Medical Devices & Supplies valuation multiples
Worldwide, the median listed medical devices company was valued at 15.1x EBITDA and 24.8x normalised earnings at 30 September 2026. By region, the median was 14.8x in the United States, 12.9x in Europe, 9.3x in Japan and 17.4x in Emerging Asia.
Global 348 listed medical devices companies at 30 September 2026
median
median
median
median
*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 | 257 | 15.1x | 15.5x | 24.8x | 29.7x |
| United States | 57 | 14.8x | 16.1x | 29.4x | 29.7x |
| Europe | 47 | 12.9x | 12.2x | 28.1x | 27.3x |
| Japan | 20 | 9.3x | 13.9x | 18.2x | 26.3x |
| Emerging Asia | 127 | 17.4x | 20.2x | 23.4x | 35.9x |
Companies: those in the EV/EBITDA median. Median: the typical medical devices 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 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 medical devices companies. | 15.1x | 14.8x | 12.9x | 9.3x | 17.4x |
| P/ENormalised earnings: one-off items removed. | 24.8x | 29.4x | 28.1x | 18.2x | 23.4x |
| EV/SalesEnterprise value to revenue. | 3.4x | 3.2x | 3.0x | 1.7x | 4.4x |
| P/FCFMarket value to free cash flow. | 24.2x | 22.1x | 19.3x | 27.6x | 26.2x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Gross margin | 54.9% | 61.1% | 50.1% | 53.2% | 49.5% |
| EBITDA margin | 17.6% | 12.3% | 21.4% | 16.1% | 19.5% |
| Revenue growth | 7.7% | 11.5% | 6.0% | 3.4% | 6.7% |
| Free cash flow margin | 7.1% | 3.7% | 9.2% | 5.2% | 7.7% |
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
- Abbott LaboratoriesUS
- Intuitive Surgical IncUS
- Medtronic plcUS
- Stryker CorpUS
- EssilorLuxottica SAFrance
of 348 companies
United States
- Abbott LaboratoriesUS
- Intuitive Surgical IncUS
- Medtronic plcUS
- Stryker CorpUS
- Boston Scientific CorpUS
of 101 companies
Europe
- EssilorLuxottica SAFrance
- Siemens Healthineers AGGermany
- Koninklijke Philips NVNetherlands
- Sartorius Stedim Biotech SAFrance
- Sartorius AGGermany
of 57 companies
Japan
- Hoya CorpJapan
- Terumo CorpJapan
- Olympus CorpJapan
- Sysmex CorpJapan
- Asahi Intecc Co LtdJapan
of 23 companies
Emerging Asia
- Shenzhen Mindray Bio-Medical Electronics Co LtdChina
- Shanghai United Imaging Healthcare Co LtdChina
- Gan & Lee Pharmaceuticals Co LtdChina
- Shenzhen New Industries Biomedical Engineering Co LtdChina
- APT Medical IncChina
of 157 companies
Subscribers get the figures of all 348 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 |
|---|---|---|---|
| Medical Devices | Medical equipment and devices | See plans | See plans |
| Medical Supplies | Medical consumables and supplies | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Medical Devices & Supplies in the full data
Lower than three years ago, the largest companies included
The global median EV/EBITDA has fallen from 18.0x in Q4 2023 to 15.1x. The aggregate has fallen further, from 21.3x to 15.5x: the largest device makers de-rated with the rest of the industry. Europe fell most, from 18.9x to 12.9x.
By region
Emerging Asia has the highest median, 17.4x, and Japan the lowest, 9.3x; the United States is at 14.8x. US device makers have the highest median gross margin of the four regions, 61.1%, and the lowest median EBITDA margin, 12.3%: the difference goes on selling, administration and research.
Size
Micro caps (USD 100–300m) trade at a median 7.6x EBITDA, against 16.5x for small caps and 14.1x for companies above USD 10bn. Many of the smallest companies have one product or one market, and their multiples carry that risk.
What EV/EBITDA multiple do medical devices companies trade at?
The median listed medical devices company traded at 15.1x EBITDA (EV/EBITDA) at 30 September 2026, across 257 companies above USD 100m; the aggregate was 15.5x. United States 14.8x, Europe 12.9x, Japan 9.3x, Emerging Asia 17.4x.
What is the median P/E of medical devices companies?
24.8x at 30 September 2026, across 208 companies; the aggregate was 29.7x.
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 medical devices 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 medical equipment, devices, instruments and supplies, 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.
348 medical devices 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). Medical Devices & Supplies Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/medical-devices/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_medical_devices_multiples,
title = {Medical Devices & Supplies Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/medical-devices/}
}