Bizstats Quarterly Report: Q3 2025
The Q3 2025 Bizstats Quarterly Report brings some of the most encouraging data we've seen in recent quarters. New Zealand small and medium business sales activity has surged, with volumes, pricing, and multiples all moving in a positive direction as the market heads into the final stretch of the year.
Sales volumes surge to multi-year highs
Bizstats recorded 165 business sales in Q3 2025, up 29% from Q2 and a striking 25% higher than Q3 2024. This is the strongest quarter we've tracked in recent years and suggests that the recovery in SME deal flow has moved beyond gradual improvement into genuine acceleration.
The breadth of activity was notable. Mid-market deals ($200k–$1m) accounted for 73 transactions, while $1m+ deals nearly tripled to 32 compared to just 11 in Q2. Sub-$200k sales also rose, with 60 transactions indicating healthy activity across all price bands.
Key takeaway: With 165 sales, Q3 2025 is the strongest quarter in recent memory. Volumes are up 25% year-on-year, with growth across every price segment.
Pricing lifts at the top end
The mean sale price jumped to $488k, up 30% from Q2, driven primarily by the return of larger transactions above $1m. The median price held relatively steady at $286k, essentially flat compared to both Q2 2025 and Q3 2024, which tells us that the typical deal hasn't changed; it's the volume of premium sales that has shifted.
This pattern is a positive signal: it suggests that larger, more established businesses are finding buyers again, adding depth to a market that was previously driven by smaller deals. For context on Q2 pricing trends, see our Q2 2025 quarterly report.
SDE multiples strengthen to 2.3x
The median SDE multiple rose to 2.3x, up from 2.0x in Q2 and 1.93x in Q3 last year. This is the highest figure we've recorded since the post-2021 correction and represents a meaningful shift in how buyers are valuing earnings. It may also reflect the composition of sales, with higher-quality businesses commanding stronger multiples in a more competitive buyer environment.
Key takeaway: SDE multiples have climbed to 2.3x, the strongest reading since the market correction, suggesting buyers are willing to pay more for quality businesses.
Deal timelines remain tight
The median time to sell held at 4 months, consistent with Q2 and down from 5 months in Q3 2024. Shorter timelines across consecutive quarters indicate that the market is functioning efficiently, with well-priced businesses continuing to attract buyer interest without extended negotiations.
- Median SDE: Eased to $153k, down from $180k in Q2, reflecting the larger number of smaller deals in the mix
- Intangibles-to-price ratio: Held at 70%, in line with longer-term averages
Final thoughts
Q3 2025 marks a turning point in the data. The combination of record volumes, rising multiples, and sustained deal speed paints a picture of a market that has moved firmly beyond recovery into growth. The return of $1m+ transactions adds confidence that larger operators are re-engaging with the market.
For buyers, competition is increasing, so acting decisively on opportunities will be important heading into Q4. For sellers, the data supports bringing well-prepared businesses to market while conditions are favourable. To explore our database of recent sales, visit Bizstats.