EBITDA Multiples by Industry

You can find in the table below the EBITDA multiples for the industries available on the Equidam platform. The data is based on the annual estimate provided by Prof. Aswath Damodaran of the New York University for 2019.

WARNING: use with caution

Originally just a valuation solidity check, multiples have become a popular approach to value young, fast growing companies. The simplicity of this approach leads many practitioners to apply it acritically to compute valuations. This might generate biased results failing to represent the fair value of a company.

With Equidam, you can seamlessly compute your valuation using 5 methods, 2 of which are properly using these multiples, start now!

If you are a startup or a private company, and you’d still would like to only use the multiple approach, you should apply these multiples on the last year of your projections, and discount the result to today.

Industry	EBITDA Multiple
Advanced Medical Equipment & Technology	24.81
Advertising & Marketing	11.10
Aerospace & Defense	14.69
Agricultural Chemicals	11.48
Airlines	8.16
Airport Operators & Services	8.16
Aluminum	7.57
Apparel & Accessories	12.58
Apparel & Accessories Retailers	10.30
Appliances, Tools & Housewares	10.36
Auto & Truck Manufacturers	9.81
Auto Vehicles, Parts & Service Retailers	12.09
Auto, Truck & Motorcycle Parts	7.08
Banks*	20.56
Biotechnology & Medical Research	16.03
Brewers	15.54
Broadcasting**	8.76
Other Broadcasting	8.46
Cable Service Providers	9.66
Radio Broadcasting	8.46
Television Broadcasting	8.46
Business Support Services**	10.03
Call Center Services	9.73
Cleaning Services	9.73
Commercial Educational Services	15.17
Corporate Accounting Services	9.73
Data Processing Services	9.73
Exhibition & Conference Services	9.73
Health, Safety & Fire Protection Equipment	9.29
Industrial Design Services	9.73
Industrial Equipment Rental	9.73
Legal Services	9.73
Maintenance & Repair Services	9.73
Management Consulting Services	9.73
Office Equipment & Supplies Rental	9.73
Office Furniture	9.29
Office Supplies	9.29
Office Supplies Wholesale	9.29
Pest Control Services	9.73
Security Services	9.73
Testing Laboratories	9.73
Transaction & Payment Services	9.73
Translation & Interpretation Services	9.73
Other Business Support Services	9.73
Other Business Support Supplies	9.29
Business Support Supplies	9.29
Casinos & Gaming	12.39
Closed End Funds	20.14
Coal	4.53
Commercial Printing Services	10.07
Commercial REITs	23.06
Commodity Chemicals	9.60
Communications & Networking	14.18
Computer & Electronics Retailers	10.30
Computer Hardware	11.76
Construction & Engineering	8.22
Construction Materials	10.75
Construction Supplies & Fixtures	8.55
Consumer Lending*	20.56
Consumer Publishing	10.07
Corporate Financial Services*	20.56
Courier, Postal, Air Freight & Land-based Logistics	10.47
Department Stores	11.22
Discount Stores	10.90
Distillers & Wineries	15.54
Diversified Chemicals	8.19
Diversified Industrial Goods Wholesalers	9.69
Diversified Investment Services	20.14
Diversified Mining	7.57
Diversified REITs	23.06
Drug Retailers	10.30
Electric Utilities	12.58
Electrical Components & Equipment	10.36
Electronic Equipment & Parts	10.36
Employment Services	9.73
Entertainment Production	19.03
Environmental Services & Equipment	13.46
Exchange-Traded Funds	20.14
Financial & Commodity Market Operators & Service Providers	24.35
Fishing & Farming**	13.69
Agricultural Biotechnology	13.81
Agricultural Consultancy Services	13.81
Agriculture Support Services	13.81
Animal Breeding	13.81
Animal Feed	13.81
Aquaculture	13.81
Cattle Farming	13.81
Coffee, Tea & Cocoa Farming	13.81
Commercial Fishing	13.81
Commercial Nurseries	13.81
Fishing & Farming Wholesale	11.43
Fur Farming	13.81
Grain (Crop) Production	13.81
Hog & Pig Farming	13.81
Organic Farming	13.81
Poultry Farming	13.81
Sheep & Specialty Livestock Farming	13.81
Sugarcane Farming	13.81
Vegetable, Fruit & Nut Farming	13.81
Other Fishing & Farming	13.81
Food Processing	13.72
Food Retail & Distribution**	9.75
Beer, Wine & Liquor Stores	9.47
Food Markets	9.47
Food Wholesale	11.43
Supermarkets & Convenience Stores	9.47
Tobacco Stores	9.47
Vending Machine Providers	9.47
Other Food Retail & Distribution	9.47
Footwear	18.84
Forest & Wood Products	9.42
Gold	11.00
Ground Freight & Logistics	8.84
Healthcare Facilities & Services	12.00
Heavy Electrical Equipment	10.36
Heavy Machinery & Vehicles	12.21
Highways & Rail Tracks	10.91
Home Furnishings	10.93
Home Furnishings Retailers	12.88
Home Improvement Products & Services Retailers	12.88
Homebuilding	9.29
Hotels, Motels & Cruise Lines	12.39
Household Electronics	7.94
Household Products	16.10
Independent Power Producers	9.68
Industrial Conglomerates	9.69
Industrial Machinery & Equipment	12.21
Insurance Funds	20.14
Integrated Oil & Gas	6.77
Integrated Telecommunications Services	7.06
Investment Banking & Brokerage Services*	20.56
Investment Holding Companies	20.14
Investment Management & Fund Operators	20.14
Iron & Steel	5.92
IT Services & Consulting	11.79
Leisure & Recreation**	13.36
Adventure Sports Facilities & Ski Resorts	13.36
Amusement Parks and Zoos	13.36
Golf Courses	13.36
Guided Tour Operators	13.36
Gyms, Fitness and Spa Centers	13.36
Hunting & Fishing	13.36
Marinas	13.36
Movie Theaters & Movie Products	13.36
Museums & Historic Places	13.36
Professional Sports Venues	13.36
Public Sport Facilities	13.36
Theatres & Performing Arts	13.36
Travel Agents	13.36
Other Leisure & Recreation	13.36
Life & Health Insurance	8.85
Managed Healthcare	11.55
Marine Freight & Logistics	9.58
Marine Port Services	9.58
Medical Equipment, Supplies & Distribution	21.35
Mining Support Services & Equipment	7.57
Miscellaneous Specialty Retailers	10.30
Multiline Insurance & Brokers	9.05
Multiline Utilities	12.58
Mutual Funds	20.14
Natural Gas Utilities	12.58
Non-Alcoholic Beverages	17.58
Non-Gold Precious Metals & Minerals	11.00
Non-Paper Containers & Packaging	9.33
Office Equipment	9.29
Oil & Gas Drilling	9.45
Oil & Gas Exploration and Production	5.14
Oil & Gas Refining and Marketing	12.80
Oil & Gas Transportation Services	12.80
Oil Related Services and Equipment	9.45
Online Services**	19.63
Content & Site Management Services	19.63
E-commerce & Marketplace Services	19.63
Internet Gaming	19.63
Internet Security & Transactions Services	19.63
Search Engines	19.63
Social Media & Networking	19.63
Other Online Services	19.63
Paper Packaging	9.33
Paper Products	9.42
Passenger Transportation, Ground & Sea	10.47
Pension Funds	20.14
Personal Products	21.35
Personal Services**	10.34
Accounting & Tax Preparation	9.73
Child Care & Family Services	9.73
Consumer Goods Rental	9.73
Consumer Repair Services	9.73
Funeral Services	9.73
General Education Services	15.17
Personal Care Services	9.73
Personal Legal Services	9.73
Other Personal Services	9.73
Pharmaceuticals	14.50
Phones & Handheld Devices	13.09
Professional Information Services	25.30
Property & Casualty Insurance	10.56
Real Estate Rental, Development & Operations	9.45
Real Estate Services	17.02
Recreational Products	13.36
Reinsurance	13.22
Renewable Energy Equipment & Services	11.57
Renewable Fuels	11.57
Residential REITs	23.06
Restaurants & Bars	14.99
Semiconductor Equipment & Testing	17.31
Semiconductors	13.11
Shipbuilding	9.58
Software	24.35
Specialized REITs	23.06
Specialty Chemicals	11.48
Specialty Mining & Metals	7.57
Textiles & Leather Goods	12.58
Tires & Rubber Products	6.63
Tobacco	11.10
Toys & Children’s Products	13.36
UK Investment Trusts	20.14
Uranium	9.68
Water & Related Utilities	12.47
Wireless Telecommunications Services	6.81

*For these industries, a higher level business sector multiple is applied
**For these industries, a lower activity-based level is available

With Equidam, you can seamlessly compute your valuation using 5 methods, 2 of which are properly using these multiples, start now!