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Valuation benchmark
Valuation multiples by sector (EBITDA).
Observed EBITDA multiple ranges and averages for the Southern European mid-market, by sector. They are an indicative starting point for estimating the value of a company before a professional valuation.
| Sector | Range (x EBITDA) | Average | Key trait |
|---|---|---|---|
| Software Development | 6.9x - 8.4x | 7.7x | Recurrence, retention and profitable growth |
| Healthcare | 6.4x - 7.9x | 7.7x | Stable demand and revenue visibility |
| IT Services | 6.7x - 8.4x | 7x | Recurrence, service mix and talent dependency |
| Agri & Food | 4.8x - 6.1x | 5.4x | Brand, channel, margins and industrial capacity |
| Business Services | 4.8x - 6.1x | 5.4x | Recurring contracts and transferability |
| Industrial & Manufacturing | 4.8x - 5.9x | 5.3x | Technical differentiation, capex and concentration |
| E-commerce & Webshops | 4.7x - 5.7x | 5.2x | Platform reliance, acquisition cost and working capital |
| Media & Communication | 4.6x - 5.7x | 5x | Intellectual property and owned audiences |
| Retail Trade | 3.8x - 5x | 4.5x | Format, locations, brand and inventory |
| Wholesale Trade | 3.9x - 5.4x | 4.5x | Exclusivity and pricing power |
| Automotive, Transportation & Logistics | 3.7x - 5.1x | 4.4x | Fleet, capex, route density and contracts |
| Hospitality & Tourism | 3.8x - 5.2x | 4.4x | Location, seasonality, property and brand |
| Construction & Engineering | 3.5x - 4.8x | 4x | Backlog, execution, working capital and claims |
Indicative data on EBITDA multiples by sector in Spain · last reviewed 2026. The ranges reproduce Dealsuite's observed H1 2026 sector spread. Capittal's calculator uses the sector average as its base, adjusts size primarily through normalized EBITDA, and only then applies bounded company-specific refinements. This is not financial advice or a professional valuation: the applicable multiple depends on each company's quality, debt/cash position and comparables.
Frequently asked questions
EBITDA multiples by sector.
What is an EBITDA multiple in a company valuation?
It is the ratio between the value of the company (Enterprise Value) and its EBITDA. It provides an indicative estimate of what a company is worth by comparing it with transactions in the same sector: the higher the multiple, the higher the valuation per euro of EBITDA.
What EBITDA multiples are paid by sector in Spain?
Software Development: range 6.9x - 8.4x, average 7.7x. Healthcare: range 6.4x - 7.9x, average 7.7x. IT Services: range 6.7x - 8.4x, average 7x. Agri & Food: range 4.8x - 6.1x, average 5.4x. Business Services: range 4.8x - 6.1x, average 5.4x. Industrial & Manufacturing: range 4.8x - 5.9x, average 5.3x. E-commerce & Webshops: range 4.7x - 5.7x, average 5.2x. Media & Communication: range 4.6x - 5.7x, average 5x. Retail Trade: range 3.8x - 5x, average 4.5x. Wholesale Trade: range 3.9x - 5.4x, average 4.5x. Automotive, Transportation & Logistics: range 3.7x - 5.1x, average 4.4x. Hospitality & Tourism: range 3.8x - 5.2x, average 4.4x. Construction & Engineering: range 3.5x - 4.8x, average 4x
Do these multiples replace a professional valuation?
No. They are indicative reference ranges. The actual valuation depends on growth, margins, debt, cash, customer concentration, team and specific comparables. Capittal prepares defensible valuations case by case.