Revenue multiples by industry

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

Median industry2.6×half are above, half below

Highest18.9×Financial Services (Non-bank & Insurance)

Lowest0.5×Food Wholesalers

#	Industry	EV/Sales multiple	EBITDA margin	Companies
1	Financial Services (Non-bank & Insurance)	18.9×	21.0%	176
2	Semiconductor	15.7×	36.8%	66
3	Retail (REITs)	12.0×	67.2%	26
4	Software (System & Application)	11.4×	35.9%	309
5	REITs	10.7×	43.8%	190
6	Software (Internet)	9.6×	9.5%	29
7	Software (Entertainment)	9.1×	34.9%	77
8	Bank (Money Center)	8.3×	0.0%	15
9	Drugs (Biotechnology)	7.9×	15.4%	496
10	Green & Renewable Energy	7.9×	58.5%	15
11	Semiconductor Equipment	7.6×	29.1%	31
12	Utility (Water)	7.2×	45.7%	14
13	Real Estate (General/Diversified)	6.8×	27.2%	12
14	Transportation (Railroads)	6.7×	49.2%	4
15	Computers/Peripherals	6.6×	25.3%	36
16	Telecom Equipment	6.5×	23.9%	57
17	Tobacco	6.4×	42.2%	10
18	Drugs (Pharmaceutical)	6.2×	33.6%	228
19	Precious Metals	6.0×	34.6%	56
20	Brokerage & Investment Banking	5.8×	0.0%	32
21	Investments & Asset Management	5.5×	11.7%	283
22	Healthcare Information and Technology	5.3×	20.5%	115
23	Utility (General)	5.3×	34.9%	14
24	Healthcare Products	4.8×	20.3%	204
25	Power	4.7×	35.3%	46
26	Electrical Equipment	4.4×	12.7%	112
27	Oil/Gas Distribution	4.4×	32.7%	23
28	Entertainment	4.3×	17.8%	92
29	Hotel/Gaming	4.3×	24.4%	63
30	Insurance (General)	4.3×	23.6%	21
31	Banks (Regional)	4.3×	0.0%	568
32	Restaurant/Dining	4.2×	19.5%	64
33	Beverage (Soft)	4.2×	22.8%	27
34	Metals & Mining	4.0×	29.4%	73
35	Auto & Truck	3.9×	7.5%	33
36	Telecom (Wireless)	3.7×	34.6%	12
37	Environmental & Waste Services	3.7×	21.0%	53
38	Aerospace/Defense	3.6×	10.7%	79
39	Machinery	3.4×	19.6%	105
40	Construction Supplies	3.2×	19.5%	40
41	Electronics (General)	3.2×	12.4%	114
42	Diversified	3.1×	31.3%	20
43	Household Products	3.1×	22.3%	110
44	Real Estate (Development)	3.0×	24.9%	14
45	Oil/Gas (Production and Exploration)	2.7×	43.2%	142
46	Chemical (Specialty)	2.6×	18.0%	59
47	Telecom Services	2.6×	34.7%	39
48	Coal & Related Energy	2.5×	13.0%	16
49	Business & Consumer Services	2.5×	15.7%	155
50	Beverage (Alcoholic)	2.5×	29.5%	14
51	Retail (Building Supply)	2.3×	14.2%	14
52	Information Services	2.2×	17.3%	15
53	Advertising	2.1×	14.1%	52
54	Retail (General)	2.1×	10.1%	23
55	Cable TV	2.1×	32.4%	9
56	Building Materials	2.0×	17.3%	41
57	Shoe	2.0×	11.9%	11
58	Education	2.0×	16.6%	32
59	Recreation	1.9×	16.6%	49
60	Retail (Distributors)	1.9×	11.4%	62
61	Oil/Gas (Integrated)	1.8×	21.7%	4
62	Trucking	1.7×	15.6%	26
63	Shipbuilding & Marine	1.7×	20.4%	8
64	Engineering/Construction	1.7×	8.0%	48
65	Publishing & Newspapers	1.7×	13.2%	19
66	Hospitals/Healthcare Facilities	1.7×	15.8%	31
67	Transportation	1.6×	9.8%	19
68	Retail (Special Lines)	1.6×	9.8%	94
69	Apparel	1.6×	11.5%	35
70	Packaging & Container	1.5×	14.4%	19
71	Insurance (Prop/Cas.)	1.5×	14.7%	57
72	Computer Services	1.5×	9.0%	64
73	Food Processing	1.5×	15.3%	78
74	Real Estate (Operations & Services)	1.5×	4.0%	54
75	Office Equipment & Services	1.4×	14.3%	14
76	Broadcasting	1.4×	18.2%	24
77	Farming/Agriculture	1.3×	8.0%	35
78	Furn/Home Furnishings	1.3×	9.8%	27
79	Insurance (Life)	1.3×	11.5%	20
80	Retail (Automotive)	1.3×	7.2%	34
81	Homebuilding	1.2×	14.1%	30
82	Steel	1.2×	10.6%	19
83	Air Transport	1.0×	10.3%	23
84	Paper/Forest Products	1.0×	14.6%	6
85	Electronics (Consumer & Office)	0.9×	-2.6%	8
86	Chemical (Basic)	0.8×	12.3%	29
87	Chemical (Diversified)	0.8×	9.7%	4
88	Auto Parts	0.8×	9.0%	35
89	Oilfield Services/Equipment	0.7×	7.8%	97
90	Reinsurance	0.7×	6.0%	1
91	Rubber & Tires	0.6×	8.7%	3
92	Retail (Grocery and Food)	0.5×	5.4%	15
93	Healthcare Support Services	0.5×	3.9%	104
94	Food Wholesalers	0.5×	3.7%	13

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

Frequently asked questions

What is a good EV/Sales multiple?

Across these 94 industries the median is 2.6×, from Food Wholesalers (0.5×) to Financial Services (Non-bank & Insurance) (18.9×). 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/Sales multiple worked out?

Enterprise value divided by revenue. It only transfers between companies with similar margins, so it is shown beside the EBITDA margin. 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.