The moving industry generates approximately $20 billion in annual revenue in the United States, encompassing local residential moves, long-distance relocations, commercial office moves, corporate relocation services, and storage operations. The industry is moderately fragmented with national van lines like Atlas, United, and Mayflower at the top, followed by hundreds of regional operators and thousands of local moving companies. This structure creates a tiered M&A market where national brands acquire agents and regional operators, PE-backed relocation platforms pursue commercial contract books, and local competitors acquire for fleet capacity and market share.

The primary valuation method for moving companies is Seller's Discretionary Earnings, or SDE. SDE adds the owner's salary, personal benefits, depreciation, and non-recurring costs back to net income. In the moving industry, depreciation add-backs require careful analysis because fleet depreciation represents a real ongoing capital requirement — trucks and trailers must be replaced, and buyers distinguish between accounting depreciation and the actual capital expenditure needed to maintain fleet capability. Common add-backs include the owner's salary, health insurance, personal vehicle expenses, and owner-discretionary spending, but buyers scrutinize depreciation add-backs against the fleet's actual condition and remaining useful life. Moving companies generally trade between 2.0x and 3.5x SDE, with the range driven by commercial revenue mix, storage income, fleet condition, crew stability, and operating authority. A business at 2.0x SDE operates primarily on one-time residential moves, has an aging fleet requiring near-term replacement, shows high seasonal revenue volatility, and depends on the owner for daily operations. A business at 3.5x generates 35%+ of revenue from commercial contracts and storage, operates a well-maintained fleet averaging under five years, retains experienced crews, and has the owner focused on business development rather than daily operations.

Revenue multiples for moving companies typically fall between 0.3x and 0.6x, reflecting the moderate margin profile of the industry. Net margins range from 8% to 18% depending on revenue mix, fleet efficiency, and labor management. Revenue multiples should be evaluated in context of the commercial-to-residential revenue split and storage income — a $3M company with 40% commercial and storage revenue is valued very differently than a $3M company at 95% residential moves despite identical top-line figures.

For larger moving operations generating $750K or more in annual EBITDA — typically multi-location operators with commercial contracts, storage facilities, and management infrastructure — institutional buyers use EBITDA multiples in the 4x to 6x range. National van line agents with strong agency agreements, commercial relocation contract books, and established storage operations attract the highest multiples. PE-backed relocation platforms evaluate management depth, commercial client quality, geographic coverage, and growth potential.

The unique valuation factor in moving company transactions is seasonality and its impact on cash flow consistency. Moving is one of the most seasonal industries in the services sector — residential volume typically doubles or triples between May and September compared to winter months, creating dramatic revenue and cash flow swings. Buyers price this seasonality risk by evaluating the ratio of peak-to-trough revenue, the amount of commercial and storage income that provides baseline cash flow year-round, and the business's ability to manage workforce and fleet capacity through seasonal transitions. A company earning $200K per month in summer and $50K in winter presents significantly more financing and operational risk than one earning $150K in summer and $100K in winter due to commercial and storage revenue smoothing out the curve. The storage component is particularly valuable in this context because storage revenue arrives monthly regardless of moving season, creating financial stability that pure moving operations lack. For owners preparing to sell, building commercial revenue and storage capacity is the single most impactful strategy for both improving valuation multiples and expanding the buyer pool, because it directly addresses the seasonal risk that buyers most heavily discount.

The moving industry M&A landscape includes multiple buyer types at different scales. National van lines acquire agents to build network density and geographic coverage. PE-backed relocation platforms pursue commercial contract books and storage operations. Regional operators acquire competitors for fleet capacity, crew depth, and market share. Individual buyers entering the industry remain active at smaller deal sizes. For moving companies with diversified revenue including meaningful commercial and storage components, well-maintained fleets, and stable crews, the market offers solid multiples. Residential-only operations with aging fleets and seasonal dependence face a narrower buyer pool and should focus on revenue diversification and fleet improvement before entering the market.

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