Mobile Studio M&A: Revenue and EBITDA Multiples

The mobile gaming industry is experiencing a notable shift in valuation dynamics, characterized by a decline in acquisition multiples alongside a resurgence in deal volume. As of September 2026, mobile-only studios are trading at a median of 2.0x revenue and 8.6x EBITDA. These figures represent a significant cooling compared to the 2020–2021 pandemic period, during which median multiples reached 2.9x revenue and 10.0x EBITDA. This downward trend reflects a 31% decrease in revenue multiples and a 14% drop in EBITDA multiples over the last 18 months.

Despite the contraction in pricing, market activity is accelerating. After a period of relative stagnation between 2022 and 2025, 2026 is on track to be the most active year for mobile studio acquisitions since 2022, with 14 deals recorded by early September. The analysis, which draws on 99 notable control acquisitions with disclosed values of $20 million or more, highlights that valuation is heavily influenced by deal size. Large-cap transactions exceeding $1 billion command a significant premium, trading at 3.9x revenue and 19.7x EBITDA, compared to 2.1x and 9.1x for mid-cap deals.

Methodologically, the findings are derived from a dataset of 269 total control acquisitions tracked since 2020, with specific valuation metrics focused on the 99 deals meeting the $20 million threshold. The data underscores a clear disparity in enterprise value per employee, which averages $1.8 million across the sector but reaches $3.3 million for large-cap deals. These metrics illustrate a market where, while baseline valuations have retreated from pandemic-era highs, strategic consolidation remains a primary driver of industry activity.