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-23
Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Enterprise value multiples
Home Page: http://www.damodaran.com
Data website: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each industry: https://pages.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/varia
Only pos
Industry Name Number of firms EV/EBITDAR&D
Advertising 58 9.46
Aerospace/Defense 77 10.94
Air Transport 21 9.10
Apparel 39 6.97
Auto & Truck 31 8.99
Auto Parts 37 5.14
Bank (Money Center) 7 NA
Banks (Regional) 557 NA
Beverage (Alcoholic) 23 15.90
Beverage (Soft) 31 19.56
Broadcasting 26 6.55
Brokerage & Investment Banking 30 NA
Building Materials 45 7.44
Business & Consumer Services 164 12.33
Cable TV 10 7.36
Chemical (Basic) 38 4.72
Chemical (Diversified) 4 4.62
Chemical (Specialty) 76 9.31
Coal & Related Energy 19 3.77
Computer Services 80 8.68
Computers/Peripherals 42 11.90
Construction Supplies 49 11.06
Diversified 23 26.72
Drugs (Biotechnology) 598 5.84
Drugs (Pharmaceutical) 281 8.43
Education 33 7.48
Electrical Equipment 110 10.65
Electronics (Consumer & Office) 16 4.41
Electronics (General) 138 9.03
Engineering/Construction 43 13.12
Entertainment 110 14.15
Environmental & Waste Services 62 14.01
Farming/Agriculture 39 11.29
Financial Svcs. (Non-bank & Insurance) 223 85.97
Food Processing 92 12.74
Food Wholesalers 14 12.02
Furn/Home Furnishings 32 5.59
Green & Renewable Energy 19 12.68
Healthcare Products 254 14.36
Healthcare Support Services 131 11.98
Heathcare Information and Technology 138 15.59
Homebuilding 32 4.39
Hospitals/Healthcare Facilities 34 8.70
Hotel/Gaming 69 13.79
Household Products 127 15.61
Information Services 73 16.45
Insurance (General) 21 7.41
Insurance (Life) 27 10.67
Insurance (Prop/Cas.) 51 14.62
Investments & Asset Management 600 17.86
Machinery 116 12.66
Metals & Mining 68 6.54
Office Equipment & Services 16 7.21
Oil/Gas (Integrated) 4 5.69
Oil/Gas (Production and Exploration) 174 4.27
Oil/Gas Distribution 23 11.36
Oilfield Svcs/Equip. 101 5.77
Packaging & Container 25 8.02
Paper/Forest Products 7 3.43
Power 48 12.93
Precious Metals 74 10.44
Publishing & Newspapers 20 7.80
R.E.I.T. 223 19.89
Real Estate (Development) 18 10.54
Real Estate (General/Diversified) 12 14.89
Real Estate (Operations & Services) 60 7.72
Recreation 57 8.31
Reinsurance 1 12.08
Restaurant/Dining 70 16.79
Retail (Automotive) 30 9.74
Retail (Building Supply) 15 11.45
Retail (Distributors) 69 9.41
Retail (General) 15 11.90
Retail (Grocery and Food) 13 5.89
Retail (Online) 63 7.77
Retail (Special Lines) 78 8.34
Rubber& Tires 3 3.97
Semiconductor 68 8.59
Semiconductor Equip 30 9.10
Shipbuilding & Marine 8 3.28
Shoe 13 20.10
Software (Entertainment) 91 6.99
Software (Internet) 33 7.00
Software (System & Application) 390 13.89
Steel 28 2.96
Telecom (Wireless) 16 8.73
Telecom. Equipment 79 9.47
Telecom. Services 49 5.89
Tobacco 15 10.46
Transportation 18 7.65
Transportation (Railroads) 4 12.48
Trucking 35 5.53
Utility (General) 15 13.74
Utility (Water) 16 20.00
Total Market 7165 12.01
Total Market (without financials) 5649 10.06
stern.nyu.edu
US companies

modar/New_Home_Page/data.html
modar/pc/datasets/indname.xls
modar/New_Home_Page/datafile/variable.htm
Only positive EBITDA firms
EV/EBITDA EV/EBIT EV/EBIT (1-t)
10.36 17.03 22.66
14.59 23.98 29.98
9.39 47.45 87.18
7.02 10.38 13.07
12.75 27.02 31.50
7.18 14.54 19.31
NA NA NA
NA NA NA
15.91 20.15 32.77
20.01 24.14 29.53
6.55 8.98 11.60
NA NA NA
7.85 9.73 12.63
13.18 21.79 28.54
7.39 12.43 18.74
4.92 6.66 8.41
5.02 6.71 8.11
10.53 16.53 21.63
3.81 5.31 5.64
10.56 16.72 19.71
14.73 17.08 20.53
12.93 18.75 24.46
30.96 69.44 80.46
11.03 40.68 73.16
12.34 17.37 19.96
9.65 30.36 51.49
12.69 22.72 31.65
10.43 27.83 31.23
11.92 19.25 24.41
13.17 22.99 30.10
17.46 39.96 53.36
14.02 23.39 30.18
12.61 15.58 19.68
91.88 90.63 112.73
13.24 17.40 21.68
12.02 19.71 25.44
6.28 10.05 17.59
12.70 31.28 34.60
19.09 32.02 38.43
12.16 16.78 21.80
19.36 30.49 37.25
4.39 4.54 5.90
8.70 13.48 17.91
15.19 82.58 170.59
16.85 21.19 26.60
18.38 24.56 31.17
7.43 9.81 12.40
10.67 12.25 14.76
14.62 21.02 26.98
18.34 22.44 28.59
14.08 18.89 23.79
6.58 8.85 14.35
8.45 14.91 19.96
5.73 7.98 10.34
4.28 5.87 7.45
11.36 19.41 23.41
5.90 7.78 9.74
8.24 12.95 16.29
3.43 4.16 5.64
12.97 23.95 27.04
10.88 33.92 58.86
8.40 14.86 17.40
19.89 43.36 45.31
10.54 15.46 20.56
14.89 21.39 25.90
8.80 159.94 NA
9.66 20.26 28.53
12.08 13.62 14.56
16.79 31.71 40.83
9.75 15.11 20.63
11.47 14.16 18.93
9.43 11.19 14.39
11.90 19.73 26.78
5.89 12.82 16.53
16.07 98.64 99.11
8.40 16.59 21.64
4.81 9.42 9.42
12.66 19.34 21.61
11.78 13.34 15.46
3.28 4.06 4.81
20.23 25.05 29.25
10.65 13.79 16.44
14.84 NA NA
21.33 31.83 40.21
2.96 3.39 4.26
8.74 25.66 25.83
14.70 19.00 23.30
5.98 10.88 13.99
10.76 11.47 15.61
7.65 11.54 14.84
12.48 15.87 20.42
6.34 11.64 16.97
13.75 23.76 28.14
20.00 31.14 36.84
14.23 21.85 27.35
12.00 18.67 23.37
mpanies

All firms
EV/EBITDAR&D2 EV/EBITDA3 EV/EBIT4 EV/EBIT (1-t)5
12.42 13.95 17.66 23.49
13.83 18.65 29.33 36.68
NA NA 48.71 89.50
8.10 8.17 10.44 13.14
11.77 18.79 27.90 32.54
6.12 8.88 15.86 21.07
NA NA NA NA
NA NA NA NA
15.62 15.62 20.18 32.82
20.99 21.50 24.39 29.84
6.91 6.91 9.00 11.62
NA NA NA NA
9.36 10.01 9.75 12.66
15.08 16.33 22.28 29.18
7.72 7.76 12.44 18.74
4.77 4.97 6.76 8.53
6.20 6.92 6.71 8.12
11.88 13.90 16.74 21.90
11.01 11.33 6.46 6.85
10.11 12.70 16.99 20.03
12.08 15.00 17.12 20.57
13.19 15.86 19.25 25.11
7.41 7.70 69.54 80.57
10.05 27.40 52.11 93.72
9.74 15.19 17.72 20.36
12.05 17.38 35.85 60.81
15.53 19.35 27.00 37.62
6.38 17.36 36.78 41.28
10.27 14.05 19.71 25.00
15.26 15.33 23.10 30.25
16.56 21.12 41.10 54.88
16.39 16.40 23.62 30.48
12.96 14.70 15.74 19.88
143.22 153.29 147.86 183.91
13.59 14.15 17.59 21.91
14.15 14.15 19.77 25.52
6.04 6.77 11.15 19.53
14.61 14.64 31.80 35.18
16.75 22.99 34.06 40.87
14.27 14.52 17.21 22.37
17.50 22.22 31.37 38.32
4.96 4.96 4.54 5.90
9.11 9.12 13.50 17.93
36.28 45.38 99.33 NA
15.81 17.07 21.30 26.74
18.87 21.32 25.84 32.79
9.75 9.79 9.88 12.50
9.27 9.27 15.79 19.03
8.25 8.25 21.44 27.53
19.90 20.37 28.46 36.25
13.81 15.51 19.05 24.00
6.34 6.37 9.02 14.62
8.64 10.48 14.91 19.96
9.69 9.81 7.98 10.34
8.56 8.57 5.94 7.54
15.13 15.14 24.02 28.98
15.02 15.89 7.82 9.79
9.31 9.61 12.96 16.29
3.39 3.40 4.17 5.65
13.44 13.48 23.95 27.04
8.88 9.18 35.19 61.06
8.19 8.85 14.96 17.52
25.70 25.71 47.68 49.82
15.87 15.87 16.06 21.36
15.88 15.88 21.58 26.13
23.73 33.96 NA NA
11.11 13.53 21.26 29.94
10.80 10.80 13.62 14.56
20.52 20.52 31.76 40.90
12.38 12.39 15.79 21.56
12.49 12.51 14.17 18.94
13.79 13.84 12.18 15.67
12.11 12.11 19.73 26.78
7.43 7.43 12.84 16.55
8.05 16.76 101.51 101.99
10.95 11.06 16.87 22.00
4.75 6.00 9.42 9.42
8.26 11.89 19.56 21.86
9.53 12.50 13.35 15.47
4.65 4.65 4.07 4.82
21.86 22.02 25.09 29.30
7.04 10.66 14.01 16.70
26.84 144.15 NA NA
16.39 26.36 34.65 43.77
3.60 3.61 3.40 4.27
10.08 10.09 25.69 25.86
9.84 15.57 19.11 23.44
6.08 6.18 10.91 14.02
10.50 10.79 11.48 15.62
9.03 9.04 11.55 14.84
13.62 13.62 15.87 20.42
11.83 14.80 15.82 23.06
14.26 14.27 23.76 28.14
20.93 20.93 31.26 36.98
14.74 17.83 24.11 30.17
11.80 14.41 19.50 24.41