Where you see them
- Feed cards: a line under the cash flow, for example "4.1x asking · 2.9x median", plus a chip.
- Feed list view and pipeline table: a vs Market column with the chip.
- Pipeline board cards: the chip only.
- Deal page: under the Multiple, the median for similar listings and the chip.
- Listing page in the feed: a Market comps section with a bar showing where this listing sits in the spread of similar listings.
Hover over the chip on desktop, or tap it on mobile, to see the details. Clicking the chip keeps the details open.
The chip
The chip places the deal's asking multiple (asking price divided by cash flow) within the group of similar listings:
| Chip | Meaning |
|---|---|
| Below typical | Priced lower than about three quarters of similar listings |
| In line | In the middle of the range for similar listings |
| Above typical | Priced higher than about three quarters of similar listings |
| Well above typical | Priced higher than about 90% of similar listings |
A chip is information, not a verdict on the deal. A higher multiple can be justified by growth, recurring revenue or a strong team, and a low one can reflect real problems.
What the details show
On a paid plan, the details include:
- The asking multiple and how it ranks, for example "Pricier than 80% of 212 similar listings"
- The comparison group: industry, price band, and state or nationwide
- The median and the middle half of the range
- Notes when they apply, such as a national fallback or a real estate comparison
The multiple is labeled SDE or EBITDA only when the listing says which one it reports. Otherwise it is called cash flow. When a listing reports EBITDA, the details point out that most comps report SDE or an unlabeled cash flow, so its multiple reads higher.
How similar listings are chosen
- Industry and price band. Listings in the same industry and the same asking price band (under $500K, $500K to $1M, $1M to $2M, $2M to $5M, over $5M). Size matters more than location for multiples, so the price band counts whenever there are enough listings. Real estate is the exception (see below).
- State, when there are enough. For listings without real estate, if the listing's state has at least 30 similar listings, the comparison uses that state. Otherwise it compares nationally and says so.
- Neighboring bands. If a single price band is too thin, it pools the neighboring price bands and says so.
- Real estate. A listing that includes real estate is compared only with other listings that include real estate, nationwide. If its price band is too thin, it compares with real estate listings of all sizes in the industry and says so.
- Minimum sample. A comparison needs at least 30 similar listings. With fewer than 100, the details say "small sample".
The comparison uses listings first seen in the last 12 months and is refreshed daily. Pipeline deals use your CIM figures or your edited figures when you have them, and the details say so.
Why some deals show no comp
- "No comp: estimated numbers": the asking price or cash flow was estimated rather than stated by the broker. Estimates are built from similar listings, so comparing them back to those listings would tell you nothing.
- "Includes real estate": there are not yet enough similar listings that also include real estate.
- "No comp: unusual multiple": the multiple is below 0.5x or above 20x, which usually means a data problem.
- Small cash flow: comps start at $100K of cash flow. The listing page says "Comps start at $100K cash flow".
- Not enough similar listings: the listing page says "Not enough similar listings yet".
- A missing asking price or cash flow shows nothing at all.
On feed cards, the last three cases stay blank so the grid is not filled with "no data" notes.
Free and paid plans
On the Free and The Hunter plans you see the chip with a small lock, and the details say whether the deal is priced below, in line with, or above most similar listings. Trial, The Searcher and The Deal Team plans also see the multiples, the median and range, the comparison group and the number of listings behind it.
Asking prices, not sold prices
Every comparison uses the asking prices of listings we track, not the prices businesses actually sold for. Sold prices are often lower than asking prices. Use comps as a quick screen, not as a valuation.
Going deeper with a Pricing Report
For the closest named comparable listings and a negotiation anchor, open a Pricing Report from the listing page. On a paid plan, the Market comps section links to it directly. Ask AI can also use market comps when you ask about a deal's multiple; see Ask AI on a Deal.
Need Help?
Questions about market comps? Contact support.