Report Highlights

Highlights from our 2025 UK M&A Valuation Indices, covering UK M&A transaction multiples for M&A deals completed between January – June 2025.

The MarktoMarket All-Cap Index, encompassing data from deals below an enterprise value of £250million, reflects a relatively stable valuation environment.

The median Enterprise Value to EBITDA (EV/EBITDA) multiple paid during the first half of 2025, excluding outliers, was 6.2x. This is in-line with H1 2024 and slightly behind our full year 2024 reported figure of 6.5x.

In addition to the All Cap Index (all deals under £250 million), we present five size indices. This is in order to help our customers understand, justify and defend size-related discounts and premiums.

The Nano Cap index, which consists of M&A transactions valued at under £2.5m, is designed to be representative of the smallest companies in our coverage. Due to the limited disclosure required from very small private businesses, information can be difficult to obtain. However, MarktoMarket’s technology and in-house research team, alongside contributions from our customers, allow us to create an index for these tiny companies.

Our provisional data suggests static pricing for businesses valued under £2.5 million.

SECTOR-BASED INDICES

The Industrials & Business Support Services (I&BSS) sector remains the largest contributor to the indices, accounting for 44% of the transactions in our H1 2025 sample.

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