Enterprise Value Multiples by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2021

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 61 8.69 8.86 16.08 20.22 10.30 10.51 17.67 22.22
Aerospace/Defense 72 9.21 12.15 20.31 27.49 12.10 15.98 26.60 36.00
Air Transport 17 31.73 34.43 NA NA 6.37 6.42 NA NA
Apparel 51 14.51 14.69 33.98 42.74 13.98 14.14 34.19 43.01
Auto & Truck 19 26.83 45.73 177.76 NA 24.01 37.85 179.68 NA
Auto Parts 52 7.47 10.07 23.28 32.84 10.22 13.03 38.32 54.04
Bank (Money Center) 7 NA NA NA NA NA NA NA NA
Banks (Regional) 598 NA NA NA NA NA NA NA NA
Beverage (Alcoholic) 23 17.61 17.61 22.21 25.73 18.17 18.17 22.23 25.75
Beverage (Soft) 41 20.22 20.74 25.22 31.15 20.77 21.32 25.25 31.18
Broadcasting 29 7.84 7.84 10.93 13.84 8.50 8.51 10.93 13.84
Brokerage & Investment Banking 39 NA NA NA NA NA NA NA NA
Building Materials 42 12.35 13.27 18.17 23.36 13.40 14.49 18.20 23.40
Business & Consumer Services 169 16.93 17.40 31.21 41.48 19.73 20.33 32.51 43.21
Cable TV 13 11.06 11.11 20.20 26.09 11.87 11.93 21.32 27.54
Chemical (Basic) 48 9.33 10.01 20.70 21.70 8.05 8.55 20.79 21.79
Chemical (Diversified) 5 11.39 13.38 29.25 31.00 10.06 11.58 29.27 31.03
Chemical (Specialty) 97 13.70 15.56 26.53 31.31 13.91 15.82 26.70 31.51
Coal & Related Energy 29 5.75 5.79 NA NA 4.10 4.11 NA NA
Computer Services 116 9.02 10.70 17.96 20.45 9.63 11.55 18.18 20.71
Computers/Peripherals 52 18.80 24.76 32.89 38.04 19.26 25.52 33.09 38.27
Construction Supplies 46 12.87 15.23 23.47 30.30 10.97 12.61 24.03 31.02
Diversified 29 10.54 11.37 15.12 19.48 7.59 8.00 15.42 19.86
Drugs (Biotechnology) 547 6.79 14.40 57.63 94.48 15.19 56.20 93.30 152.95
Drugs (Pharmaceutical) 287 9.52 14.32 22.27 26.60 10.87 17.22 23.10 27.60
Education 38 13.45 14.43 31.21 36.91 17.71 19.39 32.20 38.08
Electrical Equipment 122 13.69 15.96 22.83 28.06 17.57 20.58 28.52 35.05
Electronics (Consumer & Office) 22 7.57 18.96 59.52 66.24 10.49 45.65 64.37 71.64
Electronics (General) 157 12.28 17.52 32.12 41.52 13.00 18.64 33.59 43.42
Engineering/Construction 61 10.82 10.85 19.80 25.77 15.71 15.78 20.84 27.13
Entertainment 118 28.60 36.26 89.24 95.01 34.79 45.47 97.59 103.90
Environmental & Waste Services 86 14.96 14.98 27.42 33.92 16.00 16.01 27.62 34.17
Farming/Agriculture 32 12.69 14.71 20.13 26.42 14.99 17.87 20.25 26.58
Financial Svcs. (Non-bank & Insurance) 235 195.86 NA NA NA NA NA NA NA
Food Processing 101 12.46 12.88 16.83 23.14 13.43 13.92 16.94 23.29
Food Wholesalers 18 15.87 15.87 35.36 35.52 15.66 15.66 35.40 35.56
Furn/Home Furnishings 40 8.61 9.73 15.82 19.54 10.20 11.78 16.09 19.88
Green & Renewable Energy 25 22.87 22.94 50.76 55.41 22.15 22.22 50.90 55.56
Healthcare Products 265 21.58 28.53 49.25 56.83 24.22 32.70 51.93 59.92
Healthcare Support Services 129 10.31 10.36 13.63 17.78 13.35 13.42 14.10 18.39
Heathcare Information and Technology 139 23.16 29.32 50.49 59.21 29.28 38.58 55.60 65.21
Homebuilding 30 9.54 9.54 10.23 12.82 10.52 10.52 10.23 12.82
Hospitals/Healthcare Facilities 32 8.96 8.97 16.18 19.63 9.49 9.49 16.19 19.64
Hotel/Gaming 66 33.58 38.32 NA NA 16.63 17.27 NA NA
Household Products 140 16.26 17.60 22.33 28.16 17.67 19.26 22.41 28.26
Information Services 77 29.27 31.70 44.48 55.79 30.53 33.16 44.82 56.21
Insurance (General) 21 9.95 9.99 15.01 17.34 9.36 9.39 15.30 17.67
Insurance (Life) 26 12.51 12.51 15.00 17.23 11.07 11.07 15.46 17.75
Insurance (Prop/Cas.) 55 9.69 9.69 12.33 15.64 8.98 8.98 13.26 16.81
Investments & Asset Management 348 25.41 26.17 30.60 38.16 29.22 30.10 35.16 43.85
Machinery 125 14.93 16.70 23.08 28.60 14.61 16.30 23.11 28.64
Metals & Mining 86 13.74 13.90 25.92 42.53 14.76 14.95 26.56 43.57
Office Equipment & Services 22 7.66 8.82 14.77 18.84 7.49 8.59 14.78 18.85
Oil/Gas (Integrated) 3 10.38 10.77 NA NA 7.00 7.18 NA NA
Oil/Gas (Production and Exploration) 278 6.38 6.39 NA NA 4.59 4.60 NA NA
Oil/Gas Distribution 57 9.12 9.12 13.95 15.79 9.33 9.33 13.96 15.80
Oilfield Svcs/Equip. 135 10.50 11.35 95.78 98.53 6.87 7.20 102.53 105.48
Packaging & Container 26 10.05 10.34 17.48 22.55 10.19 10.48 17.49 22.56
Paper/Forest Products 15 7.59 7.71 15.65 19.08 8.21 8.35 15.73 19.19
Power 55 11.86 11.89 22.26 24.42 12.37 12.39 22.26 24.42
Precious Metals 93 10.06 10.30 21.45 26.53 14.61 15.10 22.25 27.53
Publishing & Newspapers 29 9.55 9.77 21.76 24.64 11.64 11.97 21.85 24.74
R.E.I.T. 238 22.71 22.72 61.43 63.62 24.08 24.09 67.46 69.87
Real Estate (Development) 25 47.57 47.57 NA NA 27.00 27.00 NA NA
Real Estate (General/Diversified) 11 25.25 25.25 78.40 117.00 51.02 51.02 106.91 159.54
Real Estate (Operations & Services) 61 14.41 14.82 32.31 36.10 18.60 19.17 38.85 43.42
Recreation 69 18.67 22.59 52.06 72.35 20.59 24.81 58.48 81.27
Reinsurance 2 12.92 12.92 19.18 24.98 6.27 6.27 19.18 24.98
Restaurant/Dining 79 23.53 23.53 80.25 103.24 26.06 26.06 80.38 103.42
Retail (Automotive) 30 11.56 11.56 19.84 26.08 17.43 17.43 22.54 29.63
Retail (Building Supply) 15 12.57 12.59 16.49 21.66 17.05 17.08 16.49 21.66
Retail (Distributors) 85 13.87 13.88 18.78 25.51 15.59 15.60 18.91 25.69
Retail (General) 17 12.29 12.29 22.81 30.97 14.70 14.70 22.81 30.97
Retail (Grocery and Food) 14 5.75 5.75 14.31 18.89 8.89 8.89 14.33 18.92
Retail (Online) 75 19.06 33.19 83.83 101.81 22.79 43.45 89.79 109.04
Retail (Special Lines) 85 11.27 11.40 43.75 58.31 14.15 14.35 44.11 58.78
Rubber& Tires 3 6.81 9.84 NA NA 4.78 6.09 NA NA
Semiconductor 70 12.23 18.04 29.30 32.54 13.17 20.03 29.71 33.00
Semiconductor Equip 40 13.40 18.69 22.86 26.20 14.90 21.70 22.98 26.34
Shipbuilding & Marine 11 10.67 10.67 30.64 35.44 11.94 11.94 30.72 35.52
Shoe 11 35.55 35.83 56.49 64.90 42.67 43.08 56.49 64.90
Software (Entertainment) 101 15.75 25.09 38.04 43.44 17.76 29.02 41.19 47.03
Software (Internet) 36 12.23 19.21 95.44 114.79 55.33 106.48 NA NA
Software (System & Application) 388 20.04 30.42 43.93 52.25 25.77 41.53 50.82 60.44
Steel 32 9.65 9.74 23.06 33.84 7.96 8.01 25.77 37.82
Telecom (Wireless) 16 10.00 10.14 29.55 39.18 16.56 16.94 29.55 39.18
Telecom. Equipment 96 9.12 13.92 18.52 22.40 9.42 14.50 18.85 22.79
Telecom. Services 58 6.68 6.76 13.12 15.81 7.30 7.40 13.15 15.85
Tobacco 15 10.22 10.48 11.20 17.53 10.95 11.25 11.22 17.55
Transportation 21 12.95 12.96 25.63 32.48 17.00 17.02 25.64 32.49
Transportation (Railroads) 6 15.46 15.46 20.93 27.19 14.63 14.63 20.94 27.19
Trucking 35 7.73 10.06 NA NA 57.02 NA NA NA
Utility (General) 16 12.14 12.15 20.53 22.56 12.74 12.74 20.53 22.56
Utility (Water) 17 20.92 20.92 32.16 39.42 23.74 23.74 32.38 39.69
Total Market 7582 16.92 20.02 36.46 45.02 18.40 21.87 38.72 47.81
Total Market (without financials) 6253 13.85 16.52 30.62 37.90 15.18 18.19 32.89 40.70

Last Updated in January 2021
By Aswath Damodaran