Valuation multiples by sector
Pick a company's size, sector and country to see what it could be worth, and how that compares with its peers.
Company size (EBITDA)
Sector
Subsector
Country
Median EV/EBITDA
14,0x
Mean EV/EBITDA
15,0x
Median EV/Sales
3,5x
Implied enterprise value
€140,0m
Range €109,2m to €175,0m
Where most companies sit
The middle half of comparable companies trades between 10,9x and 17,5x EBITDA.
Median by country
- Europe14,0x
- Spain12,9x
- Portugal11,9x
- Italy13,3x
- France14,0x
- Germany14,3x
- Benelux14,3x
- UK14,7x
- Nordics15,1x
- US18,9x
Median by company size
- < €2m8,7x
- €2–5m10,5x
- €5–15m12,6x
- €15–50m14,0x
- €50–150m15,7x
- > €150m17,5x
Across technology
- Software & SaaS14,0x
- IT services9,5x
- Fintech12,0x
- Hardware8,5x
Indicative ranges built by Dealith for orientation, not transaction data. Reference medians are set by sector and adjusted for size and country using the assumptions in our methodology, calibrated to the public references below.
Public references: Argos Index Q2 2026 (eurozone mid-market median: 8.8x), Siblis Research Q3 2026 (listed: Europe 10.4x, US 17.4x), Damodaran, NYU Stern (sector multiples).
What is a valuation multiple?
A valuation multiple compares what a company is worth with a measure of its results. EV/EBITDA is the most common one: a company valued at 8x EBITDA is worth eight times what it earns before interest, tax, depreciation and amortization. Multiples let you price a company quickly by looking at similar ones.
EV/EBITDA formula
Enterprise value = Value of the equity + Net debt
EV/EBITDA = Enterprise value / EBITDA
EV/Sales = Enterprise value / Sales
Enterprise value is the price of the whole business, however it is financed. That is why it is compared with EBITDA, a figure measured before interest.
How to value a company with multiples: an example
Take a European SaaS company with an EBITDA of €20m. The indicative multiple on this page is 14,0x, so its enterprise value would be about €280m, within a range of roughly €218m to €350m. If it has €60m of net debt, the equity would be worth about €220m.
What is a good EV/EBITDA multiple?
There is no single good multiple: it depends on growth, margins and risk. As a reference, the Argos Index puts the eurozone mid-market at 8,8x in the second quarter of 2026, while Siblis Research shows listed companies at 10,4x in Europe and 17,4x in the US in the third quarter.
Why multiples change by sector, size and country
Buyers pay more for growth and recurring income, which is why software usually trades above capital-heavy or cyclical sectors. Larger companies tend to earn higher multiples because they carry less risk and attract more buyers. Countries differ in market depth and in the return investors demand.
How to read the range
The median is the company in the middle. A quarter of companies sit below the first quartile and a quarter above the third, so the gap between them is a realistic range for a negotiation. The mean is usually higher than the median, because a few expensive deals pull it up.