Eureka Water Company
How we got $96.8M
Based on its 107 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 28 years (since 1998)
From public records and the company's website, not a statement that it's for sale.
Customers & suppliers
Customers
- U.S. Marshals Service · federal contracts $99K
- Indian Health Service · federal contracts $-430
Estimated value over time
▲ 12% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 25% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 107 | $84.2M |
| 2020 | Form 5500 | 72 | $56.7M |
| 2021 | Form 5500 | 73 | $57.5M |
| 2022 | Form 5500 | 76 | $59.8M |
| 2023 | Form 5500 | 88 | $69.3M |
| 2024 | Form 5500 | 79 | $62.2M |
| 2025 | Form 5500 | 80 | $63.0M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| EUREKA WATER COMPANY this business | $81.0M | — |
| OBP LLC Oklahoma City · 12 employees | $3.1M | 0.1 mi |
| Lively Beerworks Oklahoma City | $3.5M | 0.1 mi |
| Core4 Brewing Oklahoma City | $3.5M | 0.3 mi |
| OK Cider Co Oklahoma City | $3.5M | 0.3 mi |
| Backyard Vineyards Oklahoma City | $3.5M | 0.5 mi |
| Fair-weather Friend Oklahoma City | $3.5M | 0.7 mi |
The full calculation
| Employees reported to the SBA | 107 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $72.8M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $69.3M |
| Estimate: the two combined (geometric mean) | $81.0M |
| EBITDA margin (industry, adjusted for size) | 16% |
| EBITDA = revenue × margin | $12.9M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $96.8M |
| Multiple for this size and industry | 7.5× |
| Value range | $50.9M – $132.4M |
| Revenue range | $53.3M – $92.3M |
| EBITDA range | $8.5M – $14.7M |
| Industry (NAICS) | Bottled Water Manufacturing (312112) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Leadership
- RCRonald ColeChief Financial Officer · From a web search · source
Advisors
- BankingMidFirst BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| MidFirst Bank PPP 2020 | All 2,403 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/8/2020 | first | $1.1M | 107 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Eureka Water Company
Eureka Water Company is a bottled water manufacturing company in Oklahoma City, Oklahoma, in business since 1998. It is owned by Steve Raupt. Its estimated annual revenue is about $81.0M, with roughly $12.9M of EBITDA. It has about 80 employees. Its estimated business value is $96.8M (likely range $50.9M–$132.4M).
Common questions
- Who owns Eureka Water Company?
- Eureka Water Company is owned by Steve Raupt, according to public sources such as the company's website or filings.
- How much revenue does Eureka Water Company make?
- SeeBITDA estimates Eureka Water Company's annual revenue at about $81.0M (likely between $53.3M and $92.3M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Eureka Water Company worth?
- About $96.8M, roughly 7.5× its estimated EBITDA of $12.9M, typical for a bottled water manufacturing company its size. Likely range: $50.9M–$132.4M.
- How many employees does Eureka Water Company have?
- About 80, from its 2025 retirement-plan filing.
- When was Eureka Water Company founded?
- Eureka Water Company has been in business since 1998.