What's Your Advisory Firm Worth? Real Valuation Multiples [2026]

What's Your Advisory Firm Worth? Real Valuation Multiples in 2026

This is the question we're asked most by advisory firm owners. The short answer is: it depends. But today there's more data than ever to provide an informed response.

The Three Metrics That Determine Price

In Spanish advisory firm transactions, three main valuation metrics are used, depending on the size and format of the deal:

Multiple of recurring revenue. This is the most common metric for client portfolios and smaller advisory firms. The typical range is 0.7x to 1.5x annual recurring revenue. A pure client portfolio (no team, no office, just contracts) trades at the lower end. An advisory firm with a stable team, good retention and diversified services approaches the higher end.

EBITDA multiple. This is the standard reference for more structured transactions. In Spain, advisory firms change hands at 3-5x EBITDA in deals between individuals or with local consolidators. Larger platforms with multiple offices and integrated services aspire to valuations of 6-8x. In the more mature US and UK markets, PE-backed platforms are valued at 10-15x EBITDA.

SDE (Seller's Discretionary Earnings) multiple. Relevant for advisory firms where the owner draws a significant salary that must be added to operating profit. Ranges are typically 1.8-3.3x SDE.

What Increases and Decreases Value?

The factors that most move the needle are:

Client retention. A portfolio with retention above 92% is worth substantially more. Buyers aggressively discount the risk of client loss after transition.

Service mix. Advisory firms that only provide basic tax compliance (quarterly filings, personal tax returns) trade at the lower end of the range. Those combining tax, employment, legal and consultancy — the multidisciplinary model — are worth more. And those with an advisory component (valuations, corporate transactions, wealth planning) are at the top end.

Founder dependency. If all client relationships run through you, the buyer needs a long transition period and discounts the risk of clients leaving when you do. Lower dependency means higher price.

Portfolio concentration. If your 10 largest clients represent more than 35% of revenue, there's a concentration risk that penalises value.

Digitalisation. An advisory firm that works with cloud tools, has documented processes, and can integrate quickly into a buyer's systems is worth more than one operating with spreadsheets and paper.

What's Changed in 2025-2026

The entry of international funds has changed the landscape in two ways. First, it has raised prices at the top end of the market: Afianza, Adlanter, ETL Global and others compete amongst themselves for the best firms, and this favours well-positioned sellers. Second, it has created real and constant demand: previously you had to find a buyer; now there are six platforms actively seeking targets.

But beware: the multiples that funds pay are for firms that meet certain minimum criteria. If your advisory firm turns over less than €500,000, with high founder dependency and no professionalised team, the market offers you fewer options.

Calculate Your Own Numbers

We've developed a calculator that allows you to estimate your advisory firm's value based on your revenue, EBITDA, service mix and other key factors. It's indicative, but will give you a realistic starting point before speaking with advisers or buyers.

→ Calculate your advisory firm's value

If the numbers look interesting — or if you want to understand your options — let's talk. At Capittal we advise both sellers and buyers in professional services sector transactions.