Revenue Multiples by Industry: 2026

Key findings

• Median EV/Revenue by industry runs from 0.87x in healthcare services and distribution to 12.72x in semiconductors, a 14.6 to 1 spread; the all-constituent median across 118 companies is 4.08x.
• The same universe shows a 4.9 to 1 spread on EV/EBITDA industry medians across the 117 constituents with positive earnings, so the revenue multiple is three times more dispersed on identical data.
• EV/Revenue equals EV/EBITDA multiplied by EBITDA margin as an identity; across the 117 constituents with positive EBITDA it holds to 0.0000%.
• Decomposing the variance of the log revenue multiple, margin accounts for 69% and the earnings multiple for 31%, and the two components are uncorrelated at -0.04.
• Across EBITDA margin bands the median revenue multiple runs 0.65x to 8.56x, a thirteenfold range, while the median earnings multiple runs 13.9x to 16.0x, a spread of 2.1 turns with no monotonic trend.
• Ranking constituents by revenue multiple and by earnings multiple moves 36 of 117, or 31%, at least 30 places: C.H. Robinson sits 109th on revenue and 21st on earnings, EQT 55th and 113th.
• Oil and gas exploration and production carries the highest median EBITDA margin in the set at 51.3% and the lowest median earnings multiple at 5.60x, producing a 2.93x revenue multiple.
• Boeing is the only constituent with no EBITDA multiple, trailing EBITDA being negative, leaving 2.10x revenue as the only multiple available.
• Fewer than 4% of the 511 records in the firm's transaction index disclose a revenue multiple, so private revenue benchmarks are built from a small self-selected sample.

Companies covered

Public and private companies referenced in this report.