Enterprise Value Multiples by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2018

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&D2 EV/EBITDA3 EV/EBIT4 EV/EBIT (1-t)5
Advertising 40 8.34 8.35 13.15 18.61 10.40 10.42 13.41 18.98
Aerospace/Defense 87 11.10 13.96 17.67 23.96 12.05 15.50 17.68 23.97
Air Transport 17 6.54 6.56 12.14 19.15 7.51 7.55 12.14 19.16
Apparel 51 10.84 10.97 17.90 22.03 13.85 14.07 18.17 22.36
Auto & Truck 18 7.45 10.62 30.82 44.70 8.07 11.92 30.84 44.73
Auto Parts 62 5.97 7.59 10.69 13.10 6.74 8.86 10.78 13.21
Bank (Money Center) 11 NA NA NA NA NA NA NA NA
Banks (Regional) 612 NA NA NA NA NA NA NA NA
Beverage (Alcoholic) 28 17.26 17.26 21.55 29.61 24.91 24.92 21.56 29.63
Beverage (Soft) 35 17.44 17.92 21.73 29.46 17.99 18.51 21.75 29.49
Broadcasting 27 9.18 9.19 12.08 16.11 9.79 9.80 12.08 16.11
Brokerage & Investment Banking 42 NA NA NA NA NA NA NA NA
Building Materials 39 12.17 12.80 17.22 24.46 13.45 14.22 17.24 24.48
Business & Consumer Services 169 12.16 12.40 18.29 26.79 14.56 14.89 18.53 27.14
Cable TV 14 9.66 9.68 18.26 26.45 11.77 11.80 18.84 27.28
Chemical (Basic) 38 9.34 9.67 16.06 20.30 12.53 13.12 16.12 20.37
Chemical (Diversified) 7 13.78 15.83 24.09 31.16 15.94 18.76 24.09 31.16
Chemical (Specialty) 99 12.08 13.89 20.60 26.28 13.16 15.33 20.68 26.38
Coal & Related Energy 30 3.89 3.93 9.24 9.85 10.60 10.85 11.42 12.17
Computer Services 111 9.34 11.10 16.09 19.03 10.21 12.35 16.12 19.06
Computers/Peripherals 58 9.89 12.01 15.23 19.87 10.28 12.56 15.35 20.03
Construction Supplies 49 12.28 14.51 22.18 32.77 13.91 16.82 22.26 32.89
Diversified 24 12.97 14.69 20.26 26.15 12.79 14.45 20.26 26.15
Drugs (Biotechnology) 459 7.73 13.05 24.22 35.85 12.19 24.56 30.89 45.74
Drugs (Pharmaceutical) 185 9.42 14.45 20.73 25.99 10.15 15.90 21.50 26.95
Education 34 9.47 10.05 21.58 26.98 12.86 13.89 22.84 28.55
Electrical Equipment 118 12.20 13.98 19.89 28.89 14.21 16.55 20.84 30.27
Electronics (Consumer & Office) 24 4.08 17.17 NA NA NA NA NA NA
Electronics (General) 167 9.77 13.16 21.93 30.01 11.11 15.58 22.34 30.57
Engineering/Construction 49 9.90 9.92 16.11 22.49 12.31 12.35 16.21 22.62
Entertainment 90 10.57 10.58 13.81 19.46 11.83 11.85 13.87 19.56
Environmental & Waste Services 87 11.82 11.83 20.80 30.21 13.25 13.27 20.94 30.42
Farming/Agriculture 34 11.85 13.82 22.60 31.18 12.15 14.21 22.69 31.30
Financial Svcs. (Non-bank & Insurance) 264 NA NA NA NA NA NA NA NA
Food Processing 87 12.91 13.38 16.92 23.54 13.62 14.14 17.00 23.66
Food Wholesalers 15 11.63 11.63 17.76 25.87 12.76 12.76 17.77 25.90
Furn/Home Furnishings 31 9.23 10.38 14.89 19.32 9.89 11.21 14.96 19.40
Green & Renewable Energy 22 15.07 15.13 69.09 86.39 15.22 15.27 71.43 89.32
Healthcare Products 251 14.57 18.97 30.35 35.06 16.85 22.78 31.25 36.10
Healthcare Support Services 115 10.63 10.72 13.27 19.66 11.70 11.81 13.33 19.75
Heathcare Information and Technology 112 15.76 20.51 35.15 43.01 19.01 26.15 35.93 43.96
Homebuilding 32 13.78 13.78 14.72 22.06 14.92 14.92 14.73 22.08
Hospitals/Healthcare Facilities 35 8.24 8.24 14.97 19.62 8.99 8.99 15.03 19.69
Hotel/Gaming 70 13.26 13.37 21.10 25.18 15.88 16.04 21.19 25.29
Household Products 131 13.04 14.19 18.04 23.97 13.73 15.00 18.08 24.03
Information Services 61 17.99 18.74 23.46 34.28 19.92 20.83 23.82 34.82
Insurance (General) 21 16.43 16.44 35.88 48.97 14.48 14.49 35.93 49.04
Insurance (Life) 25 8.37 8.37 11.37 17.17 16.75 16.75 17.65 26.66
Insurance (Prop/Cas.) 50 11.91 11.91 15.36 21.97 12.58 12.58 16.37 23.42
Investments & Asset Management 165 20.98 21.42 24.31 33.50 25.26 25.89 24.88 34.28
Machinery 126 13.26 14.85 19.49 26.29 14.69 16.65 19.51 26.33
Metals & Mining 102 8.77 8.81 13.94 24.67 12.92 13.02 14.15 25.04
Office Equipment & Services 24 7.30 8.37 11.93 18.57 7.66 8.85 11.93 18.57
Oil/Gas (Integrated) 5 12.61 12.95 70.36 85.54 18.00 18.71 70.36 85.54
Oil/Gas (Production and Exploration) 311 10.53 10.56 NA NA 21.69 21.78 NA NA
Oil/Gas Distribution 16 14.58 14.58 25.30 32.85 16.39 16.39 25.40 32.98
Oilfield Svcs/Equip. 130 11.54 12.15 30.03 45.87 15.71 16.80 31.42 47.98
Packaging & Container 25 9.99 10.30 16.46 22.58 11.03 11.42 16.49 22.61
Paper/Forest Products 21 8.80 8.90 17.71 23.22 9.94 10.06 17.86 23.42
Power 61 10.52 10.55 19.56 25.61 10.89 10.92 19.57 25.61
Precious Metals 111 8.08 8.38 18.14 19.43 8.58 8.91 18.65 19.98
Publishing & Newspapers 41 7.94 8.02 13.85 17.52 9.17 9.28 14.02 17.74
R.E.I.T. 244 20.78 20.79 46.80 48.07 25.02 25.04 51.44 52.84
Real Estate (Development) 20 28.92 28.92 63.22 106.89 27.62 27.62 64.05 108.31
Real Estate (General/Diversified) 10 11.96 11.96 29.07 60.29 35.85 35.85 42.36 87.87
Real Estate (Operations & Services) 60 13.95 14.08 24.61 35.02 18.85 19.08 26.29 37.41
Recreation 70 10.01 11.68 18.39 25.03 10.41 12.22 18.47 25.13
Reinsurance 3 14.25 14.25 16.72 24.93 10.75 10.75 16.83 25.09
Restaurant/Dining 81 13.83 13.84 24.32 35.11 17.24 17.26 24.35 35.15
Retail (Automotive) 25 11.00 11.00 17.54 27.04 13.22 13.22 17.60 27.13
Retail (Building Supply) 8 13.52 13.52 17.66 27.78 15.42 15.42 17.67 27.78
Retail (Distributors) 92 13.47 13.48 17.06 25.72 16.21 16.23 17.12 25.81
Retail (General) 18 9.47 9.47 17.42 26.32 10.82 10.82 17.64 26.64
Retail (Grocery and Food) 14 7.16 7.16 17.37 25.43 8.24 8.24 17.37 25.43
Retail (Online) 61 28.81 32.47 93.53 127.91 36.47 42.42 95.13 130.10
Retail (Special Lines) 106 7.87 7.91 16.16 23.92 10.92 11.00 16.18 23.94
Rubber& Tires 4 4.86 5.60 8.87 9.44 4.71 5.39 8.97 9.55
Semiconductor 72 7.91 11.82 17.05 20.83 8.91 14.03 17.39 21.25
Semiconductor Equip 45 8.35 11.66 14.30 16.21 9.15 13.28 14.31 16.22
Shipbuilding & Marine 9 10.70 10.70 26.31 46.48 16.88 16.88 30.88 54.55
Shoe 11 16.69 16.79 23.50 27.10 18.46 18.59 23.50 27.10
Software (Entertainment) 13 13.20 21.97 30.10 34.89 14.96 26.64 31.07 36.01
Software (Internet) 305 15.55 22.89 31.93 38.71 19.05 30.69 33.08 40.10
Software (System & Application) 255 14.12 22.62 35.02 42.01 16.57 28.03 37.77 45.31
Steel 37 8.37 8.44 12.93 16.55 11.73 11.86 13.16 16.84
Telecom (Wireless) 18 6.23 6.24 24.56 37.46 8.34 8.35 24.56 37.46
Telecom. Equipment 104 9.06 13.58 18.12 23.31 9.66 14.65 18.93 24.36
Telecom. Services 66 7.21 7.32 14.58 21.52 7.71 7.84 14.61 21.57
Tobacco 24 14.89 15.31 16.29 23.23 15.55 16.00 16.33 23.30
Transportation 18 11.21 11.22 20.01 29.77 13.55 13.57 20.01 29.77
Transportation (Railroads) 8 11.56 11.56 15.72 25.18 12.97 12.97 15.72 25.19
Trucking 30 11.43 11.46 23.31 34.94 12.43 12.47 23.37 35.04
Utility (General) 18 11.81 11.81 19.23 27.77 12.42 12.43 19.23 27.77
Utility (Water) 23 15.09 15.21 22.56 34.33 16.48 16.62 22.88 34.81
Total Market 7247 15.31 17.42 28.65 38.66 17.82 20.66 29.38 39.65
Total Market (without financials) 6057 11.46 13.10 21.62 29.09 13.30 15.51 22.21 29.87

Last Updated in January 2018
By Aswath Damodaran