EBITDA multiples by industry

91 U.S. industries, highest first · January 2026

Median industry13.2×half are above, half below

Highest57.5×Financial Services (Non-bank & Insurance)

Lowest5.1×Oil/Gas (Production and Exploration)

#	Industry	EV/EBITDA multiple	EBITDA margin	Companies
1	Financial Services (Non-bank & Insurance)	57.5×	21.0%	176
2	Auto & Truck	47.8×	7.5%	33
3	Investments & Asset Management	38.0×	11.7%	283
4	Semiconductor	34.8×	36.8%	66
5	Electronics (Consumer & Office)	30.7×	-2.6%	8
6	Software (Internet)	30.3×	9.5%	29
7	Computers/Peripherals	25.4×	25.3%	36
8	Semiconductor Equipment	24.7×	29.1%	31
9	Electrical Equipment	24.6×	12.7%	112
10	Software (System & Application)	24.5×	35.9%	309
11	Telecom Equipment	24.1×	23.9%	57
12	Software (Entertainment)	22.0×	34.9%	77
13	Real Estate (Operations & Services)	22.0×	4.0%	54
14	Aerospace/Defense	21.6×	10.7%	79
15	Healthcare Information and Technology	21.3×	20.5%	115
16	Electronics (General)	20.0×	12.4%	114
17	REITs	19.9×	43.8%	190
18	Healthcare Products	19.8×	20.3%	204
19	Entertainment	19.4×	17.8%	92
20	Restaurant/Dining	17.5×	19.5%	64
21	Retail (General)	17.4×	10.1%	23
22	Real Estate (General/Diversified)	17.3×	27.2%	12
23	Engineering/Construction	17.2×	8.0%	48
24	Beverage (Soft)	16.9×	22.8%	27
25	Shoe	16.9×	11.9%	11
26	Construction Supplies	16.8×	19.5%	40
27	Retail (REITs)	16.7×	67.2%	26
28	Machinery	16.2×	19.6%	105
29	Farming/Agriculture	16.0×	8.0%	35
30	Drugs (Biotechnology)	15.8×	15.4%	496
31	Insurance (General)	15.8×	23.6%	21
32	Environmental & Waste Services	15.6×	21.0%	53
33	Drugs (Pharmaceutical)	15.2×	33.6%	228
34	Hotel/Gaming	14.9×	24.4%	63
35	Retail (Automotive)	14.8×	7.2%	34
36	Retail (Building Supply)	14.4×	14.2%	14
37	Business & Consumer Services	14.3×	15.7%	155
38	Utility (Water)	14.1×	45.7%	14
39	Computer Services	14.1×	9.0%	64
40	Utility (General)	13.7×	34.9%	14
41	Retail (Distributors)	13.7×	11.4%	62
42	Transportation (Railroads)	13.5×	49.2%	4
43	Tobacco	13.5×	42.2%	10
44	Green & Renewable Energy	13.4×	58.5%	15
45	Chemical (Specialty)	13.4×	18.0%	59
46	Household Products	13.2×	22.3%	110
47	Transportation	12.6×	9.8%	19
48	Insurance (Life)	12.5×	11.5%	20
49	Power	12.4×	35.3%	46
50	Advertising	12.0×	14.1%	52
51	Building Materials	11.6×	17.3%	41
52	Steel	11.6×	10.6%	19
53	Oil/Gas Distribution	11.6×	32.7%	23
54	Information Services	11.5×	17.3%	15
55	Retail (Special Lines)	11.5×	9.8%	94
56	Diversified	11.4×	31.3%	20
57	Metals & Mining	11.4×	29.4%	73
58	Furn/Home Furnishings	11.3×	9.8%	27
59	Publishing & Newspapers	11.2×	13.2%	19
60	Healthcare Support Services	11.2×	3.9%	104
61	Food Wholesalers	11.1×	3.7%	13
62	Precious Metals	10.7×	34.6%	56
63	Trucking	10.4×	15.6%	26
64	Recreation	10.4×	16.6%	49
65	Coal & Related Energy	10.4×	13.0%	16
66	Apparel	10.3×	11.5%	35
67	Real Estate (Development)	10.2×	24.9%	14
68	Food Processing	10.0×	15.3%	78
69	Packaging & Container	9.7×	14.4%	19
70	Education	9.3×	16.6%	32
71	Telecom (Wireless)	9.0×	34.6%	12
72	Retail (Grocery and Food)	8.9×	5.4%	15
73	Homebuilding	8.9×	14.1%	30
74	Hospitals/Healthcare Facilities	8.9×	15.8%	31
75	Reinsurance	8.7×	6.0%	1
76	Oilfield Services/Equipment	8.6×	7.8%	97
77	Beverage (Alcoholic)	8.6×	29.5%	14
78	Office Equipment & Services	8.6×	14.3%	14
79	Chemical (Basic)	8.6×	12.3%	29
80	Insurance (Prop/Cas.)	8.4×	14.7%	57
81	Chemical (Diversified)	8.4×	9.7%	4
82	Paper/Forest Products	8.2×	14.6%	6
83	Oil/Gas (Integrated)	8.2×	21.7%	4
84	Shipbuilding & Marine	8.0×	20.4%	8
85	Broadcasting	7.8×	18.2%	24
86	Air Transport	7.6×	10.3%	23
87	Rubber & Tires	6.7×	8.7%	3
88	Telecom Services	6.5×	34.7%	39
89	Auto Parts	6.4×	9.0%	35
90	Cable TV	6.2×	32.4%	9
91	Oil/Gas (Production and Exploration)	5.1×	43.2%	142

Source: Aswath Damodaran, NYU Stern, January 2026. Aggregates over U.S. public companies.

Frequently asked questions

What is a good EV/EBITDA multiple?

Across these 91 industries the median is 13.2×, from Oil/Gas (Production and Exploration) (5.1×) to Financial Services (Non-bank & Insurance) (57.5×). These are public companies. Small private businesses sell for far less: on average about 2.7× seller’s discretionary earnings (BizBuySell, Q2 2026).

How is the EV/EBITDA multiple worked out?

Enterprise value (equity plus debt, less cash) divided by EBITDA: what buyers of public companies pay for each dollar of yearly earnings before interest, tax, depreciation and amortization. Each figure is an aggregate: the total across every company in the industry, so larger companies weigh more than in a simple average.

Where does the data come from?

Aswath Damodaran’s datasets at NYU Stern, January 2026, covering thousands of U.S. public companies in 94 industries. It is refreshed each January.

Why are 3 industries missing?

Banks and similar lenders have no meaningful EBITDA: interest is their business, not a cost of financing it, so earnings before interest do not describe them.