Multiples by Industry

Below are the multiples for each industry, ranging from cheap to expensive. Please note that the biggest factor affecting a multiple is growth – so high-growth companies will deserve higher multiples than lower growth ones.

For the Free Cash Flow Multiples:

Industry	Cheap	Moderate	Expensive
Clothing	< 10	10-15	15+
Film and TV	<15	15-20	20+
Beer	< 10	10-15	15+
Spirits	< 15	15-20	20+
Fast-Food	< 15	15-20	20+
Video Games	< 15	15-20	20+
Recreational Vehicles	< 10	10-15	15+
Music	< 15	15-20	20+
Cosmetics	< 15	15-22.5	22.5+
Food and Beverage	< 15	15-20	20+
Technology	< 20	20-30	30+

For Sales Multiples:

Industry	Cheap	Moderate	Expensive
Online Marketplaces	< 4	4-6	6+
Technology (Variable)	< 4	4-6	6+
Social Media	< 4	4-8	8+