Detailed analysis of EV/EBITDA multiples by sector in the Spanish middle market for 2025, with data from recent transactions and the factors that influence valuation.
One of the most frequent questions we receive from business owners contemplating a sale or partner entry is: “What is my company worth?” The most honest answer is always “it depends,” but EV/EBITDA multiples by sector provide a reasonable starting point for calibrating expectations.
The EV/EBITDA multiple expresses the relationship between the total value assigned to a company (enterprise value, which includes equity value plus net debt) and its normalised annual operating profit before interest, taxes, depreciation, and amortisation. A multiple of 7x means that the buyer is paying seven times the annual operating profit of the business.
This metric has become the lingua franca of middle-market M&A because it allows comparison across companies with different capital structures, tax situations, and depreciation policies. But it is a starting point, not an endpoint — the specific circumstances of each company can push the actual transaction multiple significantly above or below the sector median.
| Sector | Median EV/EBITDA | Typical range |
|---|---|---|
| Technology & SaaS | 12x | 8-18x |
| Healthcare | 10x | 7-14x |
| Hospitality (prime locations) | 10x | 8-14x |
| E-commerce & digital | 8x | 6-12x |
| Food & beverage | 7.5x | 6-10x |
| Professional services | 7x | 5-9x |
| Logistics & transport | 7x | 5-9x |
| Renewable energy | 7x | 5-10x |
| Hospitality (secondary) | 7x | 5-9x |
| Industrial manufacturing | 6x | 4-8x |
| Engineering & industrial services | 6x | 4-8x |
| Construction & building services | 5x | 3-7x |
Recurring revenue. Companies with contractual, subscription, or highly predictable revenue streams consistently command premium multiples. A logistics company with long-term contracts will trade at the upper end of its range; one dependent on spot business will trade at the lower end.
Growth trajectory. Companies growing at 15%+ annually attract significantly more buyer interest and higher multiples than those growing at GDP rates. Growth must be sustainable and demonstrable.
Margin quality. EBITDA margins above sector averages signal competitive advantage — whether from pricing power, operational efficiency, or proprietary technology.
Management team. A company with a professional, independent management team is worth more than one that depends on the founder for key relationships, decisions, and operations.
Market position. Market leaders and niche dominators command premiums. Companies that occupy defensible positions — through brand, technology, regulatory licences, or scale — are more valuable than those in commoditised markets.
Founder dependence. If the business cannot operate without the founder, the buyer faces a key-person risk that directly impacts value.
Customer concentration. When a small number of customers represent a large share of revenue, the loss of any one could be catastrophic. Buyers discount for this risk.
Capital intensity. Businesses requiring heavy ongoing capital expenditure generate less free cash flow relative to their EBITDA, resulting in lower multiples.
Cyclicality. Companies with highly cyclical revenues face greater uncertainty, which buyers price through lower multiples.
EV/EBITDA multiples are a useful reference but not a precise valuation tool. The specific circumstances of each company — its growth, margins, team, market position, and risk profile — determine where within the sector range it falls. Business owners preparing for a sale should understand these dynamics and work with their advisors to position the company for the strongest possible valuation.
By Blue Mountain Capital
By Blue Mountain Capital
By Blue Mountain Capital
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