Owner intake · HVAC
For HVAC owners in the US·Free, no email to see the range
What is my HVAC business worth
HVAC clears the highest multiples in the trades, because replacement work is not optional and maintenance agreements carry across a sale. What a buyer pays comes down to how much of your revenue repeats without you selling it again.
- 2.6x–4.2x
- Multiple we apply
- 6
- Questions
- $0
- Cost to you
Applied to profit before your own pay, then moved inside that range for the size of the earnings and the years you have traded. It is a range, not an appraisal.
Your range, in six questions
What moves the number in HVAC
Maintenance agreements
Every agreement that transfers is revenue a buyer can count before they own the business. Buyers pay up for a book of them and discount hard when there is none.
Replacement against new construction
Change-outs and service repeat. New-build work stops when the builder stops, so a buyer values it lower even at the same margin.
Technicians who stay
A buyer is buying installed capacity. Long-tenured techs with clean licences raise the number, a crew that turns over every year lowers it.
Fleet and stock
Owned, roadworthy trucks and a real parts stock come off the buyer's first-year spend, so they show up in the price.
Questions owners ask us first
- How do buyers actually value an HVAC company
- On earnings, not revenue. They take profit before your own pay, add back what is personal, and apply a multiple. We use 2.6x to 4.2x for HVAC and move inside that range for the size of the earnings and the years trading.
- Does my revenue mix change the number
- More than almost anything else. Two HVAC companies with identical profit can be a million dollars apart because one has 600 maintenance agreements and the other has none.
What these businesses actually sold for
Closed sales pooled from 2021 to 2025, reported by BizBuySell under HVAC. Not our figures, and worth reading against ours.
- 2.68x
- Multiple achieved
- $775K
- Median sale price
- $1.5M
- Median revenue
- $304K
- Median earnings
That is one average across every business in the category, including the small owner-dependent ones. Half of them land inside a band roughly twice as wide, and size sorts them. What trades businesses actually sold for has every trade, the quartile spread, the sources, and why the 8x figures you have read elsewhere do not apply to a business this size.
Before you trust the number
We publish the arithmetic in full: the earnings a buyer prices, the multiple for each trade, the two adjustments, and the things we deliberately leave out. How buyers value a trades business.
Other trades