The EBITDA multiples in 2021 not only reached, but much exceeded pre-pandemic levels. It is too early to determine the reasons why the EBITDA multiple for footwear companies surpasses 33X, while the multiple for MedTech firms exceeds 35X. On the one hand, the market’s excess liquidity might be a factor. High EBITDA multiples, on the other hand, may be viewed as a way to discount inflation. What is known is that the expansionary measures undertaken by central banks in response to the COVID -19 financial crisis will have major inflationary effects.

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.  

You can refer to the table below to see how the EBITDA multiples for the industries available on the Equidam platform will change on November 29th, 2021. These are applied to compute the Terminal value in the DCF method with Multiple and the potential exit value in the VC method.

The data is based on the 2021 estimate, published annually by Prof. Aswath Damodaran of New York University.

DISCLAIMER: The COVID-19 pandemic led to large swings in revenue for many industries, mostly in the positive. This trend is analysed in greater depth below, with some prominent examples given. It is worth considering how this is represented in your industry; whether it is a correction accelerated by COVID with long term implications, or whether your industry may see a reversal of this trend in the year(s) to come.

Industry EBITDA Multiple
Old New Var %
Advanced Medical Equipment & Technology 24,81 36,66 48%
Advertising & Marketing 11,10 12,74 15%
Aerospace & Defense 14,69 14,01 -5%
Agricultural Chemicals 11,48 15,89 38%
Airlines 8,16 24,89 205%
Airport Operators & Services 8,16 24,89 205%
Aluminum 7,57 10,20 35%
Apparel & Accessories 12,58 21,19 69%
Apparel & Accessories Retailers 10,30 14,29 39%
Appliances, Tools & Housewares 10,36 20,35 96%
Auto & Truck Manufacturers 9,81 19,79 102%
Auto Vehicles, Parts & Service Retailers 12,09 11,89 -2%
Auto, Truck & Motorcycle Parts 7,08 11,24 59%
Banks* 20,56 36,66 78%
Biotechnology & Medical Research 16,03 18,61 16%
Brewers 15,54 22,59 45%
Broadcasting ** 8,76 8,70 -1%
     Other Broadcasting 8,46 8,14 -4%
     Cable Service Providers 9,66 10,40 8%
     Radio Broadcasting 8,46 8,14 -4%
     Television Broadcasting 8,46 8,14 -4%
Business Support Services ** 10,03 17,65 76%
     Call Center Services 9,73 17,28 78%
     Cleaning Services 9,73 17,28 78%
     Commercial Educational Services 15,17 23,88 57%
     Corporate Accounting Services 9,73 17,28 78%
     Data Processing Services 9,73 17,28 78%
     Exhibition & Conference Services 9,73 17,28 78%
     Health, Safety & Fire Protection Equipment 9,29 10,52 13%
     Industrial Design Services 9,73 17,28 78%
     Industrial Equipment Rental 9,73 17,28 78%
     Legal Services 9,73 17,28 78%
     Maintenance & Repair Services 9,73 17,28 78%
     Management Consulting Services 9,73 17,28 78%
     Office Equipment & Supplies Rental 9,73 17,28 78%
     Office Furniture 9,29 10,52 13%
     Office Supplies 9,29 10,52 13%
     Office Supplies Wholesale 9,29 10,52 13%
     Pest Control Services 9,73 17,28 78%
     Security Services 9,73 17,28 78%
     Testing Laboratories 9,73 17,28 78%
     Transaction & Payment Services 9,73 17,28 78%
     Translation & Interpretation Services 9,73 17,28 78%
     Other Business Support Services 9,73 17,28 78%
     Other Business Support Supplies 9,29 10,52 13%
Business Support Supplies 9,29 10,52 13%
Casinos & Gaming 12,39 30,70 148%
Closed End Funds 20,14 18,31 -9%
Coal 4,53 5,59 24%
Commercial Printing Services 10,07 11,16 11%
Commercial REITs 23,06 23,08 0%
Commodity Chemicals 9,60 13,32 39%
Communications & Networking 14,18 15,55 10%
Computer & Electronics Retailers 10,30 14,29 39%
Computer Hardware 11,76 18,05 53%
Construction & Engineering 8,22 8,22 0%
Construction Materials 10,75 13,58 26%
Construction Supplies & Fixtures 8,55 10,90 27%
Consumer Lending* 20,56 19,57  -5%
Consumer Publishing 10,07 11,16 11%
Corporate Financial Services * 20,56 19,48 -5%
Courier, Postal, Air Freight & Land-based Logistics 10,47 13,20 26%
Department Stores 11,22 12,76 14%
Discount Stores 10,90 13,45 23%
Distillers & Wineries 15,54 22,59 45%
Diversified Chemicals 8,19 12,96 58%
Diversified Industrial Goods Wholesalers 9,69 10,24 6%
Diversified Investment Services 20,14 18,31 -9%
Diversified Mining 7,57 10,20 35%
Diversified REITs 23,06 23,08 0%
Drug Retailers 10,30 14,29 39%
Electric Utilities 12,58 10,76 -15%
Electrical Components & Equipment 10,36 20,35 96%
Electronic Equipment & Parts 10,36 20,35 96%
Employment Services 9,73 17,28 78%
Entertainment Production 19,03 26,54 39%
Environmental Services & Equipment 13,46 14,66 9%
Exchange-Traded Funds 20,14 18,31 -9%
Financial & Commodity Market Operators & Service 24,35 30,92 27%
Fishing & Farming** 13,69 14,04 3%
     Agricultural Biotechnology 13,81 14,11 2%
     Agricultural Consultancy Services 13,81 14,11 2%
     Agriculture Support Services 13,81 14,11 2%
     Animal Breeding 13,81 14,11 2%
     Animal Feed 13,81 14,11 2%
     Aquaculture 13,81 14,11 2%
     Cattle Farming 13,81 14,11 2%
     Coffee, Tea & Cocoa Farming 13,81 14,11 2%
     Commercial Fishing 13,81 14,11 2%
     Commercial Nurseries 13,81 14,11 2%
     Fishing & Farming Wholesale 11,43 12,84 12%
     Fur Farming 13,81 14,11 2%
     Grain (Crop) Production 13,81 14,11 2%
     Hog & Pig Farming 13,81 14,11 2%
     Organic Farming 13,81 14,11 2%
     Poultry Farming 13,81 14,11 2%
     Sheep & Specialty Livestock Farming 13,81 14,11 2%
     Sugarcane Farming 13,81 14,11 2%
     Vegetable, Fruit & Nut Farming 13,81 14,11 2%
     Other Fishing & Farming 13,81 14,11 2%
Food Processing 13,72 14,14 3%
Food Retail & Distribution ** 9,75 9,59 -2%
     Beer, Wine & Liquor Stores 9,47 9,05 -5%
     Food Markets 9,47  9,05 -5%
     Food Wholesale 11,43 12,84 12%
     Supermarkets & Convenience Stores 9,47 9,05  -5%
     Tobacco Stores 9,47 9,05  -5%
     Vending Machine Providers 9,47 9,05  -5%
     Other Food Retail & Distribution 9,47 9,05  -5%
Footwear 18,84 33,75 79%
Forest & Wood Products 9,42 10,99 17%
Gold 11,00 9,83 -11%
Ground Freight & Logistics 8,84 10,05 14%
Healthcare Facilities & Services 12,00 15,14 26%
Heavy Electrical Equipment 10,36 20,35 96%
Heavy Machinery & Vehicles 12,21 17,09 40%
Highways & Rail Tracks 10,91 17,09 57%
Home Furnishings 10,93 15,59 43%
Home Furnishings Retailers 12,88 12,33 -4%
Home Improvement Products & Services Retailers 12,88 12,33 -4%
Homebuilding 9,29 9,93 7%
Hotels, Motels & Cruise Lines 12,39 30,70 148%
Household Electronics 7,94 11,50 45%
Household Products 16,10 18,64 16%
Independent Power Producers 9,68 10,02 4%
Industrial Conglomerates 9,69 10,24 6%
Industrial Machinery & Equipment 12,21 17,09 40%
Insurance Funds 20,14 18,31 -9%
Integrated Oil & Gas 6,77 9,65 43%
Integrated Telecommunications Services 7,06 6,79 -4%
Investment Banking & Brokerage Services * 20,56 9,71 -53%
Investment Holding Companies 20,14 18,31 -9%
Investment Management & Fund Operators 20,14 18,31 -9%
Iron & Steel 5,92 8,96 51%
IT Services & Consulting 11,79 14,01 19%
Leisure & Recreation ** 13,36 20,53 54%
     Adventure Sports Facilities & Ski Resorts 13,36 20,53 54%
     Amusement Parks and Zoos 13,36 20,53 54%
     Golf Courses 13,36 20,53 54%
     Guided Tour Operators 13,36 20,53 54%
     Gyms, Fitness and Spa Centers 13,36 20,53 54%
     Hunting & Fishing 13,36 20,53 54%
     Marinas 13,36 20,53 54%
     Movie Theaters & Movie Products 13,36 20,53 54%
     Museums & Historic Places 13,36 20,53 54%
     Professional Sports Venues 13,36 20,53 54%
     Public Sport Facilities 13,36 20,53 54%
     Theatres & Performing Arts 13,36 20,53 54%
     Travel Agents 13,36 20,53 54%
     Other Leisure & Recreation 13,36 20,53 54%
Life & Health Insurance 8,85 8,59 -3%
Managed Healthcare 11,55 10,85 -6%
Marine Freight & Logistics 9,58 11,54 21%
Marine Port Services 9,58 11,54 21%
Medical Equipment, Supplies & Distribution 21,35 27,02 27%
Mining Support Services & Equipment 7,57 10,20 35%
Miscellaneous Specialty Retailers 10,30 14,29 39%
Multiline Insurance & Brokers 9,05 9,33 3%
Multiline Utilities 12,58 10,76 -15%
Mutual Funds 20,14 18,31 -9%
Natural Gas Utilities 12,58 10,76 -15%
Non-Alcoholic Beverages 17,58 19,29 10%
Non-Gold Precious Metals & Minerals 11,00 9,83 -11%
Non-Paper Containers & Packaging 9,33 10,83 16%
Office Equipment 9,29 10,52 13%
Oil & Gas Drilling 9,45 12,81 36%
Oil & Gas Exploration and Production 5,14 6,11 19%
Oil & Gas Refining and Marketing 12,80 9,22 -28%
Oil & Gas Transportation Services 12,80 9,22 -28%
Oil Related Services and Equipment 9,45 12,81 36%
Online Services ** 19,63 44,21 125%
     Content & Site Management Services 19,63 26,30 34%
     E-commerce & Marketplace Services 19,63 44,21 125%
     Internet Gaming 19,63 44,21 125%
     Internet Security & Transactions Services 19,63 44,21 125%
     Search Engines 19,63 44,21 125%
     Social Media & Networking 19,63 44,21 125%
     Other Online Services 19,63 44,21 125%
Paper Packaging 9,33 10,83 16%
Paper Products 9,42 10,99 17%
Passenger Transportation, Ground & Sea 10,47 13,20 26%
Pension Funds 20,14 18,31 -9%
Personal Products 21,35 27,02 27%
Personal Services ** 10,34 18,02 74%
     Accounting & Tax Preparation 9,73 17,28 78%
     Child Care & Family Services 9,73 17,28 78%
     Consumer Goods Rental 9,73 17,28 78%
     Consumer Repair Services 9,73 17,28 78%
     Funeral Services 9,73 17,28 78%
     General Education Services 15,17 23,88 57%
     Personal Care Services 9,73 17,28 78%
     Personal Legal Services 9,73 17,28 78%
     Other Personal Services 9,73 17,28 78%
Pharmaceuticals 14,50 15,07 4%
Phones & Handheld Devices 13,09 16,69 27%
Professional Information Services 25,30 32,31 28%
Property & Casualty Insurance 10,56 9,57 -9%
Real Estate Rental, Development & Operations 9,45 9,48 0%
Real Estate Services 17,02 20,78 22%
Recreational Products 13,36 20,53 54%
Reinsurance 13,22 11,42 -14%
Renewable Energy Equipment & Services 11,57 15,68 36%
Renewable Fuels 11,57 15,68 36%
Residential REITs 23,06 23,08 0%
Restaurants & Bars 14,99 22,80 52%
Semiconductor Equipment & Testing 17,31 22,86 32%
Semiconductors 13,11 17,81 36%
Shipbuilding 9,58 11,54 21%
Software 24,35 30,92 27%
Specialized REITs 23,06 23,08 0%
Specialty Chemicals 11,48 15,89 38%
Specialty Mining & Metals 7,57 10,20 35%
Textiles & Leather Goods 12,58 21,19 69%
Tires & Rubber Products 6,63 8,39 27%
Tobacco 11,10 10,35 -7%
Toys & Children’s Products 13,36 20,53 54%
UK Investment Trusts 20,14 18,31 -9%
Uranium 9,68 10,02 4%
Water & Related Utilities 12,47 12,78 3%
Wireless Telecommunications Services 6,81 6,95 2%

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

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


The industries with the biggest growth in the EBITDA multiple from 2020 to 2021 are MedTech (∆ 47.72%), online service (∆ 34%*), footwear (∆ 79.16%), gaming (∆ 147%), and airlines (∆ 205%), as shown in the table.

According to SalesForce’s Q1 Shopping Index, digital revenues increased by 45% in 2021, well beyond pre-pandemic levels. This rise shows that retailers will need to invest in the e-Commerce space in order to adapt to the digital demand. 

MedTech industry’s revenues increased for the fourth year in a row. From January 1, 2020, to July 31, 2021, public MedTech valuations in the United States and Europe increased by 55%, outperforming all major indices except digital health. In the 12 months ending June 30, 2021, the industry attracted $9.1 billion in venture capital, a 34% increase over the previous year and the largest level in at least a decade (La Place, 2021). 

Following the industry’s worst year on record, airline industry recovery has been gradually increasing in 2021. Two factors contributed to this growth. First of all, airlines have received $243 billion in life support from their governments. Second, consumer confidence has recovered since the lockdown last year, and consumers’ stockpiled income has aided the resurgence of domestic travel (Iata, 2021). 

The first quarter of 2021 confirms the very dynamic expansion of the online gambling market, with a 35% gain in turnover compared to the same time in 2020, after a unique year in 2020 that finished with a 22% increase in the sector’s revenue. Sports and horse racing betting hit new highs, but poker, which was still on the increase, began to settle down (Anj, 2021).

Finally, athletic footwear sales increased by more than 35% in the first half of 2021 compared to the same period in 2020. Shoe chains were the most successful channel this year, owing to the large number of stores that closed last year. They grew by more than 50% over the previous year. Both hiking and walking shoes outpaced the market, with sales up over 50% on average, as expected, due to consumers’ growing desire to get outside and safely exercise (NPD Group, 2021).

* = according to Damodaran, online service multiple would have been more than 44%, which consequently would have misled online service companies’ valuation. For this reason, we have decided to increment the EBITDA multiple by the average increase in EBITDA multiples in all the industries in 2021, meaning 34%. Thus, we obtained an EBITDA multiple for online service companies of 26.3%. 

Privacy Preference Center