Multiples company valuation 2024

Current industry multiples 2024: Revenue multiples, EBIT multiples and EBITDA multiples for company valuation for different countries and industries. Based on NIMBO’s unique dataset of over a thousand recently observed purchase offers.

Last update of data: October 3, 2024

On this page: NIMBO asks thousands of small and medium-sized companies every month about purchase offers they have received and uses them to calculate EBIT multiples, EBITDA multiples and sales multiples. This means that NIMBO has the most current database of valuation multiples. We publish these multiples every month for individual countries. You can find more information about valuation multiples and their application below.

Related topics: Use our always up-to-date online company evaluation . For detailed information, please see our guide to company valuation and our guide to selling a company . Stay up to date by subscribing to our newsletter and follow us on LinkedIn .

🇦🇹 AT | Austria

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.37.96.81.4
Manufacturing industry3.55.750.9
Services3.66.25.51
Gastronomy3.57.56.70.9
Trade3.35.85.20.6
Craft / Construction2.74.33.90.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.98.97.61.3
Manufacturing industry4.86.55.60.9
Services4.876.11
Gastronomy4.78.57.40.9
Trade4.56.55.80.6
Craft / Construction3.64.94.30.6

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services7.49.98.11.2
Manufacturing industry67.260.8
Services67.76.50.9
Gastronomy69.47.90.8
Trade5.67.26.20.6
Craft / Construction4.55.44.60.6

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇦🇺 AU | Australia

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.26.96.51.2
Manufacturing industry2.654.70.8
Services2.65.45.10.9
Gastronomy2.66.66.20.8
Trade2.454.80.5
Craft / Construction23.83.60.5

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.37.87.21.1
Manufacturing industry3.55.75.30.8
Services3.56.15.80.9
Gastronomy3.57.470.8
Trade3.25.75.40.5
Craft / Construction2.64.340.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.48.67.71.1
Manufacturing industry4.46.35.70.7
Services4.46.86.30.8
Gastronomy4.38.27.60.7
Trade4.16.35.90.5
Craft / Construction3.34.74.40.5

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇧🇷 BR | Brazil

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.35.65.31.3
Manufacturing industry2.74.13.90.9
Services2.74.44.21
Gastronomy2.75.45.10.9
Trade2.54.13.90.6
Craft / Construction23.12.90.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.46.45.91.3
Manufacturing industry3.64.64.30.9
Services3.654.71
Gastronomy3.66.15.70.9
Trade3.44.64.40.6
Craft / Construction2.73.53.30.6

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.67.16.31.2
Manufacturing industry4.55.14.60.8
Services4.65.55.10.9
Gastronomy4.56.76.20.8
Trade4.25.14.80.6
Craft / Construction3.43.93.60.5

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇨🇦 CA | Canada

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.35.351.2
Manufacturing industry2.73.93.70.8
Services2.74.240.9
Gastronomy2.75.14.80.8
Trade2.53.93.70.6
Craft / Construction22.92.80.5

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.565.61.2
Manufacturing industry3.64.44.10.8
Services3.74.74.40.9
Gastronomy3.65.75.40.8
Trade3.44.44.10.5
Craft / Construction2.83.33.10.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.66.661.1
Manufacturing industry4.64.84.40.8
Services4.65.24.80.8
Gastronomy4.56.35.90.7
Trade4.34.84.50.5
Craft / Construction3.53.63.40.5

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇨🇭 CH | Switzerland

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services48.77.61.2
Manufacturing industry3.36.35.60.8
Services3.36.86.20.9
Gastronomy3.28.37.50.8
Trade36.45.80.5
Craft / Construction2.54.84.30.5

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.49.88.51.1
Manufacturing industry4.47.16.30.8
Services4.47.76.90.8
Gastronomy4.49.48.30.7
Trade4.17.26.50.5
Craft / Construction3.35.44.80.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services6.810.99.11.1
Manufacturing industry5.57.96.70.7
Services5.68.57.30.8
Gastronomy5.510.48.90.7
Trade5.27.96.90.5
Craft / Construction4.265.10.5

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇩🇪 DE | Germany

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.46.96.31.2
Manufacturing industry2.854.60.8
Services2.85.45.10.9
Gastronomy2.86.66.20.8
Trade2.654.70.6
Craft / Construction2.13.83.50.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.67.771.2
Manufacturing industry3.85.65.20.8
Services3.86.15.70.9
Gastronomy3.77.46.90.8
Trade3.55.65.30.5
Craft / Construction2.94.340.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.88.67.51.1
Manufacturing industry4.76.25.50.8
Services4.76.76.10.9
Gastronomy4.78.27.40.8
Trade4.46.35.70.5
Craft / Construction3.64.74.30.5

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇪🇸 ES | Spain

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.68.98.41.4
Manufacturing industry3.86.56.20.9
Services3.876.71
Gastronomy3.88.58.10.9
Trade3.56.56.20.6
Craft / Construction2.94.94.70.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services6.310.19.41.3
Manufacturing industry5.17.36.90.9
Services5.17.97.51
Gastronomy5.19.69.10.9
Trade4.87.370.6
Craft / Construction3.95.55.20.6

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services7.911.210.11.3
Manufacturing industry6.48.17.50.9
Services6.48.88.21
Gastronomy6.410.79.90.8
Trade68.17.70.6
Craft / Construction4.96.15.70.6

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇫🇷 FR | France

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.36.96.41.2
Manufacturing industry3.554.70.8
Services3.55.45.10.9
Gastronomy3.56.66.20.8
Trade3.354.80.5
Craft / Construction2.73.83.50.5

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.87.87.11.2
Manufacturing industry4.75.65.20.8
Services4.86.15.70.9
Gastronomy4.77.46.90.8
Trade4.45.75.30.5
Craft / Construction3.64.340.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services7.38.67.51.1
Manufacturing industry66.35.60.7
Services66.86.10.8
Gastronomy5.98.27.40.7
Trade5.56.35.80.5
Craft / Construction4.54.74.30.5

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇮🇹 IT | Italy

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.78.47.61.4
Manufacturing industry3.86.15.60.9
Services3.86.66.11
Gastronomy3.887.40.9
Trade3.66.15.70.6
Craft / Construction2.94.64.30.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services6.39.58.41.3
Manufacturing industry5.16.96.20.9
Services5.27.46.81
Gastronomy5.198.30.9
Trade4.86.96.40.6
Craft / Construction3.95.24.80.6

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services7.910.591.3
Manufacturing industry6.57.66.60.9
Services6.58.27.31
Gastronomy6.4108.80.8
Trade67.66.90.6
Craft / Construction4.95.85.10.6

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇲🇽 MX | Mexico

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.25.14.81.7
Manufacturing industry2.63.73.51.2
Services2.643.81.3
Gastronomy2.64.84.61.1
Trade2.43.73.50.8
Craft / Construction22.82.60.8

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.35.75.41.6
Manufacturing industry3.54.241.1
Services3.54.54.31.2
Gastronomy3.55.55.21.1
Trade3.34.240.7
Craft / Construction2.63.130.7

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.46.35.91.6
Manufacturing industry4.44.64.31.1
Services4.454.71.2
Gastronomy4.465.71
Trade4.14.64.40.7
Craft / Construction3.33.53.30.7

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇵🇱 PL | Poland

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.611.410.81.1
Manufacturing industry2.98.37.80.7
Services2.98.98.50.8
Gastronomy2.910.810.30.7
Trade2.78.37.90.5
Craft / Construction2.26.25.90.5

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.812.812.21
Manufacturing industry3.99.38.80.7
Services3.9109.50.8
Gastronomy3.912.211.60.7
Trade3.69.38.90.5
Craft / Construction376.70.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services614.213.31
Manufacturing industry4.910.39.70.7
Services4.911.110.60.8
Gastronomy4.913.512.80.7
Trade4.610.39.80.5
Craft / Construction3.77.87.40.4

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇵🇹 PT | Portugal

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.18.17.11.5
Manufacturing industry4.15.95.31
Services4.16.45.81.2
Gastronomy4.17.771
Trade3.85.95.50.7
Craft / Construction3.14.440.7

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services6.89.17.91.5
Manufacturing industry5.66.65.91
Services5.67.26.41.1
Gastronomy5.58.77.81
Trade5.26.66.10.7
Craft / Construction4.254.50.6

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services8.610.18.51.4
Manufacturing industry77.36.30.9
Services77.96.91.1
Gastronomy6.99.68.30.9
Trade6.57.46.50.6
Craft / Construction5.35.54.80.6

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇬🇧 UK | United Kingdom

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.36.66.21.6
Manufacturing industry2.74.84.51.1
Services2.75.24.91.2
Gastronomy2.76.361
Trade2.54.84.60.7
Craft / Construction2.13.63.40.7

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.57.471.5
Manufacturing industry3.75.45.11
Services3.75.85.51.1
Gastronomy3.67.16.71
Trade3.45.45.10.7
Craft / Construction2.84.13.90.7

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.68.27.61.4
Manufacturing industry4.665.61
Services4.66.56.11.1
Gastronomy4.67.87.31
Trade4.365.70.6
Craft / Construction3.54.54.20.6

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇺🇸 US | United States

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.47.16.61.4
Manufacturing industry2.85.24.90.9
Services2.85.65.31.1
Gastronomy2.86.86.40.9
Trade2.65.24.90.6
Craft / Construction2.13.93.70.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services4.687.41.3
Manufacturing industry3.75.85.40.9
Services3.86.35.91
Gastronomy3.77.67.20.9
Trade3.55.85.50.6
Craft / Construction2.84.44.10.6

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services5.88.97.91.3
Manufacturing industry4.76.45.90.9
Services4.776.41
Gastronomy4.78.57.80.9
Trade4.46.560.6
Craft / Construction3.64.94.50.6

Development of EBITC multiples over time (6-25 employees)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

🇿🇦 ZA | South Africa

2-5 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services2.954.71.3
Manufacturing industry2.43.73.40.9
Services2.443.71
Gastronomy2.44.84.50.8
Trade2.23.73.50.6
Craft / Construction1.82.82.60.6

6-25 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services3.95.75.21.2
Manufacturing industry3.24.13.80.8
Services3.24.54.20.9
Gastronomy3.25.45.10.8
Trade34.13.90.6
Craft / Construction2.43.12.90.5

26-99 employees

IndustryEBITC MultipleEBIT multipleEBITDA multiplesSales Multiple
Software / IT-Services56.35.61.2
Manufacturing industry44.64.10.8
Services4.14.94.50.9
Gastronomy465.50.8
Trade3.84.64.30.5
Craft / Construction3.13.43.20.5

DEVELOPMENT OF EBITC MULTIPLES OVER TIME (6-25 EMPLOYEES)

Software / IT-Services Manufacturing industry Services Gastronomy Trade Construction / Crafts

Explanation


The valuation of companies using so-called multiples is widespread in practice. The method allows comparison with companies that have already received real purchase offers. The observed purchase prices are viewed as a multiple of a certain financial ratio of the companies being sold and this multiple can then be applied to the company being valued. Experience has shown that the observed multiples differ considerably depending on the industry, company size and country. The EBITC multiple is NIMBO’s preferred multiple. Statistical analyses show that it is particularly suitable for the valuation of small and medium-sized companies. In addition, we also show the popular EBIT Multiple , EBITDA Multiple and the Sales Multiple out of.

EBITDA = Purchase priceEBIT = Purchase priceEarnings before interest and taxes

EBITDA multiple = Purchase priceEBITDA = Purchase priceEarnings before interest, taxes, depreciation and amortization

EBITDA Multiple = Purchase priceEBITC = Purchase priceEarnings before interest, taxes and managing director’s salary

Sales Multiple = Purchase priceEBITC = Purchase priceSales

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 managing director currently pays himself a salary of 100,000. For the country, industry and company size, average EBIT multiples of 6, EBITDA multiples of 5.5, EBITC multiples of 4 and sales 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

To calculate the value of equity, financial debts are deducted.

As the example shows, different valuation multiples can lead to different results. There is no general rule as to which multiple is used when. You can also calculate the average of several multiples. Multiples based on earnings are considered by many to be more plausible. NIMBO bases its valuation on the EBITC multiple because statistical analyses show that this multiple is the best for valuing SMEs.

More detailed information on the Multiple Method and other common valuation methods .

Frequently asked questions


Applying EBIT, EBITC, EBITDA and sales multiples can lead to significantly different results. How can this be?

The results of the individual multiples differ the more the cost structure deviates from the average cost structure of the comparison group. For example, if the company has proportionally higher depreciation than the comparison group, a valuation using the EBITDA multiple leads to a higher valuation than with the EBIT multiple.

Which multiple should I use to value my company?

The EBIT multiple has the advantage over the EBITDA multiple that it smooths out past investments through depreciation. If similarly high investments have to be made in the future, the EBIT multiple is a good basis for valuation.

The EBITDA multiple is a good basis if no significant investments are to be made in the future. It is also not affected by accounting assumptions regarding depreciation.

Compared to the EBIT multiple, the EBITC multiple has the advantage that no assumptions have to be made about the market-based salary of a managing director. For EBIT, the managing director’s salary must be adjusted. With EBITC, the owner’s profit and wages are considered as a total. The EBITC also allows an evaluation of companies that do not make a profit but can pay a salary to the managing director. Using the EBIT multiple method, such companies would be valued at zero.

If you are not sure which multiple to use, it is recommended to take an average of the methods.

How do the NIMBO multiples for Germany differ from the DUB multiples?

The DUB Multiples are based on a collection of many individual company acquisitions, which are compiled by several M&A partners of the German Entrepreneurs Exchange. The detailed data are calculated using a scientific method after several plausibility checks.

The NIMBO Multiples reflect the type of purchase offers the company owners have received. To this end, we survey thousands of entrepreneurs across several countries every month to find out whether they have received an offer to buy their company. Thanks to NIMBO's standardized questionnaire and the large amount of data, a variety of industry-independent factors can be taken into account (dependence on the owner, the company's market position, concentration risks and many more). This allows for a cleanup and simplifies the development of multiples.