Múltiplos de EBITDA por sector en Europa: tabla de referencia y cómo usarla
bIAnk AI Research · 2026-11-01 · 6 min
Múltiplos EV/EBITDA y EV/Ventas por sector de empresas cotizadas europeas (Damodaran, NYU Stern), y cómo ajustarlos para valorar una empresa no cotizada del mid-market.
Qué muestra la tabla
La tabla recoge los múltiplos agregados EV/EBITDA y EV/Ventas de las empresas cotizadas europeas por sector, según los datos de Aswath Damodaran (NYU Stern). Son referencias de mercado, no el precio de una empresa concreta.
Cómo ajustarlos para una empresa no cotizada
Las cotizadas son más grandes, más diversificadas y más líquidas. Una pyme no cotizada suele merecer un descuento sobre el múltiplo del sector por tamaño y liquidez, y ajustes adicionales por crecimiento, calidad del margen, concentración de clientes y dependencia del fundador.
Usa el múltiplo para contrastar un DCF, no como valoración en sí, y aplícalo al EBITDA normalizado. Si el EBITDA es negativo, la referencia relevante es la columna EV/Ventas.
| Sector | EV/EBITDA | EV/Ventas | Empresas |
|---|---|---|---|
| Advertising | 8.4x | 1.3x | 83 |
| Aerospace/Defense | 21.6x | 2.9x | 67 |
| Air Transport | 7.6x | 1.2x | 33 |
| Apparel | 15.2x | 3.4x | 109 |
| Auto & Truck | 11.6x | 0.9x | 31 |
| Auto Parts | 5.8x | 0.5x | 58 |
| Beverage (Alcoholic) | 9.7x | 2.4x | 52 |
| Beverage (Soft) | 12.4x | 1.9x | 14 |
| Broadcasting | 7.5x | 0.8x | 18 |
| Brokerage & Investment Banking | 26.6x | 1.4x | 69 |
| Building Materials | 14.3x | 2.3x | 84 |
| Business & Consumer Services | 12.8x | 1.5x | 176 |
| Chemical (Basic) | 10.7x | 1.5x | 58 |
| Chemical (Specialty) | 12.8x | 2.3x | 92 |
| Coal & Related Energy | 2.5x | 2.0x | 15 |
| Computer Services | 12.0x | 1.3x | 210 |
| Computers/Peripherals | 14.4x | 2.4x | 38 |
| Construction Supplies | 11.0x | 1.5x | 119 |
| Diversified | 14.5x | 2.3x | 72 |
| Drugs (Biotechnology) | 16.2x | 6.5x | 199 |
| Drugs (Pharmaceutical) | 12.0x | 4.0x | 115 |
| Education | 10.5x | 1.6x | 18 |
| Electrical Equipment | 18.9x | 2.8x | 146 |
| Electronics (Consumer & Office) | 17.3x | 3.0x | 17 |
| Electronics (General) | 17.3x | 3.2x | 142 |
| Engineering/Construction | 9.7x | 0.9x | 160 |
| Entertainment | 22.6x | 3.6x | 199 |
| Environmental & Waste Services | 10.4x | 1.2x | 48 |
| Farming/Agriculture | 12.3x | 1.3x | 46 |
| Financial Svcs. (Non-bank & Insurance) | 17.0x | 7.3x | 146 |
| Food Processing | 12.4x | 1.6x | 173 |
| Food Wholesalers | 10.6x | 0.2x | 11 |
| Furn/Home Furnishings | 9.5x | 0.7x | 53 |
| Green & Renewable Energy | 11.9x | 3.6x | 60 |
| Healthcare Products | 17.0x | 3.5x | 163 |
| Healthcare Support Services | 12.6x | 1.3x | 47 |
| Heathcare Information and Technology | 15.9x | 3.5x | 89 |
| Homebuilding | 10.6x | 1.1x | 36 |
| Hospitals/Healthcare Facilities | 10.2x | 1.4x | 29 |
| Hotel/Gaming | 10.9x | 2.1x | 103 |
| Household Products | 14.7x | 2.9x | 65 |
| Insurance (General) | 8.1x | 1.4x | 34 |
| Insurance (Life) | 8.5x | 1.5x | 15 |
| Insurance (Prop/Cas.) | 10.7x | 2.3x | 19 |
| Investments & Asset Management | 10.4x | 4.6x | 338 |
| Machinery | 15.0x | 2.3x | 210 |
| Metals & Mining | 8.8x | 1.1x | 118 |
| Office Equipment & Services | 8.0x | 0.9x | 20 |
| Oil/Gas (Integrated) | 5.9x | 1.7x | 12 |
| Oil/Gas (Production and Exploration) | 2.7x | 1.8x | 83 |
| Oil/Gas Distribution | 9.5x | 2.9x | 30 |
| Oilfield Svcs/Equip. | 5.7x | 0.6x | 58 |
| Packaging & Container | 8.3x | 1.3x | 42 |
| Paper/Forest Products | 11.1x | 1.5x | 36 |
| Power | 8.8x | 1.9x | 69 |
| Precious Metals | 7.1x | 3.2x | 39 |
| Publishing & Newspapers | 7.5x | 1.0x | 59 |
| R.E.I.T. | 18.8x | 10.1x | 138 |
| Real Estate (Development) | 13.0x | 1.4x | 61 |
| Real Estate (General/Diversified) | 24.1x | 8.1x | 45 |
| Real Estate (Operations & Services) | 24.6x | 10.5x | 219 |
| Recreation | 13.5x | 2.3x | 59 |
| Restaurant/Dining | 12.1x | 0.9x | 38 |
| Retail (Automotive) | 12.4x | 0.5x | 22 |
| Retail (Building Supply) | 9.3x | 0.7x | 26 |
| Retail (Distributors) | 11.6x | 1.3x | 117 |
| Retail (General) | 23.6x | 1.5x | 31 |
| Retail (Grocery and Food) | 9.7x | 0.5x | 34 |
| Retail (REITs) | 15.6x | 10.0x | 28 |
| Retail (Special Lines) | 14.1x | 1.5x | 105 |
| Rubber& Tires | 6.1x | 0.7x | 10 |
| Semiconductor | 13.5x | 3.4x | 36 |
| Semiconductor Equip | 27.9x | 10.0x | 21 |
| Shipbuilding & Marine | 6.7x | 1.0x | 65 |
| Software (Entertainment) | 17.6x | 5.4x | 51 |
| Software (Internet) | 9.3x | 2.4x | 23 |
| Software (System & Application) | 20.9x | 5.3x | 290 |
| Steel | 8.3x | 0.5x | 57 |
| Telecom (Wireless) | 8.3x | 2.2x | 11 |
| Telecom. Equipment | 13.3x | 1.4x | 50 |
| Telecom. Services | 7.2x | 2.3x | 62 |
| Transportation | 12.6x | 1.3x | 56 |
| Utility (General) | 7.6x | 1.3x | 18 |
| Utility (Water) | 14.7x | 6.5x | 12 |
Fuentes: Damodaran Online (NYU Stern), 2026-01-05