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US buyout deals priced at 2021-high multiples in 2025
In 2025, median EV/EBITDA was 12.5x overall, while $1 billion-plus targets traded at 16x and had 5.7x net debt/EBITDA.
US buyout deal valuations in the United States returned to the same enterprise-value-to-EBITDA multiple level seen in 2021, according to data cited by Yahoo Finance.
StepStone Group's SPI database, as used in PitchBook's Q2 2026 US PE Breakdown, showed the median US buyout deal priced at 12.5x EV/EBITDA in 2025, matching the 2021 record level.
The report found that deal pricing varied sharply by deal size. In 2025, PE firms acquired US companies with enterprise values of $1 billion or more at a median 16x EV/EBITDA multiple, compared with 10.8x for businesses valued under $1 billion.
PitchBook attributed the willingness to pay to expectations for a more pro-business agenda under President Donald Trump, potentially looser antitrust enforcement, and an expected drop in borrowing costs. The outlet also noted that larger deals used more leverage, with 5.7x net debt/EBITDA for $1 billion-plus businesses versus 4x for smaller ones, and that rising energy prices and renewed inflation concerns could make 2026 less similar to 2025.