Sector-Specific Valuation Multiples (EV/EBITDA 2026E)

The story behind the multiples

A multiple is a starting point, not an answer. The same chart that puts one subsector at 6x and another at 20x rarely explains why — and for an owner weighing a sale, the why is what matters. Our sector notes go behind the numbers: how each market splits into higher- and lower-rated tiers, what drives the spread, which recent M&A deals set the benchmarks, and what it all means for how a business would be valued and positioned.

• Healthcare M&A and Valuation Multiples in Q2 2026

  Across ~75 listed healthcare peers the median is 12.8x EV/EBITDA 2026E, but subsector medians run from 7x for care homes and 8x for hospitals to nearly 17x for diagnostics and life-science tools. Subsector trading comps, recent precedent deals at 19–31x for specified assets, and what it means for UK owners.

• What Is My Business Worth? Valuation Drivers & Net Proceeds

  How a UK business is valued — trading comparables, precedent M&A transactions and DCF — and how the SPA, equity bridge and pre-sale tax structuring shape what an owner actually banks. The three bridges from headline multiple to take-home proceeds.

• Personal Care, Beauty & Cosmetics M&A and Valuation Multiples in Q2 2026

  Across 16 listed peers the median is 10.8x EV/EBITDA 2026E, but the range runs from ~4x for private-label hygiene to ~19x for L'Oréal. In M&A, beauty deals have averaged ~15x — often ~20x for scarce, high-growth brands — as acquirers pay for gross margin and growth they cannot build. What it means for owners.

• Food Ingredients M&A and Valuation Multiples in Q2 2026

  Across 14 listed food ingredients peers the median is 12.2x EV/EBITDA 2026E, but the spread runs from 6x for commodity starches to nearly 20x for patented enzymes and specified flavours. The majors are simplifying — IFF, dsm-firmenich, Tate & Lyle — and PE is buying the carve-outs. What it means for owners.

• Food M&A and Valuation Multiples in Q2 2026

  Median 8.6x EV/EBITDA 2026E across 21 listed food peers hides a 5x-to-18x spread. Snacking & confectionery at 14.2x, Convenience & frozen at 7.1x. Why the market is paying for desire, not defensiveness — and what it means for owners weighing a sale.

• Building Materials M&A and Valuation Multiples in Q2 2026

  Median 9.5x EV/EBITDA 2026E hides a 6x-to-13x spread across building materials. Cement and aggregates lead at 13.5x; glass at 5.6x. Subsector trading comps, the operating metrics driving the gap, and recent precedent deals.

• Beverages M&A: Why Soft Drinks Are Outpacing Alcohol on Deals And Valuation (Q2 2026)

  Soft drinks trade at a median 11.9x EV/EBITDA 2026E versus 8.8x for alcohol. We unpack the listed peer data, deal activity (PepsiCo–Poppi, Carlsberg–Britvic) and what drives the premium: growth, margin quality, scale and geography.

• Vertical Market Software (VMS): What Founders Must Focus on to Maximise Valuation

  VMS companies have quietly become some of the most valuable assets in private markets. The difference between a 3–5x revenue multiple and a 10x+ premium outcome often comes down to a few strategic fundamentals — workflow ownership, expansion revenue, data advantage, churn discipline, and vertical dominance.

• Construction & Civil Engineering Valuations and M&A in Q2 2026

  Selective buyer appetite and widening valuation gaps between business models. Infrastructure-linked, technically differentiated services are proving more resilient, while housing and parts of commercial building remain under pressure.

• Chemicals Valuations and M&A Backdrop, Recovery in Sight?

  Chemicals M&A enters Q2 2026 in constructive tension. Deal volumes up 18% in 2025, yet US-Iran conflict and Strait of Hormuz disruptions are weighing on European producers. Geography increasingly determines valuations.

• Valuation, Deal Structuring, and the Trade-Offs Between Price and Terms

  Understanding the critical distinctions between price and value in M&A transactions. Explore how deal structure, payment terms, and risk allocation impact actual value retention.

• EBITDA Multiples: Industry Benchmarks and Valuation Insights

  Deep dive into how EBITDA multiples vary across sectors and what drives valuation premiums. Understand the key factors that influence trading and transaction multiples.

View all insights →

What is an EV/EBITDA valuation multiple?

An EV/EBITDA multiple compares a company's enterprise value (equity plus net debt) with its earnings before interest, tax, depreciation and amortisation. It shows how much investors are willing to pay for each unit of EBITDA and is a core relative valuation metric in M&A and private equity.

Why do EV/EBITDA multiples differ by sector?

Different sectors have different growth profiles, margins, capital intensity and risk, so investors apply higher or lower EV/EBITDA multiples accordingly. For example, asset-light, high-growth sectors typically command higher multiples than cyclical, capital-intensive industries.

How are your public trading comparables selected?

We screen global listed companies by sector, subsector and business model, then apply additional filters for size, liquidity and data quality. Only genuinely comparable peers are retained in each group so the EV/EBITDA benchmarks are decision-useful for valuation and deal work.

How often are the EV/EBITDA multiples updated?

The dataset is refreshed on a scheduled basis using the latest market prices, balance sheet data and forward EBITDA estimates. Update dates are clearly shown on the page so you know exactly which valuation date your sector multiples relate to.

How should I use these sector multiples to value my company?

Start by selecting the relevant sector and subsector, then identify the EV/EBITDA range implied by the trading comparables. Apply this range to your normalised or forecast EBITDA and adjust for company-specific factors such as growth, margins, customer concentration and management depth.

What is the difference between trading comparables and transaction multiples?

Trading comparables are based on current stock-market valuations for listed peers, while transaction multiples come from prices paid in completed M&A deals. Deal multiples often sit above trading levels because they include control premia and synergies paid by strategic or financial buyers.

Can I use these multiples for small private businesses?

Yes, but you should treat listed-company EV/EBITDA benchmarks as a starting point and then adjust for size, illiquidity and specific risk. Smaller private companies usually trade on a discount to large-cap peers, so a careful valuation bridge is essential.

When should I consider other valuation methods?

Multiples analysis should be used alongside other methods such as discounted cash flow and precedent transactions. If your business has volatile earnings, unusual capital structure or significant one-offs, a triangulated valuation approach becomes even more important.