Independent Research
Vexor Analytics studies how small and mid-sized businesses perform relative to their peers — measuring each against a narrowly matched peer group, not a broad national average that describes no one.
About
Most SMB benchmarks blend firms of different sizes, models, and markets into a single average. We construct tighter peer sets and report the operating ratios that actually distinguish businesses within a segment.
We match on industry, size band, model, and geography — not NAICS code alone. Owner compensation, lease structures, and one-time items are normalized so figures are comparable across firms.
Results are reported as medians and quartiles, with sample characteristics disclosed. We publish our methodology alongside results so each comparison can be examined and contested.
| Sector | Gross % | EBITDA % | YoY |
|---|---|---|---|
| HVAC services | 42.1 | 18.4 | ▲ 2.1pp |
| Specialty retail | 38.6 | 9.2 | ▼ 1.4pp |
| Dental practices | 61.3 | 23.7 | ▲ 0.6pp |
| Landscaping | 44.8 | 14.1 | ▲ 1.2pp |
| Ind. pharmacy | 22.4 | 8.8 | ▼ 0.9pp |
Research focus
Three research tracks support a single question: how does a business compare to others genuinely like it?
Gross and operating margins, labor and overhead ratios, working capital, and growth — measured against a matched peer set and reported as medians and quartiles.
Recurring research on SMB verticals, broken out by size band and region — services, specialty retail, healthcare practices, trades, and others.
Ongoing work on peer-set construction and financial normalization for the SMB segment. Methodology is published alongside results so it can be examined and contested.
Method
Businesses are matched on industry, size band, model, and geography — not NAICS code alone. The composition of the peer set is the unit of analysis.
Owner compensation, lease structures, and one-time items are adjusted so figures are comparable across firms of similar type and scale.
Results are reported against peer medians and quartiles, with the underlying sample characteristics disclosed — not collapsed into a single average.
Vexor is independent. We do not broker, sell, or hold positions in the businesses we study. Our output is the research and the data behind it. Coverage expands as peer sets reach the sample sizes required for reliable distributions.