How Much Does a Quality of Earnings Report Cost in 2026?

Quality of Earnings reports are priced more like consulting engagements than products, so it's hard to get a clean answer. Based on current market pricing across CPA firms, boutique transaction-advisory shops, and Big 4 deal teams, here are the real ranges in 2026.

The four pricing tiers

Tier 1 — Big 4 / national transaction advisory ($60k–$200k+)

Deloitte, EY, KPMG, PwC, Grant Thornton, BDO. Used for deals over ~$25M in enterprise value, regulated industries, and platform acquisitions for private equity. Heavy team, full proof of cash, deep working-capital analysis, technical accounting memos. Expect 4–6 weeks.

Tier 2 — Regional firms and boutique TA shops ($20k–$60k)

The sweet spot for lower-middle-market deals ($5M–$25M EV). You get a real proof of cash, EBITDA bridge, working-capital peg, and a partner who will defend it on the call with the seller and the lender. 3–4 weeks is typical.

Tier 3 — Local CPA firms with M&A services ($8k–$20k)

Common for SMB deals between $1M and $5M EV. Quality varies a lot by firm — some are excellent, some are essentially a tax CPA producing an extended P&L review. Ask for a redacted sample report and check whether they actually tie to bank statements. 2–4 weeks.

Tier 4 — Software-assisted / AI QoE ($0–$1,500)

The newest tier. Platforms like TrueEBITDA ingest the target's financial files, walk you through the add-back logic, and produce a defensible QoE in minutes instead of weeks. Designed for self-funded searchers, ETA buyers, and SMB acquirers who need to triage 5–20 LOIs for every one they close.

What actually drives the price

• Deal size. Bigger deals = more risk = more hours, but firms also price to the equity check available.
• Number of entities and locations. A roll-up of 8 LLCs costs far more than one C-corp.
• State of the books. QuickBooks Online with clean monthly closes is cheap to analyze; a shoebox of paper invoices is not.
• Industry complexity. Recurring-revenue SaaS, contractors, and inventory-heavy businesses each add specific work.
• Buy-side vs. sell-side. Sell-side QoEs (paid by the seller, given to all bidders) are sometimes 30–50% cheaper because the firm sells the same report multiple times.

The hidden cost: deals you don't run a QoE on

The real cost of a $30k QoE isn't $30k. It's that buyers won't spend $30k on a deal they're only 40% sure about — so they either skip diligence on the marginal deals (and occasionally buy a lemon), or they pass on opportunities they should have explored further.

This is the gap software-assisted QoE was built for: cheap enough to run on every LOI, deep enough that a "go" signal means something, and fast enough that you don't lose the deal to a faster bidder while you wait for a firm to free up a partner.

Quick rule of thumb

• Deal < $1M EV: AI/software QoE + your own review of bank statements.
• $1M–$5M EV: AI/software QoE on every LOI; local CPA for the one you sign.
• $5M–$25M EV: Boutique TA firm engagement, with AI/software as triage.
• $25M+ EV: Regional or national firm — no shortcuts.

Whichever tier your deal sits in, the worst answer is "I didn't do one." A wrong adjusted EBITDA is the most expensive number in the entire transaction.