
Pest control	2.46×quartiles 1.69–3×	1.01×	$250,000	Trade row
Cleaning	2.25×	0.72×	$281,500	Trade row
Roofing	2.65×	0.59×	$750,500	Sector average (no trade row)
Auto repair	2.85×	0.65×	$430,000	Trade row
Salon / barbershop	2.10×	0.52×	$117,375	Trade row
Other main-street business	2.61×	0.83×	$350,000	General main-street range

Source: BizBuySell, Business Valuation Multiples by Industry, businesses sold Q3 2021–Q2 2026; quartiles from BizBuySell's HVAC and pest-control benchmark pages (sold 2021–2025). Pool and roofing use sector averages; “Other” uses the Service Businesses sector. Retrieved Oct 30, 2026.

Estimates for information only; not an appraisal or an offer. MainStreetKeys is not a business broker. Data retrieved Oct 30, 2026.