EBITDA Multiples by Industry: Ranges and How to Read Them

Industry multiples set a corridor — where a specific company lands inside it depends on clearly identifiable value drivers. This page shows the current DUB KMU Multiples (as of Q3/2026) for 20 industries and three size classes with their source, explains what raises or lowers the multiple in an individual case, and why a table is never a price.

The metric behind it — enterprise value in relation to adjusted EBITDA — is explained in detail in EV/EBITDA.

A first orientation for your company is provided by our company value calculator; the full analysis is set out in our approach to company valuation.

What is an EBITDA multiple?

An EBITDA multiple is the factor by which adjusted EBITDA is multiplied to approximate enterprise value. The factor is derived from prices of comparable companies, depends on industry and size, and is a corridor, not a price for an individual company.

A multiple is quickly explained: take EBITDA — earnings before interest, taxes, depreciation and amortisation — and multiply it by an industry-typical factor. The result is a ballpark for company value. So much for the theory.

In practice the multiple is applied to a normalised EBITDA: adjusted for one-off effects, a market-standard managing-director salary and exceptional items. How the method works in detail is shown in the article on the multiples method; whether EBIT or EBITDA is the right basis is covered in EBIT or EBITDA.

The full process is described under selling a company.

Enterprise value vs. equity value

A point that is regularly overlooked: the multiple usually yields the enterprise value — not the amount that reaches the seller. Net financial debt is deducted from it (or net cash added). Only then does the equity value stand. What counts as net debt and how it is calculated is explained in Net debt.

Which EBITDA multiples apply by industry?

According to the DUB KMU Multiples (as of Q3/2026), EBITDA multiples for companies with EUR 5 to 50 million of revenue range between 3.6x and 9.0x depending on the industry. Medical technology and software sit at the top, consumer goods and vehicle manufacturing at the bottom. The table shows all 20 industries of the survey in three size classes. These are ranges from a market observation, not prices for an individual company.

Industry (EBITDA multiple)	Micro-cap (< EUR 5m revenue)	Small-cap (EUR 5–50m revenue)	Mid-cap (> EUR 50m revenue)
Mechanical and plant engineering	3.6–5.1x	4.6–6.0x	5.6–7.3x
Vehicle manufacturing & automotive	2.7–4.5x	3.9–5.1x	4.7–6.1x
Electrical engineering & electronics	4.2–6.0x	5.7–7.6x	6.8–8.5x
Metalworking & production technology	3.4–4.2x	4.1–5.5x	5.0–7.2x
Chemicals, plastics & packaging	3.6–4.6x	5.4–6.5x	6.5–8.1x
Medical technology & life sciences	5.9–7.6x	7.1–9.0x	8.2–10.0x
Software & digital platforms	5.6–7.6x	7.2–9.0x	8.3–10.6x
IT services & system integrators	5.2–6.7x	6.3–8.5x	7.1–9.6x
Media, marketing & agencies	3.2–5.0x	4.4–6.3x	6.0–7.5x
Telecommunications & infrastructure	4.2–6.1x	5.7–7.2x	6.3–7.7x
Healthcare: care & service providers	4.0–5.9x	6.0–8.1x	8.6–10.1x
Business services (B2B)	3.8–5.7x	5.0–7.2x	6.4–8.0x
Construction & finishing trades	3.7–5.0x	4.4–5.8x	5.0–6.8x
Real estate services & facility management	4.1–5.0x	5.0–6.9x	6.5–8.1x
Financial services & insurance brokers	4.7–5.9x	6.0–7.2x	8.4–10.0x
Food & beverages	4.4–5.7x	5.5–6.6x	6.8–8.0x
Consumer goods (non-food)	2.5–4.0x	3.6–5.6x	4.8–6.3x
Retail: e-commerce & mail order	4.3–6.9x	5.4–7.4x	7.3–9.3x
Retail: wholesale & stationary retail	3.4–4.5x	4.4–5.4x	5.2–6.7x
Transport, logistics & freight forwarding	3.7–5.0x	4.5–5.7x	5.6–7.2x

Source: DUB KMU Multiples, as of Q3/2026, Deutsche Unternehmerbörse DUB.de GmbH – aggregated market assessments from more than 25 M&A advisors and financial institutions in the German-speaking region, updated quarterly; retrieved on 23.10.2026. DUB gives only the quarter as reference date, not a calendar day. According to DUB, the majority of companies in an industry fall within the stated range; in justified individual cases prices can lie outside it. The corresponding EBIT and revenue multiples are in the DUB report and are not reproduced here.

As of October 2026. The table was checked against the DUB page on 16.10.2026 and again on 23.10.2026 (quarter Q3/26, all 20 industry rows unchanged).

Upper half of the small-cap class. The highest upper limits in the survey are for medical technology and software (9.0x each), followed by IT services and system integrators (8.5x) and healthcare (8.1x, care). Recurring revenue, scalability and stable demand are the features buyers typically weight more highly in these industries.

Middle field. Mechanical engineering (4.6–6.0x), plastics processing (chemicals, plastics & packaging, 5.4–6.5x), electronics manufacturing (electrical engineering & electronics, 5.7–7.6x), agencies (4.4–6.3x), food production (5.5–6.6x), staffing services (business services, 5.0–7.2x) and building services (real estate services & facility management, 5.0–6.9x) lie in between. The range within a single row is considerable; it is determined by the value drivers named below.

Lower upper limits. Vehicle manufacturing and automotive (5.1x), stationary wholesale and retail (5.4x), metalworking (5.5x), consumer goods (5.6x), transport and logistics (5.7x) and construction and trades (5.8x) have the lowest upper limits. Not because these companies are worth less, but because buyers apply lower factors for project business, high capital intensity, cyclicality and owner dependence.

Size shifts the factor more than much else. In 19 of the 20 industries the upper limit of the micro-cap class lies below the lower limit of the mid-cap class; only in construction and finishing trades are the two equal (5.0x). Those who transfer a mid-cap figure from the press to a business with EUR 4 million of revenue are using a factor that does not apply to that size.

Important: this is a relative classification. "Upper half" or "lower upper limit" does not mean there are no outliers — and certainly not that a specific business lands where the industry range lies.

Your actual multiple depends on the individual case — get a first orientation with our company value calculator or talk to us.

What raises or lowers the multiple within an industry

The industry sets the corridor. Where a specific company sits in it is decided by a few recurring factors. Two businesses in the same industry can achieve very different multiples — the difference almost always lies here:

• Share of recurring or contractually secured revenue. Maintenance, service and subscription contracts are valued more highly than pure project business.
• Dependence on the owner. The more customer relationships, know-how and decisions hang on one person, the lower the multiple.
• Growth and growth outlook. A company with documented growth momentum and a plausible projection is valued higher than one that stagnates or shrinks.
• Margin quality and stability. Not only the level of the margin counts, but also how much it fluctuates over the years.
• Customer concentration. Cluster risks — a few large customers with a high share of revenue — noticeably depress the multiple.
• Order backlog. A full backlog reduces perceived uncertainty and supports the valuation.
• Second management tier and management depth. A company that functions without the owner is worth considerably more to a buyer.
• Balance-sheet quality. Clean accruals, documented fixed assets, a transparent working-capital structure — all of this reduces price discounts in the negotiation.

Which of these levers pay off most before a sale is summarised in “Increasing company value”.

Where your company stands on sale readiness today is gauged by the Exit Readiness Test for sale readiness, a structured self-assessment: around 15 minutes, a score across seven dimensions, paid. It does not replace a business valuation.

Whether your company sits in the upper or lower part of the industry corridor can only be judged in the individual case. For an independent assessment: talk to us.

What the table can do – and what it cannot

An industry table gives a simple answer to a complex question. That is exactly its risk: it suggests a precision that does not exist in the individual case.

The DUB values are aggregated assessments by M&A advisors and financial institutions, not individually disclosed transactions. Other sources, such as transaction databases or consulting firms, deviate depending on the survey date, size class and industry definition. A factor read from a table and multiplied by your own EBITDA therefore yields a ballpark, but rarely the price that would arise in a real process.

An assessment becomes robust only from the concrete figures, the structure and the buyer landscape of a single company. We therefore publish the ranges with source, date and retrieval date and read them as orientation: if a price expectation lies far outside the range of its own size class, that is a reason to review the assumptions.

How do you calculate company value with the EBITDA multiple?

Multiply the adjusted EBITDA by the multiple for the relevant industry and size class. The result is the enterprise value; net financial debt is deducted from it to arrive at the equity value.

Step	Calculation	Example (freely chosen)
Adjusted EBITDA	starting figure	EUR 1,000,000
EBITDA multiple	from industry and size class	5.0x
Enterprise value	EBITDA × multiple	EUR 5,000,000
Net financial debt	financial debt minus cash	EUR 800,000
Equity value	enterprise value − net financial debt	EUR 4,200,000

Worked illustration by IGCP Capital Partners GmbH with freely chosen figures; not a market statement and not a price for any individual company.

How the method works in detail is explained in Multiples method; a first indication based on your own figures is given by the company valuation calculator.

From the multiple to the real price

An industry multiple tells you whether a price expectation is within a realistic frame. It does not tell you what will end up in the contract.

The difference is made by a concrete buyer with a concrete reason to pay more than the average — and a structured process in which several interested parties compete for your company. The table is the starting point. The price is created in the negotiation.

For a realistic, independent assessment: IGCP Capital Partners. → igcp.at

Where your own company sits within the corridor is shown by our company value calculator — free and in a few minutes.

Frequently Asked Questions

Which industry achieves the highest multiples?

According to the DUB KMU Multiples (as of Q3/2026), medical technology & life sciences and software & digital platforms sit at the top with up to 9.0x each in the EUR 5–50 million revenue class. The reason lies not in the product itself but in the features these business models typically bring: a high share of recurring revenue, good scalability, low capital tie-up, predictable growth patterns. IT services (up to 8.5x) and care and healthcare service providers (up to 8.1x) follow.

Why are multiples lower in the trades?

Classic trades depend heavily on the owner, are often smaller in structure and project-driven. All three points depress the factor a buyer applies. Those who reduce owner dependence, build a second management tier and show service or maintenance shares move noticeably upwards within the range.

Is there a multiples table by industry?

Yes, as orientation: the DUB KMU Multiples (as of Q3/2026, retrieved on 23.10.2026) show EBITDA ranges for 20 industries in three size classes. No table works as a robust price. Circulating figures differ considerably depending on source, survey date and size class. What is decisive for your own situation are your company's value drivers — revenue quality, owner dependence, growth, customer concentration, management depth, balance-sheet quality. Only their characteristics say where a specific business sits in the industry corridor.

Which EBITDA multiple is realistic for my company?

It depends on industry, size, growth, revenue quality and owner dependency. The industry sets the frame; where exactly you sit is decided by your company's value drivers. A sound assessment combines the multiple with other methods and checks plausibility in the individual case.

Does the multiple apply to revenue or to profit?

The factors named here refer to EBITDA, i.e. earnings before interest, taxes, depreciation and amortisation. Revenue multiples are used mainly as a supplement for strongly growing, still barely profitable companies — they are in a different order of magnitude and are not directly comparable with EBITDA multiples.

Do I receive the calculated amount?

Not necessarily. The multiple usually yields the enterprise value. Net financial debt is deducted from it before the equity value is fixed. The purchase-price structure — an earn-out or a vendor loan, for example — also affects how much actually flows, and when. Details on the distinction: Net debt.

What is a good EBITDA multiple?

There is no flat answer; it depends on industry and size. According to the DUB KMU Multiples (as of Q3/2026), EBITDA multiples in the size class EUR 5–50 million revenue lie between 3.6x and 9.0x depending on the industry. Where a company sits within its industry row is determined by the value drivers above.

What is the EBITDA multiple in mechanical engineering?

According to the DUB KMU Multiples (as of Q3/2026), the EBITDA multiple in mechanical and plant engineering is 4.6–6.0x in the size class EUR 5–50 million revenue. Smaller businesses (under EUR 5 million) sit at 3.6–5.1x, larger ones (over EUR 50 million) at 5.6–7.3x.

What is the EBITDA multiple for software companies?

According to the DUB KMU Multiples (as of Q3/2026), the EBITDA multiple for software and digital platforms is 7.2–9.0x in the size class EUR 5–50 million revenue. Smaller companies (under EUR 5 million) sit at 5.6–7.6x, larger ones (over EUR 50 million) at 8.3–10.6x. These are ranges from a market survey, not prices.

What is the EBITDA multiple in healthcare?

According to the DUB KMU Multiples (as of Q3/2026, retrieved 29 October 2026), the EBITDA multiple for healthcare (care and service providers) is 6.0–8.1x in the size class EUR 5–50 million revenue. Smaller businesses (under EUR 5 million) sit at 4.0–5.9x, larger ones (over EUR 50 million) at 8.6–10.1x. These are ranges from a market survey, not prices.

What is the EBITDA multiple for B2B services?

According to the DUB KMU Multiples (as of Q3/2026, retrieved 29 October 2026), the EBITDA multiple for business services (B2B) is 5.0–7.2x in the size class EUR 5–50 million revenue. Smaller companies (under EUR 5 million) sit at 3.8–5.7x, larger ones (over EUR 50 million) at 6.4–8.0x. These are ranges from a market survey, not prices.

What is the EBIT multiple by industry?

On its public page, the DUB KMU Multiples (as of Q3/2026, retrieved 30 October 2026) show only EBITDA multiples; the EBIT and revenue multiples are in the DUB report as a PDF and are not reproduced here. An EBIT multiple can still be derived from the EBITDA multiple, and for the same enterprise value it is higher, because EBIT is smaller than EBITDA by the amount of depreciation. Illustration with freely chosen figures: with EBITDA of EUR 1,000,000, depreciation of EUR 200,000 and therefore EBIT of EUR 800,000, an enterprise value of EUR 5,000,000 gives an EBITDA multiple of 5.0x and an EBIT multiple of 6.25x. Which basis suits the business model is explained in EBIT or EBITDA.