Private Company Values Fell 2.2 Percent in First Quarter of 2026
Enterprise values of private U.S. companies declined in the first quarter of 2026 even as earnings rose. The drop followed a compression in valuation multiples rather than weaker operating results.
forbes.comPrivate markets entered 2026 in a repricing phase in which steady company growth no longer supported prior valuation levels. According to the latest Lincoln Private Market Index report, enterprise values of private U.S. companies fell 2.2 percent in the first quarter of 2026 while earnings continued to climb.
The decline occurred because valuation multiples compressed across the market, reversing the optimism recorded at the end of 2025. Companies continued to post revenue and EBITDA growth, but buyers paid lower premiums for that growth.
Operational performance remained broadly healthy.
Most companies recorded revenue and EBITDA growth, yet the price attached to that growth declined. The result is a market in which company fundamentals stayed positive while transaction pricing adjusted downward.
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