Valuation Industry Classification (VIC)
Siblis Research's own industry classification, built for one purpose: grouping companies that are valued alike. It has 13 sectors, 70 industries and 139 sub-industries. Every company in Siblis Global Valuation Multiples belongs to exactly one sub-industry, and every median, quartile and aggregate is published by VIC.
Sectors
13
two-digit codes
Industries
70
four-digit codes
Sub-industries
139
six-digit codes
Same structure since
Q1 2009
every series comparable over time
VIC puts companies together when investors value them on the same basis, so a median describes companies that are comparable. That shapes the structure in several places:
- Transportation is a sector of its own (airlines, logistics and air freight, ground transportation, marine, transportation infrastructure), because transport companies are valued on asset intensity and leases.
- Technology brings together software, hardware, semiconductors, internet platforms and payments. Software is split five ways; Internet & Digital Platforms groups search and social media with marketplaces and consumer platforms; Payments & Fintech groups payment processors with digital assets.
- Telecommunications and Media & Entertainment are separate sectors: telecom services and cable on one side; advertising, broadcasting, publishing, streaming and video games on the other.
- Groups are split where companies trade differently: aerospace and defense; large-cap and specialty pharmaceuticals; commercial-stage and clinical-stage biopharma; business development companies apart from asset managers.
- Groups are combined where companies trade alike: precious metals, base metals, packaging, alcoholic beverages, electric and multi-utilities.
- Every sub-industry is large enough for robust statistics. A group too small for that is merged into its neighbour.
How the codes work
Two digits for the sector, four for the industry, six for the sub-industry: 10 Technology, 1001 Software, 100104 Cybersecurity.
One company, one sub-industry
A company is classified by what it was on each date. When its core business changes completely, it moves from that date; its earlier periods keep the earlier group. Ordinary changes in the business mix do not move it.
Stage rules
Biotechnology and pharmaceutical companies with revenue above USD 50m over the last twelve months are commercial-stage or specialty; below that they are clinical-stage. A company moves when it starts selling.
01 Energy02 Materials03 Industrials04 Transportation05 Consumer Discretionary06 Consumer Staples07 Health Care08 Financials09 Real Estate10 Technology11 Telecommunications12 Media & Entertainment13 Utilities
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0101 | Oil & Gas Producers | |
| 010101 | Integrated Oil & Gas | Upstream plus refining / chemicals in one company |
| 010102 | Exploration & Production | Oil and gas exploration, development and production, incl. royalty owners |
| 0102 | Midstream | |
| 010201 | Pipelines, Storage & Processing | Pipelines, gathering & processing, storage, LNG export, shipping of oil & gas by pipeline |
| 0103 | Refining & Marketing | |
| 010301 | Refining & Marketing | Refiners, fuel marketers and distributors, renewable fuels |
| 0104 | Energy Equipment & Services | |
| 010401 | Drilling | Onshore and offshore drilling contractors |
| 010402 | Oilfield Services & Equipment | Oilfield services, equipment, completion and production services |
| 0105 | Coal & Nuclear Fuel | |
| 010501 | Coal & Nuclear Fuel | Thermal and metallurgical coal, uranium mining and nuclear fuel enrichment / supply |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0201 | Chemicals | |
| 020101 | Commodity & Diversified Chemicals | Basic, petrochemical and diversified chemical producers |
| 020102 | Specialty Chemicals | Performance and specialty chemicals, coatings, additives; industrial and medical gases |
| 020104 | Fertilizers & Agricultural Chemicals | Fertilizers, crop protection, seeds |
| 0202 | Construction Materials | |
| 020201 | Construction Materials | Aggregates, cement, concrete |
| 0203 | Packaging | |
| 020301 | Packaging | Containers and packaging of all materials |
| 0204 | Metals & Mining | |
| 020401 | Steel | Steel producers, iron ore, metallurgical inputs |
| 020402 | Base Metals & Diversified Mining | Aluminum, copper, zinc, lithium and diversified miners |
| 020403 | Precious Metals | Gold, silver, platinum-group metals, incl. royalty / streaming |
| 0205 | Forest & Paper Products | |
| 020501 | Forest Products | Timber, lumber and wood products |
| 020502 | Paper Products | Pulp and paper |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0301 | Aerospace & Defense | |
| 030101 | Aerospace | Commercial aircraft, engines, aerostructures, aftermarket, space launch |
| 030102 | Defense | Defense primes, defense electronics, munitions, government mission systems |
| 0302 | Building Products | |
| 030201 | Building Products | Building components, HVAC, doors, windows, insulation |
| 0303 | Construction & Engineering | |
| 030301 | Construction & Engineering | Contractors, engineering & construction, infrastructure services |
| 0304 | Electrical Equipment | |
| 030401 | Electrical Components & Equipment | Electrical components, wiring, lighting, batteries |
| 030402 | Power Generation & Grid Equipment | Turbines, generators, transformers, grid equipment |
| 0305 | Machinery | |
| 030501 | Industrial Machinery & Components | Industrial machinery, flow control, tools, components |
| 030502 | Heavy Machinery & Trucks | Construction, mining and farm machinery, heavy trucks, rail cars, ships |
| 0306 | Industrial Conglomerates | |
| 030601 | Industrial Conglomerates | Diversified industrial groups |
| 0307 | Industrial Distribution | |
| 030701 | Industrial Distribution | Distributors of industrial supplies, building materials and equipment; equipment rental |
| 0308 | Commercial Services | |
| 030801 | Environmental & Facilities Services | Waste management, environmental and facilities services |
| 030802 | Business Support Services | Printing, office supplies, uniforms, auctions and other support services |
| 030803 | Security Services | Security guarding and alarm monitoring |
| 0309 | Professional Services | |
| 030901 | Staffing & HR Services | Staffing, payroll, HR outsourcing |
| 030902 | Research & Consulting | Consulting, research, testing and certification |
| 030903 | Business Process Outsourcing | Outsourced business processes and data processing (payments: Technology) |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0401 | Airlines | |
| 040101 | Passenger Airlines | Passenger airlines |
| 0402 | Logistics & Air Freight | |
| 040201 | Logistics & Air Freight | Parcel delivery, air freight, freight forwarding and brokerage |
| 0403 | Ground Transportation | |
| 040301 | Ground Transportation | Railroads, truckload / less-than-truckload carriers, truck leasing, bus and car rental (ride-hailing: Marketplaces & Consumer Platforms) |
| 0405 | Marine Shipping | |
| 040501 | Marine Shipping | Dry bulk, container, tanker and other shipping |
| 0406 | Transportation Infrastructure | |
| 040601 | Transportation Infrastructure | Airports, toll roads, ports and terminals |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0501 | Automobiles & Components | |
| 050101 | Automobile Manufacturers | Cars, motorcycles, electric vehicles |
| 050102 | Auto Parts & Tires | Auto parts, components and tires |
| 0502 | Household Durables | |
| 050201 | Homebuilding | Residential homebuilders, manufactured homes |
| 050202 | Home Furnishings & Appliances | Furniture, appliances, housewares |
| 050203 | Consumer Electronics | Consumer electronics |
| 0503 | Leisure Products | |
| 050301 | Leisure Products | Toys, sporting goods, recreational vehicles, boats |
| 0504 | Apparel & Footwear | |
| 050401 | Apparel, Accessories & Luxury | Apparel brands, accessories, luxury goods, textiles |
| 050402 | Footwear | Footwear brands |
| 0505 | Hotels, Restaurants & Leisure | |
| 050501 | Casinos & Gaming | Casinos, gaming, online betting |
| 050502 | Hotels, Resorts & Cruise Lines | Hotel operators and franchisors, resorts, timeshares, cruise lines |
| 050503 | Leisure Facilities | Fitness clubs, theme parks, ski resorts, golf, entertainment venues |
| 050504 | Restaurants | Restaurants and food service chains |
| 0506 | Consumer Services | |
| 050601 | Education Services | For-profit education and training |
| 050602 | Specialized Consumer Services | Funeral, personal, home and other consumer services |
| 0507 | Retail | |
| 050701 | Broadline Retail | Department stores, discount and general merchandise retail |
| 050703 | Apparel Retail | Apparel and accessories retail |
| 050704 | Home Improvement & Furnishings Retail | Home improvement and home furnishing stores |
| 050705 | Automotive Retail | Auto dealers, auto parts retail, gas stations |
| 050706 | Specialty Retail | Electronics and other specialty stores; online-first retailers selling their own inventory |
| 0508 | Consumer Distributors | |
| 050801 | Consumer Distributors | Distributors of consumer and auto products |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0601 | Food & Staples Retail | |
| 060101 | Food Retail | Supermarkets and convenience stores |
| 060102 | Drug Retail | Drugstores and pharmacies |
| 060103 | Mass Merchants & Warehouse Clubs | Hypermarkets, warehouse clubs, dollar stores |
| 060104 | Food Distributors | Food service and grocery distributors |
| 0602 | Beverages | |
| 060201 | Alcoholic Beverages | Brewers, distillers, wineries |
| 060202 | Non-Alcoholic Beverages | Soft drinks, energy drinks, water, coffee |
| 0603 | Food Products | |
| 060301 | Packaged Foods & Meats | Packaged foods, meat and poultry processors |
| 060302 | Agricultural Products | Agribusiness, crop and produce, grain merchants |
| 0604 | Tobacco | |
| 060401 | Tobacco | Cigarettes, cigars, nicotine products |
| 0605 | Household & Personal Products | |
| 060501 | Household Products | Household cleaning and paper products |
| 060502 | Personal Care Products | Cosmetics, personal care, nutrition supplements |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0701 | Pharmaceuticals | |
| 070101 | Large-Cap Pharmaceuticals | Diversified global pharmaceutical companies (major pharma), with the largest biopharma (Amgen, Gilead) |
| 070102 | Specialty & Generic Pharmaceuticals | Specialty, generic, OTC and animal-health pharmaceuticals, cannabis; LTM revenue above $50m |
| 0702 | Biotechnology | |
| 070201 | Commercial-Stage Biotechnology | Biotechnology companies with LTM revenue above $50m |
| 070202 | Clinical-Stage Biopharma | Biotechnology and pharmaceutical drug developers with LTM revenue of $50m or less (or none reported) |
| 0703 | Medical Devices & Supplies | |
| 070301 | Medical Devices | Medical equipment and devices |
| 070302 | Medical Supplies | Medical consumables and supplies |
| 0704 | Health Care Providers & Services | |
| 070401 | Managed Care | Health insurers and managed care |
| 070402 | Health Care Facilities | Hospitals, senior living, behavioral and post-acute facilities |
| 070403 | Health Care Services | Physician, home health, lab, dialysis, PBM and other services |
| 070404 | Health Care Distributors | Drug and medical product distributors |
| 0705 | Health Care Technology | |
| 070501 | Health Care Technology | Health care software, data and technology |
| 0706 | Life Sciences Tools & Services | |
| 070601 | Life Sciences Tools & Services | Research tools, instruments, CROs and CDMOs |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0801 | Banks | |
| 080101 | Diversified Banks | Money-center and large diversified banks |
| 080102 | Regional & Community Banks | Regional and community banks, thrifts |
| 0802 | Specialty Finance | |
| 080201 | Consumer Finance | Credit cards, consumer and auto lending |
| 080202 | Mortgage Finance | Mortgage originators, servicers, guarantors |
| 080203 | Commercial & Specialized Finance | Commercial lenders, leasing, specialized finance |
| 080204 | Diversified Financials & Holding Companies | Multi-business financial groups and holding companies |
| 0803 | Capital Markets | |
| 080301 | Asset Management & Custody | Asset managers, alternative managers, custody banks |
| 080302 | Investment Banking & Brokerage | Investment banks, brokers, market makers |
| 080303 | Exchanges & Financial Data | Exchanges, clearing houses, ratings, index and financial data |
| 080304 | Business Development Companies | BDCs and other closed-end investment companies (SIC investment company) |
| 0804 | Insurance | |
| 080401 | Insurance Brokers | Insurance brokers and services |
| 080402 | Life & Health Insurance | Life, annuity and supplemental health insurers |
| 080403 | Property & Casualty Insurance | P&C, specialty and multi-line insurers |
| 080404 | Reinsurance | Reinsurers |
| 0805 | Mortgage REITs | |
| 080501 | Mortgage REITs | Residential and commercial mortgage REITs |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 0901 | Commercial REITs | |
| 090101 | Diversified REITs | REITs with several property types |
| 090102 | Industrial REITs | Warehouse and industrial property |
| 090103 | Office REITs | Office property |
| 090104 | Retail REITs | Shopping centers, malls, net-lease retail |
| 0902 | Residential REITs | |
| 090201 | Residential REITs | Apartments, single-family rental, manufactured housing |
| 0903 | Health Care REITs | |
| 090301 | Health Care REITs | Senior housing, medical office, skilled nursing |
| 0904 | Hotel & Resort REITs | |
| 090401 | Hotel & Resort REITs | Hotels and resorts |
| 0905 | Specialized REITs | |
| 090501 | Specialized REITs | Self-storage, cell towers, fiber, data centers, timberland, billboards, gaming, farmland and other specialized property |
| 0906 | Real Estate Operating & Services | |
| 090601 | Real Estate Operating & Development | Real estate owners, operators and developers that are not REITs |
| 090602 | Real Estate Services | Brokerage, property management, real estate technology services |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 1001 | Software | |
| 100101 | Enterprise Applications | Horizontal business applications: CRM, ERP, HR, finance, collaboration, marketing, analytics |
| 100102 | Vertical Software | Software built for one industry: financial services, health, real estate, government, construction ... |
| 100103 | Infrastructure, Data & DevOps Software | Databases, data platforms, cloud infrastructure, IT operations, developer tools, operating systems |
| 100104 | Cybersecurity | Security software and services: network, endpoint, identity, cloud security |
| 100105 | Design & Engineering Software | CAD, simulation, EDA, PLM and creative / design software |
| 1002 | IT Services | |
| 100201 | IT Consulting & Services | IT consulting, systems integration, managed IT services |
| 100202 | Internet Infrastructure & Hosting | Hosting, CDN, domain, cloud communications infrastructure |
| 1003 | Internet & Digital Platforms | |
| 100301 | Search, Social & Online Media | Search, social networks, online content and advertising-funded platforms |
| 100302 | Marketplaces & Consumer Platforms | Online marketplaces and e-commerce platforms, online travel and accommodation, ride-hailing and delivery platforms |
| 1004 | Payments & Fintech | |
| 100401 | Payments & Transaction Processing | Card networks, merchant acquirers, payment processors, digital wallets, fintech platforms |
| 100402 | Digital Assets & Crypto Mining | Bitcoin / crypto miners, digital-asset treasury companies, crypto platforms |
| 1005 | Communications Equipment | |
| 100501 | Communications Equipment | Networking, wireless and telecom equipment |
| 1006 | Technology Hardware | |
| 100601 | Technology Hardware, Storage & Peripherals | Computers, smartphones, storage, printers, peripherals |
| 1007 | Electronic Equipment & Components | |
| 100701 | Electronic Equipment & Instruments | Test, measurement and other electronic instruments |
| 100702 | Electronic Components | Connectors, sensors, displays, passive components |
| 100703 | Electronic Manufacturing Services | Contract electronics manufacturing |
| 100704 | Technology Distributors | Distributors of technology products |
| 1008 | Semiconductors | |
| 100801 | Semiconductors | Chip designers and manufacturers, foundries |
| 100802 | Semiconductor Equipment & Materials | Wafer-fab equipment, test, materials |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 1101 | Telecom Services | |
| 110101 | Integrated Telecom | Incumbent fixed-line and integrated carriers |
| 110102 | Wireless Telecom | Mobile network operators |
| 110103 | Alternative Carriers & Fiber | Competitive carriers, fiber networks, VoIP |
| 1102 | Cable & Satellite | |
| 110201 | Cable & Satellite | Cable and broadband operators, satellite TV, communications and connectivity |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 1201 | Media | |
| 120101 | Advertising & Marketing | Advertising agencies, marketing services, ad tech that is not software |
| 120102 | Broadcasting | TV and radio broadcasters, cable networks |
| 120103 | Publishing | Newspapers, magazines, books, information publishing |
| 1202 | Entertainment | |
| 120201 | Movies, Streaming & Entertainment | Studios, streaming, music, live entertainment, cinemas |
| 120202 | Video Games | Video game publishers and developers |
| Code | Industry / sub-industry | Covers |
|---|---|---|
| 1301 | Electric & Multi-Utilities | |
| 130101 | Electric & Multi-Utilities | Regulated electric and combined electric / gas utilities |
| 1302 | Gas Utilities | |
| 130201 | Gas Utilities | Regulated gas distribution |
| 1303 | Water Utilities | |
| 130301 | Water Utilities | Regulated water and wastewater |
| 1304 | Independent Power & Renewables | |
| 130401 | Independent Power Producers | Merchant power generation and energy trading |
| 130402 | Renewable Electricity | Renewable power producers and yieldcos |
Every group on this page, with its multiples. The quarterly reports give the medians, quartiles and aggregates of 11 multiples and 18 financial ratios for every VIC sector, industry and sub-industry, in eight regions and four size bands, with the companies behind each figure. See plans