From what I can tell, yes - at least for businesses that aren't experiencing high growth rates. FE has written an excellent article on the subject:

https://feinternational.com/blog/saas-metrics-how-to-value-s...

It's the last quarter's numbers annualized to a year so if there's been a spike in the last quarter that isn't seen in prior financials that's a point for negotiating the price. And it's also based on discretionary income so that "profit" is not necessarily the actual profit the business took in. A lot of expenses are considered discretionary but probably have a positive ROI.

So while 3-4x is normal (really 3-5x depending on the industry) the numbers on FEI tend to be a tad high but not unreasonably so.