Larger companiesManufacturing

    What does a larger manufacturer sell for? Margin first, then who's buying

    What manufacturers with $10,000,000 to $300,000,000 in sales keep, what changes at each size, and what a buyer checks before an offer.

    Manufacturing
    16 min read

    Figures: IRS tax year 2023Census through June 2026TagniFi through March 2026Market Pulse through Q2 2026Read November 12, 2026

    Legend Atty
    Legend Atty · Founder, BridgeBook
    Published
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    What do manufacturers your size earn?

    The short answer: manufacturing S corporations kept 9.0%[1] of sales as business profit in tax year 2023, by our math on IRS figures for every size, against 7.5%[2] across all industries. Census figures for manufacturers with $10,000,000 to $25,000,000 of assets show a 7.3%[3] operating margin in the year to June 2026. At the IRS rate before interest, depreciation and amortization, 11.7%, a made-up plant with $30,000,000 in sales makes $3,510,000, which our sold-deal data puts at $14,040,000 to $20,358,000. Buyers then ask how much of it repeats.

    Business profit on tax returns
    9.0%[1]Manufacturing S corporations, all sizes, tax year 2023
    Before interest, depreciation and amortization
    11.7%[1]Tax year 2023, our math
    Operating margin, Census
    7.3%[3]$10,000,000 to $25,000,000 of assets, year to June 2026
    Manufacturers your size
    28,622[4]Employer firms, $10,000,000 to $99,999,999 in sales, 2022

    The first figure is what manufacturing S corporations reported to the IRS as business profit, as a share of what they took in, before the owners' own income tax. It's every one of them taken together, losses included, so it isn't the middle company. A well-run plant should beat it.

    The second adds back interest, depreciation and amortization, by our math on the same IRS lines. That's close to the EBITDA a buyer prices: yearly profit before interest, taxes, depreciation and amortization. Manufacturing runs above the all-industry figure on both lines.

    The IRS publishes these rows for every size of manufacturer together. Here they are for three kinds of plant, beside all S corporations.

    Exhibit 1

    Manufacturing S corporations by kind of plant, tax year 2023

    Band is sales
    Manufacturing S corporations by kind of plant, tax year 2023: business profit on tax returns and the figure before interest, depreciation and amortization, beside all S corporations.
    IndustryBusiness profit on tax returnsBefore interest, depreciation and amortization
    Manufacturing all sizes9.0%11.7%
    Fabricated metal product manufacturing all sizes10.9%13.9%*
    Machinery manufacturing all sizes11.0%14.2%*
    Food manufacturing all sizes5.7%8.4%*
    All S corporations7.5%9.7%

    * Includes gains on selling equipment, which the IRS doesn't publish for this industry.

    Sorted by business receipts, which this page calls sales. Before interest, depreciation and amortization = (business profit + interest + depreciation + amortization − net gains on selling equipment) ÷ total receipts, by our math on IRS figures.[1][2]

    Source: IRS Statistics of Income, Tax Year 2023[1]; IRS Statistics of Income, Tax Year 2023, released September 2026[2]. Industry rows cover every size of company.

    Does a bigger plant earn a bigger margin?

    No, not in the newest figures. The Census Bureau's quarterly survey sorts manufacturers by total assets, public and private together. Across its bands from $5,000,000 of assets up, operating margin ran from 5.6% to 7.9% in the four quarters to June 2026[3]. The smallest band ran highest.

    Exhibit 2

    Manufacturers by total assets, four quarters to June 2026

    Band is total assets
    Operating margin of U.S. manufacturers by total assets, third quarter 2025 to second quarter 2026, Census Bureau
    Total assetsOperating profit, share of salesPlus depreciation and amortization
    $5,000,000 to $10,000,0007.9%10.3%
    $10,000,000 to $25,000,0007.3%10.0%
    $25,000,000 to $50,000,0006.4%9.2%
    $50,000,000 to $100,000,0006.5%9.3%
    $100,000,000 to $250,000,0005.6%8.9%
    $250,000,000 to $1,000,000,0006.2%9.6%

    Source: U.S. Census Bureau, Third quarter 2025 to second quarter 2026, released September 8, 2026[3]. Public and private companies together. Operating profit is before interest and taxes; the second column adds back depreciation, depletion and amortization of plant and equipment.

    Assets aren't sales, so read the bands roughly. Across every industry, S corporations with $10,000,000 to $25,000,000 of assets averaged $28,404,444[5] in sales in tax year 2023. Those with $25,000,000 to $50,000,000 averaged $59,931,605, and those with $50,000,000 to $100,000,000 averaged $108,077,132.

    So most companies with $10,000,000 to $100,000,000 in sales sit, roughly, in the first four rows. The IRS stopped publishing industry and size together after tax year 2013, so this Census table is the newest look at size inside manufacturing.

    Which kinds of plant run higher or lower?

    What you make matters more than how big you are. Among manufacturers with under $50,000,000 of assets, fabricated metal products ran the highest operating margin in the Census table, at 10.6%. The lowest of the kinds shown was food, at 5.5%[3].

    Exhibit 3

    Manufacturers with under $50,000,000 of assets, by kind, four quarters to June 2026

    Band is total assets
    Operating margin of manufacturers with under $50,000,000 of total assets, by subsector, Census Bureau
    Kind of manufacturerOperating profit, share of salesPlus depreciation and amortization
    Fabricated metal products10.6%13.3%
    Plastics and rubber products9.3%12.4%
    Machinery8.0%10.2%
    All other chemicals7.4%10.2%
    Furniture7.4%9.0%
    Printing6.1%9.2%
    Food5.5%7.8%

    Source: U.S. Census Bureau, Third quarter 2025 to second quarter 2026, released September 8, 2026[3]. Public and private together. Kinds that ran an operating loss over these quarters are left off.

    The IRS rows in Exhibit 1 point the same way: metal fabrication and machinery above the manufacturing figure, food below it. If your plant runs well under the figure for its kind, a buyer will want to know why before anything else. More on the full table by size is on average profit margin by company size.

    What changes from $10,000,000 to $300,000,000 in sales?

    Who can pay, how the sale runs, and whether the sold-deal data behind our calculator reaches the profit. Each size below is a made-up plant at the IRS manufacturing rate of 11.7%. That rate is for every size, because the IRS no longer publishes industry and size together.

    A plant at this rate passes the top of our data at about $73,700,000 in sales. Where a line says what buyers check, that's our practice, not a published study.

    Exhibit 4

    A made-up manufacturer at seven sizes

    Band is sales
    A made-up manufacturer at seven sizes of sales: the IRS size row, EBITDA at the manufacturing rate, and what the sold-deal data behind our calculator says
    SalesIRS size rowMade-up EBITDAOur sold-deal data
    $10,000,000Owner still in the price9.1%, $10,000,000 to $50,000,000$1,170,000$3,739,968 to $5,648,659
    $20,000,000Past one SBA loan9.1%, $10,000,000 to $50,000,000$2,340,000$9,360,000 to $13,572,000
    $30,000,000More than one offer9.1%, $10,000,000 to $50,000,000$3,510,000$14,040,000 to $20,358,000
    $50,000,000Next IRS size band8.0%, $50,000,000 to $250,000,000$5,850,000$23,400,000 to $33,930,000
    $100,000,000Past our data8.0%, $50,000,000 to $250,000,000$11,700,000Past our data
    $200,000,000Past our data8.0%, $50,000,000 to $250,000,000$23,400,000Past our data
    $300,000,000IRS top band8.2%, $250,000,000 or more$35,100,000Past our data

    Source: IRS Statistics of Income, Tax Year 2023, released September 2026[2]; IRS Statistics of Income, Tax Year 2023[1]; IBBA and M&A Source, Second quarter of 2026[6]. Made-up examples at the IRS manufacturing rate of 11.7%. Our figures checked November 2, 2026.

    How do I sell a manufacturing company with $10,000,000 in sales?

    At 11.7%, the IRS rate for manufacturing, a made-up plant with $10,000,000 in sales makes $1,170,000 before interest, depreciation and amortization. The sold-deal data behind our calculator puts that at $3,739,968 to $5,648,659, on a blend of owner's earnings and EBITDA.[1]

    Owner's earnings are profit plus the owner's own pay. Part of the price still rests on them here, because the owner often does a manager's job. Plan who'll do it after you.

    Your employees can be the buyer, through an ESOP: a trust that buys shares for the people who work there. NCEO says companies with fewer than 20 to 30 employees and $1,000,000 of EBITDA aren't good candidates[7]. This made-up plant clears the profit line. Headcount is the other half.

    In our practice, a buyer here asks who runs the floor on a day you're out. And who do customers call?

    Across every industry: what a company with $10,000,000 in sales is worth.

    How do I sell a manufacturing company with $20,000,000 in sales?

    A made-up manufacturer with $20,000,000 in sales at 11.7% makes $2,340,000. Our sold-deal data puts that at $9,360,000 to $13,572,000, priced on EBITDA, a price past what one SBA loan can carry.[1]

    One SBA 7(a) loan tops out at $5,000,000[8], so the buyer brings more money of its own: a company in your field, a fund, or a search fund. A search fund is one or two people, backed by investors, who buy one company and run it. Stanford's median search fund price in 2024 and 2025, $16,000,000[9], sits just above this range.

    In our practice, the equipment list gets read line by line here. A buyer wants each machine's age and what it will need, because spending soon counts against the price.

    Across every industry: what a company with $20,000,000 in sales is worth.

    How do I sell a manufacturing company with $30,000,000 in sales?

    At $30,000,000 in sales and 11.7%, a made-up plant makes $3,510,000. Our sold-deal data puts that at $14,040,000 to $20,358,000. A company this size usually draws more than one offer.[1]

    In IBBA's survey of advisors for the second quarter of 2026, 87%[10] of deals over $5,000,000 drew at least three offers. More than one offer is what lets you compare terms, not just price.

    On Census's table, the nearest band is roughly manufacturers with $10,000,000 to $25,000,000 of assets. Across every industry, S corporations with those assets averaged $28,404,444 in sales. Those manufacturers ran a 7.3% operating margin in the year to June 2026[3].

    Your backlog gets a close read here, in our practice: signed orders against quotes, and the margin on each.

    Across every industry: what a company with $30,000,000 in sales is worth.

    How do I sell a manufacturing company with $50,000,000 in sales?

    Exactly $50,000,000 of sales puts a company in the IRS's next band, $50,000,000 to $250,000,000, where S corporations reported 8.0% before interest, depreciation and amortization. At the manufacturing rate of 11.7%, a made-up plant makes $5,850,000. Our sold-deal data puts that at $23,400,000 to $33,930,000.[1]

    Size alone doesn't lift the margin here. Census's manufacturers with $25,000,000 to $100,000,000 of assets, roughly where a plant this size sits, ran 6.4% and 6.5% on operations in the year to June 2026[3]. That's below the 7.3% of the band under them.

    The promises you make in the sale last a while after closing. In SRS Acquiom's deals of $50,000,000 or less, buyers had a median 15 months[11] to bring claims. In its study of deals closed 2019 to 2024, the median was 12 months[12].

    In our practice, a buyer reads your biggest customer contracts here. How long do they run, and do they survive a new owner?

    Across every industry: what a company with $50,000,000 in sales is worth.

    How do I sell a manufacturing company with $100,000,000 in sales?

    At the manufacturing rate of 11.7%, a made-up plant with $100,000,000 in sales makes $11,700,000. That's about a third more than our sold-deal data can price. That data stops at a margin of about 8.6% on this size, so we don't put a figure on it. The next step is a call with a dedicated advisor.[1]

    Past our data, the figures below are other publishers', by company value, with the rows nearest this plant's profit marked.

    Other publishers' figures, not ours

    Other publishers' figures by size: GF Data and TagniFi.
    Company valueMultiple of EBITDAStatisticBuyersPeriodPublisher
    $100,000,000 to $250,000,000Near yours10.0xAveragePrivate equity, platform buyoutsThrough the third quarter of 2025GF Data[13]
    $50,000,000 to $200,000,000Near yours9.0xMedianAll buyersTwelve months to March 31, 2026TagniFi[14]
    $50,000,000 to $200,000,000, manufacturing10.0xMedianAll buyersTwelve months to March 31, 2026TagniFi[14]

    These figures come from outside reports, not from BridgeBook's own data: each one counts different deals in its own way, so read them as a guide to the market, not as a price for your company.

    A fund at this size will likely ask you to keep part of the price as shares in the company it forms, called rollover. GF Data counted rollover in 63.6%[15] of 2024 private equity deals of $10,000,000 to $500,000,000, averaging 14.5% of the price.

    Book a call before the first fund calls you.

    Across every industry: what a company with $100,000,000 in sales is worth.

    How do I sell a manufacturing company with $200,000,000 in sales?

    A made-up manufacturer with $200,000,000 in sales at 11.7% makes $23,400,000. That's nearly three times what our sold-deal data can price. So we don't put a figure on it. Other publishers' figures are below, and the next step is a call.[1]

    Census doesn't sort by sales, but its manufacturers with $100,000,000 to $250,000,000 of assets ran 5.6%[3], the lowest of its six bands. Bigger isn't always a higher margin.

    Other publishers' figures, not ours

    Other publishers' figures by size: GF Data and TagniFi.
    Company valueMultiple of EBITDAStatisticBuyersPeriodPublisher
    $100,000,000 to $250,000,000Near yours10.0xAveragePrivate equity, platform buyoutsThrough the third quarter of 2025GF Data[13]
    $100,000,000 to $500,000,0009.8x against 7.0x under $100,000,000AveragePrivate equity, platform buyoutsThrough the third quarter of 2025GF Data[13]
    $200,000,000 to $500,000,000Near yours11.4xMedianAll buyersTwelve months to March 31, 2026TagniFi[14]

    Private equity funds are active at this size. PitchBook puts the typical U.S. buyout under $1,000,000,000 at $206,000,000[16] of company value in 2025: that's what companies sold for, not their sales. The buyer's written offer, the letter of intent, then sets out price, structure, working capital, earnouts, rollover, exclusivity and closing conditions, PCE says[17]. Working capital there is the day-to-day money in the business; the plant checks below explain how it's settled at closing.

    Book a call about who'd buy a plant like yours.

    Across every industry: what a company with $200,000,000 in sales is worth.

    How do I sell a manufacturing company with $300,000,000 in sales?

    $300,000,000 of sales puts a company in the IRS top band, $250,000,000 or more, at 8.2% before interest, depreciation and amortization. At the manufacturing rate of 11.7%, a made-up plant makes $35,100,000. That's about four times what our sold-deal data can price, so we don't put a figure on it.[1]

    Census's manufacturers with $250,000,000 to $1,000,000,000 of assets ran 6.2% in the year to June 2026[3], public and private together.

    Other publishers' figures, not ours

    Other publishers' figures by size: GF Data and TagniFi.
    Company valueMultiple of EBITDAStatisticBuyersPeriodPublisher
    $100,000,000 to $500,000,0009.8x against 7.0x under $100,000,000AveragePrivate equity, platform buyoutsThrough the third quarter of 2025GF Data[13]
    $200,000,000 to $500,000,000Near yours11.4xMedianAll buyersTwelve months to March 31, 2026TagniFi[14]

    The share you keep tends to grow with the deal. In deals of $250,000,000 to $500,000,000, GF Data's average rollover went from 10.6%[18] in 2021 to 24.0% in 2025. And a fund plans its own sale: PitchBook puts the median hold at 6.4 years[16] before a sale in 2025.

    Our sold-deal data doesn't reach this size. Book a call about your plants, your managers and how the sale would run.

    Across every industry: what a company with $300,000,000 in sales is worth.

    What do outside reports show for manufacturers?

    TagniFi, a deal database, publishes multiples for manufacturing by deal size. A multiple is the price divided by a year of EBITDA. Its figures are below, as TagniFi reports them, with its newer table and its older sector list side by side.

    Exhibit 5

    Manufacturing deals in TagniFi's tables

    Band is company value

    Other publishers' figures, not ours

    Other publishers' figures by size: TagniFi and TagniFi (PR Newswire).
    Company valueMultiple of EBITDAStatisticBuyersPeriodPublisher
    $10,000,000 to $50,000,000, manufacturing7.3xMedianAll buyersTwelve months to March 31, 2026TagniFi[14]
    $50,000,000 to $200,000,000, manufacturing10.0xMedianAll buyersTwelve months to March 31, 2026TagniFi[14]
    $10,000,000 to $100,000,000, fabricated metal products6.1xAs printedAll buyersTwelve months to the third quarter of 2025TagniFi[19]
    $10,000,000 to $100,000,000, machinery8.5xAs printedAll buyersTwelve months to the third quarter of 2025TagniFi[19]

    These figures come from outside reports, not from BridgeBook's own data: each one counts different deals in its own way, so read them as a guide to the market, not as a price for your company.

    Source: TagniFi, Twelve months to March 31, 2026[14]; TagniFi (PR Newswire), Twelve months to the third quarter of 2025[19].

    Those are other publishers' figures, sorted by what companies sold for, not by sales. The sold-deal data behind our calculator is IBBA and M&A Source Market Pulse[6]. It has one group above $5,000,000 of sale price, for all industries together. It stops at companies that sold for $50,000,000. We don't hold a manufacturing figure of our own at this size, so we don't print one.

    Why bigger deals carry bigger multiples in these tables is its own question. Here's what we know about it.

    Who buys manufacturers?

    Mostly companies already in the field, and private equity funds adding to a company they own. That second kind is an add-on: a company bought to join one a fund already holds. In PitchBook's count, about three of every four U.S. buyouts in the second quarter of 2026 were add-ons, an estimated 885[16].

    Employees can be buyers too, through an ESOP, the employee trust from the $10,000,000 answer above. Manufacturing is the largest industry among ESOPs, 20%[20] of them, in the National Center for Employee Ownership's count of 2023 filings.

    Each kind of buyer pays and closes differently, and some ask you to keep a stake. The cash at closing is rarely the headline price. Here's what a company with $20,000,000 in sales is worth and what changes at $30,000,000.

    What do buyers check in a plant?

    Whether the profit will still be there in three years, and what it costs to keep it. This list is our own practice, not a published study.

    1. The equipment. A buyer's first request list usually asks for the fixed asset register. It lists each machine, the year it was bought and what's left to depreciate. Old machines mean spending soon, and the buyer counts that against the price.
    2. The customers. If one customer buys a large share of what you make, the buyer will ask for the contract and how long it runs.
    3. The backlog: orders signed but not yet shipped. A buyer reads it as next year's sales you've already won.
    4. Working capital: what customers owe you, plus inventory, minus the bills you owe. A plant ties up a lot of it. The letter of intent usually sets out how it's treated[21], and the amount you hand over at closing is agreed as a target.

    None of these needs a perfect answer. Each needs an answer ready before a buyer asks, with the paper behind it. More on how the working capital target is set.

    What moves the price of a manufacturer?

    Margin first, then how much of it repeats. A plant running above the figure for its kind has room a buyer can see. This list is our view, not a study.

    • Repeat orders: customers on agreements who buy the same parts or products year after year.
    • Spread: no single customer large enough to sink the year if it leaves.
    • Machines that won't need replacing soon, since a buyer counts that spending against the price.
    • Managers who run the plant without you, so a buyer isn't paying for a job it must fill.

    By kind of plant: food manufacturing, metal fabrication and machine shops and machinery.

    At what size does our data stop for a manufacturer?

    A made-up example: a plant with $70,000,000 in sales at the IRS manufacturing rate of 11.7% makes $8,190,000 before interest, depreciation and amortization. The sold-deal data behind our calculator puts that at $32,760,000 to $47,502,000, priced on EBITDA.

    The same plant with $75,000,000 in sales makes $8,775,000. That's past our data, which stops at companies that sold for $50,000,000, so we'd show other publishers' figures instead. Our figures checked November 2, 2026.

    A higher margin crosses the line sooner. Put in your own sales and margin below.

    Your numbers
    Yearly sales

    Industry: Manufacturing

    IRS, manufacturing S corporations of every size, tax year 2023, our math. Change it to yours.

    A made-up example at the IRS rate

    $2,340,000

    A made-up example: 11.7% of $20,000,000 in yearly sales. EBITDA is yearly profit before interest, taxes, depreciation and amortization.

    Our sold-deal data puts that EBITDA at

    $9,360,000 to $13,572,000

    Typical $11,466,000, priced on EBITDA.

    IBBA and M&A Source Market Pulse, closed deals of $5,000,000 to $50,000,000. Typical is the middle of its recent readings. Our figures checked November 2, 2026.

    Other publishers' figures, not ours

    Other publishers' figures by size: GF Data and TagniFi.
    Company valueMultiple of EBITDAPublisher
    $10,000,000 to $25,000,000Near yours5.9xGF Data, average, through the third quarter of 2025
    $25,000,000 to $50,000,0006.6xGF Data, average, through the third quarter of 2025
    $50,000,000 to $100,000,0008.7xGF Data, average, through the third quarter of 2025
    $100,000,000 to $250,000,00010.0xGF Data, average, through the third quarter of 2025
    $1,000,000 to $10,000,0005.5xTagniFi, median, twelve months to March 31, 2026
    $10,000,000 to $50,000,000Near yours7.3xTagniFi, median, twelve months to March 31, 2026
    $50,000,000 to $200,000,0009.0xTagniFi, median, twelve months to March 31, 2026
    $200,000,000 to $500,000,00011.4xTagniFi, median, twelve months to March 31, 2026

    These figures come from outside reports, not from BridgeBook's own data: each one counts different deals in its own way, so read them as a guide to the market, not as a price for your company.

    Why the two differ

    At this profit you can book a call with a dedicated advisor.

    Get my free valuationTalk to a dedicated advisor

    The valuation asks your sales and profit again, then your name, email and cell phone, and shows a range.

    What we'd look at first

    On a first call, a dedicated advisor goes through your numbers with you and, if you like, your controller. In a plant, four things come first.

    1. Your margin by product line or customer, set against the figures for your kind of plant above.
    2. Three years of capital spending, and what the machines will need in the next three.
    3. Your top ten customers' share of sales, and the contracts behind the biggest.
    4. Twelve months of inventory and receivables, month by month, so the working capital figure isn't a surprise.

    Then your advisor tells you what the sold-deal data says about your profit, and where a buyer is likely to push. Often that number is lower than an owner hopes. It's the one a buyer's accountants will test.

    Questions about selling a manufacturer

    What is a good EBITDA margin for a manufacturing company?

    Manufacturing S corporations reported about 11.7% before interest, depreciation and amortization in tax year 2023, by our math on IRS figures for every size. A well-run manufacturer should beat that.

    What does a manufacturing company sell for?

    It depends on its profit, how much of it repeats, and who buys. The calculator prices yours on sold-deal data; the outside figures on this page are other publishers'.

    How do I sell a manufacturing company with $10,000,000 in sales?

    At 11.7%, the IRS rate for manufacturing, a made-up plant with $10,000,000 in sales makes $1,170,000 before interest, depreciation and amortization. The sold-deal data behind our calculator puts that at $3,739,968 to $5,648,659, on a blend of owner's earnings and EBITDA.

    How do I sell a manufacturing company with $20,000,000 in sales?

    A made-up manufacturer with $20,000,000 in sales at 11.7% makes $2,340,000. Our sold-deal data puts that at $9,360,000 to $13,572,000, priced on EBITDA, a price past what one SBA loan can carry.

    How do I sell a manufacturing company with $30,000,000 in sales?

    At $30,000,000 in sales and 11.7%, a made-up plant makes $3,510,000. Our sold-deal data puts that at $14,040,000 to $20,358,000. A company this size usually draws more than one offer.

    How do I sell a manufacturing company with $50,000,000 in sales?

    Exactly $50,000,000 of sales puts a company in the IRS's next band, $50,000,000 to $250,000,000, where S corporations reported 8.0% before interest, depreciation and amortization. At the manufacturing rate of 11.7%, a made-up plant makes $5,850,000. Our sold-deal data puts that at $23,400,000 to $33,930,000.

    How do I sell a manufacturing company with $100,000,000 in sales?

    At the manufacturing rate of 11.7%, a made-up plant with $100,000,000 in sales makes $11,700,000. That's about a third more than our sold-deal data can price. That data stops at a margin of about 8.6% on this size, so we don't put a figure on it. The next step is a call with a dedicated advisor.

    How do I sell a manufacturing company with $200,000,000 in sales?

    A made-up manufacturer with $200,000,000 in sales at 11.7% makes $23,400,000. That's nearly three times what our sold-deal data can price. So we don't put a figure on it. Other publishers' figures are below, and the next step is a call.

    How do I sell a manufacturing company with $300,000,000 in sales?

    $300,000,000 of sales puts a company in the IRS top band, $250,000,000 or more, at 8.2% before interest, depreciation and amortization. At the manufacturing rate of 11.7%, a made-up plant makes $35,100,000. That's about four times what our sold-deal data can price, so we don't put a figure on it.

    Do larger manufacturers earn more?

    Not in the newest figures. Census figures for manufacturers by asset size, public and private together, put operating margins between 5.6% and 7.9% in the year to June 2026, and the smallest band ran highest.

    Who buys manufacturing companies?

    Mostly companies in the field and funds adding to ones they own. Manufacturing is also the largest industry among ESOPs, 20% of them in NCEO's count.

    For smaller plants: how to sell a manufacturing business and how manufacturers are valued.

    Where these numbers come from

    The sold-deal data behind our calculator: IBBA and M&A Source Market Pulse, closed deals. Our figures checked November 2, 2026.

    1. IRS Statistics of Income, Corporation Income Tax Returns Complete Report (Publication 16), Table 6.1, Form 1120-S by major industry. Tax Year 2023. Read November 12, 2026.
    2. IRS Statistics of Income, Corporation Income Tax Returns Complete Report (Publication 16), Table 3.2, Form 1120-S by size of business receipts. Tax Year 2023, released September 2026. Read November 12, 2026.
    3. U.S. Census Bureau, Quarterly Financial Report, Second Quarter 2026, financial tables. Third quarter 2025 to second quarter 2026, released September 8, 2026. Read November 12, 2026.
    4. U.S. Census Bureau, Statistics of U.S. Businesses 2022, by enterprise receipts size. 2022, released April 10, 2025. Read November 12, 2026.
    5. IRS Statistics of Income, Corporation Income Tax Returns Complete Report (Publication 16), Table 2.4, by size of total assets. Tax Year 2023. Read November 12, 2026.
    6. IBBA and M&A Source, Market Pulse Q2 2026 Highlights. Second quarter of 2026. Read November 12, 2026.
    7. National Center for Employee Ownership, How an Employee Stock Ownership Plan (ESOP) Works. Opened November 12, 2026. Read November 12, 2026.
    8. U.S. Small Business Administration, 7(a) loans. Opened November 12, 2026. Read November 12, 2026.
    9. Stanford Graduate School of Business, Search Funds Keep Offering a Proven Path to Ownership. Purchases in 2024 and 2025. Read November 12, 2026.
    10. IBBA and M&A Source (PR Newswire), The Market Pulse Survey Q2 2026 Reports the Latest Trends in Business Sales up to $50,000,000. Second quarter of 2026: 255 advisors, 181 closed deals. Read November 12, 2026.
    11. SRS Acquiom, M&A Insights newsletter, July 14, 2026. Deals closed 2020 to 2025. Read November 12, 2026.
    12. SRS Acquiom, 2025 M&A Deal Terms Study. Deals closed 2019 to 2024. Read November 12, 2026.
    13. GF Data, The Size Premium Returns to 2.8x: How Employee Ownership Helps Smaller Platforms Compete. Through the third quarter of 2025. Read November 12, 2026.
    14. TagniFi, PowerComps Middle Market Update for the first quarter of 2026: Quality Over Quantity. Twelve months to March 31, 2026. Read November 12, 2026.
    15. GF Data (ACG), GF Data Highlights Fourth Quarter, 2024. Full year 2024. Read November 12, 2026.
    16. PitchBook, Q2 2026 US PE Breakdown. Second quarter of 2026. Read November 12, 2026.
    17. PCE Companies, M&A Process Stages Timeline: What Business Owners Should Expect. July 14, 2026. Read November 12, 2026.
    18. ACG Insights (GF Data analyst), Rollover Equity Rises as Credit Conditions Reshape the Middle Market. Through the third quarter of 2025. Read November 12, 2026.
    19. TagniFi (PR Newswire), PowerComps by TagniFi: Market Conditions, third quarter 2025. Twelve months to the third quarter of 2025. Read November 12, 2026.
    20. National Center for Employee Ownership, ESOPs by the Numbers (2026 infographic). 2023 Form 5500 data. Read November 12, 2026.
    21. BDO, Net Working Capital in Mergers and Acquisitions. February 15, 2019. Read November 12, 2026.

    Percentages are BridgeBook's arithmetic on the IRS dollar figures.

    Outside figures are other publishers', named and dated, and they don't feed our calculator. How we use outside figures

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