Enterprise Value Multiples by Sector (US)

Data Used: Multiple data services

Date of Analysis: Data used is as of January 2022

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&D2 EV/EBITDA3 EV/EBIT4 EV/EBIT (1-t)5
Advertising 49 9.51 9.94 17.51 23.02 15.53 16.63 18.65 24.52
Aerospace/Defense 73 10.04 13.38 22.27 27.29 17.07 25.07 29.59 36.26
Air Transport 21 12.04 17.60 NA NA NA NA NA NA
Apparel 39 9.42 9.49 14.17 17.22 21.50 21.85 14.30 17.39
Auto & Truck 26 26.10 39.07 83.09 104.98 39.49 72.25 92.08 116.34
Auto Parts 38 6.11 7.86 13.85 18.46 9.83 14.15 16.27 21.68
Bank (Money Center) 7 NA NA NA NA NA NA NA NA
Banks (Regional) 563 NA NA NA NA NA NA NA NA
Beverage (Alcoholic) 21 16.72 16.72 20.70 26.29 17.51 17.51 20.75 26.35
Beverage (Soft) 32 19.56 20.00 23.92 31.18 22.52 23.10 23.94 31.20
Broadcasting 28 7.33 7.33 10.17 12.54 7.48 7.49 10.19 12.57
Brokerage & Investment Banking 31 182.39 NA NA NA NA NA NA NA
Building Materials 44 12.86 13.67 18.11 24.15 17.19 18.66 18.16 24.22
Business & Consumer Services 160 15.24 16.01 26.65 36.95 20.34 21.62 28.94 40.13
Cable TV 11 10.14 10.18 17.34 22.73 11.36 11.41 17.34 22.73
Chemical (Basic) 35 5.36 5.62 7.88 9.99 10.95 12.07 8.02 10.17
Chemical (Diversified) 4 7.78 8.66 13.79 15.01 11.84 14.03 13.81 15.04
Chemical (Specialty) 81 13.80 15.41 24.50 29.13 16.92 19.38 24.61 29.26
Coal & Related Energy 18 7.99 8.18 NA NA 21.80 22.78 NA NA
Computer Services 83 9.86 11.97 21.98 26.75 11.77 14.83 22.41 27.27
Computers/Peripherals 46 17.15 21.30 25.45 29.36 17.79 22.24 25.69 29.63
Construction Supplies 48 12.22 14.26 21.06 27.24 15.29 18.51 21.63 27.98
Diversified 22 7.53 7.89 9.28 11.49 11.12 11.92 9.31 11.53
Drugs (Biotechnology) 581 5.90 11.29 40.42 55.64 12.46 41.42 58.26 80.21
Drugs (Pharmaceutical) 298 8.45 13.67 20.68 23.30 10.36 19.04 21.25 23.95
Education 35 9.79 12.34 38.93 57.97 18.25 25.97 50.40 75.05
Electrical Equipment 104 14.70 17.19 28.24 37.68 21.98 26.76 34.33 45.79
Electronics (Consumer & Office) 16 10.06 18.95 29.61 32.57 11.48 23.36 31.13 34.24
Electronics (General) 137 12.67 16.65 26.43 32.80 15.98 22.42 27.66 34.33
Engineering/Construction 48 12.60 12.63 21.23 27.67 15.31 15.36 21.39 27.88
Entertainment 108 24.62 31.58 70.46 84.22 38.08 54.62 79.25 94.72
Environmental & Waste Services 58 15.95 15.97 27.38 35.36 19.23 19.25 27.68 35.75
Farming/Agriculture 36 11.49 12.87 16.35 20.62 13.88 15.92 16.60 20.93
Financial Svcs. (Non-bank & Insurance) 223 99.55 104.28 114.39 132.98 NA NA 179.46 NA
Food Processing 92 12.19 12.62 16.23 21.52 13.08 13.57 16.43 21.80
Food Wholesalers 15 14.69 14.69 28.08 34.18 18.96 18.96 28.10 34.20
Furn/Home Furnishings 32 7.40 8.08 11.19 14.12 10.06 11.35 11.31 14.27
Green & Renewable Energy 20 16.84 16.87 40.45 42.45 18.81 18.84 44.31 46.50
Healthcare Products 244 18.77 24.16 37.63 44.02 24.72 34.46 39.12 45.77
Healthcare Support Services 131 13.08 13.17 18.11 23.39 14.69 14.80 18.73 24.19
Heathcare Information and Technology 142 20.47 25.60 39.39 48.07 30.31 41.67 42.88 52.32
Homebuilding 29 8.04 8.04 8.39 10.77 9.33 9.33 8.39 10.77
Hospitals/Healthcare Facilities 31 8.78 8.78 13.43 17.25 12.05 12.05 13.49 17.32
Hotel/Gaming 66 22.88 27.82 NA NA NA NA NA NA
Household Products 118 17.51 18.88 23.54 29.09 18.40 19.91 23.69 29.28
Information Services 79 23.52 25.81 35.19 44.79 28.57 31.88 36.58 46.55
Insurance (General) 23 9.97 10.00 13.87 16.72 14.85 14.91 14.00 16.88
Insurance (Life) 24 9.18 9.18 10.59 13.25 15.86 15.86 11.14 13.95
Insurance (Prop/Cas.) 52 7.03 7.03 8.24 10.38 10.07 10.07 8.31 10.47
Investments & Asset Management 687 21.74 22.26 26.02 32.95 40.84 42.26 33.66 42.63
Machinery 111 14.76 16.27 21.65 26.91 18.05 20.33 21.89 27.19
Metals & Mining 74 7.56 7.60 9.98 15.00 15.51 15.67 10.24 15.39
Office Equipment & Services 18 9.85 11.57 21.70 25.80 11.09 13.30 21.88 26.02
Oil/Gas (Integrated) 4 8.26 8.42 21.41 25.48 16.79 17.46 21.41 25.48
Oil/Gas (Production and Exploration) 183 8.27 8.28 NA NA 13.93 13.97 NA NA
Oil/Gas Distribution 21 13.05 13.05 21.62 27.47 12.08 12.08 21.65 27.51
Oilfield Svcs/Equip. 100 11.47 12.28 51.64 78.15 27.89 32.86 54.43 82.37
Packaging & Container 26 9.94 10.23 16.52 21.50 10.91 11.26 16.53 21.50
Paper/Forest Products 11 4.79 4.83 6.07 7.67 8.78 8.92 6.08 7.68
Power 50 12.34 12.36 23.27 28.34 13.10 13.13 23.62 28.76
Precious Metals 76 8.32 8.48 14.60 23.11 9.91 10.13 15.40 24.38
Publishing & Newspapers 21 9.00 9.57 17.03 21.09 11.37 12.30 17.08 21.16
R.E.I.T. 238 26.80 26.81 64.77 68.74 34.46 34.47 69.76 74.03
Real Estate (Development) 19 26.84 26.84 93.94 147.67 49.67 49.67 101.21 159.10
Real Estate (General/Diversified) 10 19.93 19.93 32.23 43.22 53.41 53.41 39.54 53.01
Real Estate (Operations & Services) 51 17.84 20.84 NA NA 50.63 78.75 NA NA
Recreation 60 11.54 13.32 24.05 31.44 20.55 26.15 26.71 34.92
Reinsurance 2 7.48 7.48 9.44 12.24 14.31 14.31 9.44 12.24
Restaurant/Dining 70 19.32 19.32 41.20 49.68 29.28 29.29 41.68 50.26
Retail (Automotive) 32 12.15 12.16 18.42 24.33 18.82 18.83 18.63 24.60
Retail (Building Supply) 16 14.85 14.87 18.53 24.26 18.35 18.38 18.53 24.26
Retail (Distributors) 68 14.67 14.68 18.76 24.50 20.24 20.25 18.80 24.56
Retail (General) 16 11.84 11.84 18.77 26.90 15.11 15.11 18.77 26.90
Retail (Grocery and Food) 15 7.60 7.60 24.10 30.47 8.72 8.72 24.41 30.87
Retail (Online) 60 15.16 26.22 66.03 79.19 18.58 37.31 68.05 81.61
Retail (Special Lines) 76 8.40 8.46 16.20 21.04 23.12 23.57 16.41 21.31
Rubber& Tires 2 6.04 7.26 15.32 23.50 15.46 27.03 15.32 23.50
Semiconductor 67 14.87 21.27 31.33 34.29 16.30 24.19 31.67 34.67
Semiconductor Equip 34 14.93 19.43 22.31 24.90 16.37 21.90 22.44 25.03
Shipbuilding & Marine 8 6.49 6.49 9.47 11.25 13.44 13.44 9.54 11.33
Shoe 12 25.65 25.77 31.32 35.97 31.95 32.14 31.55 36.24
Software (Entertainment) 88 14.71 20.51 25.65 30.73 20.34 32.77 26.45 31.68
Software (Internet) 36 11.83 22.98 NA NA 56.95 155.34 NA NA
Software (System & Application) 375 21.97 32.72 46.51 52.24 28.11 44.31 53.46 60.05
Steel 28 4.45 4.46 5.43 6.60 15.35 15.44 5.45 6.63
Telecom (Wireless) 17 7.73 7.79 30.02 35.35 10.28 10.38 30.07 35.41
Telecom. Equipment 82 11.97 18.16 23.52 28.83 12.92 20.27 23.92 29.33
Telecom. Services 42 6.53 6.61 11.72 17.43 7.38 7.48 11.75 17.49
Tobacco 16 10.45 10.70 11.37 15.54 11.39 11.67 11.40 15.57
Transportation 17 11.41 11.42 18.74 24.38 18.48 18.50 18.75 24.40
Transportation (Railroads) 4 15.87 15.87 20.58 26.77 18.34 18.34 20.58 26.77
Trucking 34 8.56 9.93 31.30 55.38 36.65 59.32 48.31 85.47
Utility (General) 16 14.29 14.30 25.38 28.00 14.40 14.41 25.38 28.00
Utility (Water) 14 22.42 22.42 34.62 39.44 24.41 24.41 34.72 39.55
Total Market 7229 15.43 18.19 29.19 36.34 21.97 27.27 32.41 40.35
Total Market (without financials) 5619 13.50 16.06 26.27 32.75 18.35 23.00 28.08 35.01
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Last Updated in January 2022
By Aswath Damodaran