There are quite a few variables.
Let’s start with a simple theoretical case that doesn’t exist in real life. You have a product or service that sells the same amount every year. The price never changes. The profit of your company is constant and never changes. There is no competition. The costs of production and taxes never change. The staffing costs are also constant and never change. It is not a one man show that is valuable only or mainly because you are running the company. There is no risk that your product will go out of fashion or be declared illegal.
On the other hand, there is little or no chance of growth of sales, nor profits. In today’s market a net cash flow (and after tax profit) of around $280,000 per year would probably give your company a value of about $1 Million. If any of the factors above were changed, that would affect the value.
The most important single factor would be your growth rate. If your net profit was doubling every year for the past few years and it looked like that dynamic growth would continue, with good marketing o investors, you could probably get $10 million with the same earnings. If your earnings were declining every year, it might be hard to sell your company at all.
Under two times earnings, around $500,000, would be about right with revenues of $280,000 and declining, in my opinion.