9.5× for a $1M EBITDA plumbing company.

Real-time read from this week's market conversations:

Private equity interest in pure-play residential service is as high as I've seen it in a while. A specific data point worth noting — 9.5x for a ~$1 million EBITDA residential plumbing platform. That's a remarkable multiple for that EBITDA scale.

The signal: clean, well-positioned, 100% residential platforms at the lower end of the market are clearing well above the historical band. The buyer universe is competing for high-quality assets even at sub-$5M EBITDA, and that competition is showing up in the multiples.