Yes, but the buyer universe changes and so does the valuation basis. Declining companies sell on assets, capability, or a specific strategic fit more often than on an earnings multiple.
More detail
The first task is diagnosing the decline honestly: a lost customer, a shrinking end market, underinvestment, or an owner who has been winding down are four different stories with four different buyer responses. A company whose decline is owner-driven often sells well to a buyer with energy and a sales function. A company whose end market is genuinely shrinking is valued on its plant, equipment, workforce, and any defended niche. Turnaround buyers and strategic acquirers seeking capacity or a location are real, and they move quickly when the story is presented straight. The worst approach is a forecast showing a recovery the trailing numbers do not support, because it costs credibility and usually costs the deal.