End Game

Variable
Number of firms

EV/EBITDAR&D

EV/EBITDA

EV/EBIT

EV/EBIT (1-t)
To measure the market value of the operating assets of firms, relative to operating fundamentals.

Explanation
Number of firms in the indusry grouping.
Aggregate enterprise value divided by aggregate earnings before interest,
taxes, depreciation and R&D, across all firms in group. (Enterprise Value =
Market Capitalization + Total Debt - Cash)

Aggregate enterprise value divided by aggregate earnings before interest,

taxes and depreciation, across all firms in group. (Enterprise Value =
Market Capitalization + Total Debt - Cash)

Aggregate enterprise value divided by aggregate earnings before interest

and taxes, across all firms in group. (Enterprise Value = Market
Capitalization + Total Debt - Cash)

Aggregate enterprise value divided by aggregate earnings before interest,

but after taxes, across all firms in group. (Enterprise Value = Market
Capitalization + Total Debt - Cash)
f firms, relative to operating fundamentals.

Why?
Law of large numbers?
Multiple of operating cash flows, with R&D treated as a cap exp, that firms trade at.

Multiple of operating cash flows, that firms trade at (treating R&D as an operating expense, the
conventional accounting practice).

Multiple of pre-tax operating earnings, that firms trade at.

Multiple of after-tax operating earnings, that firms trade at.

Date updated: 5-Jan-22
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Enterprise value multiples
Home Page: http://www.damodaran.com
Data website: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: https://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/varia
Only po

Only positive EBITDA firms

Industry Name Number of firms EV/EBITDAR&D
Advertising 125 16.79
Aerospace/Defense 117 18.40
Air Transport 75 22.29
Apparel 934 11.44
Auto & Truck 80 9.56
Auto Parts 510 11.19
Bank (Money Center) 469 NA
Banks (Regional) 100 NA
Beverage (Alcoholic) 127 26.79
Beverage (Soft) 37 23.02
Broadcasting 62 9.48
Brokerage & Investment Banking 436 79.38
Building Materials 244 10.93
Business & Consumer Services 296 18.18
Cable TV 33 8.84
Chemical (Basic) 674 9.59
Chemical (Diversified) 37 10.88
Chemical (Specialty) 599 14.79
Coal & Related Energy 93 4.27
Computer Services 499 19.43
Computers/Peripherals 213 5.87
Construction Supplies 544 7.73
Diversified 211 8.62
Drugs (Biotechnology) 278 16.76
Drugs (Pharmaceutical) 680 14.61
Education 144 10.80
Electrical Equipment 658 22.23
Electronics (Consumer & Office) 85 5.66
Electronics (General) 937 8.73
Engineering/Construction 876 6.51
Entertainment 320 17.61
Environmental & Waste Services 168 12.46
Farming/Agriculture 282 11.78
Financial Svcs. (Non-bank & Insurance) 636 19.04
Food Processing 925 13.03
Food Wholesalers 89 13.54
Furn/Home Furnishings 250 11.27
Green & Renewable Energy 122 15.21
Healthcare Products 306 11.26
Healthcare Support Services 178 12.16
Heathcare Information and Technology 107 45.31
Homebuilding 40 10.02
Hospitals/Healthcare Facilities 131 22.07
Hotel/Gaming 418 21.33
Household Products 292 19.67
Information Services 93 16.98
Insurance (General) 141 6.37
Insurance (Life) 82 8.26
Insurance (Prop/Cas.) 149 8.00
Investments & Asset Management 445 10.92
Machinery 825 16.77
Metals & Mining 325 8.50
Office Equipment & Services 72 18.23
Oil/Gas (Integrated) 23 7.22
Oil/Gas (Production and Exploration) 114 4.55
Oil/Gas Distribution 105 11.50
Oilfield Svcs/Equip. 231 10.52
Packaging & Container 301 14.53
Paper/Forest Products 187 7.83
Power 372 9.13
Precious Metals 81 5.62
Publishing & Newspapers 176 13.53
R.E.I.T. 261 19.79
Real Estate (Development) 776 8.74
Real Estate (General/Diversified) 222 13.88
Real Estate (Operations & Services) 369 17.26
Recreation 137 12.26
Reinsurance 31 8.69
Restaurant/Dining 143 16.11
Retail (Automotive) 102 10.59
Retail (Building Supply) 36 18.81
Retail (Distributors) 630 12.73
Retail (General) 130 11.67
Retail (Grocery and Food) 73 15.88
Retail (Online) 96 19.61
Retail (Special Lines) 186 14.65
Rubber& Tires 73 8.34
Semiconductor 449 12.89
Semiconductor Equip 232 21.18
Shipbuilding & Marine 238 5.45
Shoe 60 17.31
Software (Entertainment) 58 16.84
Software (Internet) 40 17.09
Software (System & Application) 462 20.85
Steel 521 4.11
Telecom (Wireless) 61 4.76
Telecom. Equipment 290 11.31
Telecom. Services 140 6.24
Tobacco 29 5.79
Transportation 213 11.12
Transportation (Railroads) 16 14.18
Trucking 118 9.39
Utility (General) 12 12.24
Utility (Water) 72 9.56
Total Market 24435 10.49
Total Market (without financials) 21977 9.90
stern.nyu.edu
Emerging Markets

modar/New_Home_Page/data.html
modar/pc/datasets/indname.xls
modar/New_Home_Page/datafile/variable.htm
Only positive EBITDA firms

EBITDA firms
EV/EBITDA EV/EBIT EV/EBIT (1-t)
18.82 24.58 30.39
26.62 39.23 44.64
22.67 NA NA
12.11 21.89 28.42
13.03 24.08 31.85
14.53 27.95 35.57
NA NA NA
NA NA NA
27.04 30.65 40.34
23.14 30.71 41.25
9.60 13.95 18.20
86.20 97.86 131.11
12.26 16.31 19.49
21.12 32.17 41.89
9.18 31.61 50.34
10.33 14.06 17.22
11.37 16.52 18.99
16.21 21.04 26.14
4.36 5.97 7.78
21.66 25.59 32.89
7.81 12.00 15.77
8.71 12.48 16.11
8.75 11.93 15.05
26.38 57.27 82.23
19.88 31.40 40.08
11.78 18.87 21.47
29.90 44.47 53.58
9.00 15.64 18.82
13.91 21.65 25.35
8.61 10.71 13.82
25.42 49.24 69.33
13.36 18.97 23.74
12.30 19.21 25.13
20.21 21.57 28.08
13.35 18.93 24.28
13.61 20.38 26.43
14.35 18.28 21.65
15.28 22.85 26.81
12.85 14.58 17.75
13.00 16.14 21.09
58.09 86.68 109.61
10.17 12.10 14.81
23.18 38.32 50.96
23.65 NA NA
21.26 30.61 40.86
18.63 31.01 40.37
6.37 7.35 9.31
8.26 8.26 9.42
8.00 8.97 10.57
10.97 9.70 11.09
22.03 31.93 39.28
9.03 12.04 15.81
21.72 31.83 40.27
7.33 9.96 15.85
4.61 8.71 12.45
11.56 21.02 25.44
10.82 15.93 20.73
15.75 24.41 29.89
8.27 12.33 15.30
9.26 16.28 20.39
5.69 7.15 9.49
14.66 21.72 24.76
19.82 11.99 14.03
8.82 9.54 14.29
13.96 17.83 25.18
17.32 19.93 26.68
13.38 18.74 25.54
8.69 7.00 8.24
16.18 41.43 57.95
10.61 16.33 22.18
18.82 23.81 30.47
13.13 18.08 23.88
11.76 23.53 32.57
15.94 26.23 33.73
44.40 NA NA
15.01 25.83 36.40
9.50 16.10 19.52
16.15 27.37 32.08
26.15 34.46 41.13
5.46 6.50 7.48
20.15 28.61 38.40
22.22 37.23 42.83
28.50 104.53 122.08
43.63 73.32 90.37
4.38 5.56 6.95
4.88 11.27 15.55
23.77 56.36 71.22
6.29 15.01 18.89
5.84 13.86 18.51
11.64 20.71 29.06
14.23 23.13 30.38
9.43 21.28 29.71
12.29 25.02 30.61
9.66 13.60 17.69
11.61 16.79 21.99
11.00 16.25 21.49
ing Markets

All firms

All firms
EV/EBITDAR&D EV/EBITDA EV/EBIT EV/EBIT (1-t)
27.93 33.33 27.24 33.69
20.96 31.92 40.16 45.69
NA NA NA NA
20.77 22.88 23.82 30.93
12.75 18.80 26.59 35.18
13.45 18.16 29.82 37.95
NA NA NA NA
NA NA NA NA
31.08 31.42 30.82 40.57
25.30 25.46 30.81 41.38
13.40 13.61 15.33 20.00
NA NA NA NA
14.67 17.10 16.77 20.04
23.60 28.29 35.11 45.72
8.02 8.29 31.74 50.55
15.42 17.36 14.47 17.71
13.88 14.66 16.95 19.49
21.23 24.17 21.66 26.92
6.20 6.39 6.06 7.90
22.26 25.14 26.33 33.85
6.56 9.04 12.14 15.94
8.75 9.92 13.55 17.48
10.58 10.77 12.42 15.67
37.19 91.23 78.28 112.39
18.62 26.84 34.62 44.19
13.90 15.38 21.06 23.97
27.35 39.12 46.66 56.22
7.39 13.36 16.95 20.38
10.63 18.97 22.34 26.17
 7.59 10.36 11.36 14.66
25.60 40.02 61.00 85.89
14.86 16.03 20.86 26.09
13.09 13.69 20.63 26.98
100.94 107.76 105.27 137.05
13.57 13.91 19.73 25.31
14.97 15.05 21.27 27.59
12.59 16.44 18.69 22.14
15.87 15.94 23.06 27.05
14.89 17.41 16.43 20.00
15.01 16.14 18.22 23.81
70.95 102.87 96.28 121.75
12.53 12.75 13.22 16.18
34.90 37.54 41.19 54.78
NA NA NA NA
21.66 23.52 31.68 42.28
28.28 31.60 43.52 56.67
8.34 8.34 7.99 10.13
9.86 9.86 8.62 9.83
14.61 14.61 9.20 10.84
67.32 67.75 38.81 44.35
22.70 32.43 34.33 42.24
13.07 14.34 12.22 16.05
20.38 24.21 36.12 45.70
11.53 11.82 9.97 15.86
5.90 6.00 8.90 12.71
9.25 9.29 21.39 25.88
17.38 18.20 16.27 21.17
16.03 17.51 24.83 30.41
10.36 11.13 12.63 15.67
9.06 9.18 16.57 20.75
7.11 7.22 7.27 9.65
17.33 19.08 23.46 26.74
32.67 32.73 18.60 21.78
9.43 9.51 10.10 15.13
17.71 17.82 21.59 30.50
20.71 20.79 20.85 27.91
16.52 18.27 22.20 30.27
8.77 8.77 9.02 10.62
32.16 32.44 43.78 61.23
14.73 14.77 17.15 23.30
16.62 16.62 23.94 30.64
16.36 16.98 19.60 25.90
15.60 15.77 24.42 33.80
16.46 16.52 26.42 33.98
NA NA NA NA
28.52 29.74 29.40 41.42
8.82 10.10 16.53 20.04
16.10 21.34 28.04 32.86
27.35 36.09 34.97 41.74
13.98 14.11 6.70 7.71
22.95 27.99 29.59 39.71
19.52 26.57 39.47 45.41
26.24 48.22 141.07 164.76
29.62 68.57 95.75 118.02
6.82 7.58 5.67 7.08
5.14 5.28 11.39 15.72
14.35 34.02 64.87 81.98
6.35 6.40 15.15 19.07
12.52 12.78 13.93 18.60
16.06 17.07 22.39 31.41
16.05 16.12 23.13 30.38
11.53 11.59 22.44 31.32
17.20 17.29 25.21 30.83
10.53 10.64 13.79 17.94
16.95 19.23 21.91 28.70
13.17 15.03 17.47 23.10