EBITDA Multiples by Industry

10 February 2023•55 Comments• Valuation
By Chiara Mascarello

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 2023.

EBITDA is an acronym that stands for earnings before interest, tax, depreciation, and amortization. EBITDA multiples are one of the most commonly used business valuation indicators that is often used by investors or potential buyers to assess a company’s financial performance. The EBITDA multiple will depend on the size of the subject company, its profitability, its growth prospects, and the industry in which it works.  

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.

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Industry EBITDA Multiple
Advanced Medical Equipment & Technology 20.99
Advertising & Marketing 10.55
Aerospace & Defense 15.27
Agricultural Chemicals 9.48
Airlines 10.98
Airport Operators & Services 10.98
Aluminum 5.30
Apparel & Accessories 12.58
Apparel & Accessories Retailers 10.56
Appliances, Tools & Housewares 16.77
Auto & Truck Manufacturers 9.20
Auto Vehicles, Parts & Service Retailers 9.63
Auto, Truck & Motorcycle Parts 9.47
Banks *† 18.41
Biotechnology & Medical Research 12.97
Brewers 16.17
Broadcasting ** 6.73
     Other Broadcasting 6.47
     Cable Service Providers 7.50
     Radio Broadcasting 6.47
     Television Broadcasting 6.47
Business Support Services ** 17,65
     Call Center Services 13.27
     Cleaning Services 13.46
     Commercial Educational Services 10.00
     Corporate Accounting Services 13.46
     Data Processing Services 13.46
     Exhibition & Conference Services 13.46
     Health, Safety & Fire Protection Equipment 8.53
     Industrial Design Services 13.46
     Industrial Equipment Rental 13.46
     Legal Services 13.46
     Maintenance & Repair Services 13.46
     Management Consulting Services 13.46
     Office Equipment & Supplies Rental 13.46
     Office Furniture 8.53
     Office Supplies 8.53
     Office Supplies Wholesale 8.53
     Pest Control Services 13.46
     Security Services 13.46
     Testing Laboratories 13.46
     Transaction & Payment Services 13.46
     Translation & Interpretation Services 13.46
     Other Business Support Services 13.46
     Other Business Support Supplies 8.53
Business Support Supplies 8.53
Casinos & Gaming 16.46
Closed End Funds 12.51
Coal 3.01
Commercial Printing Services 9.65
Commercial REITs 20.24
Commodity Chemicals 8.31
Communications & Networking 13.98
Computer & Electronics Retailers 10.56
Computer Hardware 11.20
Construction & Engineering 8.56
Construction Materials 9.66
Construction Supplies & Fixtures 10.01
Consumer Lending *† 18.41
Consumer Publishing 9.65
Corporate Financial Services * 17.17
Courier, Postal, Air Freight & Land-based Logistics 7.89
Department Stores 11.28
Discount Stores 10.20
Distillers & Wineries 16.17
Diversified Chemicals 6.17
Diversified Industrial Goods Wholesalers 13.16
Diversified Investment Services 12.51
Diversified Mining 5.30
Diversified REITs 20.24
Drug Retailers 10.56
Electric Utilities 11.02
Electrical Components & Equipment 16.77
Electronic Equipment & Parts 16.77
Employment Services 13.46
Entertainment Production 16.73
Environmental Services & Equipment 13.45
Exchange-Traded Funds 13.45
Financial & Commodity Market Operators & Service Providers† 19.89
Fishing & Farming ** 10.55
     Agricultural Biotechnology 10.53
     Agricultural Consultancy Services 10.53
     Agriculture Support Services 10.53
     Animal Breeding 10.53
     Animal Feed 10.53
     Aquaculture 10.53
     Cattle Farming 10.53
     Coffee, Tea & Cocoa Farming 10.53
     Commercial Fishing 10.53
     Commercial Nurseries 10.53
     Fishing & Farming Wholesale 10.93
     Fur Farming 10.53
     Grain (Crop) Production 10.53
     Hog & Pig Farming 10.53
     Organic Farming 10.53
     Poultry Farming 10.53
     Sheep & Specialty Livestock Farming 10.53
     Sugarcane Farming 10.53
     Vegetable, Fruit & Nut Farming 10.53
     Other Fishing & Farming 10.53
Food Processing 10.53
Food Retail & Distribution ** 9.31
     Beer, Wine & Liquor Stores 9.04
     Food Markets 9.04
     Food Wholesale 10.93
     Supermarkets & Convenience Stores 9.04
     Tobacco Stores 9.04
     Vending Machine Providers 9.04
     Other Food Retail & Distribution 9.04
Footwear 17.71
Forest & Wood Products 6.04
Gold 6.97
Ground Freight & Logistics 7.18
Healthcare Facilities & Services 13.54
Heavy Electrical Equipment 16.77
Heavy Machinery & Vehicles 14.00
Highways & Rail Tracks 14.39
Home Furnishings 9.57
Home Furnishings Retailers 11.18
Home Improvement Products & Services Retailers 11.18
Homebuilding 5.03
Hotels, Motels & Cruise Lines 16.46
Household Electronics 7.50
Household Products 17.79
Independent Power Producers 11.80
Industrial Conglomerates 13.16
Industrial Machinery & Equipment 14.00
Insurance Funds 12.51
Integrated Oil & Gas 4.34
Integrated Telecommunications Services 6.81
Investment Banking & Brokerage Services *
Investment Holding Companies 12.51
Investment Management & Fund Operators 12.51
Iron & Steel 4.24
IT Services & Consulting 12.71
Leisure & Recreation ** 12.27
     Adventure Sports Facilities & Ski Resorts 12.27
     Amusement Parks and Zoos 12.27
     Golf Courses 12.27
     Guided Tour Operators 12.27
     Gyms, Fitness and Spa Centers 12.27
     Hunting & Fishing 12.27
     Marinas 12.27
     Movie Theaters & Movie Products 12.27
     Museums & Historic Places 12.27
     Professional Sports Venues 12.27
     Public Sport Facilities 12.27
     Theatres & Performing Arts 12.27
     Travel Agents 12.27
     Other Leisure & Recreation 12.27
Life & Health Insurance 11.13
Managed Healthcare 11.67
Marine Freight & Logistics 2.58
Marine Port Services 2.58
Medical Equipment, Supplies & Distribution 17.54
Mining Support Services & Equipment 5.30
Miscellaneous Specialty Retailers 10.56
Multiline Insurance & Brokers 8.90
Multiline Utilities 11.02
Mutual Funds 12.51
Natural Gas Utilities 11.02
Non-Alcoholic Beverages 18.73
Non-Gold Precious Metals & Minerals 6.97
Non-Paper Containers & Packaging 8.81
Office Equipment 8.53
Oil & Gas Drilling 6.72
Oil & Gas Exploration and Production 3.75
Oil & Gas Refining and Marketing 11.70
Oil & Gas Transportation Services 11.70
Oil Related Services and Equipment 6.72
Online Services ** 15.88
     Content & Site Management Services 15.88
     E-commerce & Marketplace Services 15.88
     Internet Gaming 15.88
     Internet Security & Transactions Services 15.88
     Search Engines 15.88
     Social Media & Networking 15.88
     Other Online Services 15.88
Paper Packaging 8.81
Paper Products 10,99
Passenger Transportation, Ground & Sea 7.89
Pension Funds 12.51
Personal Products 17.54
Personal Services ** 13.08
     Accounting & Tax Preparation 13.46
     Child Care & Family Services 13.46
     Consumer Goods Rental 13.46
     Consumer Repair Services 13.46
     Funeral Services 13.46
     General Education Services 10.00
     Personal Care Services 13.46
     Personal Legal Services 13.46
     Other Personal Services 13.46
Pharmaceuticals 12.69
Phones & Handheld Devices 11.27
Professional Information Services 18.25
Property & Casualty Insurance 12.61
Real Estate Rental, Development & Operations 10.22
Real Estate Services 16.15
Recreational Products 12.27
Reinsurance 17.77
Renewable Energy Equipment & Services 14.03
Renewable Fuels 14.03
Residential REITs 20.24
Restaurants & Bars 16.55
Semiconductor Equipment & Testing 14.39
Semiconductors 10.50
Shipbuilding 2.58
Software 21.77
Specialized REITs 20.24
Specialty Chemicals 9.48
Specialty Mining & Metals 5.30
Textiles & Leather Goods 12.58
Tires & Rubber Products 7.11
Tobacco 10.16
Toys & Children’s Products 12.27
UK Investment Trusts 12.51
Uranium 11.80
Water & Related Utilities 12.93
Wireless Telecommunications Services 6.77

*For these industries, a higher level business sector multiple is applied

**For these industries, a lower activity-based level is available

†As of Feb 2023, these industries have been updated in line with the broad reversion to pre-pandemic levels, but were lacking specific data in the Jan 2023 update. We will make an additional update here as soon as precise multiples are available. 

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