HVAC is the flagship of the 'buy a boring business' wave. Recurring maintenance contracts, a stable technician crew, and brand reputation drive value; larger firms command higher multiples from private-equity roll-ups.
Buyers typically value hvac businesses on SDE / EBITDA, at multiples generally roughly 2x–4x SDE (higher for larger, recurring-revenue firms). That's a starting point, not an appraisal — what you should actually pay depends on recurring revenue, owner-dependence, customer concentration, and the condition of equipment. Verify the seller's earnings against tax returns before trusting any number.
See our buyer's valuation guide and financing guide.
HVAC Businesses generally trade around roughly 2x–4x SDE (higher for larger, recurring-revenue firms) on SDE / EBITDA. Adjust up for recurring contracts and a retained crew, down for owner-dependence. Confirm with a valuation and due diligence.