Bizstats Quarterly Report: Q4 2025

Our Q4 2025 Bizstats Quarterly Report covers New Zealand small and medium business sales for the final quarter of the year. While activity has improved compared to recent years, volumes remain well below the levels seen in the mid-2010s, and the data continues to reflect a market that is recovering gradually rather than booming.

Volumes settle back after Q3

Bizstats recorded 130 business sales in Q4 2025, down 23% from Q3's 165 but broadly in line with Q4 2024 (125 sales). The pullback was expected given Q3's unusually high activity, and the year-on-year consistency suggests the market has returned to its normal rhythm.

Sub-$200k deals accounted for 53 transactions, the highest count of the year, while mid-market sales eased to 59. The $1m+ segment came back to 15, more in line with typical levels after Q3's elevated 32.

Key takeaway: Q4 volumes are steady year-on-year at 130 sales. Full-year 2025 totalled 534 transactions, up from 473 in 2024, though still modest by historical standards.

Prices ease across the board

The mean sale price eased to $408k, down 18% from Q3 as the spike in $1m+ deals unwound. The median price also softened to $265k, down 9% from Q3 and 9% below Q4 2024. The increase in sub-$200k transactions weighed on both measures, though it also reflects continued activity at the entry level of the market.

For context on how Q3 2025's pricing surge compared, see our Q3 2025 quarterly report.

SDE multiples pull back to 1.95x

The median SDE multiple fell to 1.95x, down from 2.3x in Q3 and below the 2.09x recorded in Q4 2024. After Q3's multi-year high, a correction was not unexpected, and the figure remains within the 1.9–2.3x range the market has traded in throughout 2025.

The composition of sales, with a higher share of smaller, lower-margin businesses, likely contributed to the softer reading. As deal mix normalises, we would expect multiples to settle back into the mid-2.0x range.

Shorter deal timelines

The median time to sell shortened to 3 months, down from 4 months in Q3 and well below the 6-month figure recorded in Q4 2024. This suggests that well-priced businesses are finding buyers more efficiently, though the smaller deal sizes in the quarter may also be a factor.

• Median SDE: Held at $169k, in line with mid-year levels
• Intangibles-to-price ratio: Eased to 64%, the lowest of the year, reflecting the higher proportion of asset-heavy deals in the quarter

Final thoughts

Q4 2025 closes out a year of gradual improvement for the New Zealand SME sales market. Total volumes for 2025 reached 534 sales, up from 473 in 2024, though the market still has some way to go before returning to the transaction levels of earlier years. Shorter deal timelines are a positive sign, but softer pricing and lower multiples in Q4 are a reminder that conditions remain uneven.

Looking ahead to 2026, the outlook is cautiously optimistic. Sellers with well-prepared, mid-range businesses should continue to find interested buyers, while those at the top end may need patience. To explore our database of recent sales, visit Bizstats.