Machinery valuation multiples
Worldwide, the median listed machinery company was valued at 14.0x EBITDA and 22.6x normalised earnings at 30 September 2026. By region, the median was 12.6x in the United States, 9.5x in Europe, 7.5x in Japan and 21.0x in Emerging Asia.
Global 1,108 listed machinery companies at 30 September 2026
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 | 913 | 14.0x | 15.3x | 22.6x | 26.7x |
| United States | 83 | 12.6x | 16.5x | 23.8x | 27.8x |
| Europe | 115 | 9.5x | 15.3x | 20.4x | 25.4x |
| Japan | 147 | 7.5x | 13.3x | 15.8x | 22.7x |
| Emerging Asia | 549 | 21.0x | 15.2x | 27.2x | 30.9x |
Companies: those in the EV/EBITDA median. Median: the typical machinery 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, Europe and Japan the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. In Emerging Asia it is the other way round, and the aggregate sits below 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 machinery companies. | 14.0x | 12.6x | 9.5x | 7.5x | 21.0x |
| EV/EBITEnterprise value to operating profit, after depreciation. | 18.3x | 18.3x | 14.9x | 11.6x | 25.5x |
| P/ENormalised earnings: one-off items removed. | 22.6x | 23.8x | 20.4x | 15.8x | 27.2x |
| P/FCFMarket value to free cash flow. | 20.2x | 20.8x | 16.6x | 16.5x | 25.1x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EBIT margin | 7.9% | 12.4% | 8.2% | 8.8% | 7.6% |
| EBITDA margin | 12.5% | 16.3% | 13.1% | 12.3% | 12.0% |
| Revenue growth | 6.1% | 7.2% | 1.7% | 4.6% | 8.7% |
| Return on invested capital | 7.2% | 9.0% | 10.0% | 8.3% | 6.3% |
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
- Caterpillar IncUS
- Siemens AGGermany
- Deere & CoUS
- Parker-Hannifin CorpUS
- Atlas Copco ABSweden
of 1,108 companies
United States
- Caterpillar IncUS
- Deere & CoUS
- Parker-Hannifin CorpUS
- Illinois Tool Works IncUS
- Cummins IncUS
of 95 companies
Europe
- Siemens AGGermany
- Atlas Copco ABSweden
- AB VolvoSweden
- Sandvik ABSweden
- Daimler Truck Holding AGGermany
of 133 companies
Japan
- Mitsubishi Heavy Industries LtdJapan
- Komatsu LtdJapan
- Disco CorpJapan
- Fanuc CorpJapan
- SMC CorpJapan
of 153 companies
Emerging Asia
- China CSSC Holdings LtdChina
- King Slide Works Co LtdTaiwan
- Hyundai Heavy Industries Co LtdKorea
- Weichai Power Co LtdChina
- Guangdong Songfa Ceramics CoChina
of 704 companies
Subscribers get the figures of all 1,108 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 |
|---|---|---|---|
| Industrial Machinery & Components | Industrial machinery, flow control, tools, components | See plans | See plans |
| Heavy Machinery & Trucks | Construction, mining and farm machinery, heavy trucks, rail cars, ships | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Machinery in the full data
The global median leans on Asia
Of the 1,091 machinery companies in the statistics, 693 are in Emerging Asia, 528 of them in China. Every company counts once in a median, so Emerging Asia's 21.0x pulls the global median up to 14.0x, above Europe's 9.5x and Japan's 7.5x. For a valuation, a regional peer group says far more than the global figure.
Japan: the lowest multiples, rising fastest
Japanese machinery trades at a median 7.5x EBITDA and 15.8x normalised earnings, the lowest of the four regions on both. Its median net debt to EBITDA is −0.8x: many Japanese companies hold large cash balances, which lowers their enterprise value and so their EV/EBITDA, but not their P/E. The median EV/EBITDA has still risen from 5.9x in Q4 2023 to 7.5x (+28%), the largest rise of the four regions.
United States and Europe: the typical company has not re-rated
US machinery companies earn a median EBIT margin of 12.4% and a return on invested capital of 9.0%; European ones 8.2% and 10.0%, on median revenue growth of 7.2% and 1.7%. Over twelve quarters both medians have moved little: the United States from 12.2x to 12.6x, Europe from 8.7x to 9.5x. Their aggregates have moved more: the US aggregate from 12.4x to 16.5x and Europe's from 12.7x to 15.3x, as the largest machinery companies re-rated while the typical one did not.
Emerging Asia: the highest multiples on the lowest returns
Emerging Asia's median EV/EBITDA of 21.0x is the highest of the four regions, on a median EBIT margin of 7.6% and a return on invested capital of 6.3%, the lowest of the four. Size runs the other way there: the region's small caps trade at a median 22.8x EBITDA and its large caps at 15.5x, while in the United States large caps trade at 18.1x against 10.5x for small caps.
Using these figures in a valuation
Machinery has two sub-industries that are valued differently: industrial machinery and components (flow control, tools, automation and parts) and heavy machinery and trucks (construction, mining and farm equipment, heavy trucks, rail cars and ships). For a capital-heavy business, EV/EBIT, which charges depreciation, is the usual cross-check on EV/EBITDA.
What EV/EBITDA multiple do machinery companies trade at?
The median listed machinery company traded at 14.0x EBITDA (EV/EBITDA) at 30 September 2026, across 913 companies above USD 100m; the aggregate was 15.3x. United States 12.6x, Europe 9.5x, Japan 7.5x, Emerging Asia 21.0x.
What is the median P/E of machinery companies?
22.6x at 30 September 2026, across 725 companies; the aggregate was 26.7x.
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 machinery 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 making machinery, from industrial components to heavy equipment, 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.
1,108 machinery 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). Machinery Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/machinery/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_machinery_multiples,
title = {Machinery Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/machinery/}
}