As one of the most comprehensive studies of its kind, our latest Purchase Price Allocation (PPA) Study offers benchmarks that companies can use to assess purchase consideration and help ensure financial reporting compliance.

The report examines how companies allocated goodwill and key identifiable intangibles across different industries as a percentage of enterprise value.

This year’s study is based on an analysis of 22,953 10-K and 10-Q filings filed during the four quarters ended March 31, 2026, primarily covering fiscal periods ended during 2025.

Key Findings

• 725 non-bargain-purchase transactions closed in 2025, down from 800 in 2024, with Consumer Staples, Health Care, and Information Technology seeing increases and Communication Services, Consumer Discretionary, Energy, and Industrials experiencing declines.
• Median enterprise value rose for Communication Services, Consumer Discretionary, Industrials, and Information Technology, while it declined for Consumer Staples, Energy, Health Care, and Materials.
• Goodwill as a percentage of enterprise value increased for Energy, Health Care, Industrials, Information Technology, and Materials, while it decreased for Communication Services, Consumer Discretionary, and Consumer Staples.
• Use of contingent consideration rose, appearing in 23.7% of 2025 transactions (20.3% of enterprise value) compared to 22.3% in 2024 (17.4% of enterprise value).
• Non-competition agreements were included in fewer transactions in 2025 (33 transactions, 3.1% of identifiable intangibles plus goodwill) compared to 2024 (59 transactions, 3.2% of total intangible assets).

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