Semiconductors valuation multiples
Worldwide, the median listed semiconductor company was valued at 24.3x EBITDA and 35.7x normalised earnings at 30 September 2026. By region, the median was 28.8x in the United States, 20.9x in Europe, 12.6x in Japan and 25.5x in Emerging Asia.
Global 671 listed semiconductor 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 | 497 | 24.3x | 26.4x | 35.7x | 35.1x |
| United States | 47 | 28.8x | 29.6x | 41.5x | 40.5x |
| Europe | 19 | 20.9x | 37.4x | 50.1x | n/m |
| Japan | 45 | 12.6x | 27.4x | 26.5x | 47.9x |
| Emerging Asia | 381 | 25.5x | 18.9x | 37.3x | 23.0x |
Companies: those in the EV/EBITDA median. Median: the typical semiconductor 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 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. In Europe one company is more than half the industry's value, so the aggregate mostly describes that company. 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 semiconductor companies. | 24.3x | 28.8x | 20.9x | 12.6x | 25.5x |
| P/ENormalised earnings: one-off items removed. | 35.7x | 41.5x | 50.1x | 26.5x | 37.3x |
| EV/SalesEnterprise value to revenue. | 4.8x | 6.7x | 4.7x | 2.6x | 5.1x |
| P/FCFMarket value to free cash flow. | 34.8x | 39.0x | 62.4x | 31.8x | 32.4x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Revenue growth | 13.6% | 17.2% | 5.9% | 7.1% | 14.6% |
| Gross margin | 33.1% | 48.2% | 39.4% | 31.2% | 30.4% |
| EBITDA margin | 15.7% | 16.0% | 19.7% | 16.9% | 15.6% |
| Free cash flow margin | 2.5% | 12.0% | 8.1% | 6.3% | 1.1% |
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
- NVIDIA CorpUS
- Taiwan Semiconductor Manufacturing Co LtdTaiwan
- Broadcom IncUS
- Micron Technology IncUS
- Advanced Micro Devices IncUS
of 671 companies
United States
- NVIDIA CorpUS
- Broadcom IncUS
- Micron Technology IncUS
- Advanced Micro Devices IncUS
- Intel CorpUS
of 79 companies
Europe
- ASML Holding NVNetherlands
- Arm Holdings plcUK
- Infineon Technologies AGGermany
- ASM International NVNetherlands
- STMicroelectronics NVNetherlands
of 26 companies
Japan
- Kioxia Holdings CorpJapan
- Tokyo Electron LtdJapan
- Advantest CorpJapan
- Renesas Electronics CorpJapan
- Lasertec CorpJapan
of 50 companies
Emerging Asia
- Taiwan Semiconductor Manufacturing Co LtdTaiwan
- SK Hynix IncKorea
- CXMT CorpChina
- MediaTek IncTaiwan
- Semiconductor Manufacturing International CorpChina
of 506 companies
Subscribers get the figures of all 671 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 |
|---|---|---|---|
| Semiconductors | Chip designers and manufacturers, foundries | See plans | See plans |
| Semiconductor Equipment & Materials | Wafer-fab equipment, test, materials | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Semiconductors in the full data
A re-rating across the industry
The global median EV/EBITDA rose from 17.0x in Q4 2023 to 24.3x (+43%), with a high of 27.2x in Q2 2026. The rise is not confined to the largest companies: the aggregate, 26.4x, is close to the median, and the median is higher than at the start of the period in every region.
Most semiconductor companies are in Asia
Of the 664 companies in the statistics, 503 are in Emerging Asia: 191 in China, 183 in Taiwan and 115 in South Korea. The United States has 78, Japan 48 and Europe 25. The global median is therefore mostly an Asian median, and Emerging Asia's 25.5x is close to the global 24.3x.
Japan: less than half the US multiple
Japanese semiconductor companies trade at a median 12.6x EBITDA, the lowest of the four regions, against 28.8x in the United States and 20.9x in Europe; on normalised earnings, 26.5x against 41.5x. Growth is part of the gap: the median Japanese company grew its revenue by 7.1% over the last twelve months, the median US company by 17.2%.
Size
Large and mid caps trade on similar medians, 30.1x and 30.3x EBITDA; micro caps (USD 100–300m) on 13.5x. The industry spans chip designers, foundries, equipment makers and materials suppliers, and the sub-industry of a target matters as much as its size.
What EV/EBITDA multiple do semiconductor companies trade at?
The median listed semiconductor company traded at 24.3x EBITDA (EV/EBITDA) at 30 September 2026, across 497 companies above USD 100m; the aggregate was 26.4x. United States 28.8x, Europe 20.9x, Japan 12.6x, Emerging Asia 25.5x.
What is the median P/E of semiconductor companies?
35.7x at 30 September 2026, across 397 companies; the aggregate was 35.1x.
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 semiconductor 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 designing and making chips, and the equipment and materials used to make them, 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.
671 semiconductor 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). Semiconductors Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/semiconductors/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_semiconductors_multiples,
title = {Semiconductors Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/semiconductors/}
}