Every month, NIMBO asks over a thousand small and medium-sized companies for purchase offers received and calculates EBITC multiples, EBIT multiples, EBITDA multiples and sales multiples from these. NIMBO thus has the most up-to-date and comprehensive database of valuation multiples. We publish these multiples for individual countries here every month. More information on the valuation multiples and their application can be found below.
Exciting backgrounds: Subscribe to our newsletter | Follow us on LinkedIn
Status: 2021-10-31 | Number of data points: 577
| Employees Industry | EBITC multiples | EBIT multiples | EBITDA multiples | Sales multiples |
|---|---|---|---|---|
| 2-5 employees | ||||
| Software / IT | 3.0 | 4.6 | 4.3 | 1.2 |
| Manufacturing industry | 3.4 | 5.0 | 4.8 | 0.9 |
| Wholesale | 2.1 | 2.9 | 2.5 | 0.4 |
| Retail | 2.3 | 3.2 | 2.3 | 0.5 |
| Gastronomy | 2.2 | 3.4 | 2.2 | 0.7 |
| Craft / Construction | 2.2 | 3.3 | 3.2 | 0.5 |
| Services | 2.3 | 3.5 | 2.3 | 0.8 |
| 6-25 employees | ||||
| Software / IT | 3.9 | 4.8 | 3.9 | 1.1 |
| Manufacturing industry | 4.4 | 5.3 | 4.4 | 0.8 |
| Wholesale | 2.7 | 3.1 | 2.3 | 0.4 |
| Retail | 3.0 | 3.4 | 2.1 | 0.4 |
| Gastronomy | 2.9 | 3.6 | 2.0 | 0.6 |
| Craft / Construction | 2.9 | 3.5 | 2.9 | 0.5 |
| Services | 3.0 | 3.7 | 2.1 | 0.7 |
| 26-99 employees | ||||
| Software / IT | 4.1 | 4.8 | 4.2 | 0.9 |
| Manufacturing industry | 4.6 | 5.3 | 4.6 | 0.6 |
| Wholesale | 2.9 | 3.1 | 2.4 | 0.3 |
| Retail | 3.2 | 3.4 | 2.2 | 0.4 |
| Gastronomy | 3.1 | 3.6 | 2.2 | 0.5 |
| Craft / Construction | 3.0 | 3.5 | 3.0 | 0.4 |
| Services | 3.1 | 3.7 | 2.2 | 0.6 |
| *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. | ||||
| Employees Industry | EBITC multiples | EBIT multiples | EBITDA multiples | Sales multiples |
|---|---|---|---|---|
| 2-5 employees | ||||
| Software / IT | 3.2 | 4.8 | 4.5 | 1.4 |
| Manufacturing industry | 3.5 | 5.3 | 5.0 | 1.1 |
| Wholesale | 2.2 | 3.1 | 2.7 | 0.5 |
| Retail | 2.4 | 3.4 | 2.4 | 0.6 |
| Gastronomy | 2.4 | 3.6 | 2.4 | 0.8 |
| Craft / Construction | 2.3 | 3.5 | 3.3 | 0.6 |
| Services | 2.4 | 3.7 | 2.4 | 1.0 |
| 6-25 employees | ||||
| Software / IT | 4.1 | 5.1 | 4.1 | 1.3 |
| Manufacturing industry | 4.6 | 5.6 | 4.6 | 0.9 |
| Wholesale | 2.9 | 3.3 | 2.4 | 0.4 |
| Retail | 3.2 | 3.6 | 2.2 | 0.5 |
| Gastronomy | 3.0 | 3.8 | 2.1 | 0.7 |
| Craft / Construction | 3.0 | 3.7 | 3.0 | 0.6 |
| Services | 3.1 | 3.9 | 2.2 | 0.9 |
| 26-99 employees | ||||
| Software / IT | 4.3 | 5.0 | 4.4 | 1.0 |
| Manufacturing industry | 4.8 | 5.5 | 4.8 | 0.8 |
| Wholesale | 3.0 | 3.2 | 2.6 | 0.3 |
| Retail | 3.3 | 3.5 | 2.3 | 0.4 |
| Gastronomy | 3.2 | 3.8 | 2.3 | 0.6 |
| Craft / Construction | 3.2 | 3.7 | 3.2 | 0.5 |
| Services | 3.3 | 3.8 | 2.3 | 0.7 |
| *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. | ||||
| Employees Industry | EBITC multiples | EBIT multiples | EBITDA multiples | Sales multiples |
|---|---|---|---|---|
| 2-5 employees | ||||
| Software / IT | 2.9 | 4.4 | 4.1 | 1.1 |
| Manufacturing industry | 3.2 | 4.8 | 4.6 | 0.8 |
| Wholesale | 2.0 | 2.8 | 2.4 | 0.4 |
| Retail | 2.2 | 3.1 | 2.2 | 0.5 |
| Gastronomy | 2.1 | 3.3 | 2.1 | 0.6 |
| Craft / Construction | 2.1 | 3.2 | 3.0 | 0.5 |
| Services | 2.2 | 3.3 | 2.2 | 0.8 |
| 6-25 employees | ||||
| Software / IT | 3.8 | 4.6 | 3.7 | 1.0 |
| Manufacturing industry | 4.2 | 5.1 | 4.2 | 0.7 |
| Wholesale | 2.6 | 3.0 | 2.2 | 0.3 |
| Retail | 2.9 | 3.3 | 2.0 | 0.4 |
| Gastronomy | 2.8 | 3.5 | 1.9 | 0.5 |
| Craft / Construction | 2.8 | 3.4 | 2.8 | 0.4 |
| Services | 2.8 | 3.5 | 2.0 | 0.7 |
| 26-99 employees | ||||
| Software / IT | 4.0 | 4.6 | 4.0 | 0.8 |
| Manufacturing industry | 4.4 | 5.1 | 4.4 | 0.6 |
| Wholesale | 2.7 | 3.0 | 2.3 | 0.3 |
| Retail | 3.0 | 3.2 | 2.1 | 0.3 |
| Gastronomy | 2.9 | 3.4 | 2.1 | 0.4 |
| Craft / Construction | 2.9 | 3.3 | 2.9 | 0.4 |
| Services | 3.0 | 3.5 | 2.1 | 0.5 |
| *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. | ||||
| Employees Industry | EBITC multiples | EBIT multiples | EBITDA multiples | Sales multiples |
|---|---|---|---|---|
| 2-5 employees | ||||
| Software / IT | 4.5 | 6.7 | 6.4 | 1.8 |
| Manufacturing industry | 5.0 | 7.4 | 7.1 | 1.3 |
| Wholesale | 3.1 | 4.3 | 3.7 | 0.6 |
| Retail | 3.4 | 4.7 | 3.4 | 0.7 |
| Gastronomy | 3.3 | 5.1 | 3.3 | 1.0 |
| Craft / Construction | 3.3 | 4.9 | 4.7 | 0.8 |
| Services | 3.4 | 5.1 | 3.4 | 1.2 |
| 6-25 employees | ||||
| Software / IT | 5.8 | 7.1 | 5.8 | 1.6 |
| Manufacturing industry | 6.5 | 7.9 | 6.4 | 1.2 |
| Wholesale | 4.0 | 4.6 | 3.4 | 0.5 |
| Retail | 4.4 | 5.0 | 3.1 | 0.7 |
| Gastronomy | 4.3 | 5.3 | 3.0 | 0.9 |
| Craft / Construction | 4.2 | 5.2 | 4.2 | 0.7 |
| Services | 4.4 | 5.4 | 3.0 | 1.0 |
| 26-99 employees | ||||
| Software / IT | 6.1 | 7.1 | 6.1 | 1.3 |
| Manufacturing industry | 6.8 | 7.8 | 6.8 | 0.9 |
| Wholesale | 4.2 | 4.6 | 3.6 | 0.4 |
| Retail | 4.7 | 5.0 | 3.3 | 0.5 |
| Gastronomy | 4.5 | 5.3 | 3.2 | 0.7 |
| Craft / Construction | 4.4 | 5.2 | 4.5 | 0.6 |
| Services | 4.6 | 5.4 | 3.2 | 0.8 |
| *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. | ||||
| Employees Industry | EBITC multiples | EBIT multiples | EBITDA multiples | Sales multiples |
|---|---|---|---|---|
| 2-5 employees | ||||
| Software / IT | 3.6 | 5.4 | 5.1 | 1.2 |
| Manufacturing industry | 4.0 | 6.0 | 5.7 | 0.9 |
| Wholesale | 2.5 | 3.5 | 3.0 | 0.4 |
| Retail | 2.8 | 3.8 | 2.8 | 0.5 |
| Gastronomy | 2.7 | 4.1 | 2.7 | 0.7 |
| Craft / Construction | 2.6 | 3.9 | 3.8 | 0.5 |
| Services | 2.7 | 4.1 | 2.7 | 0.8 |
| 6-25 employees | ||||
| Software / IT | 4.7 | 5.7 | 4.6 | 1.1 |
| Manufacturing industry | 5.2 | 6.3 | 5.2 | 0.8 |
| Wholesale | 3.2 | 3.7 | 2.7 | 0.4 |
| Retail | 3.6 | 4.0 | 2.5 | 0.4 |
| Gastronomy | 3.4 | 4.3 | 2.4 | 0.6 |
| Craft / Construction | 3.4 | 4.2 | 3.4 | 0.5 |
| Services | 3.5 | 4.4 | 2.4 | 0.7 |
| 26-99 employees | ||||
| Software / IT | 4.9 | 5.7 | 4.9 | 0.9 |
| Manufacturing industry | 5.5 | 6.3 | 5.5 | 0.6 |
| Wholesale | 3.4 | 3.7 | 2.9 | 0.3 |
| Retail | 3.8 | 4.0 | 2.6 | 0.4 |
| Gastronomy | 3.6 | 4.3 | 2.6 | 0.5 |
| Craft / Construction | 3.6 | 4.1 | 3.6 | 0.4 |
| Services | 3.7 | 4.3 | 2.6 | 0.6 |
| *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. | ||||
| Employees Industry | EBITC multiples | EBIT multiples | EBITDA multiples | Sales multiples |
|---|---|---|---|---|
| 2-5 employees | ||||
| Software / IT | 2.7 | 4.1 | 3.8 | 1.0 |
| Manufacturing industry | 3.0 | 4.5 | 4.3 | 0.7 |
| Wholesale | 1.9 | 2.6 | 2.3 | 0.3 |
| Retail | 2.1 | 2.9 | 2.1 | 0.4 |
| Gastronomy | 2.0 | 3.0 | 2.0 | 0.5 |
| Craft / Construction | 2.0 | 3.0 | 2.8 | 0.4 |
| Services | 2.0 | 3.1 | 2.0 | 0.6 |
| 6-25 employees | ||||
| Software / IT | 3.5 | 4.3 | 3.5 | 0.8 |
| Manufacturing industry | 3.9 | 4.7 | 3.9 | 0.6 |
| Wholesale | 2.4 | 2.8 | 2.0 | 0.3 |
| Retail | 2.7 | 3.0 | 1.9 | 0.4 |
| Gastronomy | 2.6 | 3.2 | 1.8 | 0.5 |
| Craft / Construction | 2.6 | 3.1 | 2.6 | 0.4 |
| Services | 2.6 | 3.3 | 1.8 | 0.6 |
| 26-99 employees | ||||
| Software / IT | 3.7 | 4.3 | 3.7 | 0.7 |
| Manufacturing industry | 4.1 | 4.7 | 4.1 | 0.5 |
| Wholesale | 2.5 | 2.8 | 2.2 | 0.2 |
| Retail | 2.8 | 3.0 | 2.0 | 0.3 |
| Gastronomy | 2.7 | 3.2 | 1.9 | 0.4 |
| Craft / Construction | 2.7 | 3.1 | 2.7 | 0.3 |
| Services | 2.8 | 3.3 | 2.0 | 0.5 |
| *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. | ||||
Status: 2021-10-31 | Number of data points: 573
| Employees Industry |
|---|
| 2-5 employees |
 |
| 6-25 employees |
 |
| 26-99 employees |
 |
| Since we are constantly adding new data points to past months, the data can still change retroactively at any time. *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. |
| Employees Industry |
|---|
| 2-5 employees |
 |
| 6-25 employees |
 |
| 26-99 employees |
 |
| Since we are constantly adding new data points to past months, the data can still change retroactively at any time. *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. |
| Employees Industry |
|---|
| 2-5 employees |
 |
| 6-25 employees |
 |
| 26-99 employees |
 |
| Since we are constantly adding new data points to past months, the data can still change retroactively at any time. *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. |
| Employees Industry |
|---|
| 2-5 employees |
 |
| 6-25 employees |
 |
| 26-99 employees |
 |
| Since we are constantly adding new data points to past months, the data can still change retroactively at any time. *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. |
| Employees Industry |
|---|
| 2-5 employees |
 |
| 6-25 employees |
 |
| 26-99 employees |
 |
| Since we are constantly adding new data points to past months, the data can still change retroactively at any time. *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. |
| Employees Industry |
|---|
| 2-5 employees |
 |
| 6-25 employees |
 |
| 26-99 employees |
 |
| Since we are constantly adding new data points to past months, the data can still change retroactively at any time. *EBITC = operating profit before interest, taxes and managing director’s salary paid. Statistical analyses show that this indicator is particularly well suited for evaluating small and medium-sized companies. Source: NIMBO INC. |
Explanation: Valuation using multiples
The valuation of companies by means of so-called multiples is widely used in practice. The method allows the comparison with companies that have already received real purchase offers. One considers the observed purchase prices as a multiple of a certain financial ratio of the respective sold companies and can then apply this multiple to the company to be valued. Experience has shown that the observed multiples differ significantly depending on the industry, company size and country. The EBITC multiple is the preferred multiple of NIMBO. Statistical evaluations show that it is particularly well suited for the valuation of small and medium-sized companies. In addition, we also report the EBIT multiple, EBITDA multiple and revenue multiple , which are popular in practice.
EBIT multiple = purchase price⁄ EBIT = Purchase price ⁄ Earnings before interest and taxes
EBITDA Multiple = Purchase price⁄ EBITDA = Purchase price ⁄ Earnings before interest, taxes, depreciation and amortization
EBITC multiple = purchase price⁄ EBITC = Purchase price ⁄ Earnings before interest, taxes and managing director's salary
Sales multiple =purchase price⁄ EBITC = Purchase price ⁄ Turnover
Company valuation Multiple method calculation example
A company with a turnover of 3,000,000 and an EBIT (earnings before interest and taxes) of 400,000 and depreciation of 40,000 is to be valued using the multiple method. The CEO is currently paying himself a salary of 100,000. For the respective industry and country, average EBIT multiples of 6, EBITDA multiples of 5.5, EBITC multiples of 4 and revenue multiples of 0.9 are currently observed.
Valuation with EBIT multiple: EBIT x EBIT multiple = 400,000 x 6 = 2,400,000
Valuation with EBITDA multiple: EBITDA x EBITDA multiple = (400,000 + 40,000) x 5.5 = 2,420,000
Valuation with EBITC multiple: EBITC x EBITC multiple = (400,000 + 100,000) x 5 = 2,500,000
Valuation with sales multiple: Sales x sales multiple = 3,000,000 x 0.9 = 2,700,000
Financial liabilities are deducted when calculating the value of equity.
As the example shows, different valuation multiples can lead to different results. There is no generally applicable rule as to which multiple is used when. You can also calculate the average of several multiples. Usually, multiples related to profit are given more attention than sales multiples. NIMBO bases its valuation on the EBITC multiple, as statistical analysis shows that this multiple is best for valuing SMEs.
More detailed information about the Multiple Method and other common valuation methods.
