2025 Best Practices Study Summary

EBITDA

36.5%

35.5%

35.4%

33.6%

28.6%

28.2%

27.2%

26.9%

26.9%

25.6%

23.9%

22.9%

19.5%

19.0%

< $1.25M

$1.25-2.5M

$2.5-5M

$5-10M

$10-25M

$25-100M

>$100M

Average

Top Quartile

Pro Forma EBITDA

39.1%

36.1%

36.0%

35.8%

30.3%

29.7%

29.6%

28.2%

28.1%

27.2%

27.2%

24.9%

23.1%

22.3%

< $1.25M

$1.25-2.5M

$2.5-5M

$5-10M

$10-25M

$25-100M

>$100M

Average

Top Quartile

Note : Pro Forma EBITDA excludes all administrative expenses (depreciation, amortization of intangibles, officer life, interest and other.)

RULE OF 20

AGENCIES WITH REVENUES OF:

<$1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M $25-100M >$100M

The Rule of 20:

Low

0.9

-10.0 27.4 48.5 35.6

5.8

9.0

-19.8 22.0 42.4 29.5

3.2

13

Average

27.4 48.6 33.7

26.7 49.0 30.4

26.0 47.9 33.2

20.7 44.1 26.4

23.9 43.4 26.9

High

Top Quartile

Rule of 20

35.6

33.7

33.2

30.4

29.5

27.4

27.4

26.9

26.8

26.7

26.4

26.4

26.0

25.5

24.8

23.9

23.4

22.0

21.7

20.7

N/A

< $1.25M

$1.25-2.5M

$2.5-5M

$5-10M

$10-25M

$25-100M

>$100M

2024 BPS Average 2025 BPS Average 2025 BPS Top Quartile

Cross Category Comparison

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