You can find in the table below a list of revenue multiples broken down into the same industry categories that we use on the Equidam platform (TRBC). The data is based on the annual estimate provided by Prof. Aswath Damodaran of the New York University for 2024.
Revenue is the top line or gross income figure, the total income generated from goods sold or services provided. Revenue multiples are one of the most commonly used business valuation indicators that is often used by investors or potential buyers to assess a company’s valuation relative to its traction.
WARNING: use with caution
Originally just a valuation solidity check, multiples have become a popular approach to value young, fast growing companies. The simplicity of this approach leads many practitioners to apply it uncritically to compute valuations. This might generate biased results failing to represent the fair value of a company. Revenue multiples are a particularly crude tool in valuation, which is why the Equidam platform uses EBITDA multiples by default.
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| Industry | Revenue Multiple |
| Advanced Medical Equipment & Technology | 5.25 |
| Advertising & Marketing | 1.56 |
| Aerospace & Defense | 2.26 |
| Agricultural Chemicals | 2.25 |
| Airlines | 1.42 |
| Airport Operators & Services | 1.42 |
| Aluminum | 1.32 |
| Apparel & Accessories | 2.44 |
| Apparel & Accessories Retailers | 1.12 |
| Appliances, Tools & Housewares | 1.94 |
| Auto & Truck Manufacturers | 1.2 |
| Auto Vehicles, Parts & Service Retailers | 0.76 |
| Auto, Truck & Motorcycle Parts | 0.83 |
| Banks | 6.04 |
| Biotechnology & Medical Research | 6.96 |
| Brewers | 3.65 |
| Broadcasting | 1.52 |
| Other Broadcasting | 1.19 |
| Cable Service Providers | 2.54 |
| Radio Broadcasting | 1.19 |
| Television Broadcasting | 1.19 |
| Business Support Services | 2.07 |
| Call Center Services | 2.06 |
| Cleaning Services | 2.06 |
| Commercial Educational Services | 2.29 |
| Corporate Accounting Services | 2.06 |
| Data Processing Services | 2.06 |
| Exhibition & Conference Services | 2.06 |
| Health, Safety & Fire Protection Equipment | 1.06 |
| Industrial Design Services | 2.06 |
| Industrial Equipment Rental | 2.06 |
| Legal Services | 2.06 |
| Maintenance & Repair Services | 2.06 |
| Management Consulting Services | 2.06 |
| Office Equipment & Supplies Rental | 2.06 |
| Office Furniture | 1.06 |
| Office Supplies | 1.06 |
| Office Supplies Wholesale | 1.06 |
| Pest Control Services | 2.06 |
| Security Services | 2.06 |
| Testing Laboratories | 2.06 |
| Transaction & Payment Services | 2.06 |
| Translation & Interpretation Services | 2.06 |
| Other Business Support Services | 2.06 |
| Other Business Support Supplies | 1.06 |
| Business Support Supplies | 1.06 |
| Casinos & Gaming | 3.56 |
| Closed End Funds | 4.66 |
| Coal | 1.31 |
| Commercial Printing Services | 1.54 |
| Commercial REITs | 11.93 |
| Commodity Chemicals | 1.33 |
| Communications & Networking | 2.32 |
| Computer & Electronics Retailers | 1.12 |
| Computer Hardware | 3.05 |
| Construction & Engineering | 0.78 |
| Construction Materials | 1.71 |
| Construction Supplies & Fixtures | 1.65 |
| Consumer Lending | 6.04 |
| Consumer Publishing | 1.54 |
| Corporate Financial Services | 6.04 |
| Courier, Postal, Air Freight & Land-based Logistics | 1.75 |
| Department Stores | 1.48 |
| Discount Stores | 0.83 |
| Distillers & Wineries | 3.65 |
| Diversified Chemicals | 1.02 |
| Diversified Industrial Goods Wholesalers | 1.83 |
| Diversified Investment Services | 4.66 |
| Diversified Mining | 1.32 |
| Diversified REITs | 11.93 |
| Drug Retailers | 1.12 |
| Electric Utilities | 1.88 |
| Electrical Components & Equipment | 1.94 |
| Electronic Equipment & Parts | 1.94 |
| Employment Services | 2.06 |
| Entertainment Production | 2.91 |
| Environmental Services & Equipment | 2.78 |
| Exchange-Traded Funds | 4.66 |
| Financial & Commodity Market Operators & Service Providers | 7.42 |
| Fishing & Farming | 1.05 |
| Agricultural Biotechnology | 1.08 |
| Agricultural Consultancy Services | 1.08 |
| Agriculture Support Services | 1.08 |
| Animal Breeding | 1.08 |
| Animal Feed | 1.08 |
| Aquaculture | 1.08 |
| Cattle Farming | 1.08 |
| Coffee, Tea & Cocoa Farming | 1.08 |
| Commercial Fishing | 1.08 |
| Commercial Nurseries | 1.08 |
| Fishing & Farming Wholesale | 0.37 |
| Fur Farming | 1.08 |
| Grain (Crop) Production | 1.08 |
| Hog & Pig Farming | 1.08 |
| Organic Farming | 1.08 |
| Poultry Farming | 1.08 |
| Sheep & Specialty Livestock Farming | 1.08 |
| Sugarcane Farming | 1.08 |
| Vegetable, Fruit & Nut Farming | 1.08 |
| Other Fishing & Farming | 1.08 |
| Food Processing | 1.39 |
| Food Retail & Distribution | 0.59 |
| Beer, Wine & Liquor Stores | 0.63 |
| Food Markets | 0.63 |
| Food Wholesale | 0.37 |
| Supermarkets & Convenience Stores | 0.63 |
| Tobacco Stores | 0.63 |
| Vending Machine Providers | 0.63 |
| Other Food Retail & Distribution | 0.63 |
| Footwear | 2.27 |
| Forest & Wood Products | 1.31 |
| Gold | 2.39 |
| Ground Freight & Logistics | 1.59 |
| Healthcare Facilities & Services | 2.31 |
| Heavy Electrical Equipment | 1.94 |
| Heavy Machinery & Vehicles | 2.15 |
| Highways & Rail Tracks | 4.33 |
| Home Furnishings | 1.03 |
| Home Furnishings Retailers | 1.86 |
| Home Improvement Products & Services Retailers | 1.86 |
| Homebuilding | 1.18 |
| Hotels, Motels & Cruise Lines | 3.56 |
| Household Electronics | 0.94 |
| Household Products | 3.1 |
| Independent Power Producers | 1.98 |
| Industrial Conglomerates | 1.83 |
| Industrial Machinery & Equipment | 2.15 |
| Insurance Funds | 4.66 |
| Integrated Oil & Gas | 1.27 |
| Integrated Telecommunications Services | 2.16 |
| Investment Banking & Brokerage Services | 6.04 |
| Investment Holding Companies | 4.66 |
| Investment Management & Fund Operators | 4.66 |
| Iron & Steel | 0.82 |
| IT Services & Consulting | 1.52 |
| Leisure & Recreation | 2.16 |
| Adventure Sports Facilities & Ski Resorts | 2.16 |
| Amusement Parks and Zoos | 2.16 |
| Golf Courses | 2.16 |
| Guided Tour Operators | 2.16 |
| Gyms, Fitness and Spa Centers | 2.16 |
| Hunting & Fishing | 2.16 |
| Marinas | 2.16 |
| Movie Theaters & Movie Products | 2.16 |
| Museums & Historic Places | 2.16 |
| Professional Sports Venues | 2.16 |
| Public Sport Facilities | 2.16 |
| Theatres & Performing Arts | 2.16 |
| Travel Agents | 2.16 |
| Other Leisure & Recreation | 2.16 |
| Life & Health Insurance | 1.06 |
| Managed Healthcare | 0.61 |
| Marine Freight & Logistics | 1.48 |
| Marine Port Services | 1.48 |
| Medical Equipment, Supplies & Distribution | 4.41 |
| Mining Support Services & Equipment | 1.32 |
| Miscellaneous Specialty Retailers | 1.12 |
| Multiline Insurance & Brokers | 1.17 |
| Multiline Utilities | 1.88 |
| Mutual Funds | 4.66 |
| Natural Gas Utilities | 1.88 |
| Non-Alcoholic Beverages | 3.54 |
| Non-Gold Precious Metals & Minerals | 2.39 |
| Non-Paper Containers & Packaging | 1.4 |
| Office Equipment | 1.06 |
| Oil & Gas Drilling | 0.64 |
| Oil & Gas Exploration and Production | 2.38 |
| Oil & Gas Refining and Marketing | 2.44 |
| Oil & Gas Transportation Services | 2.44 |
| Oil Related Services and Equipment | 0.64 |
| Online Services | 6.01 |
| Content & Site Management Services | 6.01 |
| E-commerce & Marketplace Services | 6.01 |
| Internet Gaming | 6.01 |
| Internet Security & Transactions Services | 6.01 |
| Search Engines | 6.01 |
| Social Media & Networking | 6.01 |
| Other Online Services | 6.01 |
| Paper Packaging | 1.4 |
| Paper Products | 1.31 |
| Passenger Transportation, Ground & Sea | 1.75 |
| Pension Funds | 4.66 |
| Personal Products | 4.41 |
| Personal Services | 2.08 |
| Accounting & Tax Preparation | 2.06 |
| Child Care & Family Services | 2.06 |
| Consumer Goods Rental | 2.06 |
| Consumer Repair Services | 2.06 |
| Funeral Services | 2.06 |
| General Education Services | 2.29 |
| Personal Care Services | 2.06 |
| Personal Legal Services | 2.06 |
| Other Personal Services | 2.06 |
| Pharmaceuticals | 4.05 |
| Phones & Handheld Devices | 1.59 |
| Professional Information Services | 1.93 |
| Property & Casualty Insurance | 1.13 |
| Real Estate Rental, Development & Operations | 1.68 |
| Real Estate Services | 4.07 |
| Recreational Products | 2.16 |
| Reinsurance | 0.76 |
| Renewable Energy Equipment & Services | 7.4 |
| Renewable Fuels | 7.4 |
| Residential REITs | 11.93 |
| Restaurants & Bars | 2.69 |
| Semiconductor Equipment & Testing | 5.14 |
| Semiconductors | 6.33 |
| Shipbuilding | 1.48 |
| Software | 9.2 |
| Specialized REITs | 11.93 |
| Specialty Chemicals | 2.25 |
| Specialty Mining & Metals | 1.32 |
| Textiles & Leather Goods | 2.44 |
| Tires & Rubber Products | 1.03 |
| Tobacco | 3.47 |
| Toys & Children’s Products | 2.16 |
| UK Investment Trusts | 4.66 |
| Uranium | 1.98 |
| Water & Related Utilities | 4.59 |
| Wireless Telecommunications Services | 2.25 |
*For these industries, a higher level business sector multiple is applied
**For these industries, a lower activity-based level is available
Hi, the table above says EBITDA Multiple, but think it’s a typo, it should read Revenue Multiple because you shared an EBITDA Multiple Table for 2024 here containing different multiples: https://www.equidam.com/ebitda-multiples-trbc-industries/
Hi Estefania,
Well spotted! Thanks for pointing that out – it should be corrected now.
Best regards,
Dan