CFO | Earnings Multiples for PE-Backed Firms Fall for 7th Straight Quarter

Feb 2023

Originally posted by CFO on February 22, 2023.

For private companies, a modest increase in EBITDA kept their valuations from declining in Q4 2022. In fact, the Lincoln PMI (LPMI) found that earnings growth was a main factor in avoiding shrinking valuations last year.

Ron Kahn, Managing Director and co-head of Lincoln’s Valuations & Opinions Group, shared with that when looking at the year ahead, “if portfolio companies are unable to pass along costs through price increases and sustain demand tailwinds, we will likely start to see EBITDA declines across the market and a potential year-over-year decline.”

Additional LPMI findings and predictions for dealmaking in 2023 based on the data can be found in the recent CFO article.


  • Lincoln International’s Ron Kahn joined CFO to share EBITDA and enterprise value trends as well as additional findings from the Lincoln PMI, an index that provides insights into private market performance.

  • Sign up to receive Lincoln's perspectives


Meet Professionals with Complementary Expertise

Related Perspectives

UK Financial Conduct Authority Plans to Review Private Market Valuations

The UK Financial Conduct Authority (FCA) recently announced that it plans to review private market valuations. Richard Olson, Managing Director in Lincoln’s Valuations & Opinions Group, discussed the impact that… Read More

Real Deals | Adapting to the Dealmaking Drought

Originally posted by Real Deals on September 26, 2023. 2023 has seen slower deal activity across Europe and many are hopeful that the market will pick up in the near… Read More

Dividend Recapitalization Activity Shows Signs of Renewed Life

The dividend recapitalization market slowed down in 2nd half of 2022 as companies digested rising interest rates. However, in recent months, there has been an uptick in volume as borrowers… Read More

Webinar | Valuations & Opinions Group Q3 2023 Private Market Webinar

Thank you for your interest in Lincoln’s Webinar: Valuations & Opinions Group Q3 2023 Private Market Webinar.  All request submissions will be evaluated and a member of our team will… Read More