Enterprise Value Multiples by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2019

Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/vebitda.xls

For global datasets: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

can be obtained by clicking here

on which companies are included in each industry

Only positive EBITDA firms All firms
Industry Name Number of firms EV/EBITDAR&D EV/EBITDA EV/EBIT EV/EBIT (1-t) EV/EBITDAR&D EV/EBITDA EV/EBIT EV/EBIT (1-t)
Advertising 48 7.68 7.86 12.66 18.31 10.56 10.89 13.25 19.15
Aerospace/Defense 85 9.86 12.06 15.30 20.15 10.78 13.47 15.30 20.16
Air Transport 18 6.15 6.18 12.07 14.37 7.20 7.24 12.07 14.37
Apparel 50 9.97 10.08 16.04 21.86 13.26 13.46 16.15 22.01
Auto & Truck 14 7.30 10.57 27.65 41.17 7.09 10.12 27.66 41.18
Auto Parts 52 4.15 5.20 7.41 9.95 4.60 5.91 7.44 9.98
Bank (Money Center) 10 NA NA NA NA NA NA NA NA
Banks (Regional) 633 NA NA NA NA NA NA NA NA
Beverage (Alcoholic) 31 13.58 13.58 17.23 18.53 13.66 13.66 17.25 18.55
Beverage (Soft) 37 17.74 18.26 21.72 39.71 18.48 19.04 21.75 39.77
Broadcasting 24 8.83 8.84 12.29 13.41 10.52 10.52 12.29 13.41
Brokerage & Investment Banking 38 NA NA NA NA NA NA NA NA
Building Materials 42 9.04 9.59 13.04 18.12 9.90 10.57 13.06 18.14
Business & Consumer Services 168 10.86 11.05 17.33 20.85 12.67 12.93 17.73 21.34
Cable TV 14 8.37 8.39 15.66 15.95 9.12 9.14 16.11 16.41
Chemical (Basic) 39 5.44 5.62 8.54 10.09 6.52 6.77 8.60 10.16
Chemical (Diversified) 6 6.97 8.03 12.12 12.31 9.53 11.61 12.12 12.31
Chemical (Specialty) 89 10.38 11.35 16.93 21.60 12.24 13.62 16.99 21.68
Coal & Related Energy 23 3.34 3.37 7.85 8.71 3.93 3.96 8.60 9.54
Computer Services 119 6.95 7.99 11.68 18.10 8.01 9.42 11.72 18.17
Computers/Peripherals 57 7.52 9.39 12.65 15.78 7.82 9.83 12.73 15.88
Construction Supplies 48 7.87 9.07 12.31 18.44 9.29 11.02 12.32 18.47
Diversified 23 10.92 12.28 17.26 19.47 14.60 17.13 17.26 19.48
Drugs (Biotechnology) 481 6.45 11.99 26.12 80.88 10.00 22.53 33.66 104.26
Drugs (Pharmaceutical) 237 8.65 13.46 20.00 31.77 9.77 16.09 20.51 32.58
Education 35 11.00 11.59 22.80 27.10 15.18 16.34 22.90 27.23
Electrical Equipment 116 9.48 10.86 14.90 19.71 12.03 14.24 15.53 20.54
Electronics (Consumer & Office) 19 6.73 22.43 NA NA 10.97 NA NA NA
Electronics (General) 160 7.73 10.46 16.63 28.36 8.67 12.16 16.96 28.92
Engineering/Construction 52 8.20 8.22 13.18 17.07 10.15 10.19 13.31 17.24
Entertainment 120 12.75 14.18 19.28 21.70 14.23 16.01 19.41 21.85
Environmental & Waste Services 91 11.65 11.67 20.97 21.63 13.00 13.02 21.12 21.79
Farming/Agriculture 33 9.76 11.35 17.35 24.74 11.03 13.10 17.38 24.79
Financial Svcs. (Non-bank & Insurance) 259 NA NA NA NA NA NA NA NA
Food Processing 83 11.29 11.69 14.98 16.13 11.51 11.92 15.01 16.16
Food Wholesalers 18 11.27 11.27 16.48 19.65 12.29 12.29 16.49 19.65
Furn/Home Furnishings 30 6.64 7.51 11.18 13.73 7.18 8.20 11.35 13.94
Green & Renewable Energy 21 15.51 15.57 68.28 68.28 18.64 18.73 68.69 68.69
Healthcare Products 248 14.82 19.33 31.50 48.29 17.01 23.02 32.29 49.50
Healthcare Support Services 111 10.67 10.70 14.11 17.04 12.49 12.54 14.19 17.14
Heathcare Information and Technology 119 14.90 19.33 33.18 44.69 18.23 24.95 34.52 46.50
Homebuilding 31 8.71 8.71 9.26 13.22 10.18 10.18 9.35 13.34
Hospitals/Healthcare Facilities 34 8.63 8.63 14.62 20.25 10.34 10.34 14.63 20.25
Hotel/Gaming 70 10.51 10.60 16.41 17.79 11.47 11.58 16.47 17.85
Household Products 141 12.29 13.38 17.14 23.17 12.90 14.10 17.20 23.26
Information Services 71 17.82 18.78 23.40 29.15 19.71 20.88 23.42 29.18
Insurance (General) 20 9.15 9.15 14.65 21.35 11.24 11.25 14.73 21.46
Insurance (Life) 23 10.58 10.58 11.85 12.02 10.72 10.72 12.28 12.46
Insurance (Prop/Cas.) 50 9.26 9.26 10.82 12.80 12.14 12.14 10.84 12.83
Investments & Asset Management 172 16.49 16.80 19.21 23.82 19.22 19.63 20.03 24.84
Machinery 127 9.72 10.79 14.11 19.31 10.92 12.29 14.13 19.34
Metals & Mining 94 4.08 4.09 5.54 9.34 5.56 5.59 5.93 9.99
Office Equipment & Services 24 6.47 7.43 11.07 13.22 7.45 8.74 11.08 13.24
Oil/Gas (Integrated) 5 7.56 7.70 16.14 18.42 9.95 10.19 16.14 18.42
Oil/Gas (Production and Exploration) 301 5.72 5.73 18.77 21.91 7.69 7.70 19.31 22.55
Oil/Gas Distribution 20 12.30 12.30 20.39 27.07 14.41 14.41 20.49 27.21
Oilfield Svcs/Equip. 134 6.91 7.19 12.90 14.52 9.42 9.93 13.00 14.63
Packaging & Container 27 7.82 8.03 12.51 15.62 8.83 9.10 12.52 15.63
Paper/Forest Products 20 4.70 4.76 7.58 9.03 5.65 5.74 7.62 9.08
Power 51 10.36 10.37 18.95 22.11 10.93 10.94 18.95 22.11
Precious Metals 91 7.82 8.15 29.54 75.19 7.55 7.85 30.18 76.80
Publishing & Newspapers 33 6.72 6.84 12.31 15.80 8.08 8.25 12.45 15.97
R.E.I.T. 238 19.20 19.20 42.23 43.51 23.62 23.62 47.08 48.52
Real Estate (Development) 18 33.80 33.80 140.56 140.56 27.10 27.10 144.71 144.71
Real Estate (General/Diversified) 11 6.97 6.97 10.70 14.18 12.60 12.60 12.98 17.20
Real Estate (Operations & Services) 59 10.62 10.74 19.01 28.39 13.76 13.95 20.17 30.12
Recreation 72 10.37 12.32 21.27 31.10 11.17 13.43 21.43 31.34
Reinsurance 2 8.11 8.11 8.86 9.84 13.00 13.00 8.86 9.84
Restaurant/Dining 78 13.78 13.79 24.41 32.98 16.97 16.99 24.48 33.06
Retail (Automotive) 24 11.21 11.21 17.84 21.53 13.98 13.98 18.07 21.81
Retail (Building Supply) 17 10.95 10.97 14.98 20.37 12.30 12.32 14.98 20.37
Retail (Distributors) 88 10.83 10.84 13.80 16.52 13.94 13.96 13.84 16.57
Retail (General) 19 9.31 9.31 16.77 22.77 10.75 10.75 16.96 23.01
Retail (Grocery and Food) 12 7.50 7.50 20.16 20.38 9.21 9.21 20.16 20.38
Retail (Online) 79 21.30 23.40 53.91 71.40 31.56 36.34 54.53 72.21
Retail (Special Lines) 91 7.29 7.34 14.60 19.34 11.14 11.25 14.62 19.37
Rubber& Tires 4 4.26 5.02 8.86 17.86 4.39 5.19 8.99 18.12
Semiconductor 72 6.31 8.92 12.45 16.09 6.84 9.99 12.53 16.19
Semiconductor Equip 41 4.96 6.74 8.04 11.44 5.06 6.93 8.05 11.45
Shipbuilding & Marine 9 9.20 9.20 18.43 18.43 14.09 14.09 19.98 19.98
Shoe 10 17.37 17.49 23.91 44.26 21.16 21.34 23.91 44.26
Software (Entertainment) 92 11.24 16.22 21.43 32.30 13.27 20.71 21.62 32.59
Software (Internet) 44 12.66 18.98 42.57 51.53 21.83 37.14 59.38 71.88
Software (System & Application) 355 13.11 20.21 29.57 57.61 15.92 25.90 32.74 63.79
Steel 37 5.12 5.15 7.13 7.79 6.72 6.78 7.19 7.85
Telecom (Wireless) 21 5.79 5.82 20.31 20.32 7.53 7.59 20.32 20.32
Telecom. Equipment 98 9.11 14.07 18.97 34.54 9.55 15.09 19.11 34.81
Telecom. Services 67 7.02 7.11 14.00 14.05 8.17 8.31 14.01 14.07
Tobacco 17 9.79 10.08 10.78 13.50 10.12 10.43 10.79 13.52
Transportation 19 8.29 8.29 13.78 15.76 10.07 10.09 13.78 15.76
Transportation (Railroads) 10 10.71 10.71 14.14 14.14 11.92 11.92 14.14 14.14
Trucking 28 8.19 8.19 15.79 16.20 11.58 11.58 15.80 16.20
Utility (General) 18 12.40 12.40 21.49 25.17 12.26 12.26 21.49 25.17
Utility (Water) 19 15.83 15.85 23.71 34.91 15.97 15.98 23.91 35.21
Total Market  7209 12.95 14.77 23.48 29.90 15.25 17.77 24.05 30.62
Total Market (without financials) 6004 9.85 11.31 18.16 23.22 11.61 13.62 18.66 23.86


Last Updated in January 2019
By Aswath Damodaran