Construction & Engineering valuation multiples
Worldwide, the median listed construction and engineering company was valued at 9.7x EBITDA and 15.1x normalised earnings at 30 September 2026. By region, the median was 13.6x in the United States, 8.2x in Europe, 7.3x in Japan and 11.5x in Emerging Asia.
Global 440 listed construction and engineering companies at 30 September 2026
median
median
median
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*Excludes companies with negative EBITDA. **Excludes companies with negative normalised earnings. ***Excludes companies with negative operating profit (EBIT). How the figures are built
| EV/EBITDA | P/E | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 351 | 9.7x | 11.2x | 15.1x | 22.1x |
| United States | 28 | 13.6x | 20.6x | 30.8x | 43.7x |
| Europe | 62 | 8.2x | 7.9x | 16.4x | 16.7x |
| Japan | 80 | 7.3x | 9.1x | 12.4x | 14.0x |
| Emerging Asia | 157 | 11.5x | 10.6x | 14.4x | 18.4x |
Companies: those in the EV/EBITDA median. Median: the typical construction and engineering company. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. In the United States and Japan the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. The key multiple for construction and engineering companies. | 9.7x | 13.6x | 8.2x | 7.3x | 11.5x |
| EV/EBITEnterprise value to operating profit, after depreciation. | 13.2x | 21.3x | 13.2x | 8.5x | 15.6x |
| P/ENormalised earnings: one-off items removed. | 15.1x | 30.8x | 16.4x | 12.4x | 14.4x |
| P/FCFMarket value to free cash flow. | 13.0x | 27.0x | 10.2x | 12.3x | 15.5x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EBIT margin | 6.3% | 6.5% | 4.6% | 7.7% | 5.9% |
| EBITDA margin | 8.7% | 9.9% | 7.1% | 9.4% | 8.5% |
| Revenue growth | 5.1% | 17.5% | 5.8% | 5.3% | 1.0% |
| Return on invested capital | 8.5% | 11.2% | 12.2% | 10.6% | 5.0% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- Quanta Services IncUS
- Vinci SAFrance
- Comfort Systems USA IncUS
- Larsen & Toubro LtdIndia
- Ferrovial NVNetherlands
of 440 companies
United States
- Quanta Services IncUS
- Comfort Systems USA IncUS
- EMCOR Group IncUS
- MasTec IncUS
- APi Group CorpUS
of 33 companies
Europe
- Vinci SAFrance
- Ferrovial NVNetherlands
- HOCHTIEF AGGermany
- ACS Actividades de Construccion y Servicios SASpain
- Bouygues SAFrance
of 74 companies
Japan
- Kajima CorpJapan
- Obayashi CorpJapan
- Taisei CorpJapan
- Shimizu CorpJapan
- Kinden CorpJapan
of 82 companies
Emerging Asia
- Larsen & Toubro LtdIndia
- China State Construction Engineering Corp LtdChina
- China Railway Group LtdChina
- China Railway Construction Corp LtdChina
- Power Construction Corp of China LtdChina
of 225 companies
Subscribers get the figures of all 440 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | EV/EBITDA | P/E |
|---|---|---|---|
| Construction & Engineering | Contractors, engineering & construction, infrastructure services | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Construction & Engineering in the full data
The United States: the highest multiple and the fastest growth
US construction and engineering companies trade at a median 13.6x EBITDA, the highest of the four regions, on median revenue growth of 17.5%. The largest have re-rated most: the US aggregate rose from 13.8x in Q4 2023 to 20.6x, well above the median.
Europe and Japan
European companies trade at a median 8.2x, up from 6.3x, with the highest median return on invested capital of the four regions, 12.2%. Japanese companies trade at 7.3x, the lowest.
Emerging Asia: slow growth, low returns
Emerging Asia's median is 11.5x, on median revenue growth of 1.0% and a return on invested capital of 5.0%, the lowest of the four regions on both. Margins in the industry are thin everywhere, a median EBIT margin of 6.3%, so small changes in profit move the multiple a long way; for a contractor, EV/EBIT is the usual cross-check.
What EV/EBITDA multiple do construction and engineering companies trade at?
The median listed construction and engineering company traded at 9.7x EBITDA (EV/EBITDA) at 30 September 2026, across 351 companies above USD 100m; the aggregate was 11.2x. United States 13.6x, Europe 8.2x, Japan 7.3x, Emerging Asia 11.5x.
What is the median P/E of construction and engineering companies?
15.1x at 30 September 2026, across 310 companies; the aggregate was 22.1x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private construction and engineering companies?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is building and civil engineering contractors and specialist engineering services, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
440 construction and engineering companies at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Construction & Engineering Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/construction-engineering/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_construction_engineering_multiples,
title = {Construction & Engineering Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/construction-engineering/}
}