Business Valuation Firms in the US: Market Size, Businesses & Forecast 2026

The business valuation firms industry in the US provides independent assessments of the economic value of companies, intellectual property, and complex financial instruments. Providers are highly specialized and service clients across diverse corporate, legal, and transactional settings, with operations heavily influenced by corporate deal-making and compliance mandates. Market performance remains tied to regulatory and tax enforcement changes alongside broader macroeconomic conditions, as evidenced by an overall Professional Services sector output of $3.57 trillion in 2025 reported by the Bureau of Economic Analysis.

Industry snapshot

Key public data points

Historical & forecast

Get in touch and our analysts will be happy to help with custom market sizing, deeper segmentation, supplier detail or a bespoke study built for you.

What does the Business Valuation Firms in the US industry cover?

This industry comprises establishments primarily engaged in providing formal estimates of the fair market value or investment value of an entire business enterprise, equity interests, or specific intangible assets. These professional services are utilized for financial reporting, corporate transactions, tax compliance, and legal proceedings. Establishments operate distinctly from real estate appraisers, focusing instead on financial modeling, market multiples, and asset-liability structures.

• •Core activities include calculating the value of closely held businesses, employee stock ownership plans (ESOPs), and intellectual property.
• •The standard framework falls under broader technical professional service activities rather than real estate or asset brokerage.
• •Engagements are performed by certified specialists including Accredited Senior Appraisers (ASA) and professionals holding the Accredited in Business Valuation (ABV) credential.

Who operates in the industry and how is it structured?

The industry features a highly fragmented structure characterized by a mix of specialized boutique valuation firms, mid-market consulting networks, and large multi-disciplinary accounting practices. While a few major international networks maintain significant market share, thousands of independent local practitioners serve small-to-medium enterprises across the country. Operators often cross-sell valuation reports alongside broader forensic accounting, litigation support, and corporate advisory services.

• •A large portion of operators consist of small partnerships or sole proprietorships serving local legal and tax markets.
• •Major national and international accounting firms absorb significant corporate market share by embedding valuation into assurance practices.
• •Firms typically maintain distinct divisions for machinery and equipment appraisal versus equity-based business valuation.

What drives demand in the industry?

Demand for business valuation services is primarily driven by corporate transactional volumes, including mergers, acquisitions, and divestitures where fairness opinions are legally or practically required. Regulatory mandates from accounting standard-setters and tax enforcement protocols also create baseline recurring demand for periodic compliance updates. Fluctuations in interest rates and corporate financing availability directly impact the volume of business transfers requiring valuation.

• •Merger and acquisition (M&A) activity dictates the cyclical volume of high-margin corporate purchase price allocations.
• •Estate tax planning, gift tax filings, and matrimonial dissolutions serve as steady counters to cyclical corporate declines.
• •Fluctuations in public equity markets demand updated portfolio valuations for private equity and venture capital funds.

Who are the notable companies in the industry?

Competition within the industry is high and based primarily on reputation, technical expertise, regulatory credibility, and geographic reach. Large corporate clients favor well-established brands that can defend valuation methodologies before federal regulators or in high-stakes court cases. Notable public and private operators providing business valuation services in the United States include Houlihan Lokey, Inc., Kroll, LLC, Stout Risius Ross, LLC (operating as Stout), and Baker Tilly US, LLP.

• •Houlihan Lokey, Inc. is a prominent publicly traded investment bank that provides extensive valuation advisory and fairness opinions.
• •Kroll, LLC operates as a major global risk and valuation advisory firm serving institutional clients.
• •Stout Risius Ross, LLC and Baker Tilly US, LLP represent major nationwide professional services networks with dedicated valuation practices.
• •Firms compete intensely on the ability to retain qualified staff holding professional credentials such as Chartered Financial Analyst (CFA) or Certified Valuation Analyst (CVA).

What are the recent trends and outlook?

The industry is adapting to rapid technological advancements, including the integration of automated data-gathering models and specialized valuation software to streamline workflows. Firms are increasingly asked to evaluate complex capital structures, synthetic equity incentives, and digital intangible assets like proprietary software and data lakes. The outlook is moderately positive as expected transitions in family-business ownership over the coming decade stimulate steady transaction-driven demand.

• •Increased focus is placed on Financial Accounting Standards Board (FASB) updates regarding goodwill impairment testing.
• •Data-driven valuation automation software is shifting firm hours from routine data entry to higher-level methodology defense.
• •Baby boomer generational business successions are escalating demand for closely held business valuations for estate transitions.

How is the industry regulated?

Business valuation practices are heavily governed by professional standards and federal regulatory guidelines rather than strict standalone federal licensing laws. Practitioners must adhere to strict methodologies to satisfy oversight bodies such as the Internal Revenue Service (IRS) for tax-related filings. Financial reporting valuations must strictly align with Generally Accepted Accounting Principles (GAAP) and relevant auditing oversight parameters.

• •The Uniform Standards of Professional Appraisal Practice (USPAP) sets widely recognized procedural and ethical guidelines for appraisals.
• •IRS Section 409A regulations mandate formal valuations for setting fair market value on private company stock options.
• •Financial reporting valuations are heavily bound by Accounting Standards Codification (ASC) guidelines, specifically ASC 820 (Fair Value Measurement) and ASC 805 (Business Combinations).

Government, statistical and trade sources used for this Claight analysis.

• Bureau of Economic Analysis 2026 ·
• U.S. Census Bureau 2022 Economic Census ·
• Internal Revenue Service (IRS) Regulations ·
• Financial Accounting Standards Board (FASB) ASC Guidelines