Valuing a eCommerce & Marketplaces business
Valuing an eCommerce has a catch: the buyer isn't paying for your gross turnover, but for the real profit once advertising, returns and logistics are stripped out. Two stores with the same turnover can be worth very different amounts depending on where their traffic comes from and how often their customers come back.
eCommerce & Marketplaces sector EBITDA multiples
| Low | Typical | High | |
|---|---|---|---|
| EBITDA multiple | 6,0x | 9,0x | 14,0x |
Source: Dealsuite H1-2025 · Period: H1 2025
Worked example
A business in this sector with EBITDA of €600,000 would have an indicative valuation between €3,600,000 and €8,400,000, applying the sector multiple range.
Example EBITDA
€600,000
Indicative valuation
€3,600,000 – €8,400,000
Illustrative calculation based on sector multiples. The real valuation depends on many other factors specific to your company.
What drives the value of a eCommerce & Marketplaces business
The factor that moves an eCommerce multiple the most is traffic quality. A store that lives on paying for ads every month is worth less than one with its own brand, organic traffic and a repeat customer base. The buyer analyses the real contribution margin, the repeat-purchase rate, supplier concentration and whether the brand is defensible or simply resells the same products as a hundred other stores. Inventory management and working capital also weigh in: an eCommerce with a lot of tied-up stock drags that adjustment into the final price.
What raises and lowers the multiple
Raise the valuation
- An own brand and organic traffic (not just paid advertising)
- A high repeat-purchase rate and a loyal customer base
- Healthy contribution margins after advertising and logistics
- Diversified suppliers and a stable supply chain
Lower the valuation
- Total reliance on paid ads to sell
- Resold products with no brand or differentiation
- Tight margins eaten up by returns
- High tied-up inventory and supplier concentration
Frequently asked questions
- Is an eCommerce valued on its turnover?
- No. It is valued on real profit (EBITDA) after deducting advertising, returns, logistics and platform fees. High turnover with a minimal margin is worth far less than lower turnover with a healthy margin.
- Why does it matter where the traffic comes from?
- Because paid traffic disappears the day you stop paying, whereas organic traffic and an own brand are an asset that transfers with the company. A buyer pays a premium for traffic that does not depend on continually pumping budget into ads.
- How does inventory affect the sale price?
- Stock is part of working capital and feeds into the price adjustment at closing. An eCommerce with a lot of tied-up or slow-moving inventory will see that capital discounted or renegotiated in the deal.
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