Hotels, Restaurants & Leisure valuation multiples
Worldwide, the median listed hotels, restaurants and leisure company was valued at 9.0x EBITDA and 18.4x normalised earnings at 30 September 2026. By region, the median was 10.7x in the United States, 7.6x in Europe, 9.5x in Japan and 8.8x in Emerging Asia.
Global 332 listed hotels, restaurants and leisure 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 stale accounts or results driven mainly by revaluations of investment holdings, and EV/Sales above 50x, typically early-stage companies with little revenue. How the figures are built
| EV/EBITDA | P/E | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 289 | 9.0x | 11.9x | 18.4x | 24.0x |
| United States | 67 | 10.7x | 12.9x | 18.4x | 23.9x |
| Europe | 55 | 7.6x | 9.5x | 18.1x | 24.0x |
| Japan | 65 | 9.5x | 11.8x | 20.4x | 27.1x |
| Emerging Asia | 69 | 8.8x | 8.7x | 17.3x | 24.6x |
Companies: those in the EV/EBITDA median. Median: the typical hotels, restaurants and leisure 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. Worldwide and in Europe 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 hotels, restaurants and leisure companies. | 9.0x | 10.7x | 7.6x | 9.5x | 8.8x |
| P/ENormalised earnings: one-off items removed. | 18.4x | 18.4x | 18.1x | 20.4x | 17.3x |
| EV/SalesEnterprise value to revenue. | 1.8x | 2.2x | 1.7x | 1.2x | 2.2x |
| P/FCFMarket value to free cash flow. | 13.4x | 14.9x | 9.7x | 20.2x | 12.9x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Gross margin | 42.5% | 43.3% | 37.6% | 57.4% | 37.2% |
| EBITDA margin | 18.6% | 19.7% | 21.4% | 11.1% | 19.3% |
| Revenue growth | 5.3% | 5.8% | 4.6% | 7.1% | 3.3% |
| SG&A to revenue | 17.5% | 12.1% | 8.6% | 51.5% | 16.3% |
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
- McDonald's CorpUS
- Starbucks CorpUS
- Marriott International IncUS
- Hilton Worldwide Holdings IncUS
- Royal Caribbean Cruises LtdUS
of 332 companies
United States
- McDonald's CorpUS
- Starbucks CorpUS
- Marriott International IncUS
- Hilton Worldwide Holdings IncUS
- Royal Caribbean Cruises LtdUS
of 71 companies
Europe
- Compass Group plcUK
- InterContinental Hotels Group plcUK
- Evolution ABSweden
- Accor SAFrance
- Super Group (SGHC) LtdUK
of 58 companies
Japan
- Oriental Land Co LtdJapan
- Zensho Holdings Co LtdJapan
- Food & Life Companies LtdJapan
- McDonald's Holdings Company (Japan) LtdJapan
- Skylark Holdings Co LtdJapan
of 72 companies
Emerging Asia
- Yum China Holdings IncChina
- H World Group LtdChina
- Vinpearl JSCVietnam
- Atour Lifestyle Holdings LtdChina
- Minor International PCLThailand
of 91 companies
Subscribers get the figures of all 332 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 |
|---|---|---|---|
| Casinos & Gaming | Casinos, gaming, online betting | See plans | See plans |
| Hotels, Resorts & Cruise Lines | Hotel operators and franchisors, resorts, timeshares, cruise lines | See plans | See plans |
| Leisure Facilities | Fitness clubs, theme parks, ski resorts, golf, entertainment venues | See plans | See plans |
| Restaurants | Restaurants and food service chains | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Hotels, Restaurants & Leisure in the full data
The United States held; the rest fell
The global median EV/EBITDA is 9.0x, its lowest in twelve quarters, down from 10.7x in Q4 2023. The United States is the only region where the median is higher than at the start, at 10.7x, the highest of the four. Emerging Asia fell from 12.6x to 8.8x and Japan from 12.2x to 9.5x; Europe has the lowest median, 7.6x.
Size
Companies above USD 10bn trade at a median 13.6x EBITDA, against 9.3x for mid caps; in the United States the large-cap median is 14.0x. Many of the largest companies are hotel brands and restaurant franchisors, which earn fees rather than own the properties; their multiples are not a guide for an owner-operator.
Japan: high gross margins, low EBITDA margins
Japanese companies have the highest median gross margin of the four regions, 57.4%, and the lowest median EBITDA margin, 11.1%: most are restaurant chains that run their own outlets, with staff and rent in their overheads.
What EV/EBITDA multiple do hotels, restaurants and leisure companies trade at?
The median listed hotels, restaurants and leisure company traded at 9.0x EBITDA (EV/EBITDA) at 30 September 2026, across 289 companies above USD 100m; the aggregate was 11.9x. United States 10.7x, Europe 7.6x, Japan 9.5x, Emerging Asia 8.8x.
What is the median P/E of hotels, restaurants and leisure companies?
18.4x at 30 September 2026, across 242 companies; the aggregate was 24.0x.
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 hotels, restaurants and leisure 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 hotels, restaurants, cruise lines, casinos, theme parks and other leisure facilities, 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.
332 hotels, restaurants and leisure 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). Hotels, Restaurants & Leisure Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/hotels-restaurants-leisure/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_hotels_restaurants_leisure_multiples,
title = {Hotels, Restaurants & Leisure Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/hotels-restaurants-leisure/}
}