Industry Valuation Benchmarks

Median valuation multiples across North American industries, updated weekly.

Updated Jul 28, 2026

Aerospace & Defense(13 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All134.8x24.1x42.3x11%1172%7%22
>30% growth48.8x69.1x56.4x36%-389%-4%34
15–30%
5–15%53.2x19x26.7x10%1707%12%22
<5%

Airlines, Airports & Air Services(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All31.1x7.8x9.2x4%1233%4%12
>30% growth
15–30%
5–15%
<5%

Apparel - Footwear & Accessories(5 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All52.4x15.1x17.2x9%1356%15%31
>30% growth
15–30%
5–15%
<5%

Asset Management(9 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All97.2x13.9x14.7x10%4660%26%35
>30% growth
15–30%38.1x15.8x17.7x19%3915%15%36
5–15%
<5%46.1x12x14.7x-10%4660%33%29

Auto - Manufacturers(5 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All51.6x64.3x9.1x1%38%5%4
>30% growth
15–30%
5–15%
<5%31x64.3x9.1x-1%837%7%5

Banks(12 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All124.7x22.2x14x-1%2305%14%27
>30% growth
15–30%
5–15%
<5%81.7x19.5x12.2x-1%2201%22%22

Banks - Diversified(10 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All106.3x22.2x14.5x-1%2366%22%22
>30% growth
15–30%
5–15%
<5%71.7x18.6x12.7x-1%2484%22%22

Beverages - Non-Alcoholic(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All45.2x25.6x20.5x6%2540%17%31
>30% growth
15–30%
5–15%
<5%

Biotechnology(5 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All59.6x17.2x19.2x1%-12966%-71%-110
>30% growth
15–30%
5–15%
<5%36.8x12.1x13.4x-39%-12966%-71%-110

Computer Hardware(5 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All52.1x20.3x15.3x29%1103%7%26
>30% growth
15–30%
5–15%
<5%

Discount Stores(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All41.1x16.2x27.4x5%709%3%9
>30% growth
15–30%
5–15%
<5%

Drug Manufacturers - General(11 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All116.1x12.9x14.8x2%3259%22%25
>30% growth
15–30%
5–15%46.8x17x16.5x8%3870%21%29
<5%63.8x12.4x12.4x1%2849%24%25

Electrical Equipment & Parts(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All35.9x28.8x27.4x10%2185%16%27
>30% growth
15–30%
5–15%
<5%

Entertainment(6 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All62.4x8.5x12.9x9%1963%10%19
>30% growth
15–30%34x8.6x19.8x16%1909%15%31
5–15%
<5%32.2x7.6x10.1x-1%2018%6%1

Financial - Capital Markets(10 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All108.3x12.5x15.8x29%4801%0%21
>30% growth514x28.8x21x68%4821%-148%-71
15–30%
5–15%
<5%

Financial - Credit Services(8 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All83.4x23.1x21.9x22%2515%20%46
>30% growth
15–30%33.3x23.1x23.5x28%1735%38%67
5–15%
<5%

Financial - Data & Stock Exchanges(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All48.4x17.9x21.9x8%5074%42%49
>30% growth
15–30%
5–15%48.4x17.9x21.9x8%5074%42%49
<5%

Gambling, Resorts & Casinos(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All33.1x24.4x24.2x15%945%11%32
>30% growth
15–30%
5–15%
<5%

Household & Personal Products(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All33.9x20.9x22x1%1870%17%20
>30% growth
15–30%
5–15%
<5%

Information Technology Services(6 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All63.4x7x10x5%-447%-14%-20
>30% growth
15–30%
5–15%
<5%33.1x7x6.1x-19%-18354%-44%-64

Insurance - Diversified(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All32x13.2x14.3x12%1866%18%31
>30% growth
15–30%
5–15%
<5%

Insurance - Life(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All41.1x9.7x10.9x1%1184%19%19
>30% growth
15–30%
5–15%
<5%

Insurance - Property & Casualty(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All31.5x10.2x13.3x6%1964%22%33
>30% growth
15–30%
5–15%
<5%

Internet Content & Information(9 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All94.8x21.2x31.2x15%1733%18%28
>30% growth
15–30%46.3x25.8x21.9x19%3249%17%42
5–15%
<5%

Medical - Devices(8 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All85.2x19.1x18.6x11%2709%18%33
>30% growth
15–30%36x20.2x27.6x20%3064%26%45
5–15%55.1x18.1x17.4x10%2438%17%29
<5%

Medical - Diagnostics & Research(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All45.7x22.5x21.9x5%2575%18%23
>30% growth
15–30%
5–15%
<5%

Medical - Healthcare Information Services(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All37.4x18.4x17.5x16%3915%49%66
>30% growth
15–30%
5–15%
<5%

Medical - Healthcare Plans(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All40.5x15.6x13.6x12%419%3%15
>30% growth
15–30%
5–15%40.5x15.6x13.6x12%419%3%15
<5%

Oil & Gas Exploration & Production(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All33.4x6.4x13x-3%4949%17%14
>30% growth
15–30%
5–15%
<5%

Oil & Gas Integrated(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All32.2x10x13.2x-5%2232%7%3
>30% growth
15–30%
5–15%
<5%32.2x10x13.2x-5%2232%7%3

Oil & Gas Midstream(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All48x14.1x26.1x13%5211%14%29
>30% growth
15–30%
5–15%310x14x25.5x12%5947%22%35
<5%

Oil & Gas Refining & Marketing(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All30.7x10x9.2x-6%722%4%-1
>30% growth
15–30%
5–15%
<5%30.7x10x9.2x-6%722%4%-1

Railroads(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All310.4x15.5x22.6x2%5281%21%22
>30% growth
15–30%
5–15%
<5%310.4x15.5x22.6x2%5281%21%22

Regulated Electric(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All46x13.5x20.1x11%4803%-2%9
>30% growth
15–30%
5–15%46x13.5x20.1x11%4803%-2%9
<5%

REIT - Healthcare Facilities(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All315.5x15.9x25.5x14%7844%22%58
>30% growth
15–30%
5–15%
<5%

Renewable Utilities(3 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All37.6x24.2x8%2181%4%12
>30% growth
15–30%
5–15%
<5%

Restaurants(6 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All66.2x24x30.7x7%1700%10%27
>30% growth
15–30%
5–15%
<5%

Semiconductors(16 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All1617.7x44.2x33.2x24%3904%27%54
>30% growth621.1x36.7x26x45%5139%28%70
15–30%521.3x46.6x38.6x24%3969%30%53
5–15%
<5%310x38.2x33.2x0%2121%21%9

Software(45 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All456.7x31x21.9x18%1202%26%45
>30% growth616.3x37.1x70.7x47%1785%28%66
15–30%236.7x32.1x21.8x21%657%23%46
5–15%124.8x27.8x20.4x13%2709%30%42
<5%45.3x15.3x14x2%37%32%35

Software - Application(27 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All274.7x23.1x19.8x18%1699%26%45
>30% growth415.5x30.5x46.6x54%1785%28%63
15–30%144.6x29.5x20.3x19%966%25%51
5–15%63.5x13.4x11.9x10%3321%32%43
<5%36.8x9.3x15.1x3%-818%40%44

Software - Infrastructure(18 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All188.9x38.9x46.7x19%813%23%44
>30% growth
15–30%98.7x33.8x48x23%592%15%45
5–15%68.1x53.2x33.5x14%1675%26%40
<5%

Specialty Retail(10 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All101.9x18.9x25.2x6%1278%9%16
>30% growth
15–30%
5–15%61.5x16.9x26.3x6%1206%4%11
<5%

Telecommunications Services(6 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All62.5x5.6x8.8x1%3650%14%16
>30% growth
15–30%
5–15%
<5%52.4x5.6x8.6x0%3734%14%16

Travel Services(4 companies)

CohortCountEV/RevEV/EBITDAFwd P/EGrowthEBITDA MarginFCF MarginRule of 40
All45.3x14.5x16.1x10%3028%22%32
>30% growth
15–30%
5–15%45.3x14.5x16.1x10%3028%22%32
<5%

Benchmarks are medians across companies in the ClarvenAI universe, grouped by industry and revenue-growth cohort (cohorts with fewer than 3 companies show “—”). For informational purposes only — not investment advice.