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Buying a business: California vs New Mexico

Two markets side by side — inventory, pricing, and what you actually pay per dollar of cash flow, from live Waterfall data.

California

6,340 active listings
Active listings6,340 Edge
Median asking$345,000 Edge
Median cash flow$178,627
Typical multiple1.9×
Owner-earnings yield~52%
Median revenue$750,000
VS

New Mexico

139 active listings
Active listings139
Median asking$394,900
Median cash flow$237,014 Edge
Typical multiple1.7×
Owner-earnings yield~60%
Median revenue$960,000

Who wins?

California has 4461% more businesses on the market than New Mexico (6,340 vs 139). California is cheaper at the median asking price. New Mexico trades at a lower multiple (1.7× vs 1.9×), meaning you pay less per dollar of cash flow there.

MetricCaliforniaNew Mexico
Active listings6,340139
Median asking$345,000$394,900
Median cash flow$178,627$237,014
Typical multiple1.9×1.7×
Owner-earnings yield~52%~60%
Median revenue$750,000$960,000
Related comparisons

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