Enterprise Value Multiples by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2025

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

For global datasets: https://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 54 13.86 15.56 24.27 33.23 17.35 20.07 24.48 33.51
Aerospace/Defense 67 13.02 17.24 28.39 35.54 17.02 23.20 34.01 42.58
Air Transport 24 7.25 7.47 17.63 23.83 8.96 9.27 18.71 25.29
Apparel 37 9.15 9.22 14.64 16.89 11.88 11.99 14.71 16.98
Auto & Truck 34 23.66 37.44 106.52 118.57 28.08 49.31 108.13 120.36
Auto Parts 33 4.59 6.53 13.57 18.48 5.61 8.57 14.32 19.50
Bank (Money Center) 15 NA NA NA NA NA NA NA NA
Banks (Regional) 591 NA NA NA NA NA NA NA NA
Beverage (Alcoholic) 18 11.63 11.63 14.40 17.68 12.67 12.67 14.42 17.71
Beverage (Soft) 29 16.42 16.76 19.87 24.77 17.63 18.03 19.88 24.78
Broadcasting 22 7.20 7.21 10.26 12.40 9.07 9.07 10.29 12.43
Brokerage & Investment Banking 30 NA NA NA NA NA NA NA NA
Building Materials 39 12.26 13.14 17.28 22.72 13.08 14.08 17.29 22.73
Business & Consumer Services 152 15.71 16.75 23.77 31.55 17.71 19.03 23.97 31.82
Cable TV 9 7.00 7.04 12.52 16.14 7.15 7.20 12.52 16.14
Chemical (Basic) 31 7.40 7.97 16.21 19.73 7.57 8.15 16.53 20.12
Chemical (Diversified) 4 7.96 9.27 22.26 22.26 7.24 8.32 22.28 22.28
Chemical (Specialty) 60 11.72 13.31 22.13 27.55 12.69 14.51 22.76 28.34
Coal & Related Energy 16 3.84 3.89 7.98 10.36 4.89 4.94 14.11 18.33
Computer Services 63 11.47 14.29 21.79 26.07 11.50 14.33 21.94 26.25
Computers/Peripherals 35 20.02 25.36 29.39 38.04 20.57 26.23 29.46 38.13
Construction Supplies 46 11.19 12.62 16.11 20.83 11.78 13.37 16.20 20.96
Diversified 21 7.71 7.86 8.81 10.91 8.52 8.70 8.82 10.92
Drugs (Biotechnology) 535 6.36 15.19 NA NA 11.49 62.25 NA NA
Drugs (Pharmaceutical) 231 8.61 15.37 23.37 26.55 9.77 18.96 24.05 27.32
Education 29 11.88 14.25 28.47 40.22 17.51 22.90 29.60 41.81
Electrical Equipment 101 15.63 19.61 41.44 57.05 22.27 30.40 44.79 61.66
Electronics (Consumer & Office) 11 3.37 44.49 NA NA NA NA NA NA
Electronics (General) 122 12.98 17.28 28.93 36.11 14.34 19.60 29.68 37.04
Engineering/Construction 42 15.58 15.65 24.03 32.59 19.45 19.55 24.14 32.74
Entertainment 96 16.56 19.61 45.58 60.65 19.89 24.18 48.00 63.87
Environmental & Waste Services 50 15.52 15.82 24.29 31.58 17.55 17.94 24.42 31.74
Farming/Agriculture 35 10.22 11.76 15.78 20.70 9.48 10.79 15.92 20.89
Financial Svcs. (Non-bank & Insurance) 166 57.13 62.82 79.27 98.28 95.38 106.22 117.65 145.87
Food Processing 77 10.71 11.17 14.76 19.39 11.75 12.30 14.84 19.49
Food Wholesalers 14 10.77 10.77 16.86 22.03 12.03 12.03 16.86 22.03
Furn/Home Furnishings 28 8.66 10.18 17.22 20.74 10.18 12.31 17.44 21.01
Green & Renewable Energy 18 11.28 11.30 31.91 32.14 11.67 11.70 32.28 32.52
Healthcare Products 218 15.85 21.20 33.63 40.27 18.01 24.93 34.70 41.55
Healthcare Support Services 113 11.17 11.32 15.15 19.72 11.52 11.67 15.34 19.96
Heathcare Information and Technology 116 17.13 22.01 38.62 45.29 19.27 25.45 39.63 46.48
Homebuilding 30 7.65 7.65 7.97 10.38 8.02 8.02 7.98 10.39
Hospitals/Healthcare Facilities 33 8.09 8.11 12.21 15.45 9.65 9.69 12.22 15.46
Hotel/Gaming 65 14.18 15.42 28.23 33.53 16.71 18.42 28.85 34.26
Household Products 101 14.11 15.31 18.97 24.65 15.06 16.43 19.04 24.73
Information Services 16 10.68 11.75 18.68 24.17 12.00 13.36 18.68 24.17
Insurance (General) 22 12.96 13.02 18.83 22.64 14.34 14.42 18.88 22.71
Insurance (Life) 19 11.70 11.70 14.40 19.08 19.88 19.88 15.00 19.88
Insurance (Prop/Cas.) 53 10.22 10.22 10.96 13.79 15.99 15.99 11.01 13.85
Investments & Asset Management 231 40.03 41.40 41.45 51.50 47.89 49.81 42.69 53.04
Machinery 109 13.91 15.35 20.02 25.54 15.49 17.29 20.20 25.77
Metals & Mining 64 8.63 8.68 12.27 19.43 11.17 11.26 12.76 20.21
Office Equipment & Services 14 7.65 8.77 14.16 17.04 9.09 10.71 14.18 17.07
Oil/Gas (Integrated) 4 6.63 6.70 11.06 15.84 6.69 6.76 11.06 15.84
Oil/Gas (Production and Exploration) 147 5.60 5.60 10.14 13.18 5.77 5.78 10.24 13.31
Oil/Gas Distribution 24 12.16 12.16 17.30 21.48 10.55 10.56 17.51 21.73
Oilfield Svcs/Equip. 97 7.09 7.35 11.70 14.67 5.49 5.65 11.75 14.73
Packaging & Container 22 9.15 9.46 15.43 19.03 9.24 9.56 15.43 19.03
Paper/Forest Products 6 7.84 7.87 11.96 16.56 8.60 8.65 11.96 16.56
Power 48 11.84 11.87 21.89 24.84 13.14 13.18 21.98 24.94
Precious Metals 60 7.98 8.17 15.63 18.52 14.60 15.22 16.21 19.21
Publishing & Newspapers 19 10.17 11.09 19.22 26.39 11.67 12.90 19.35 26.56
R.E.I.T. 192 20.33 20.33 43.92 45.76 24.28 24.28 48.73 50.76
Real Estate (Development) 15 14.94 14.94 27.38 32.34 21.72 21.72 29.35 34.66
Real Estate (General/Diversified) 11 14.22 14.22 31.14 42.63 21.41 21.41 36.45 49.90
Real Estate (Operations & Services) 60 15.84 20.83 90.19 141.38 30.29 47.80 112.85 176.91
Recreation 50 9.15 10.67 25.20 32.92 11.33 13.60 26.61 34.75
Reinsurance 1 11.05 11.05 11.59 14.51 9.62 9.62 11.59 14.51
Restaurant/Dining 62 18.13 18.67 32.11 40.68 22.05 22.85 32.16 40.75
Retail (Automotive) 29 14.45 14.42 21.68 27.78 16.57 16.53 21.82 27.95
Retail (Building Supply) 13 15.58 15.75 20.75 27.36 16.63 16.81 21.02 27.72
Retail (Distributors) 66 12.85 12.87 15.74 20.64 14.93 14.95 16.82 22.05
Retail (General) 24 12.87 18.21 34.66 43.07 15.42 23.80 34.67 43.07
Retail (Grocery and Food) 17 7.46 7.74 16.89 21.43 10.22 10.76 16.89 21.44
Retail (REITs) 28 17.44 17.44 32.77 34.03 18.96 18.96 32.77 34.03
Retail (Special Lines) 98 9.77 9.90 19.99 26.14 15.37 15.69 20.17 26.38
Rubber& Tires 3 4.64 5.68 14.15 14.15 6.02 7.89 14.19 14.19
Semiconductor 63 24.07 34.48 48.85 57.90 29.57 46.76 49.27 58.39
Semiconductor Equip 30 12.67 17.73 20.93 23.86 12.92 18.23 20.96 23.89
Shipbuilding & Marine 8 7.71 7.71 11.59 14.54 11.05 11.05 11.68 14.66
Shoe 12 14.67 14.77 18.46 22.19 15.54 15.65 18.46 22.20
Software (Entertainment) 81 12.53 18.27 22.46 26.46 15.17 24.22 22.84 26.90
Software (Internet) 29 12.29 28.08 NA NA 25.99 97.97 NA NA
Software (System & Application) 333 19.52 27.98 37.85 46.37 22.77 34.12 40.13 49.17
Steel 27 7.50 7.52 11.57 14.20 5.54 5.55 11.61 14.25
Telecom (Wireless) 11 9.83 9.84 21.97 28.89 12.44 12.46 21.97 28.90
Telecom. Equipment 61 13.54 21.77 29.90 33.26 14.52 23.94 30.79 34.25
Telecom. Services 32 6.54 6.62 12.28 17.09 7.34 7.44 12.39 17.25
Tobacco 12 11.96 12.35 13.42 17.19 12.51 12.95 13.43 17.21
Transportation 21 10.77 11.79 21.82 27.71 12.57 13.92 22.83 28.99
Transportation (Railroads) 4 12.56 12.56 16.40 21.35 13.44 13.44 16.40 21.35
Trucking 24 11.17 11.33 25.31 33.80 11.80 11.97 25.32 33.81
Utility (General) 14 13.44 13.44 22.71 25.68 13.39 13.39 22.71 25.68
Utility (Water) 15 15.01 15.03 22.56 26.93 16.83 16.85 22.73 27.13
Total Market 6062 15.45 18.60 28.27 35.39 18.54 22.86 30.33 37.97
Total Market (without financials) 4935 13.04 15.83 24.41 30.56 14.91 18.53 25.16 31.50


Last Updated in January 2025
By Aswath Damodaran