The Level Market Monitor
Cleaning & Facility ServicesWhat the biggest facility services companies tell us about your business
These five public companies aren’t your peers — they’re what an exit looks like at scale. PE firms use their financials as the starting comp set when they value your cleaning business.
Updated quarterly · Last update: April 2026 · All data from SEC filings
$43.0B
Combined Revenue
5 public facility services companies
493K+
Combined Employees
One of the most labor-intensive industries
13.9x
Median EV/EBITDA
What the market pays
7
Acquisitions Tracked
Major deals since 2024
Industry Scorecard
Five public facility services companies, side by side
| Company | Revenue | Growth | Gross Margin | EBITDA Margin | Backlog | EV/EBITDA | Rev/Employee |
|---|---|---|---|---|---|---|---|
| ABMABM Industries | $8.7B | +4.6% | 12.3% | 5.7% | N/A | 9.5x | $77K |
| CTASCintas Corporation | $10.3B | +7.7% | 50% | 28.1% | N/A | 31.5x | $220K |
| ROLRollins Inc. | $3.8B | +11% | 52.8% | 22.7% | N/A | 30.5x | $171K |
| HCSGHealthcare Services Group | $1.8B | +7.1% | 12.8% | 5.2% | N/A | 12.5x | $51K |
| ARMKAramark | $18.4B | +4.3% | 10.3% | 6.3% | N/A | 13.9x | $67K |
What this means for you
A $3M janitorial company won’t trade at 20x EBITDA. But these public multiples set the ceiling for the entire facility services industry. Private cleaning companies in the $2–20M range typically trade at 3–7x EBITDA. The gap is explained by contract stickiness, geographic density, and management depth. Understanding the ceiling helps you understand what to work toward.
Operating Benchmarks
How these companies manage labor, cash, and overhead
Revenue and margins only tell half the story. These are the numbers that show how efficiently a facility services business actually runs — how fast they collect, how much they spend on equipment, and how much cash they actually take home. When a PE firm or buyer looks at your books, these are the metrics they dig into.
| Metric | ABM | CTAS | ROL | HCSG | ARMK |
|---|---|---|---|---|---|
Collection SpeedHow many days before you get paid | 56 days | 42 days | 35 days | 68 days | 52 days |
Supplier Payment SpeedHow many days you take to pay vendors | 28 days | 25 days | 18 days | 22 days | 35 days |
Short-Term LiquidityCan you cover bills due in 12 months? | 1.18x | 0.95x | 0.68x | 1.60x | 1.08x |
Cash Actually Generated% of revenue that becomes real cash | 3.3% | 17% | 17.3% | 3.3% | 2.6% |
Equipment & Vehicle SpendTrucks, tools, facilities as % of revenue | 1% | 4% | 0.7% | 0.8% | 2.5% |
Return on Owner’s InvestmentProfit per dollar invested in the business | 9% | 42% | 37% | 11.5% | 15% |
Overhead RateNon-job costs as % of revenue | 8% | 27.5% | 33.5% | 6.2% | 4.5% |
Click any row to see what the metric means for your businessand where private cleaning companies typically stand.
The cash collection gap
Public facility services companies collect in 45–65 days (DSO) and pay workers/suppliers in 20–35 days (DPO). Many private cleaning companies face the same mismatch: you pay crews weekly but collect from commercial clients monthly or net-45. At $3M revenue and 8% cost of capital, a 30-day DSO improvement frees up $20K per year — real money for a business running on single-digit margins.
The Valuation Bridge
From public multiples to your exit number
PE firms start with public company valuations as the ceiling, then adjust down. Here’s how the math works.
Public Companies (8–31x EBITDA)
CTAS, ROL, ABM, ARMK — these multiples reflect scale, contract stickiness, and institutional investor confidence. Cintas and Rollins trade at premiums because of recurring revenue and retention metrics. ABM and ARMK trade lower because of thinner margins.
PE Platform Companies (7–12x EBITDA)
Professionalized cleaning platforms at $30M–$200M revenue with management depth, diversified contracts, cross-selling capabilities, and technology-enabled operations.
Regional Cleaning Companies (4–7x EBITDA)
Owner-operated companies at $3M–$30M revenue. Multiple depends heavily on contract retention rates, labor management, and customer concentration. The typical PE add-on target.
Small / Single-Location (2–4x SDE)
Under $3M revenue. Valued on seller's discretionary earnings (SDE). Buyer pool is individuals, SBA loans, and owner-operators looking to scale. Owner is typically the primary salesperson and supervisor.
What drives the gap between public and private multiples
Contract Retention
Cintas retains 95%+ of customers. Most private cleaning companies don't even track retention. A cleaning company with documented 90%+ retention is worth 2-3x more than one with undocumented churn. This is the #1 driver.
Revenue Predictability
Multi-year contracts with automatic escalators trade at premium multiples. Month-to-month agreements with no escalators trade at discounts. The structure of your contracts matters more than the number.
Labor Management
Labor is 50-65% of revenue in cleaning. Companies that manage turnover, training, and utilization efficiently earn 5-8 margin points more than those that don't. PE firms pay for labor discipline.
Customer Concentration
If your top 3 clients are 50%+ of revenue, your multiple drops 1-2x. ABM serves thousands of clients across industries. Diversification equals de-risking equals higher multiples.
Service Bundling
Companies that sell janitorial + floor care + restroom + supplies into the same building earn higher revenue per contract and are harder to displace. Single-service companies are commodity competitors.
Financial Reporting Quality
Public companies have audited GAAP financials. Most cleaning companies have cash-basis QuickBooks with no job costing. The reporting gap creates pricing uncertainty, which PE discounts heavily.
Multiple arbitrage: why PE keeps buying facility services companies
PE firms buy regional cleaning companies at 4-6x EBITDA, combine them into a platform with better systems, management, and cross-selling, and build toward a 8-12x exit multiple. A $500K EBITDA cleaning company at 5x is worth $2.5M standalone. Inside a platform valued at 10x, that same EBITDA is worth $5M. This is why there have been 30+ PE-backed cleaning acquisitions in the past 18 months — the math works, especially when you add contract optimization and pricing discipline to the acquired companies.
What private cleaning companies sell for (by revenue tier)
| Revenue Tier | Typical Multiple | Typical Buyer | Key Drivers |
|---|---|---|---|
| Under $3M revenue | 2–4x SDE / 3–5x EBITDA | Individuals, SBA loans, owner-operators | Owner dependence, contract stability, geographic density of routes |
| $3M–$10M revenue | 4–7x EBITDA | Lower middle-market PE, strategic add-ons | Contract retention rate, labor cost %, customer diversification, manager depth |
| $10M–$50M revenue | 6–9x EBITDA | PE platforms, strategic acquirers | Multi-year contracts, service bundling, technology adoption, regional density |
| $50M+ / platform | 8–12x+ EBITDA | Large PE, public company strategics (ABM, Cintas) | Scale, diversification, management depth, cross-selling capabilities, audited financials |
Company Profiles
Inside each company’s financials
ABM Industries
The largest U.S. facility services company. Janitorial, HVAC, electrical, parking, and landscaping services across 350+ offices serving commercial, industrial, and government clients. FY2025 revenue crossed $8.7B — a record year with $1.9B in new sales bookings.
$8.7B
Revenue
5.7%
EBITDA Margin
9.5x
EV/EBITDA
113,000
Employees
Why cleaning company owners should care
ABM is what a $2M janitorial company looks like scaled to $8.7B. They run 113,000 employees across every type of facility in America. Their 5.7% Adjusted EBITDA margin tells you something critical: even at massive scale, facility services is a thin-margin business. The winners are the ones who manage labor cost, contract retention, and upsell — not the ones who bid lowest. PE firms buying cleaning companies are trying to build the next ABM.
“Our fourth quarter results capped an outstanding year for ABM, marked by record full year revenue of $8.7 billion and a record $1.9 billion in new sales bookings. All segments delivered organic revenue growth, led by 10% in Technical Solutions and 8% in Aviation.”
— Scott Salmirs, CEO — FY2025 Earnings Release (Dec 17, 2025)
Cintas Corporation
The gold standard in uniform rental and facility services. Cintas serves over 1 million businesses with uniforms, first aid, fire protection, and restroom supplies — the ultimate recurring revenue machine.
$10.3B
Revenue
28.1%
EBITDA Margin
31.5x
EV/EBITDA
47,000
Employees
Why cleaning company owners should care
Cintas trades at 31x EBITDA — the highest multiple in facility services — because 82% of their revenue is recurring rental contracts with 95%+ retention. That's the model PE firms dream about. Your cleaning company probably bills project-by-project or month-to-month. Cintas shows what happens to your valuation when you lock customers into long-term contracts with automatic price escalators. The gap between your 4-6x multiple and their 31x starts with contract structure.
“We are a growth company at scale. Our runway for growth is long. We have over 1 million customers, and there are over 16 million businesses in North America.”
— Todd Schneider, CEO — FY2025 Earnings Release (Jul 2025)
Rollins Inc.
Parent company of Orkin, the largest pest control company in the world. Rollins is the recurring-revenue template for service businesses — over 2.8 million customers and 850+ locations across residential, commercial, and termite services.
Healthcare Services Group
The largest outsourced housekeeping and dietary services provider to healthcare facilities in the U.S. Serves approximately 2,800 facilities with environmental services (janitorial) and food/nutrition management.
M&A Deal Tracker
The consolidation wave is real
Major facility services acquisitions since 2024. Who’s buying, what they’re paying, and what it means for the industry.
| Buyer | Target | Deal Value | Multiple | Date |
|---|---|---|---|---|
| Rollins Inc. | Fox Pest Control Largest single pest control acquisition. Route-based recurring revenue model directly comparable to commercial cleaning. | ~$340M | ~15-17x | 2024 |
| GDI Integrated Facility Services | Ainsworth Inc. Canadian janitorial/facility services platform. Technical services + janitorial bundling strategy. | ~C$460M | ~9-10x | 2024 |
| Atalian Group | OCS Group Merger of two European facility services giants creating $5B+ combined platform. | ~$2B (estimated) | ~10-11x | 2024 |
| TEAM Group | Multiple regional janitorial companies PE-backed (Huron Capital) cleaning platform executing aggressive tuck-in acquisition strategy across the Midwest. | Undisclosed | ~6-8x | 2024-2025 |
| Marsden Holding | Multiple facility services acquisitions One of the largest privately held facility services companies in the U.S. Continuing roll-up strategy across janitorial, security, and building maintenance. | Undisclosed | ~5-7x | 2024-2025 |
| Cintas Corporation | UniFirst Corporation (proposed) Hostile bid for #2 uniform rental company. Would create dominant uniform + facility services platform. UniFirst rejected offer. | $5.3B | ~12-13x | Jan 2025 |
| Private Equity (various) | Regional cleaning platforms Over 30 PE-backed acquisitions in janitorial/facility services in the past 18 months. Most are add-ons to existing platforms at 5-7x EBITDA. | Typically $20-100M | ~5-8x | 2024-2025 |
Sources: Company IR press releases, SEC filings, Reuters. Deal values and multiples as disclosed by buyers. “N/A” where terms were not publicly disclosed.
What the CEOs Are Saying
Key themes from recent earnings calls
Recurring revenue commands premium multiples
Cintas (31x EBITDA) and Rollins (30x EBITDA) trade at 3-4x the multiples of ABM (8.5x) and Aramark (11x). The difference? Cintas and Rollins have 90%+ contract retention and multi-year agreements. The facility services companies with stickier revenue models are rewarded disproportionately by the market.
Sources: CTAS FY2025 10-K; ROL FY2025 10-K; ABM FY2025 10-K; ARMK FY2025 10-K
Labor cost management is the margin differentiator
Cintas achieves 50% gross margins despite being labor-intensive because of route density, technology-enabled scheduling, and relentless training investment. ABM and HCSG run 12-14% gross margins because labor inefficiency compounds at scale. For private cleaning companies, the difference between a 10% and 20% EBITDA margin is almost entirely labor management.
Sources: CTAS FY2025 earnings release; ABM FY2025 10-K; HCSG FY2025 10-K
Consolidation accelerating in commercial cleaning
Over 30 PE-backed acquisitions in janitorial and facility services in the past 18 months. Cintas bid $5.3B for UniFirst. Rollins spent $310M on 17+ acquisitions in 2025. The fragmented nature of the cleaning industry ($70B+ in the U.S.) makes it a prime target for PE roll-up strategies.
Sources: Cintas SEC 13D filing; Rollins FY2025 10-K acquisition footnotes; PitchBook
Service bundling drives contract stickiness
The highest-valued companies in this space sell multiple services into the same customer — janitorial + restroom + supplies + floor care. Cintas went from uniforms to facility services to safety to fire protection. Aramark bundles food + facilities. Single-service cleaning companies are the most vulnerable to price competition and the easiest to displace.
Sources: CTAS FY2025 10-K segment data; ARMK FY2025 10-K segment data
Technology adoption separating winners from losers
Rollins invested in GPS-enabled route optimization that improved technician density by 15%. Cintas uses predictive inventory management across its rental fleet. Private cleaning companies still largely rely on paper timesheets and manual scheduling — creating both a margin gap and an acquisition opportunity for tech-forward buyers.
Sources: ROL FY2025 earnings call; CTAS investor day presentations
Get the full report: Level Cleaning Market Monitor Q1 2026
All 5 company profiles, operating benchmarks, M&A deal tracker, valuation bridge, and private cleaning company multiple ranges. Free PDF.
Financial data sourced from SEC EDGAR filings (10-K) and company earnings releases. Market valuations from publicly available data. Updated quarterly.
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Methodology & Sources
Financial Data
All company financials sourced from SEC EDGAR filings (Form 10-K) and official company earnings releases. Revenue, margins, and employee counts are as reported by each company for their most recent completed fiscal year.
Valuations & Multiples
Enterprise value and EV/EBITDA multiples use publicly available market data. Private cleaning company multiple ranges are sourced from M&A advisory reports and disclosed transaction terms. Multiples are point-in-time estimates.
Disclaimer: The Level Market Monitor is for educational and informational purposes only. Level is not a registered investment advisor, broker-dealer, or valuation firm. The information presented does not constitute investment advice, financial advice, or a recommendation to buy or sell securities. All forward-looking statements reflect company guidance and public analyst estimates, not Level projections. Past performance does not guarantee future results.
SEC Filings Referenced
- ABM — FY2025 10-K (filed Dec 2025); FY2025 earnings release (Dec 17, 2025)
- CTAS — FY2025 10-K (filed Jul 2025); FY2025 earnings release (Jul 17, 2025)
- ROL — FY2025 10-K (filed Feb 2026); FY2025 earnings release (Feb 2026)
- HCSG — FY2025 10-K (filed Feb 2026); FY2025 earnings release (Feb 2026)
- ARMK — FY2025 10-K (filed Nov 2025); FY2025 earnings release (Nov 11, 2025)
Frequently Asked Questions
Why should a $3M cleaning company care about companies doing $10B in revenue?
Because these companies set the valuation framework for the entire industry. When a PE firm evaluates your cleaning business, they start with public company multiples as the ceiling, then adjust down for size, risk, and reporting quality. Cintas at 31x and ABM at 8.5x show you the range — and what drives the gap. Understanding that range helps you price your exit and know what to work toward.
What EBITDA multiple can a private cleaning company realistically expect?
Under $3M revenue: 3-5x EBITDA. $3-10M: 4-7x. $10-50M: 6-9x. $50M+ platforms: 8-12x+. The biggest drivers are contract retention rate, labor cost as a percentage of revenue, customer concentration, and whether you have multi-year contracts or month-to-month agreements. A $5M cleaning company with 93% retention, multi-year contracts, and 15%+ EBITDA margins can command the top of its range.
Why do Cintas and Rollins trade at 30x+ when ABM trades at 8x?
Recurring revenue quality. Cintas retains 95%+ of customers on multi-year contracts. Rollins retains 90%+ of 2.8 million customers. ABM has higher customer churn and thinner margins because their contracts are more competitive and labor-intensive. The market pays for predictability — and penalizes commodity service providers.
How often is this data updated?
We update the Market Monitor quarterly, after each earnings season. All financial data is sourced directly from SEC filings (10-K and 10-Q) and company earnings releases. Market valuations reflect publicly available data at the time of update.
Is this investment advice?
No. The Level Market Monitor is for educational purposes — helping cleaning and facility services business owners understand the capital markets context around their industry. We are not a registered investment advisor. All financial data is sourced from public filings and is presented as-is.
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