SeeBITDAOklahoma

Tulsa Heaters, Inc.

Heating Equipment (except Warm Air Furnaces) Manufacturing
  • 1215 S BOULDER AVE STE 1200, Tulsa, OK
  • Since 2014
  • NAICS 333414
Company websitetulsaheatersmidstream.comLinkedIn pageCompany profile and employees
Estimated valueMedium confidence
$18.4M
$9.7Mlikely range$25.2M
About 5.8× its yearly profit, typical for a company this size in its industry.
Revenue
$30.5M
a year
Profit (EBITDA)
$3.2M
10% of revenue
Employees
45
reported in 2020
Leadership
Mat Loveless
President · source
Request removal or correction
Owner-run. We haven't found a manager besides the owner. Buyers usually pay less when a business depends on its owner.

How we got $18.4M

Based on its 45 employees and its payroll, both reported for PPP in 2020 and brought up to date.

45 employees × $511K each$23.0M
PPP payroll ÷ payroll's usual share of revenue$31.2M
Shown toward the top of its range×1.14
Revenue$30.5M
× 10% profit margin$3.2M
× 5.8 sale multiple = value$18.4M

· Own this business? Correct these figures

What we know

PPP loan, 2020
No 401(k) filing
No reported financials
Company website
Owner named

What they do

Tulsa Heaters Midstream designs and supplies custom-engineered industrial heaters for the midstream gas processing industry. It works with clients on heaters designed from scratch or pre-engineered designs.

Products & services
SHO HeatersHydroFlux HeatersElectric HeatersThermal OxidizersAuxiliary EquipmentAftermarketHeater designed from scratchpre-engineered designLine heaterCrude oil heaterFuel gas heatingGas vaporization
Markets served
midstream Gas Processing industrygas plantspipelinespower plantsgas storage and transmissionrefining & petrochemical industries
Certifications
API 530/560API 12KNFPAATEXNEMAIECCSAUL

From the company's website. Industry: Heating Equipment (except Warm Air Furnaces) Manufacturing.

Customers & suppliers

Suppliers & brands

  • Thermon · brand it sells or installs

Possible customers nearby

The largest businesses within about 60 miles in the markets its website says it serves.

Oil & gas
Warehousing & storage

Estimated value over time

▲ 58% since 2020
$0$10.6M$21.2M20202026

Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.

Compared with similar businesses nearby

BusinessEst. revenueEst. profitDistance
TULSA HEATERS, INC.
this business
$30.5M$3.2M—
FIRSTLINE FILTERS, LLC
Tulsa · 16 employees
$3.6M$454K1.1 mi
AIRFLO COOLING TECHNOLOGIES, LLC
Tulsa · 22 employees
$9.8M$1.1M1.3 mi
AAON, Inc.
Tulsa
$1.3M$171K1.5 mi
Aaon, Inc.
Tulsa
$1.44B$225.4M1.9 mi
SPECIFIC SYSTEMS, LLC
Tulsa · 73 employees
$33.5M$3.5M2.7 mi
PREMIERFLOW, LLC
Tulsa · 23 employees
$8.7M$980K3.9 mi

The full calculation

Employees reported to the SBA45
Revenue from headcount (employees × revenue per employee for companies this size)$23.0M
Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size)$31.2M
Estimate: the two combined (geometric mean)$30.5M
EBITDA margin (industry, adjusted for size)10%
EBITDA = revenue × margin$3.2M

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$18.4M
Multiple for this size and industry5.8×
Value range$9.7M – $25.2M
Revenue range$20.1M – $34.8M
EBITDA range$2.1M – $3.6M
Industry (NAICS)Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

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

History & advisors

Advisors

  • BankingGrand 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

Grand Bank
PPP 2020, PPP 2021
All 407 borrowers →

From PPP and SBA loan records, which name the bank but not the individual banker.

PPP loans

ApprovedDrawAmountForgivenJobsLender
4/5/2020first$771K$778K45Grand Bank
4/5/2020first$449K$452K25Grand Bank
1/16/2021second$690K$695K44Grand Bank
1/17/2021second$622K$579K25Grand Bank

Public records

LinkedIn company page
Size as the company lists it
Employees—

Matched to this business by name and address from public government data; a match can occasionally be wrong.

About Tulsa Heaters, Inc.

Tulsa Heaters, Inc. is a heating equipment (except warm air furnaces) manufacturing company in Tulsa, Oklahoma, in business since 2014. It is owned by Mat Loveless (President). Its estimated annual revenue is about $30.5M, with roughly $3.2M of EBITDA. It has about 45 employees. Its estimated business value is $18.4M (likely range $9.7M–$25.2M).

Common questions

Who owns Tulsa Heaters, Inc.?
Tulsa Heaters, Inc. is owned by Mat Loveless (President), according to public sources such as the company's website or filings.
How much revenue does Tulsa Heaters, Inc. make?
SeeBITDA estimates Tulsa Heaters, Inc.'s annual revenue at about $30.5M (likely between $20.1M and $34.8M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
What is Tulsa Heaters, Inc. worth?
About $18.4M, roughly 5.8× its estimated EBITDA of $3.2M, typical for a heating equipment (except warm air furnaces) manufacturing company its size. Likely range: $9.7M–$25.2M.
How many employees does Tulsa Heaters, Inc. have?
About 45, as reported on its PPP loan.
When was Tulsa Heaters, Inc. founded?
Tulsa Heaters, Inc. has been in business since 2014.