While EBITDA multiples across all industries were highest over a five-year period in the third quarter of 2017, at 4.7x, in the second quarter of 2018, these multiples plummeted to 2.8x—the lowest level over the same five-year period. The relatively steady trailing three-month average trend line from the third quarter of 2014 through the first half of 2017 gave no clear indication that large fluctuations in multiples paid would ensue in the quarters ahead. From the third quarter of 2017 to the present, EBITDA multiples have trended down, marking the largest decline reported in recent years.