Market Intelligence
Data sourced from network transactions, member-submitted indications, and proprietary diligence files. Updated quarterly.
| Vertical | Q1 2026 | Q4 2025 | Trend |
|---|---|---|---|
| Restaurant / QSR | 35x | 33x | |
| Healthcare / Dental | 39x | 36x | |
| Retail (Mixed) | 31x | 31x | |
| B2B / Wholesale | 33x | 32x | |
| E-commerce / CNP | 29x | 31x | |
| Hospitality / Lodging | 34x | 33x |
Sustained buyer appetite for dental, vision, and specialty medical portfolios has pushed multiples to a five-year high. Low attrition and predictable monthly revenue remain the primary drivers.
Card-not-present concentration above 60% is meeting more aggressive discounting from acquirers, particularly where chargeback ratios have trended upward in the last three quarters.
Sponsor-backed acquirers represented 58% of network transaction volume in Q1, up from 49% the prior quarter. Strategic ISO buyers continue to focus on tuck-in geographies.
