EBITDA multiples by sector in Europe: reference table and how to use it
bIAnk AI Research · 2026-11-01 · 6 min
EV/EBITDA and EV/Sales multiples by sector for European listed companies (Damodaran, NYU Stern), and how to adjust them to value a private mid-market company.
What the table shows
The table below lists aggregate EV/EBITDA and EV/Sales multiples for European listed companies by sector, from Aswath Damodaran's datasets at NYU Stern. They are market references, not prices for a specific company.
How to adjust them for a private company
Listed companies are larger, more diversified and liquid. A private mid-market company usually deserves a discount to the sector multiple for size and liquidity, and further adjustments for growth, margin quality, customer concentration and dependence on the founder.
Use the multiple as a cross-check of a DCF rather than as the valuation itself, and apply it to normalised EBITDA. If EBITDA is negative, the EV/Sales column is the more relevant reference.
| Sector | EV/EBITDA | EV/Sales | Firms |
|---|---|---|---|
| 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 |
Sources: Damodaran Online (NYU Stern), 2026-01-05