Multiple Company Valuation 2025

Current industry multiples 2025: Sales multiples, EBIT multiples and EBITDA multiples by industry 2022 for different countries. Based on NIMBO’s unique dataset with over a thousand recently observed purchase offers.

Last updated: July 7, 2025

On this page: Every month, NIMBO asks over a thousand small and medium-sized companies about received purchase offers and calculates EBIT multiples, EBITDA multiples, and revenue multiples from this data. Thus, NIMBO has the most up-to-date database of valuation. We publish these multiples every month for individual countries. More information on the valuation multiples and their application can be found below.

Related topics: Use our always up-to-date online company valuation. For detailed information, our Guide to Business Valuation and our Guide to Selling a Business will serve you. Stay up to date by subscribing to our subscribing to and follow us on LinkedIn.

🇦🇹 AT | Austria

2-5 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services47.53.71.1
Manufacturing industry3.86.63.60.9
Services3.263.10.8
Gastronomy3.36.32.90.7
Trade3.15.93.10.5
Craft / Construction2.95.12.90.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.89.65.91.2
Manufacturing industry5.48.55.81
Services4.67.750.9
Gastronomy4.984.60.8
Trade4.47.55.10.6
Craft / Construction4.26.54.70.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services7.110.17.21.2
Manufacturing industry6.797.10.9
Services5.78.16.10.9
Gastronomy68.55.60.7
Trade5.586.20.5
Craft / Construction5.26.95.70.7

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 MultipleSales multiples
Software / IT Services2.75.12.11
Manufacturing industry2.54.52.10.8
Services2.14.11.80.8
Gastronomy2.24.31.70.7
Trade241.80.5
Craft / Construction23.51.70.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services3.96.63.41.1
Manufacturing industry3.65.83.40.9
Services3.15.32.90.9
Gastronomy3.25.52.70.7
Trade35.22.90.5
Craft / Construction2.84.52.70.6

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.86.94.21.1
Manufacturing industry4.56.24.10.9
Services3.85.63.50.8
Gastronomy45.83.30.7
Trade3.65.53.60.5
Craft / Construction3.54.73.30.6

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 MultipleSales multiples
Software / IT Services3.15.32.81.1
Manufacturing industry2.94.72.80.9
Services2.54.32.40.9
Gastronomy2.64.52.20.7
Trade2.44.22.40.5
Craft / Construction2.33.62.20.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.56.84.61.2
Manufacturing industry4.364.51
Services3.65.53.80.9
Gastronomy3.85.73.60.8
Trade3.55.43.90.6
Craft / Construction3.34.73.60.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.67.25.61.2
Manufacturing industry5.36.45.51
Services4.45.84.70.9
Gastronomy4.76.14.40.8
Trade4.35.74.80.6
Craft / Construction4.14.94.40.7

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 MultipleSales multiples
Software / IT Services2.84.22.30.8
Manufacturing industry2.63.72.30.7
Services2.23.41.90.6
Gastronomy2.33.51.80.5
Trade2.13.320.4
Craft / Construction2.12.91.80.5

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.15.43.70.9
Manufacturing industry3.84.83.70.7
Services3.24.33.10.7
Gastronomy3.44.52.90.6
Trade3.14.33.20.4
Craft / Construction33.72.90.5

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services55.74.60.8
Manufacturing industry4.75.14.50.7
Services44.63.80.6
Gastronomy4.24.83.60.5
Trade3.84.53.90.4
Craft / Construction3.73.93.60.5

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 MultipleSales multiples
Software / IT Services3.46.83.11
Manufacturing industry3.163.10.8
Services2.75.42.60.7
Gastronomy2.85.72.50.6
Trade2.65.32.70.5
Craft / Construction2.54.62.50.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.98.75.11.1
Manufacturing industry4.67.750.9
Services3.974.30.8
Gastronomy4.17.340.7
Trade3.76.84.40.5
Craft / Construction3.65.940.6

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services69.26.21
Manufacturing industry5.68.16.10.8
Services4.87.45.20.8
Gastronomy57.74.80.7
Trade4.67.25.30.5
Craft / Construction4.46.34.90.6

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 MultipleSales multiples
Software / IT Services3.16.52.90.9
Manufacturing industry35.82.90.7
Services2.55.22.50.7
Gastronomy2.65.52.30.6
Trade2.45.22.50.4
Craft / Construction2.34.52.30.5

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.68.44.81
Manufacturing industry4.37.44.70.8
Services3.66.740.7
Gastronomy3.873.70.6
Trade3.56.64.10.5
Craft / Construction3.35.73.70.6

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.68.95.81
Manufacturing industry5.37.95.70.8
Services4.57.14.90.7
Gastronomy4.77.44.50.6
Trade4.3750.4
Craft / Construction4.164.60.5

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 MultipleSales multiples
Software / IT Services3.86.33.51.1
Manufacturing industry3.65.63.50.9
Services35.130.9
Gastronomy3.25.32.80.7
Trade2.9530.5
Craft / Construction2.84.32.80.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.58.15.71.2
Manufacturing industry5.27.25.61
Services4.46.54.80.9
Gastronomy4.66.84.50.8
Trade4.26.44.90.6
Craft / Construction4.15.54.50.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services6.88.671.2
Manufacturing industry6.47.66.81
Services5.46.95.80.9
Gastronomy5.77.25.40.8
Trade5.26.860.6
Craft / Construction55.95.40.7

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 MultipleSales multiples
Software / IT Services3.85.82.81
Manufacturing industry3.55.12.80.9
Services34.72.30.8
Gastronomy3.24.92.20.7
Trade2.94.62.40.5
Craft / Construction2.842.20.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.57.44.51.1
Manufacturing industry5.16.64.40.9
Services4.463.80.9
Gastronomy4.66.23.50.7
Trade4.25.93.90.5
Craft / Construction45.13.60.6

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services6.77.95.51.1
Manufacturing industry6.375.40.9
Services5.46.34.60.8
Gastronomy5.76.64.30.7
Trade5.26.24.70.5
Craft / Construction4.95.44.30.6

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 MultipleSales multiples
Software / IT Services4.47.43.71.1
Manufacturing industry4.16.53.70.9
Services3.55.93.10.9
Gastronomy3.66.22.90.7
Trade3.35.83.20.5
Craft / Construction3.252.90.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services6.39.461.2
Manufacturing industry68.45.91
Services57.65.10.9
Gastronomy5.37.94.70.8
Trade4.97.45.20.6
Craft / Construction4.66.44.80.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services7.8107.41.2
Manufacturing industry7.38.97.21
Services6.286.20.9
Gastronomy6.58.45.70.8
Trade67.96.30.6
Craft / Construction5.76.85.80.7

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 MultipleSales multiples
Software / IT Services3.34.72.91.7
Manufacturing industry3.14.22.91.4
Services2.73.82.51.3
Gastronomy2.842.31.1
Trade2.63.72.50.8
Craft / Construction2.53.22.31

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.964.71.9
Manufacturing industry4.65.34.61.5
Services3.94.841.4
Gastronomy4.15.13.71.2
Trade3.74.84.10.9
Craft / Construction3.64.13.71.1

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services66.45.81.8
Manufacturing industry5.65.75.41.5
Services4.85.14.81.3
Gastronomy55.44.51.1
Trade4.654.80.8
Craft / Construction4.44.44.11

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

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

🇳🇴 NO | Norway

2-5 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services35.62.50.9
Manufacturing industry2.84.92.40.7
Services2.44.52.10.7
Gastronomy2.54.71.90.6
Trade2.34.42.10.4
Craft / Construction2.23.820.5

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.37.141
Manufacturing industry4.16.33.90.8
Services3.45.73.40.7
Gastronomy3.663.10.6
Trade3.35.63.40.5
Craft / Construction3.24.93.20.6

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.37.54.90.9
Manufacturing industry56.74.80.8
Services4.264.10.7
Gastronomy4.56.33.80.6
Trade4.164.20.4
Craft / Construction3.95.13.80.5

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 MultipleSales multiples
Software / IT Services3.610.23.81.2
Manufacturing industry3.493.70.9
Services2.88.23.20.9
Gastronomy38.530.7
Trade2.783.20.5
Craft / Construction2.66.930.7

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.2136.11.3
Manufacturing industry4.911.661
Services4.110.55.11
Gastronomy4.410.94.80.8
Trade410.35.20.6
Craft / Construction3.88.94.80.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services6.413.87.41.2
Manufacturing industry612.27.31
Services5.111.16.20.9
Gastronomy5.411.65.80.8
Trade4.910.96.40.6
Craft / Construction4.79.45.90.7

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 MultipleSales multiples
Software / IT Services5.57.34.91.7
Manufacturing industry5.16.54.81.4
Services4.45.94.11.3
Gastronomy4.66.13.81.1
Trade4.25.84.20.8
Craft / Construction453.81

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services89.47.81.9
Manufacturing industry7.58.37.71.5
Services6.37.56.61.4
Gastronomy6.77.96.11.2
Trade6.17.46.70.9
Craft / Construction5.86.461.1

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services9.89.99.31.8
Manufacturing industry9.28.88.31.5
Services7.887.61.4
Gastronomy8.28.37.51.2
Trade7.57.87.40.8
Craft / Construction7.26.86.41

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 MultipleSales multiples
Software / IT Services35.83.31.3
Manufacturing industry2.85.13.21
Services2.44.62.71
Gastronomy2.54.82.60.8
Trade2.34.52.80.6
Craft / Construction2.23.92.60.7

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.47.45.31.4
Manufacturing industry4.16.55.21.1
Services3.55.94.41.1
Gastronomy3.76.24.10.9
Trade3.35.84.50.7
Craft / Construction3.254.20.8

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.47.86.41.3
Manufacturing industry56.96.31.1
Services4.36.35.41
Gastronomy4.56.650.9
Trade4.16.25.50.6
Craft / Construction3.95.350.8

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 MultipleSales multiples
Software / IT Services35.92.91.2
Manufacturing industry2.85.22.91
Services2.34.72.50.9
Gastronomy2.54.92.30.7
Trade2.34.62.50.5
Craft / Construction2.242.30.7

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.37.54.81.3
Manufacturing industry46.74.71
Services3.4641
Gastronomy3.66.33.70.8
Trade3.35.94.10.6
Craft / Construction3.15.13.70.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services5.385.81.2
Manufacturing industry57.15.71
Services4.26.44.90.9
Gastronomy4.46.74.50.8
Trade46.350.6
Craft / Construction3.95.44.60.7

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 MultipleSales multiples
Software / IT Services2.64.52.21.1
Manufacturing industry2.442.10.9
Services2.13.61.80.9
Gastronomy2.23.81.70.7
Trade23.51.90.5
Craft / Construction1.93.11.70.6

6-25 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services3.75.73.51.2
Manufacturing industry3.55.13.51
Services34.630.9
Gastronomy3.14.82.80.8
Trade2.94.530.6
Craft / Construction2.73.92.80.7

26-99 employees

IndustryEBITC MultipleEBIT MultipleEBITDA MultipleSales multiples
Software / IT Services4.66.14.31.2
Manufacturing industry4.35.44.21
Services3.74.93.60.9
Gastronomy3.95.13.40.8
Trade3.54.83.70.6
Craft / Construction3.44.23.40.7

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 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 priceEBIT = Purchase price Earnings before interest and taxes

EBITDA Multiple = Purchase priceEBITDA = Purchase price Earnings before interest, taxes, depreciation and amortization

EBITC Multiple = Purchase priceEBITC = Purchase price Earnings before interest, taxes and managing director’s salary

Sales multiple = Purchase priceEBITC = Purchase price Sales

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 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

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. Multiples related to profit are considered by many to be more plausible. 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.

Frequently asked questions


The application of the EBIT, EBITC, EBITDA and sales multiple 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 proportionately higher depreciation and amortization than the peer group, a valuation using the EBITDA multiple will result in a higher valuation than using the EBIT multiple.

Which multiple should I use to valuation my company?

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

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. In the case of EBIT, the managing director’s salary must be adjusted. In EBITC, the profit and the owner’s salary are considered as total. Likewise, EBITC allows a valuation companies that do not make a profit but can pay a salary to the CEO. Under the EBIT multiple method, such companies would be valued at zero.

If you are not sure which multiple to use, it is recommended to average 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 Deutsche Unternehmerbörse. The detailed data are calculated using a scientific method after several plausibility checks.

The NIMBO multiples map what kind of purchase offers the company owners have received. To do this, we survey thousands of entrepreneurs across several countries every month to find out whether you have received an offer to buy your business. Due to the standardized questionnaire of NIMBO and the large amount of data, a multitude of industry-independent factors can be taken into account (dependencies on the owner, market position of the company, cluster risks and many more). This allows an adjustment of and simplifiesdevelopment of the multiples.