Enterprise Value
Multiples by Sector (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2023
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 | 58 | 9.46 | 10.36 | 17.03 | 22.66 | 12.42 | 13.95 | 17.66 | 23.49 |
| Aerospace/Defense | 77 | 10.94 | 14.59 | 23.98 | 29.98 | 13.83 | 18.65 | 29.33 | 36.68 |
| Air Transport | 21 | 9.10 | 9.39 | 47.45 | 87.18 | NA | NA | 48.71 | 89.50 |
| Apparel | 39 | 6.97 | 7.02 | 10.38 | 13.07 | 8.10 | 8.17 | 10.44 | 13.14 |
| Auto & Truck | 31 | 8.99 | 12.75 | 27.02 | 31.50 | 11.77 | 18.79 | 27.90 | 32.54 |
| Auto Parts | 37 | 5.14 | 7.18 | 14.54 | 19.31 | 6.12 | 8.88 | 15.86 | 21.07 |
| Bank (Money Center) | 7 | NA | NA | NA | NA | NA | NA | NA | NA |
| Banks (Regional) | 557 | NA | NA | NA | NA | NA | NA | NA | NA |
| Beverage (Alcoholic) | 23 | 15.90 | 15.91 | 20.15 | 32.77 | 15.62 | 15.62 | 20.18 | 32.82 |
| Beverage (Soft) | 31 | 19.56 | 20.01 | 24.14 | 29.53 | 20.99 | 21.50 | 24.39 | 29.84 |
| Broadcasting | 26 | 6.55 | 6.55 | 8.98 | 11.60 | 6.91 | 6.91 | 9.00 | 11.62 |
| Brokerage & Investment Banking | 30 | NA | NA | NA | NA | NA | NA | NA | NA |
| Building Materials | 45 | 7.44 | 7.85 | 9.73 | 12.63 | 9.36 | 10.01 | 9.75 | 12.66 |
| Business & Consumer Services | 164 | 12.33 | 13.18 | 21.79 | 28.54 | 15.08 | 16.33 | 22.28 | 29.18 |
| Cable TV | 10 | 7.36 | 7.39 | 12.43 | 18.74 | 7.72 | 7.76 | 12.44 | 18.74 |
| Chemical (Basic) | 38 | 4.72 | 4.92 | 6.66 | 8.41 | 4.77 | 4.97 | 6.76 | 8.53 |
| Chemical (Diversified) | 4 | 4.62 | 5.02 | 6.71 | 8.11 | 6.20 | 6.92 | 6.71 | 8.12 |
| Chemical (Specialty) | 76 | 9.31 | 10.53 | 16.53 | 21.63 | 11.88 | 13.90 | 16.74 | 21.90 |
| Coal & Related Energy | 19 | 3.77 | 3.81 | 5.31 | 5.64 | 11.01 | 11.33 | 6.46 | 6.85 |
| Computer Services | 80 | 8.68 | 10.56 | 16.72 | 19.71 | 10.11 | 12.70 | 16.99 | 20.03 |
| Computers/Peripherals | 42 | 11.90 | 14.73 | 17.08 | 20.53 | 12.08 | 15.00 | 17.12 | 20.57 |
| Construction Supplies | 49 | 11.06 | 12.93 | 18.75 | 24.46 | 13.19 | 15.86 | 19.25 | 25.11 |
| Diversified | 23 | 26.72 | 30.96 | 69.44 | 80.46 | 7.41 | 7.70 | 69.54 | 80.57 |
| Drugs (Biotechnology) | 598 | 5.84 | 11.03 | 40.68 | 73.16 | 10.05 | 27.40 | 52.11 | 93.72 |
| Drugs (Pharmaceutical) | 281 | 8.43 | 12.34 | 17.37 | 19.96 | 9.74 | 15.19 | 17.72 | 20.36 |
| Education | 33 | 7.48 | 9.65 | 30.36 | 51.49 | 12.05 | 17.38 | 35.85 | 60.81 |
| Electrical Equipment | 110 | 10.65 | 12.69 | 22.72 | 31.65 | 15.53 | 19.35 | 27.00 | 37.62 |
| Electronics (Consumer & Office) | 16 | 4.41 | 10.43 | 27.83 | 31.23 | 6.38 | 17.36 | 36.78 | 41.28 |
| Electronics (General) | 138 | 9.03 | 11.92 | 19.25 | 24.41 | 10.27 | 14.05 | 19.71 | 25.00 |
| Engineering/Construction | 43 | 13.12 | 13.17 | 22.99 | 30.10 | 15.26 | 15.33 | 23.10 | 30.25 |
| Entertainment | 110 | 14.15 | 17.46 | 39.96 | 53.36 | 16.56 | 21.12 | 41.10 | 54.88 |
| Environmental & Waste Services | 62 | 14.01 | 14.02 | 23.39 | 30.18 | 16.39 | 16.40 | 23.62 | 30.48 |
| Farming/Agriculture | 39 | 11.29 | 12.61 | 15.58 | 19.68 | 12.96 | 14.70 | 15.74 | 19.88 |
| Financial Svcs. (Non-bank & Insurance) | 223 | 85.97 | 91.88 | 90.63 | 112.73 | 143.22 | 153.29 | 147.86 | 183.91 |
| Food Processing | 92 | 12.74 | 13.24 | 17.40 | 21.68 | 13.59 | 14.15 | 17.59 | 21.91 |
| Food Wholesalers | 14 | 12.02 | 12.02 | 19.71 | 25.44 | 14.15 | 14.15 | 19.77 | 25.52 |
| Furn/Home Furnishings | 32 | 5.59 | 6.28 | 10.05 | 17.59 | 6.04 | 6.77 | 11.15 | 19.53 |
| Green & Renewable Energy | 19 | 12.68 | 12.70 | 31.28 | 34.60 | 14.61 | 14.64 | 31.80 | 35.18 |
| Healthcare Products | 254 | 14.36 | 19.09 | 32.02 | 38.43 | 16.75 | 22.99 | 34.06 | 40.87 |
| Healthcare Support Services | 131 | 11.98 | 12.16 | 16.78 | 21.80 | 14.27 | 14.52 | 17.21 | 22.37 |
| Heathcare Information and Technology | 138 | 15.59 | 19.36 | 30.49 | 37.25 | 17.50 | 22.22 | 31.37 | 38.32 |
| Homebuilding | 32 | 4.39 | 4.39 | 4.54 | 5.90 | 4.96 | 4.96 | 4.54 | 5.90 |
| Hospitals/Healthcare Facilities | 34 | 8.70 | 8.70 | 13.48 | 17.91 | 9.11 | 9.12 | 13.50 | 17.93 |
| Hotel/Gaming | 69 | 13.79 | 15.19 | 82.58 | 170.59 | 36.28 | 45.38 | 99.33 | NA |
| Household Products | 127 | 15.61 | 16.85 | 21.19 | 26.60 | 15.81 | 17.07 | 21.30 | 26.74 |
| Information Services | 73 | 16.45 | 18.38 | 24.56 | 31.17 | 18.87 | 21.32 | 25.84 | 32.79 |
| Insurance (General) | 21 | 7.41 | 7.43 | 9.81 | 12.40 | 9.75 | 9.79 | 9.88 | 12.50 |
| Insurance (Life) | 27 | 10.67 | 10.67 | 12.25 | 14.76 | 9.27 | 9.27 | 15.79 | 19.03 |
| Insurance (Prop/Cas.) | 51 | 14.62 | 14.62 | 21.02 | 26.98 | 8.25 | 8.25 | 21.44 | 27.53 |
| Investments & Asset Management | 600 | 17.86 | 18.34 | 22.44 | 28.59 | 19.90 | 20.37 | 28.46 | 36.25 |
| Machinery | 116 | 12.66 | 14.08 | 18.89 | 23.79 | 13.81 | 15.51 | 19.05 | 24.00 |
| Metals & Mining | 68 | 6.54 | 6.58 | 8.85 | 14.35 | 6.34 | 6.37 | 9.02 | 14.62 |
| Office Equipment & Services | 16 | 7.21 | 8.45 | 14.91 | 19.96 | 8.64 | 10.48 | 14.91 | 19.96 |
| Oil/Gas (Integrated) | 4 | 5.69 | 5.73 | 7.98 | 10.34 | 9.69 | 9.81 | 7.98 | 10.34 |
| Oil/Gas (Production and Exploration) | 174 | 4.27 | 4.28 | 5.87 | 7.45 | 8.56 | 8.57 | 5.94 | 7.54 |
| Oil/Gas Distribution | 23 | 11.36 | 11.36 | 19.41 | 23.41 | 15.13 | 15.14 | 24.02 | 28.98 |
| Oilfield Svcs/Equip. | 101 | 5.77 | 5.90 | 7.78 | 9.74 | 15.02 | 15.89 | 7.82 | 9.79 |
| Packaging & Container | 25 | 8.02 | 8.24 | 12.95 | 16.29 | 9.31 | 9.61 | 12.96 | 16.29 |
| Paper/Forest Products | 7 | 3.43 | 3.43 | 4.16 | 5.64 | 3.39 | 3.40 | 4.17 | 5.65 |
| Power | 48 | 12.93 | 12.97 | 23.95 | 27.04 | 13.44 | 13.48 | 23.95 | 27.04 |
| Precious Metals | 74 | 10.44 | 10.88 | 33.92 | 58.86 | 8.88 | 9.18 | 35.19 | 61.06 |
| Publishing & Newspapers | 20 | 7.80 | 8.40 | 14.86 | 17.40 | 8.19 | 8.85 | 14.96 | 17.52 |
| R.E.I.T. | 223 | 19.89 | 19.89 | 43.36 | 45.31 | 25.70 | 25.71 | 47.68 | 49.82 |
| Real Estate (Development) | 18 | 10.54 | 10.54 | 15.46 | 20.56 | 15.87 | 15.87 | 16.06 | 21.36 |
| Real Estate (General/Diversified) | 12 | 14.89 | 14.89 | 21.39 | 25.90 | 15.88 | 15.88 | 21.58 | 26.13 |
| Real Estate (Operations & Services) | 60 | 7.72 | 8.80 | 159.94 | NA | 23.73 | 33.96 | NA | NA |
| Recreation | 57 | 8.31 | 9.66 | 20.26 | 28.53 | 11.11 | 13.53 | 21.26 | 29.94 |
| Reinsurance | 1 | 12.08 | 12.08 | 13.62 | 14.56 | 10.80 | 10.80 | 13.62 | 14.56 |
| Restaurant/Dining | 70 | 16.79 | 16.79 | 31.71 | 40.83 | 20.52 | 20.52 | 31.76 | 40.90 |
| Retail (Automotive) | 30 | 9.74 | 9.75 | 15.11 | 20.63 | 12.38 | 12.39 | 15.79 | 21.56 |
| Retail (Building Supply) | 15 | 11.45 | 11.47 | 14.16 | 18.93 | 12.49 | 12.51 | 14.17 | 18.94 |
| Retail (Distributors) | 69 | 9.41 | 9.43 | 11.19 | 14.39 | 13.79 | 13.84 | 12.18 | 15.67 |
| Retail (General) | 15 | 11.90 | 11.90 | 19.73 | 26.78 | 12.11 | 12.11 | 19.73 | 26.78 |
| Retail (Grocery and Food) | 13 | 5.89 | 5.89 | 12.82 | 16.53 | 7.43 | 7.43 | 12.84 | 16.55 |
| Retail (Online) | 63 | 7.77 | 16.07 | 98.64 | 99.11 | 8.05 | 16.76 | 101.51 | 101.99 |
| Retail (Special Lines) | 78 | 8.34 | 8.40 | 16.59 | 21.64 | 10.95 | 11.06 | 16.87 | 22.00 |
| Rubber& Tires | 3 | 3.97 | 4.81 | 9.42 | 9.42 | 4.75 | 6.00 | 9.42 | 9.42 |
| Semiconductor | 68 | 8.59 | 12.66 | 19.34 | 21.61 | 8.26 | 11.89 | 19.56 | 21.86 |
| Semiconductor Equip | 30 | 9.10 | 11.78 | 13.34 | 15.46 | 9.53 | 12.50 | 13.35 | 15.47 |
| Shipbuilding & Marine | 8 | 3.28 | 3.28 | 4.06 | 4.81 | 4.65 | 4.65 | 4.07 | 4.82 |
| Shoe | 13 | 20.10 | 20.23 | 25.05 | 29.25 | 21.86 | 22.02 | 25.09 | 29.30 |
| Software (Entertainment) | 91 | 6.99 | 10.65 | 13.79 | 16.44 | 7.04 | 10.66 | 14.01 | 16.70 |
| Software (Internet) | 33 | 7.00 | 14.84 | NA | NA | 26.84 | 144.15 | NA | NA |
| Software (System & Application) | 390 | 13.89 | 21.33 | 31.83 | 40.21 | 16.39 | 26.36 | 34.65 | 43.77 |
| Steel | 28 | 2.96 | 2.96 | 3.39 | 4.26 | 3.60 | 3.61 | 3.40 | 4.27 |
| Telecom (Wireless) | 16 | 8.73 | 8.74 | 25.66 | 25.83 | 10.08 | 10.09 | 25.69 | 25.86 |
| Telecom. Equipment | 79 | 9.47 | 14.70 | 19.00 | 23.30 | 9.84 | 15.57 | 19.11 | 23.44 |
| Telecom. Services | 49 | 5.89 | 5.98 | 10.88 | 13.99 | 6.08 | 6.18 | 10.91 | 14.02 |
| Tobacco | 15 | 10.46 | 10.76 | 11.47 | 15.61 | 10.50 | 10.79 | 11.48 | 15.62 |
| Transportation | 18 | 7.65 | 7.65 | 11.54 | 14.84 | 9.03 | 9.04 | 11.55 | 14.84 |
| Transportation (Railroads) | 4 | 12.48 | 12.48 | 15.87 | 20.42 | 13.62 | 13.62 | 15.87 | 20.42 |
| Trucking | 35 | 5.53 | 6.34 | 11.64 | 16.97 | 11.83 | 14.80 | 15.82 | 23.06 |
| Utility (General) | 15 | 13.74 | 13.75 | 23.76 | 28.14 | 14.26 | 14.27 | 23.76 | 28.14 |
| Utility (Water) | 16 | 20.00 | 20.00 | 31.14 | 36.84 | 20.93 | 20.93 | 31.26 | 36.98 |
| Total Market | 7165 | 12.01 | 14.23 | 21.85 | 27.35 | 14.74 | 17.83 | 24.11 | 30.17 |
| Total Market (without financials) | 5649 | 10.06 | 12.00 | 18.67 | 23.37 | 11.80 | 14.41 | 19.50 | 24.41 |