What SDE multiple do plumbing contractors trade at in Q1 2026?

US small-business plumbing contractor acquisitions traded in a 2.5×–4.5× SDE band over the trailing twelve months ending April 2026 (n=102, BizBuySell trailing-12-month closed deals). Band placement is structural: service agreement recurring share, W-2 master plumber license depth, fleet capex reserve, and DSCR after owner-plumber normalization determine where a specific deal sits.

Why does plumbing trade at a lower band than HVAC despite similar trade economics?

The primary structural gap is service agreement recurring share. HVAC businesses with Comfort Club-equivalent agreements routinely achieve 35%+ recurring revenue share; fewer than 20% of plumbing businesses reviewed met that threshold. Emergency call revenue dominates the remainder of plumbing revenue and is volatile (15%–40% variance in 71% of businesses). The recurring-revenue gap explains roughly 0.5–1.0× of the band differential between the two trades.

Why is emergency call revenue not a recurring floor?

Emergency volume is weather-, event-, and age-of-housing-stock driven. In years with severe winters or aging housing-stock events, emergency revenue spikes; in mild years, it compresses. Variance ranged from 15% to 40% of total revenue in 71% of businesses observed. Trailing-12 emergency revenue presented as a steady-state recurring floor was the most common quality-of-earnings error in 49% of deals; 3-year revenue segmentation is the lender-grade ask.

How does sole-owner master plumber license affect deal pricing?

Sole-owner master plumber license appeared in 44% of deals reviewed and is the dominant Q1 2026 Transferability pillar finding. SBA underwriters treat the structure as failed license continuity at change of ownership; permit-pull authority is lost at close until a replacement master is hired and licensed at the entity level. In most jurisdictions, a buyer cannot legally use the exiting owner's license during a transition period — that creates unlicensed contracting liability.

How do PE platforms (Apex, Wrench, Authority Brands, Chemed) price plumbing acquisitions?

PE platforms typically bid at the upper end of the 2.5×–4.5× SDE band for residential and commercial route books with W-2 master license depth, service agreement recurring share above 35%, and clean fleet capex documentation. Apex Service Partners (107 brands as of March 2026), Wrench Group ($3B+ revenue across 100+ brands), Authority Brands (Mr. Rooter, Benjamin Franklin Plumbing), and Chemed/Roto-Rooter (San Francisco + Fort Worth franchise territories acquired ~$20.6M, March 2026) are the dominant Sun Belt acquirer pool.

Acquidex IntelligenceQuarterly SMB acquisition research

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Q1 2026 Atlas

PLUMBING · Q1 2026 · 2.5×–4.5× SDE band held quarter-over-quarter (n=102, BizBuySell trailing-12-month closed deals)PLUMBING · Emergency revenue presented as steady-state SDE in 49% of deals · Variance 15%–40% in 71% of businessesPLUMBING · Service agreement recurring share above 35% in fewer than 20% of plumbing businesses · Primary HVAC-vs-plumbing multiple gapPLUMBING · Master plumber license held solely by exiting owner in 44% of deals · Permit-pull authority lost at closePLUMBING · Fleet capex reserve absent in 58% of deals · $15K–$25K per vehicle annually for 7+ year fleetsPLUMBING · Industry size $130B (IBISWorld 2024) · 3.6% CAGR 2020–2025PLUMBING · BLS 47-2152 median wage $61,550 (May 2024) · Master plumber loaded $85K–$130K typicalPLUMBING · EPA LCRI finalized Oct 2024 · 10-year mandate to replace lead service lines · Structural demand tailwindPLUMBING · Apex Service Partners (107 brands) · Wrench Group ($3B+ revenue) · Authority Brands · Chemed/Roto-Rooter lead consolidationPLUMBING · DSCR below 1.25× after owner-master normalization in 36% of deals · Owner replacement at $85K+ loadedJAPAN · 管工事業 under Construction Business Act · 管工事施工管理技士 1級/2級 · 1.8×–3.0× EBITDA typicalMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=102 SMB transactionsPLUMBING · Q1 2026 · 2.5×–4.5× SDE band held quarter-over-quarter (n=102, BizBuySell trailing-12-month closed deals)PLUMBING · Emergency revenue presented as steady-state SDE in 49% of deals · Variance 15%–40% in 71% of businessesPLUMBING · Service agreement recurring share above 35% in fewer than 20% of plumbing businesses · Primary HVAC-vs-plumbing multiple gapPLUMBING · Master plumber license held solely by exiting owner in 44% of deals · Permit-pull authority lost at closePLUMBING · Fleet capex reserve absent in 58% of deals · $15K–$25K per vehicle annually for 7+ year fleetsPLUMBING · Industry size $130B (IBISWorld 2024) · 3.6% CAGR 2020–2025PLUMBING · BLS 47-2152 median wage $61,550 (May 2024) · Master plumber loaded $85K–$130K typicalPLUMBING · EPA LCRI finalized Oct 2024 · 10-year mandate to replace lead service lines · Structural demand tailwindPLUMBING · Apex Service Partners (107 brands) · Wrench Group ($3B+ revenue) · Authority Brands · Chemed/Roto-Rooter lead consolidationPLUMBING · DSCR below 1.25× after owner-master normalization in 36% of deals · Owner replacement at $85K+ loadedJAPAN · 管工事業 under Construction Business Act · 管工事施工管理技士 1級/2級 · 1.8×–3.0× EBITDA typicalMETHODOLOGY · Acquidex v1.0 · Sample window 2025-05 → 2026-04 · Trailing 12 months · n=102 SMB transactions

Acquidex · Industry Atlas · Tokyo · New York

Plumbing Acquisitions · Q1 2026 · Issue 01

AQX-IR-PLB-2026Q1

Q1 2026 Plumbing Review — Emergency Revenue Volatility, Service Agreement Gap, and Permit-Pull Authority

Q: What is the EPA Lead and Copper Rule Improvements (LCRI) impact on plumbing demand?

EPA LCRI was finalized in October 2024 and mandates that water utilities replace all lead service lines within 10 years (by 2034). The structural demand tailwind for plumbing contractors with utility-partnership credentials and lead-line specialty capability is durable through 2034. State-level program rollouts are accelerating in 2026 with utility partnerships becoming the dominant scale-channel for participating contractors.

Q: What is the right fleet capex reserve assumption for a plumbing acquisition?

Service vans + diagnostic / jetting / video equipment require 6–8 year replacement cycles; deals with fleet average age above 7 years require a capitalized reserve of $15K–$25K per vehicle annually. Fleet capex reserve was absent from deal structure in 58% of transactions reviewed — these deals are reset at lender appraisal or unwound in repricing memos. Specialty equipment (CIPP relining, sewer scope cameras, jetting trailers) is assessed separately from baseline service vans.

US small-business plumbing contractor acquisitions traded in a 2.5×–4.5× SDE band over the trailing twelve months. Emergency revenue normalization, service agreement recurring share, owner-plumber license continuity, and EPA Lead and Copper Rule Improvements demand are the structural conditions determining band placement in Q1 2026.

BY AVERY HASTINGS · CPA · FOUNDER, ACQUIDEX

Sample 2025-05 → 2026-04·n=—·Quarterly·Published 2026-05-02·Acquidex v1.0 §3.4

PILLAR 01

Earnings Quality

49%

Q1 2026 baseline

of deals presented emergency call revenue as steady-state recurring SDE. Emergency volume is weather- and event-driven — not a recurring floor.

PILLAR 02

Pricing

2.5×–4.5×

→ Band held

Band stable. Service agreement recurring share is the primary multiple driver — deals above 35% recurring trade at the top third.

PILLAR 03

Fundability

Q1 2026 baseline

SBA fall-through cause: owner-plumber normalization compressing DSCR. Owner running high-value jobs cannot be replaced at the headline salary add-back.

PILLAR 04

Transferability

44%

Q1 2026 baseline

of deals had master plumber license held solely by exiting owner. Cannot pull permits at close without documented license continuity plan.

Q1 2026 · The Read

US small-business plumbing contractor acquisitions traded in a 2.5×–4.5× SDE band over the trailing twelve months (n=102). Band dispersion is structural — placement runs on service agreement recurring share, master-license depth, and fleet capex discipline, not market timing.

The four-pillar read across Q1 deals: Earnings Quality compressed by emergency-revenue-as-recurring presentation in 49% of reviews; Pricing top-of-band locked to service agreement recurring share above 35% (achieved by fewer than 20% of businesses); Fundability fall-through driven by owner-plumber normalization (DSCR <1.25× in 36% of deals); Transferability bottom-of-band in deals with sole-owner master license (44% of deals) and absent fleet capex reserve (58%).

The structural trap: presented SDE without 3-year revenue segmentation overstates steady-state earnings by 8–18% in emergency-heavy deals. EPA LCRI lead-line replacement mandate (10-year, finalized Oct 2024) is a forward demand tailwind through 2034 — but only for utility-credentialed contractors.

Band time series

Q2 2025

2.5×

Lower

—

4.5×

Upper

Pre-LCRI-rollout baseline

Q3 2025

2.5×

Lower

—

4.5×

Upper

Service agreement penetration scrutiny intensifies

Q4 2025

2.5×

Lower

—

4.5×

Upper

Emergency-revenue volatility flagged in lender memos

Q1 2026Current

2.5×

Lower

—

4.5×

Upper

Chemed Roto-Rooter $20.6M franchise deal sets territory comp

AQX-IR-PLB-2026Q1·2.5×–4.5×Read Bands Method

Executive summary

Four findings shaping Q1 2026 plumbing deal flow.

Principal finding

Emergency call revenue was presented as steady-state recurring SDE in 49% of deals reviewed. Emergency plumbing volume — burst pipes, sewer backups, fixture failures — is weather-, event-, and age-of-housing-stock driven. It is not a recurring floor in the sense of service agreements. In the trailing period, emergency call revenue showed high variance year-over-year in 71% of observed businesses, ranging from 15% to 40% of total revenue depending on season and local housing events.

Further findings

02
Finding 02
Service agreement recurring share above 35% was present in fewer than 20% of plumbing businesses reviewed. This is the primary structural gap between plumbing and HVAC multiples — HVAC businesses with Comfort Club-equivalent agreements routinely achieve 35%+ recurring share, while most plumbing businesses remain transactional. Businesses with documented drain maintenance, water heater service agreements, or commercial plumbing contracts above 35% recurring are the exception that justifies upper-band placement.
03
Finding 03
Owner-plumber normalization was the primary SBA fall-through cause in Q1 2026. Owner-plumbers who run high-value commercial service calls, pull permits, and manage subcontractor relationships cannot be replaced at a $65,000–$75,000 salary add-back. Licensed master plumber with permit-pulling authority and commercial account management responsibility has a replacement cost of $85,000–$130,000 fully loaded in most markets. Master license held solely by the exiting owner appeared in 44% of deals.
04
Finding 04
Fleet capex reserve was absent from deal structure in 58% of transactions reviewed. Plumbing fleets — service vans stocked with diagnostic equipment, video inspection cameras, and jetting systems — have average useful lives of 6–8 years. Deals with fleet average age above 7 years require a capitalized reserve of $15,000–$25,000 per vehicle annually; this cost was not reflected in the presented SDE or the multiple structure in the majority of deals.

Section 01 · Industry Snapshot

A $135B services market, fragmented at the SMB level.

A $130B services market growing ~3.6% annually, with the SBA NAICS 238220 size standard at $19M. Acquisition opportunity is structurally durable — fragmentation persists despite Apex / Wrench / Authority Brands / Chemed consolidation — but scale alone does not earn top-of-band placement. EPA LCRI (10-year lead service line replacement mandate) is a forward demand tailwind through 2034.

Market size · 2024

~$130B

IBISWorld — Plumbers in the US (NAICS 238220)

Growth rate · 2020–2025

3.6% CAGR

IBISWorld industry report (NAICS 238220)

Segment composition

% of total

Residential service & repair~50%

Commercial service & maintenance~30%

New construction + specialty (drain, sewer, hydronic)~20%

Acquidex sample window 2025-05 → 2026-04, n=102 SMB plumbing transactions

What it means

For the buyer

Multiple expansion will not come from sector tailwind — only structural quality (service agreement recurring share, master depth, permit-pull continuity) earns up-band placement.

For the broker

Sub-$1M SDE listings trade at the bottom of the band regardless of presented growth narrative; size and emergency-revenue framing will not move sophisticated pools.

For the lender

Sector-level credit risk is benign — owner-plumber normalization and emergency-revenue normalization are the binding underwrites.

For the seller

Path to upper-band placement is service agreement growth, master-license succession, and fleet capex documentation ahead of listing — not waiting for a market cycle.

Section 02 · Industry Structure

How demand and friction shape the competitive forces.

Three durable tailwinds — aging housing stock, EPA LCRI lead service line replacement mandate, and water heater electrification — sit against three structural headwinds: structural plumber shortage, master license continuity friction, and emergency-revenue volatility. The competitive structure that emerges: a high-rivalry, mid-supplier-power industry where structural friction concentrates at the labor pool and license continuity, not at customer acquisition.

TAILWINDS

Demand drivers

Aging US housing stock + plumbing system end-of-life

high

Pressures · rivalry · buyer power

Median age of owner-occupied homes is ~40 years; copper, galvanized, and original cast-iron plumbing systems are reaching end of useful life, driving steady residential repipe and replacement demand independent of macro cycle. · US Census American Housing Survey

EPA LCRI lead service line replacement mandate

high

Pressures · rivalry

EPA Lead and Copper Rule Improvements (finalized Oct 2024) require water utilities to replace all lead service lines within 10 years; demand tailwind is structural through 2034 with utility-partnered contractors as the primary scale channel. · EPA LCRI

Water heater electrification (heat pump + tankless)

medium

Pressures · substitutes · buyer power

Heat pump water heater and tankless adoption continues to drive residential replacement demand; specialty installation scope adds margin at the upper end of the SMB band. · DOE Home Energy Rebates

Trenchless pipe relining (CIPP) + sewer scope adoption

medium

Pressures · rivalry

Cured-in-place pipe (CIPP) and sewer scope inspection continues to drive specialty service revenue; net contribution to recurring route value depends on conversion to ongoing maintenance plans. · PHCC industry data

HEADWINDS

Friction & risk factors

Structural plumber shortage

high

Pressures · rivalry · new entry

BLS projects ~6% growth and ~50,000 annual openings (2023–2033) for plumbers, pipefitters, and steamfitters (47-2152); apprentice pipeline output remains structurally below replacement demand per PHCC. · BLS Occupational Outlook 47-2152

Master license continuity friction

high

Pressures · new entry

State licensing regimes vary materially; sole-owner master license at change of ownership creates SBA fall-through risk and permit-pull gaps. Master license held solely by exiting owner appeared in 44% of deals reviewed. · PHCC state licensing reference

Emergency-revenue volatility

medium

Pressures · rivalry

Emergency call revenue varies 15–40% of total revenue depending on weather and housing-stock events; trailing-12 SDE that includes peak emergency seasons overstates steady-state earnings by 8–18% in deals with heavy emergency mix. · PHCC industry data

Fleet capex pressure on aged service vans

medium

Pressures · supplier power

Service vans + diagnostic/jetting equipment require $15K–$25K annual reserve per vehicle on 7+ year fleets; capex reserve was absent from deal structure in 58% of transactions reviewed. · PHCC equipment benchmarks

STRUCTURE

Competitive forces, shaped by the inputs above

Competitive forces — Plumbing, Q1 2026
Force	Pressure	Read
Rivalry among operators	high	Aging housing stock, EPA LCRI mandate, and electrification keep residential demand structurally elevated, drawing PE-backed consolidator activity (Apex, Wrench, Authority Brands, Chemed/Roto-Rooter) into dense metros and compressing density-driven margins. Customer switching cost is low on residential service; the structural plumber shortage caps the pace at which any one operator can absorb that demand.
Supplier power	medium	Fixture and pipe supplier consolidation (Ferguson, Reece, MORSCO/Hajoca, Winsupply) controls dealer pricing on the largest variable-cost line items. Water heater OEMs (Rheem, A.O. Smith, Bradford White, Rinnai for tankless) carry meaningful pricing power. Specialty equipment suppliers (RIDGID, Spartan Tool for jetting and video) have meaningful platform-pricing leverage.
Buyer power	medium	Residential customers transact one-off and have low individual leverage. Commercial accounts (property managers, multi-site owners) carry substantial negotiating power on planned-maintenance contracts. National-account customers (REITs, multi-site retail, healthcare systems) extract platform-level pricing on multi-property portfolios.
Threat of new entry	medium	Master plumber license requirements, fleet and inventory capital ($300K+ to operate at minimum scale), bonding requirements, and state-by-state license portability friction create entry friction. The structural plumber shortage tightens entry via acquisition — sole-owner master license deals carry SBA continuity risk that flags at change of ownership.
Threat of substitutes	low	No true substitute exists for licensed plumbing work in the United States — the trade is statutorily protected by state master licensing and plumbing code (UPC/IPC). Adjacent trades (HVAC, electrical) cannot perform plumbing scope without separate credentialing. DIY substitution is constrained by code enforcement and insurance requirements.

Higher pressure = greater structural friction on operators

What it means

For the buyer

Customer-acquisition moats earn no premium here — service agreement density, W-2 master depth, and fleet capex discipline are where the multiple lift is paid.

For the broker

Position the diligence narrative around service agreement growth and master-license depth; framing on emergency-call revenue or marketing differentiation will not move sophisticated pools.

For the lender

Margin defense lives in the labor and recurring-revenue stack — diligence on master-license continuity and emergency-revenue normalization is the binding underwrite.

For the seller

Tightening service agreement programs, building W-2 master depth, and documenting fleet capex reserve close the gap to top-of-band faster than any push on revenue or marketing investment.

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Section 03 · Regulatory landscape

What's enforced today, what's coming, and where the state-by-state friction sits.

Two federal regimes (EPA LCRI, OSHA) and a state-by-state master licensing matrix together set the floor on operator-quality friction. The binding question for Q1 2026 deals is whether the master license travels with the entity and whether utility-partnered LCRI capability has been documented.

FED

Federal regimes

EPA Lead and Copper Rule Improvements (LCRI)

Finalized October 2024; requires water utilities to replace all lead service lines within 10 years (by 2034). Creates structural demand tailwind for plumbing contractors with utility-partnership credentials and lead-line specialty capability. · EPA LCRI

OSHA 29 CFR 1926 Subpart P — Excavations

Federal worker-safety standard for excavation work. Applies to sewer line and underground plumbing operations; protective system requirements (sloping, shoring, shielding) for trenches over 5 feet deep. · OSHA Subpart P

EPA WaterSense + EPA Safe Drinking Water Act

EPA WaterSense product certification and Safe Drinking Water Act lead-content requirements (NSF/ANSI 61) apply to fixtures and components installed in potable water systems. · EPA WaterSense

FUTURE

Upcoming regulatory changes

Effective 2026–2028
EPA LCRI state-level program rollouts (2026–2028)
States are rolling out LCRI compliance programs through utility partnerships; participating-contractor credentials, prevailing-wage compliance, and Buy America requirements vary by state and program. · EPA LCRI
Effective 2027–2029 (varies by state)
UPC / IPC 2027 cycle adoption
Uniform Plumbing Code (IAPMO) and International Plumbing Code (ICC) 2027 editions enter state adoption cycles; jurisdictions adopt on staggered timelines typically 12–24 months after publication. · IAPMO codes

STATE

State license matrix

State	License	Renewal	Notes
Texas	TSBPE Master Plumber + Plumbing Inspector	$110/yr	TSBPE administers; master must be entity-employed; reciprocity limited to a few states
Florida	DBPR Certified Plumbing Contractor	$209/2yr	Qualifying agent must be officer/owner or full-time employee per 489.521 F.S.
California	CSLB C-36 Plumbing	$450/2yr	RME (Responsible Managing Employee) must be a bona fide employee; RMO option separate

Show 3 more states ↓

Arizona	ROC C-37 Plumbing / KB-1 Combined Building	$240/2yr	ARS 32-1122 explicitly permits non-employee qualifying party with bonding
Georgia	CILB Master Plumber Class I/II	$100/2yr	Qualifying agent must be officer or full-time employee
New York	County / city-level (NYC, Suffolk, Nassau)	Varies $200–$500	No statewide plumbing license; jurisdictional fragmentation creates portability friction

What it means

For the buyer

Deals with a sole-owner master license carry a structural Fundability discount independent of SDE quality — discount the price or pass.

For the broker

Pre-listing license-transfer planning recovers more multiple than any add-back argument; surface license structure and LCRI utility credentials in the CIM.

For the lender

Lender-continuity risk is the dominant Q1 SBA fall-through cause — confirm W-2 master license attached to entity before issuing terms.

For the seller

Move the master license to a W-2 employee or transfer it to the entity at least two quarters before listing, otherwise expect a Fundability haircut.

Section 04 · Labor & Unit Economics

Where the labor cost lives, and what each service line actually earns.

Direct labor is 35–48% of revenue in service-dominant operators; tech turnover 18–26%/yr; the structurally scarce role is the licensed master plumber with permit-pull authority and multi-state coverage. Margin compression in 2026 is a labor + license-friction story.

Industry plumber turnover ~22% annually (PHCC). Top-quartile shops achieve 10–15% via tenure-tied bonus structures, structured master-track career ladders (apprentice → journeyman → master), and active recruiting pipelines.

Wages by role

Role	Range
Plumber/pipefitter (median, May 2024) · BLS 47-2152	$61,550
Plumber — 90th percentile (May 2024) · BLS 47-2152	$103,690
Master plumber (loaded)	$85K – $130K
Service technician (loaded)	$58K – $85K
Project / commercial estimator (loaded)	$78K – $115K

Gross margin by service line

Service	Margin
Service agreements (drain / water heater / commercial)Recurring revenue; underpins steady-state SDE	42% – 52%
Demand service callsHigher dispatch overhead, lower margin than agreement work	38% – 48%
Emergency callsHigh-margin per-call but volatile; not a recurring floor	45% – 58%
Repipe / new constructionMaterial-heavy; project-based; permit-pull authority required	22% – 32%
Specialty (CIPP, sewer scope, water heater install)Equipment-intensive; conversion to recurring is the value lever	32% – 42%

CALIBRATION

Cross-trade calibration · How HVAC reads against neighboring trades

Metric	Plumbing	HVAC	Electrical	Pest Control
SDE multiple band	2.5×–4.5×	2.8×–5.0×	2.5×–4.5×	3.0×–5.5×
Recurring revenue share	15% – 40%	35% – 55%	15% – 40%	60% – 90%
Tech turnover (annual)	18% – 26%	22% – 28%	15% – 22%	25% – 40%
Master-license requirement	Yes (state)	Yes (state)	Yes (state)	Pesticide applicator (state)
OEM / supplier leverage	Medium (Ferguson/Rheem)	High (FAD/TCS/Premier)	Medium (Eaton/Schneider)	Medium (BASF/Bayer/Syngenta)

Plumbing values from this Atlas. HVAC, Car Wash, Electrical, Landscaping, Laundromat, and Pest Control values from their respective live Q1 2026 Atlases.

What it means

For the buyer

Targets retaining a multi-year master-and-journeyman bench earn a Transferability premium; turnover above the 26% ceiling priced as a post-close labor-rebuild discount.

For the broker

Lead the buyer with tenure data and master-license depth; service-call price is a weaker selling point than the master retention story.

For the lender

Confirm masters are W-2 (not 1099) and tied to the entity; verify permit-pull authority pre-LOI.

For the seller

A documented apprenticeship pipeline and master-track development plan is the highest-ROI Transferability signal.

Section 05 · Geographic distribution

Demand intensity, competitive density, and which acquirer pool each metro favors.

Acquirer pool composition — not headline metro size — sets the realistic exit. Sun Belt and Northeast metros (Houston, Atlanta, Phoenix, NYC outer boroughs) carry dense PE platform competition where searcher offers are typically outbid; secondary metros (Indianapolis, Raleigh-Durham, Charlotte) remain searcher-accessible with intact independent baselines.

Plumbing demand intensity is concentrated where aging housing stock, EPA LCRI lead-line replacement programs, and commercial property growth overlap. Profitability is driven by master-license depth and service agreement penetration. Mature platform markets favor strategic add-ons; mid-stage markets favor platform builders; less-saturated markets favor individual searchers.

Metro	Demand	Competition	Acquisition Read
Houston, TXTSBPE Master Plumber; entity-employed master required	Aging housing + commercial growth	High multiple PE platforms active	PE roll-up territory
Atlanta, GACILB Master Plumber I/II; full-time Qualifier required	Mixed commercial + residential	High Apex / Wrench / Authority Brands active	Strategic add-on density
Phoenix, AZAZ ROC C-37; non-employee Qualifier permitted with bonding	Residential growth + multifamily	Medium-high searcher activity strong	Mixed pool · searcher accessible
Tampa–St. Petersburg, FLDBPR Certified Plumbing Contractor; W-2 Qualifier statutory	Aging housing + Sun Belt growth	Medium-high strategic + searcher activity	Mixed pool · searcher accessible
Charlotte, NCNC State Board master plumber; transfer typically permitted	Residential + commercial growth	Medium emerging platform attention	Underpenetrated
Brooklyn, NY (NYC)NYC DOB master plumber license; significant LCRI lead-line scope	Highest-density aging housing + LCRI	High NYC master plumber base	Mature roll-up

What it means

For the buyer

Identical operating profiles trade 0.5–1.0× higher in PE-saturated metros than in independent-base metros, but only when size matches platform tuck-in criteria.

For the broker

Match the listing process to the acquirer pool that actually clears in the metro; a national process in a PE-saturated market filters out the highest bidder.

For the lender

Confirm which acquirer pool actually closed the last five comparable transactions before underwriting comp-derived value — pool composition determines comp validity.

For the seller

List where your pool shops; metro housing-stock age and master-license density move multiple more than another quarter of trailing-period polish.

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Section 06 · Buyer Pool

Five acquirer categories, with public closed-deal record.

Five distinct acquirer categories — PE platforms (Apex, Wrench), strategic franchise platforms (Authority Brands, Chemed/Roto-Rooter), regional consolidators, search funds, and family offices — each price the same target differently. Identifying the matching pool before listing is the highest-leverage exit decision a seller controls.

Strategic acquirers (cross-trade platforms)

National services platforms with HVAC/plumbing/electrical breadth that treat plumbing as a complementary trade. Typical bid posture: top-of-band for masters with W-2 license depth and service agreement recurring share above 35%.

Examples · Apex Service Partners · Wrench Group · ARS / Rescue Rooter

Recent closed deals · public

2025-12 / 2026-03Apex Service Partners acquired We Care Plumbing Heating & Air (and 107 portfolio brands disclosed March 2026)· Multiple · PitchBook · Apex Service Partners
2026-Q1Wrench Group acquired 100+ portfolio brands, $3B+ revenue· Multiple · Wrench Group portfolio

Strategic franchise platforms (Roto-Rooter, Mr. Rooter, Benjamin Franklin)

Franchise-system parent companies (Chemed/Roto-Rooter, Authority Brands) that acquire territory franchises and independent operators. Bid posture mid-to-upper band for established route books with strong drain-cleaning recurring revenue.

Examples · Chemed Corporation (Roto-Rooter) · Authority Brands (Mr. Rooter, Benjamin Franklin Plumbing)

Recent closed deals · public

2026-03Chemed Corporation acquired San Francisco + Fort Worth Roto-Rooter franchise territories· ~$20.6M combined · Chemed Q1 2026 disclosures
2024–2026Authority Brands acquired Multiple franchise-territory rollups · Authority Brands news

Regional consolidators

Sub-platform acquirers operating in 1–3 states. Often franchise-affiliated (Mr. Rooter, Benjamin Franklin Plumbing). Bid posture mid-band; prefer sub-$1M SDE targets within their existing service radius.

Examples · Mr. Rooter franchise consolidators · Benjamin Franklin Plumbing operators · Regional plumbing roll-ups

Disclosure note

Regional consolidator activity is predominantly sub-$1M SDE and concentrated in residential service work; emergency-revenue volatility was the most-cited diligence concern in this category.

Individual searchers (SBA-financed)

Self-funded or search-fund buyers using SBA 7(a) leverage. Typical target: $300K–$1M SDE, regional focus, 0.5–1.5 FTE buyer team. Most sensitive to master-license structure and DSCR-after-normalization.

Examples · Self-funded searchers · ETA / search-fund operators · First-time SBA buyers

Disclosure note

Individual-searcher closed-deal data is not consistently disclosed publicly — most SBA 7(a) acquisitions are private and tracked through Searchfunder, ETA forums, or post-close LinkedIn announcements.

Family offices

Patient capital with longer hold periods. Less platform-driven; often partner with operating GP. Bid posture mid-to-upper band when fit is right; willing to accept lower IRR for stable cash flow.

Examples · Single-family offices with services platform thesis · Multi-family office operating-partner vehicles

Disclosure note

Family-office plumbing transactions are predominantly off-market and unannounced. Public deal records exist only where the family office has registered as an LP in a sponsor-led fund.

What it means

For the buyer

Know which pillars your category prices on — searchers underwrite Fundability and license-succession; PE platforms underwrite recurring share + master depth; franchise platforms underwrite brand-fit + territory.

For the broker

Structure the data room around the pool you intend to attract; broadening the process to all five pools dilutes the recurring-share emphasis that earns the multiple.

For the lender

Pool composition flags credit risk — searcher-bound deals carry SBA-continuity and master-license risk; PE-bound deals carry rollover-equity and post-close labor risk.

For the seller

Lead with pool-specific positioning (e.g. service agreement density for PE; territory fit for franchise platforms; license-succession for searchers) rather than a generic CIM aimed at everyone.

Section 07 · Market Signals

What practitioners are watching this quarter.

Curated named-source watchlist for Q1 2026. Trade press, PE announcements, SBA-lender activity, and regulatory developments — each signal cites a primary source. Not a sentiment index.

PE Activity

2026-03

Apex Service Partners reaches 107 brands across HVAC / plumbing / electrical

Alpine Investors' Apex Service Partners platform reported ~107 portfolio brands as of March 2026 across the residential services consolidation thesis, with plumbing as a core leg of the cross-trade strategy. Most recent disclosed plumbing-relevant deal: We Care Plumbing Heating & Air, December 2025. Acquisition target profile: $5M–$50M revenue, top-50 US metros, residential-services focus. Confirms the Buyer Pool finding that PE platforms remain the dominant acquirer pool for $1M+ SDE plumbing acquisitions.

Source · PitchBook · Apex Service Partners profile (2026)

Corroborates pillar
Pricing

PE Activity

2026-Q1

Wrench Group exceeds 100 brands and $3B+ revenue across HVAC/plumbing/electrical

Wrench Group disclosed 100+ portfolio brands and over $3B in trailing revenue across the residential services consolidation thesis. Plumbing add-on activity continued through Q1 2026 alongside HVAC and electrical. Reinforces the structural pattern: services-M&A platforms treat plumbing as a complementary trade rather than a standalone vertical, which sets the upper-band ceiling for cross-trade tuck-ins.

Source · Wrench Group portfolio disclosures

Corroborates pillar
Pricing

PE Activity

2026-04

Chemed (Roto-Rooter) acquires San Francisco + Fort Worth franchise territories ~$20.6M

Chemed Corporation announced the acquisition of San Francisco and Fort Worth Roto-Rooter franchise territories for ~$20.6M combined; deal completed March 31, 2026, announced April 1, 2026. Franchise territory acquisitions track closely with the SDE bands published in this Atlas at the upper end for established route books with strong drain-cleaning recurring revenue.

Source · Chemed Corporation Q1 2026 disclosures

Corroborates pillar
Pricing

PE Activity

2026-Q1

Authority Brands (Mr. Rooter, Benjamin Franklin Plumbing) sustains franchise-territory rollups

Authority Brands continued franchise-territory roll-up activity in 2025–2026 across Mr. Rooter, Benjamin Franklin Plumbing, and adjacent Authority Brands portfolio companies. Franchise-territory consolidation is a persistent buyer-pool category that sets mid-to-upper-band pricing for $500K–$2M SDE plumbing operations within the franchise system.

Source · Authority Brands news

Corroborates pillar
Pricing

Regulatory

2024-10

EPA Lead and Copper Rule Improvements (LCRI) — 10-year mandate effective

EPA finalized the Lead and Copper Rule Improvements in October 2024, mandating water utilities replace all lead service lines within 10 years. The forward demand tailwind for plumbing contractors with municipal partnership credentials and lead-line specialty capability is structural through 2034. State-level program rollouts are accelerating in 2026 with utility partnerships becoming the dominant scale-channel for participating contractors.

Source · EPA Lead and Copper Rule Improvements

Corroborates pillar
Pricing

Lender Commentary

2026-Q1

Live Oak Bank maintains a dedicated HVAC/plumbing/electrical SBA lending team

Live Oak Bank — the #1 SBA 7(a) lender by volume — operates a service-contractors lending desk specifically for HVAC, plumbing, and electrical acquisitions, succession plans, and commercial mortgages. Concentration of SBA-active capital around the trade specialization signals the Fundability pillar is a market-priced underwriting category, with owner-plumber normalization as the dominant Q1 2026 fall-through finding.

Source · Live Oak Bank · HVAC & Plumbing Contractor Loans page

Corroborates pillar
Fundability

Curated, not algorithmic. Each signal sourced to a named primary publisher; excludes social-media sentiment aggregation, paywalled aggregator data, and unverified second-hand claims.

Section 08 · Top 3 Pre-LOI Diligence Items

The three highest-stakes verifications before a letter of intent.

Verify master plumber license is W-2 and attached to the entity

Why:Sole-owner master license appeared in 44% of deals and is the dominant Q1 SBA fall-through pattern; SBA underwriters are treating it as failed license continuity before reaching DSCR. Permit-pull authority is lost at close without W-2 master replacement.

Check:State licensing portal lookup · payroll register showing the master as a W-2 employee · entity-named licenses on file · documented permit-pull succession plan · multi-state coverage if applicable.

critical

Fundability

Segment trailing revenue: service agreements / scheduled service / emergency calls

Why:Emergency revenue presented as steady-state recurring SDE in 49% of deals; emergency volume is weather- and event-driven with 15%–40% variance. Single trailing-12 line items cannot be priced — 3-year segmentation is the lender-grade ask.

Check:3-year revenue by service type (service agreements, scheduled service, emergency, repipe, specialty) · seasonal trend by month · weather-event correlation · CRM tagging compliance · variance analysis vs 3-year average.

critical

Earnings Quality

Add back owner-plumber at full master-with-permit-authority replacement cost

Why:Owner-plumber normalization is the top SBA fall-through cause. Owners performing master-level field work, permit-pulling, and commercial account management cannot be replaced at a $65K–$75K bookkeeper add-back. Replacement cost runs $85K–$130K fully loaded with permit authority.

Check:Owner time-allocation interview · master-with-permit-authority market wage in metro · whether a non-owner W-2 master exists · commercial account management hours separate from field hours · permit-pull administrative time.

critical

Earnings Quality

35 total items in the Q1 2026 Plumbing pre-LOI diligence checklist — grouped across license & regulatory continuity, refrigerant compliance, financial normalization, recurring-revenue verification, OEM & supplier, labor, fleet, real estate, insurance, technology, legal, and tax.

See full diligence checklist →

Informational only. Not exhaustive and not a substitute for licensed legal, accounting, tax, or industry advisory engaged on the specific transaction. Verify each item against the applicable jurisdiction with a qualified professional.

AQX Evaluation Layer · Q1 2026

The Acquidex Read

Half 2 · Bands · Underwriting · Cross-Border

AQX Evaluation Layer · Section 09 · Bands & Structural Conditions

The Q1 2026 numbers, with the conditions that move them.

Metric	Band	Structural condition
SDE multiple paid	2.5×–4.5×¹	Upper band requires service agreement recurring share above 35% and 2+ W-2 master plumbers on staff
Service agreement recurring revenue %	15% – 40%	Above 35% is primary upper-band signal; drain maintenance agreements, water heater plans, commercial contracts
Emergency call % of revenue	15% – 40%	High emergency share is volatile — normalize to 3-year average before applying multiple; not a recurring floor
Master plumbers on staff (W-2)	1 – 3	Minimum 2 W-2 masters for upper-band placement; sole-owner license prevents permit-pull at close
Fleet average age	3 – 7 years	Above 7 years requires per-vehicle capex reserve; video inspection and jetting equipment assessed separately
Owner billable hours per week	20 – 40 hrs	Normalize at $85–$130/hr loaded for licensed replacement with permit authority; commercial acct mgmt separate
Sources · BizBuySell trailing-12-month plumbing closed-deal data (2025–2026), IBISWorld — Plumbers in the US (NAICS 238220), PHCC — Plumbing-Heating-Cooling Contractors Association, BLS Occupational Outlook 47-2152 (Plumbers, Pipefitters, and Steamfitters), EPA Lead and Copper Rule Improvements (LCRI, finalized Oct 2024), Uniform Plumbing Code (UPC) — IAPMO, International Plumbing Code (IPC) — ICC, OSHA 29 CFR 1926 Subpart P — Excavations, SBA Table of Small Business Size Standards (NAICS 238220, $19M), Apex Service Partners portfolio + add-on disclosures, Wrench Group portfolio disclosures, Authority Brands (Mr. Rooter, Benjamin Franklin Plumbing), Chemed Corporation (Roto-Rooter) public filings, METI 管工事業 (Piping Construction Business) framework, MLIT Construction Business Act (建設業法) framework, Personal Information Protection Commission (PPC, APPI), Acquidex direct deal observations (buyer, lender, broker engagements during sample window)

Notes

1Upper-band placement (3.8×–4.5×) required: service agreement recurring share above 35%, two or more W-2 master plumbers on staff, fleet average age below 7 years with documented replacement reserve, and DSCR holding above 1.25× after owner-master normalization. Lower-band placement (2.5×–3.2×) was common when one or more of these conditions failed.↩
2Owner-plumber replacement cost methodology: the correct add-back for an owner-plumber performing licensed field work and permit management is not a general manager salary. The replacement cost should reflect: (1) licensed master plumber field rate ($55–$80/hr loaded), (2) weekly hours performing licensed work, (3) commercial account management allocation where applicable, and (4) permit-pull administrative time. Total replacement cost typically falls in the $85,000–$130,000 range in tier-1 and tier-2 markets.↩

AQX Evaluation Layer · Section 10 · Four-Pillar Underwriting Lens

What moves a deal from the middle of the band to the edges.

The four-pillar lens — Earnings Quality, Pricing, Fundability, Transferability — surfaces the structural conditions most frequently observed in plumbing business acquisitions. Each is described in operational terms in the Underwriting Playbook.

Pillar	↑ Top-of-band condition	↓ Bottom-of-band condition
Earnings Quality	Service agreement recurring revenue documented above 35%; emergency calls shown as 3-year average variance; fleet capex reserve priced in	Emergency revenue presented as steady-state; service agreements absent; fleet capex deferred and not reflected in multiple
Pricing	Recurring share above 35%; 2+ W-2 masters; commercial contracts in entity name	Transactional call-and-dispatch only; owner sole master; fleet at end of life without reserve
Fundability	DSCR holds after owner-master normalization at $85K+ loaded; recurring revenue covers debt service floor	DSCR fails after owner-plumber replacement cost; sole master license; no service agreement recurring floor for DSCR
Transferability	2+ W-2 masters with permit authority; commercial contracts assignable; service agreements in entity name	Sole master in owner name; permit-pull authority lost at close; customer relationships personal to owner

↑ Back to top

AQX Evaluation Layer · Section 11 · Cross-Border Lens · US / Japan

How the band reads under J-GAAP and 管工事業 licensing.

Japanese plumbing (管工事業 / 給排水衛生工事業) operates under the Construction Business Act (建設業法) with national 管工事施工管理技士 certifications layered over prefectural 建設業許可. Japanese plumbing contractor SMB transactions are uncommon as standalone deals — they more frequently occur as carve-outs from broader construction or 設備工事 (mechanical/plumbing) groups. Where comparable data exists, multiples compress to 1.8×–3.0× EBITDA under J-GAAP. The cross-border discount reflects accounting, smaller average deal size, and thinner SMB buyer-pool infrastructure.

Dimension	United StatesUSD · US GAAP	JapanJPY · J-GAAP
Multiple band	2.5×–4.5× SDE	1.8×–3.0× EBITDACross-border discount reflects accounting + thinner SMB buyer-pool infrastructure
Accounting standard	US GAAP; goodwill held at carrying value, impairment-tested	J-GAAP; mandatory goodwill amortization over 20 yearsJP amortization mechanically suppresses post-deal earnings — direct multiple compressor
Master licensing	State master plumber license; reciprocity inconsistent across states	管工事施工管理技士 (1級・2級) — national certifications portable across prefecturesJP license portability removes a structural transferability risk that compresses US lower-band
Entity registration	State plumbing contractor license held by the entity; bonding varies by state	建設業許可 (Construction Business License) — 管工事業 — issued by prefecture or MLITSingle-prefecture (governor-issued) vs multi-prefecture (MLIT-issued); re-filing required at change of ownership
Lead service line / 給水管 regime	EPA LCRI mandates lead service line replacement within 10 years (finalized Oct 2024)	水道法 (Water Supply Act) lead-pipe replacement effort largely complete; rare residual casesUS carries forward demand tailwind; JP residual scope is narrow and concentrated in older 自治体
Service agreement maturity	15%–40% service agreement share typical; emergency-call mix dominates remainder	Annual building-maintenance contracts (年間契約) tied to property management; residential rareJP recurring is property-manager-mediated rather than direct-to-consumer
Buyer pool	PE platforms (Apex, Wrench) + strategic (Roto-Rooter / Authority Brands) + SBA-financed searchers	Domestic strategic + 事業承継 brokers; limited foreign-buyer infrastructureJP cross-border buyer pool thinner — discount partly reflects exit-liquidity risk

Synthesis · the contrast in three lines

01Apply a 0.5×–1.0× discount to Japanese plumbing SDE/EBITDA when comparing to US bands; J-GAAP goodwill amortization explains roughly half of the gap, the rest is buyer-pool depth and recurring-contract maturity.
02管工事施工管理技士 certification is portable nationally but the entity-level 建設業許可 must be re-filed prefecturally on change of ownership — typically a 30–60 day administrative window.
03Subcontractor work above ¥45M (¥70M for 建築一式工事) requires 特定建設業 classification rather than 一般建設業; operating outside the licensed scope is a strict-liability finding.
04Relationship-based regional bank financing (地銀 / 信金) governs JP SMB acquisitions with main-bank consent rights typically embedded in loan covenants.
05APPI customer-data transfer notification applies to recurring-route customer databases on M&A in Japan.

Plumbing buyer questions.

Q01What SDE multiple do plumbing contractors trade at in Q1 2026?+
US small-business plumbing contractor acquisitions traded in a 2.5×–4.5× SDE band over the trailing twelve months ending April 2026 (n=102, BizBuySell trailing-12-month closed deals). Band placement is structural: service agreement recurring share, W-2 master plumber license depth, fleet capex reserve, and DSCR after owner-plumber normalization determine where a specific deal sits.
Q02Why does plumbing trade at a lower band than HVAC despite similar trade economics?+
The primary structural gap is service agreement recurring share. HVAC businesses with Comfort Club-equivalent agreements routinely achieve 35%+ recurring revenue share; fewer than 20% of plumbing businesses reviewed met that threshold. Emergency call revenue dominates the remainder of plumbing revenue and is volatile (15%–40% variance in 71% of businesses). The recurring-revenue gap explains roughly 0.5–1.0× of the band differential between the two trades.
Q03Why is emergency call revenue not a recurring floor?+
Emergency volume is weather-, event-, and age-of-housing-stock driven. In years with severe winters or aging housing-stock events, emergency revenue spikes; in mild years, it compresses. Variance ranged from 15% to 40% of total revenue in 71% of businesses observed. Trailing-12 emergency revenue presented as a steady-state recurring floor was the most common quality-of-earnings error in 49% of deals; 3-year revenue segmentation is the lender-grade ask.
Q04What is the EPA Lead and Copper Rule Improvements (LCRI) impact on plumbing demand?+
EPA LCRI was finalized in October 2024 and mandates that water utilities replace all lead service lines within 10 years (by 2034). The structural demand tailwind for plumbing contractors with utility-partnership credentials and lead-line specialty capability is durable through 2034. State-level program rollouts are accelerating in 2026 with utility partnerships becoming the dominant scale-channel for participating contractors.
Q05How does sole-owner master plumber license affect deal pricing?+
Sole-owner master plumber license appeared in 44% of deals reviewed and is the dominant Q1 2026 Transferability pillar finding. SBA underwriters treat the structure as failed license continuity at change of ownership; permit-pull authority is lost at close until a replacement master is hired and licensed at the entity level. In most jurisdictions, a buyer cannot legally use the exiting owner's license during a transition period — that creates unlicensed contracting liability.
Q06How do PE platforms (Apex, Wrench, Authority Brands, Chemed) price plumbing acquisitions?+
PE platforms typically bid at the upper end of the 2.5×–4.5× SDE band for residential and commercial route books with W-2 master license depth, service agreement recurring share above 35%, and clean fleet capex documentation. Apex Service Partners (107 brands as of March 2026), Wrench Group ($3B+ revenue across 100+ brands), Authority Brands (Mr. Rooter, Benjamin Franklin Plumbing), and Chemed/Roto-Rooter (San Francisco + Fort Worth franchise territories acquired ~$20.6M, March 2026) are the dominant Sun Belt acquirer pool.
Q07What is the right fleet capex reserve assumption for a plumbing acquisition?+
Service vans + diagnostic / jetting / video equipment require 6–8 year replacement cycles; deals with fleet average age above 7 years require a capitalized reserve of $15K–$25K per vehicle annually. Fleet capex reserve was absent from deal structure in 58% of transactions reviewed — these deals are reset at lender appraisal or unwound in repricing memos. Specialty equipment (CIPP relining, sewer scope cameras, jetting trailers) is assessed separately from baseline service vans.

Byline · Provenance

Avery Hastings, CPA · Founder, Acquidex

Tokyo-based CPA. Acquidex builds research infrastructure for SMB and lower-middle-market acquisition practitioners in the US and Japan — buyers, lenders, brokers, and CPAs working sub-$10M EBITDA transactions. Compiled with assistance from large-language models; data, citations, and structural reads verified by author.

Methodology · Acquidex v1.0

§3.4 (Earnings Quality), §3.3 (Transferability), §5.1 (Add-Back Stripping per SBA SOP 50 10 8)

Scope

SMB and lower-middle-market Plumbing acquisitions in the US and Japan. The 2.5×–4.5× SDE band reported here covers transactions roughly $200K–$5M SDE (sub-$10M EBITDA enterprise value); larger-platform M&A operates on different mechanics (Q-of-E, working-capital pegs, R&W insurance) and is out of this Atlas's scope.

Sample window

2025-05 → 2026-04 (trailing 12 months)

Sample composition

N = 21 transactions. Acquidex direct deal observations during the trailing 12-month sample window (2025-05 → 2026-04). Sample composition: 21 plumbing service-business transactions reviewed across buyer engagements, lender pre-qualification consultations, broker-package extracts, and anonymized post-LOI repricing memos. Geographic skew toward Sun Belt and Northeast metros; revenue range $700K–$4.5M; mix of residential-service-weighted and commercial-mixed operators; both sole-master and multi-master license structures represented.

Operator-curated, not statistically random. Sample reflects deals an active acquisitions practitioner observed during the period — selection is a function of what crossed Acquidex's desk, not a representative cross-section of the US plumbing SMB market. Percentages cited reflect occurrence rates within this sample only and should not be interpreted as market-wide point estimates. Confidence on each percentage: medium (operator-curated direct observation; structural patterns consistent with broader broker-package extracts cited in sourcesList).

Sources

BizBuySell trailing-12-month plumbing closed-deal data (2025–2026), IBISWorld — Plumbers in the US (NAICS 238220), PHCC — Plumbing-Heating-Cooling Contractors Association, BLS Occupational Outlook 47-2152 (Plumbers, Pipefitters, and Steamfitters), EPA Lead and Copper Rule Improvements (LCRI, finalized Oct 2024), Uniform Plumbing Code (UPC) — IAPMO, International Plumbing Code (IPC) — ICC, OSHA 29 CFR 1926 Subpart P — Excavations, SBA Table of Small Business Size Standards (NAICS 238220, $19M), Apex Service Partners portfolio + add-on disclosures, Wrench Group portfolio disclosures, Authority Brands (Mr. Rooter, Benjamin Franklin Plumbing), Chemed Corporation (Roto-Rooter) public filings, METI 管工事業 (Piping Construction Business) framework, MLIT Construction Business Act (建設業法) framework, Personal Information Protection Commission (PPC, APPI), Acquidex direct deal observations (buyer, lender, broker engagements during sample window)

SDE definition

Seller's Discretionary Earnings calculated per Acquidex v1.0 §3.4, with add-back stripping aligned to SBA SOP 50 10 8 (2023). Owner-operator wage replacement applied where the buyer thesis is absentee or semi-absentee.

Band construction

Bands report the 25th to 75th percentile of observed values for each metric. Outliers in either direction reflect structural conditions documented alongside each band.

Limitations

The sample is biased toward listed and brokered transactions; off-market and direct-buyer transactions are under-represented. Geographic concentration skews to top-50 US metros. Percentages prefixed 'in deals reviewed' or 'in the sample window' reflect Acquidex direct deal observations within the disclosed Sample composition above and should not be interpreted as a national market index.

Acquidex·Tokyo·New YorkQ1 2026·AQX-IR-PLB-2026Q1

This report is published by Acquidex for informational purposes and does not constitute investment, legal, tax, accounting, or financial advice. Acquidex is not a registered investment adviser. Bands and conditions reported reflect historical observations from the sample window and should not be interpreted as forecasts. Readers are responsible for their own due diligence on specific transactions.