Valuation multiples by industry
The median multiple of every industry, at 30 September 2026, for the world and four major regions. Each industry is shown on its key multiple: the one valuers use for that kind of company, EV/EBITDA for most, revenue for software and biotechnology, earnings or book value for financials.
Industries
70
in 13 sectors
Sub-industries
139
for subscribers
Companies
18,124
listed, above USD 100m, at 30 Sep 2026
Regions
8
five shown here
EnergyMaterialsIndustrialsTransportationConsumer DiscretionaryConsumer StaplesHealth CareFinancialsReal EstateTechnologyTelecommunicationsMedia & EntertainmentUtilities
| Industry | Key multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|---|
| Energy | ||||||
| Oil & Gas Producers | EV/EBITDA | 5.5x | 5.2x | 4.5x | – | 6.9x |
| Midstream | EV/EBITDA | 10.6x | 10.3x | 6.6x | – | 9.6x |
| Refining & Marketing | EV/EBITDA | 7.7x | 6.7x | – | 6.9x | 8.5x |
| Energy Equipment & Services | EV/EBITDA | 7.7x | 7.7x | 5.8x | – | 15.8x |
| Coal & Nuclear Fuel | EV/EBITDA | 8.1x | 6.7x | – | – | 8.7x |
| Materials | ||||||
| Chemicals | EV/EBITDA | 12.4x | 9.6x | 9.5x | 7.2x | 15.6x |
| Construction Materials | EV/EBITDA | 8.5x | 9.3x | 6.9x | 5.8x | 9.5x |
| Packaging | EV/EBITDA | 8.6x | 8.2x | 8.7x | 6.8x | 13.1x |
| Metals & Mining | EV/EBITDA | 10.1x | 10.5x | 8.1x | 7.3x | 13.2x |
| Forest & Paper Products | EV/EBITDA | 9.8x | – | 10.1x | 9.7x | 13.0x |
| Industrials | ||||||
| Aerospace & Defense | EV/EBITDA | 20.8x | 19.5x | 16.1x | – | 29.5x |
| Building Products | EV/EBITDA | 10.3x | 11.4x | 10.0x | 7.0x | 14.0x |
| Construction & Engineering | EV/EBITDA | 9.7x | 13.6x | 8.2x | 7.3x | 11.5x |
| Electrical Equipment | EV/EBITDA | 19.1x | 18.8x | 12.5x | 7.3x | 21.4x |
| Machinery | EV/EBITDA | 14.0x | 12.6x | 9.5x | 7.5x | 21.0x |
| Industrial Conglomerates | EV/EBITDA | 10.4x | – | 8.7x | 12.2x | 10.1x |
| Industrial Distribution | EV/EBITDA | 9.0x | 12.9x | 9.1x | 7.0x | 11.0x |
| Commercial Services | EV/EBITDA | 9.5x | 11.6x | 8.2x | 6.5x | 14.6x |
| Professional Services | EV/EBITDA | 9.0x | 10.9x | 9.6x | 7.0x | 9.2x |
| Transportation | ||||||
| Airlines | EV/EBITDA | 6.7x | 7.6x | 4.6x | – | 8.6x |
| Logistics & Air Freight | EV/EBITDA | 8.0x | 9.0x | 5.8x | 7.5x | 10.2x |
| Ground Transportation | EV/EBITDA | 10.3x | 12.6x | 9.4x | 10.0x | 11.5x |
| Marine Shipping | EV/EBITDA | 7.9x | 7.2x | 7.5x | 11.9x | 7.9x |
| Transportation Infrastructure | EV/EBITDA | 9.4x | – | 10.2x | 7.8x | 9.6x |
| Consumer Discretionary | ||||||
| Automobiles & Components | EV/EBITDA | 8.5x | 6.6x | 6.3x | 4.9x | 11.8x |
| Household Durables | EV/EBITDA | 10.6x | 9.1x | 8.7x | 7.8x | 12.9x |
| Leisure Products | EV/EBITDA | 10.5x | 11.2x | 12.9x | 9.0x | 12.3x |
| Apparel & Footwear | EV/EBITDA | 9.3x | 7.4x | 9.5x | 8.6x | 10.8x |
| Hotels, Restaurants & Leisure | EV/EBITDA | 9.0x | 10.7x | 7.6x | 9.5x | 8.8x |
| Consumer Services | EV/EBITDA | 7.2x | 9.0x | 9.9x | 6.7x | 7.9x |
| Retail | EV/EBITDA | 7.8x | 7.3x | 7.2x | 8.1x | 9.8x |
| Consumer Distributors | EV/EBITDA | 8.7x | 7.5x | – | 7.4x | 10.2x |
| Consumer Staples | ||||||
| Food & Staples Retail | P/E | 16.0x | 20.4x | 17.2x | 13.2x | 17.3x |
| Beverages | P/E | 17.3x | 18.1x | 16.7x | 20.0x | 20.1x |
| Food Products | P/E | 16.0x | 14.8x | 17.3x | 15.8x | 16.1x |
| Tobacco | P/E | 12.2x | – | – | – | 11.5x |
| Household & Personal Products | P/E | 17.0x | 16.7x | 17.9x | 19.3x | 16.3x |
| Health Care | ||||||
| Pharmaceuticals | P/E | 19.3x | 17.1x | 17.2x | 13.3x | 22.0x |
| Biotechnology | EV/Sales | 6.5x | 6.5x | 5.0x | 4.4x | 7.6x |
| Medical Devices & Supplies | EV/EBITDA | 15.1x | 14.8x | 12.9x | 9.3x | 17.4x |
| Health Care Providers & Services | EV/EBITDA | 9.8x | 11.6x | 7.9x | 6.5x | 10.9x |
| Health Care Technology | EV/Sales | 2.8x | 2.1x | 2.2x | 2.0x | 7.3x |
| Life Sciences Tools & Services | EV/EBITDA | 20.7x | 24.7x | 14.7x | 8.1x | 21.7x |
| Financials | ||||||
| Banks | P/TBV | 1.4x | 1.4x | 1.5x | 1.2x | 0.9x |
| Specialty Finance | P/TBV | 1.2x | 1.2x | 1.5x | 1.1x | 1.0x |
| Capital Markets | P/E | 14.0x | 16.7x | 14.0x | 16.0x | 11.0x |
| Insurance | P/B | 1.7x | 1.7x | 2.0x | 1.3x | 1.1x |
| Mortgage REITs | P/TBV | – | – | – | – | – |
| Real Estate | ||||||
| Commercial REITs | P/FFO | 11.3x | 11.5x | 10.7x | – | 13.1x |
| Residential REITs | P/FFO | 13.6x | 16.1x | 13.6x | – | – |
| Health Care REITs | P/FFO | 13.4x | 16.6x | – | – | – |
| Hotel & Resort REITs | P/FFO | 9.9x | 10.3x | – | – | – |
| Specialized REITs | P/FFO | 14.2x | 14.9x | – | – | – |
| Real Estate Operating & Services | P/B | 1.0x | 1.4x | 0.8x | 1.2x | 1.0x |
| Technology | ||||||
| Software | EV/Sales | 4.0x | 3.9x | 3.2x | 3.1x | 5.6x |
| IT Services | EV/EBITDA | 10.8x | 11.6x | 9.0x | 8.2x | 20.8x |
| Internet & Digital Platforms | EV/EBITDA | 11.1x | 12.3x | 11.2x | 10.9x | 9.0x |
| Payments & Fintech | P/E | 22.5x | 23.6x | – | 27.6x | 9.5x |
| Communications Equipment | EV/EBITDA | 26.5x | 27.6x | 22.0x | 8.0x | 31.5x |
| Technology Hardware | EV/EBITDA | 15.2x | 17.8x | 7.4x | – | 15.5x |
| Electronic Equipment & Components | EV/EBITDA | 18.2x | 16.4x | 13.2x | 9.5x | 22.2x |
| Semiconductors | EV/EBITDA | 24.3x | 28.8x | 20.9x | 12.6x | 25.5x |
| Telecommunications | ||||||
| Telecom Services | EV/EBITDA | 7.7x | 6.3x | 6.8x | 9.5x | 10.9x |
| Cable & Satellite | EV/EBITDA | 7.2x | – | – | – | 6.3x |
| Media & Entertainment | ||||||
| Media | EV/EBITDA | 7.9x | 9.4x | 6.2x | 6.7x | 14.0x |
| Entertainment | EV/EBITDA | 9.2x | 13.3x | 8.9x | 9.8x | 8.5x |
| Utilities | ||||||
| Electric & Multi-Utilities | P/E | 17.1x | 19.5x | 16.0x | – | 19.3x |
| Gas Utilities | P/E | 14.9x | 15.6x | – | 13.2x | 16.8x |
| Water Utilities | P/E | 22.8x | 22.8x | – | – | 21.9x |
| Independent Power & Renewables | P/E | 16.3x | – | 16.9x | 7.2x | 15.8x |
Medians of listed companies with a market value above USD 100m. A dash means too few companies for a meaningful median. Industries follow the Valuation Industry Classification (VIC).
Every industry, in full. Subscribers get the medians, quartiles and aggregates of 11 multiples and 18 financial ratios for all 70 industries and 139 sub-industries, in eight regions and four size bands, at every quarter end since Q1 2009, with the companies behind each figure. See plans
- Valuation Multiples Q3 2026: quarterly snapshot · PDF, 731 KB ยท latest
May be shared and quoted with attribution to Siblis Research.
Medians
The typical company: each counts once, from at least five values. Companies with negative EBITDA or earnings are left out of the median of that multiple.
Point in time
Each figure uses only the financial statements public on the valuation date, over the last twelve months.
Delisted companies included
Past figures include every company listed on that date, so they carry no survivorship bias.