How much is a company that turns over €5 million worth? What EBITDA multiple does the market pay in logistics, software or manufacturing? We answer the most common valuation questions with 2026 Spanish market data.
Business valuation in the Spanish middle-market generates more questions than any other topic in our day-to-day work. Business owners who have spent decades building their company want to know what it is worth. Advisers supporting clients through sale processes need market benchmarks. Buyers evaluating acquisitions look for sector reference points.
This article is structured as a frequently asked questions guide, designed to answer directly the most common questions about EBITDA multiples in Spain in 2026. It is not a theoretical guide to valuation methodologies (for that, see our article on company valuation methods). It is a practical market reference.
Revenue alone does not determine a company’s value. What matters is normalised operating profit, typically measured as EBITDA.
A company turning over €5M with a 10% EBITDA margin generates €500,000 in EBITDA. In the Spanish middle-market, applying a multiple of 6x–8x to that level of EBITDA produces an Enterprise Value (EV) estimate of between €3M and €4M.
If the EBITDA margin is 15% (€750,000 EBITDA) and the company has recurring contracts, a solid market position and limited owner-dependence, the multiple can be higher and EV may reach €5M–€6.5M.
The lesson: two companies with identical revenue can be worth twice as much as each other, based on profitability, revenue quality and risk profile.
A €10M revenue company with average sector margins (10–12% EBITDA) generates between €1M and €1.2M in EBITDA. At that level, EV can range from €6M to €10M depending on sector.
A software or services company with high recurring revenue may exceed €10M in EV. An industrial business with thinner margins and high raw material exposure may sit at the lower end of the range.
Above €1M of EBITDA, the company enters the range of interest for middle-market PE funds and larger family offices.
Spain’s logistics sector is broad and heterogeneous. Multiple references for 2026:
The factor that most lifts the multiple in logistics is contractual recurrence: operators with 3–5 year contracts with major customers trade materially above those operating purely on spot basis.
Software is the sector with the highest multiples in the Spanish middle-market. Reference for 2026:
The factors that most influence software multiples are: the percentage of recurring revenue (ARR/MRR), customer retention rate (low churn lifts the multiple significantly), scalability of the model and potential for geographic or sector expansion.
A vertical software company with €2M ARR, sub-5% annual churn and 25% margins may be valued above €20M even if its EBITDA is “only” €500,000 — because the revenue multiple prevails over the EBITDA multiple for that profile.
Engineering and industrial services companies in Spain were valued in 2026 in the range of 6x–9x EBITDA for the best-quality businesses. Factors determining position within the range:
Engineering firms with multi-year maintenance contracts in critical sectors (energy, infrastructure, pharma) can reach the top of the range or exceed it.
Distribution is a broad sector. References for 2026:
The most attractive distribution business for a financial investor is one that is the leader or co-leader in its niche, holds exclusive distribution agreements with relevant suppliers, and has customers who cannot easily switch for technical or relational reasons.
Healthcare is one of the most active M&A sectors and commands the highest multiples. References for 2026:
Healthcare has a distinctive characteristic: access to new operating licences is regulated, making existing operators difficult to replicate. This lifts multiples above sectors without regulatory barriers.
The answer differs by buyer type:
Strategic buyer (competitor or company in the same sector): May be interested with EBITDA of €200,000–€500,000 if the company has strategic assets: a licence, a brand, a customer portfolio, a location.
Family office like Blue Mountain: We work with EBITDA of €800,000 and above, with a preference for €1M+ EBITDA businesses. Below that threshold, the transaction size does not justify the due diligence cost and post-acquisition management structure.
Mid-market PE fund: The typical floor is €1.5M–€2M EBITDA for mid-sized funds, and €3M+ EBITDA for larger funds.
Factors that systematically lift a company’s multiple above its sector average:
Factors that systematically apply discounts to the multiple:
Construction and renovation businesses in Spain attract lower multiples than the market average, reflecting higher cyclicality and thinner margins:
A highly heterogeneous sector. Reference ranges for 2026:
| Sector | EBITDA multiple range | Premium factors | Discount factors |
|---|---|---|---|
| Software / SaaS | 10x–16x | Recurring ARR, low churn | Key-man tech dependency |
| Healthcare / clinics | 8x–13x | Regulated licences, inelastic demand | High public mix, reputation |
| Business services | 6x–10x | LT contracts, diversification | Key-person dependency |
| Manufacturing / industrial | 5x–9x | Specialised assets, export | Cyclicality, capex-intensive |
| Specialised logistics | 7x–10x | 3PL contracts, specialisation | Spot-only, fuel dependency |
| Specialised distribution | 6x–9x | Exclusivities, niche position | Online competition |
| General distribution | 4x–6x | Volume, relationships | Thin margins |
| Food with own brand | 7x–11x | Brand, premium category | GD/retail dependency |
| Specialist construction | 6x–9x | Specialisation, regulatory tailwinds | Cyclicality, contract dependency |
| General construction | 4x–6x | Local position | High cyclicality |
| Hospitality / restaurants | 4x–7x | Differential concept, expansion | Location dependency, staff |
| Physical retail | 3x–6x | Prime locations, omnichannel | E-commerce risk |
Note: ranges reflect multiples on normalised EBITDA for middle-market transactions in Spain in 2026. Larger transactions or auction dynamics may exceed the upper end of the range.
No. There is a well-documented “size discount”: smaller businesses trade at a discount to larger ones in the same sector, for objective risk reasons (lower diversification, higher key-man dependency, more limited capital access) and liquidity reasons (fewer potential buyers).
As a reference, a software company with €2M EBITDA may trade at 9x–12x, while a comparable listed company trades at 20x–25x. The size discount in the Spanish middle-market is typically 30–50% relative to large-cap listed multiples.
Between six and twelve months from the first serious contact to formal closing. For a step-by-step overview, see our guide to selling your company. Typical breakdown:
Processes extend when there are complex due diligence findings, when regulatory approval is needed (competition authority, foreign investment), or when SPA negotiation becomes contentious over representations and warranties.
If you have more specific questions about valuing your business, you are welcome to contact us for an initial conversation. We do not produce formal valuations without a due diligence process, but we can provide orientation on the expected valuation range for your type of business and sector.
See also: Company valuation methods explained and Valuation multiples: real Spanish market data.
By Blue Mountain Capital
By Blue Mountain Capital
By Blue Mountain Capital
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