What are companies in your sector really selling for in Spain? Real EBITDA multiples by sector from 2024–2026 M&A transactions — tech, healthcare, industry, logistics and more.
If you are thinking of selling your business — or looking to acquire one — understanding EBITDA multiples by sector is the single most important piece of market data you need going into any negotiation. In Spain's M&A market, the price paid for a technology company with recurring revenues looks nothing like what a buyer will pay for a distributor or a construction firm.
This analysis breaks down the real EBITDA multiples by sector recorded in Spanish mid-market M&A transactions between 2024 and H1 2026. Data sources include European transaction databases (S&P Capital IQ, Refinitiv), published deal registrations, IESE sector reports and direct deal observations by the Fundenza team. The goal is to replace guesswork with market evidence.
What are EBITDA multiples and how are they used in M&A?
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) strips out the effects of financing structure, tax jurisdiction and accounting policies to give a clean picture of operating profitability. It is the preferred valuation metric in most M&A transactions because it enables like-for-like comparisons between businesses with different capital structures.
The EBITDA multiple is the ratio of Enterprise Value (the total acquisition price) to EBITDA. If a business generates €2m in EBITDA and sells for €12m, the transaction multiple is 6x. Comparable transaction multiples in the same sector form the anchor for any price negotiation.
Knowing where your sector trades — and where your business sits within that range — is the foundation of an informed sale process.
EBITDA multiples by sector in Spain: 2024–2026 transaction data
The ranges below reflect mid-market transactions (businesses with EBITDA between €500k and €10m), which make up the majority of deal activity in Spain. Larger deals typically command a size premium of 0.5x–1.5x above the ranges shown, reflecting lower concentration risk and greater management depth.
Technology, software and SaaS
The highest-multiple sector in the Spanish market. SaaS and subscription software businesses have transacted at 7x to 14x EBITDA in the period reviewed, with high-growth outliers beyond that range. IT services and technology consulting, with lower revenue predictability, trade between 5x and 9x.
The market rewards revenue visibility above almost everything else: net revenue retention (NRR) above 100%, a diversified ARR base and low churn can add 1x–2x to the sector median. A buyer buying software is paying for future recurring cash flows, and any metric that makes those cash flows more certain commands a premium.
Healthcare, pharma and medical services
The most active M&A sector in Spain over the past four years. Dental clinic chains, diagnostic imaging centres, elderly care facilities and mental health services have traded at 6x to 11x EBITDA. Private equity appetite for building healthcare platforms through roll-up acquisitions continues to sustain multiples at the upper end of the range.
A critical nuance: healthcare EBITDA requires careful normalisation of founding clinicians' compensation, which is often well below market rates in owner-managed businesses — inflating headline margins artificially.
Business services and professional services
A heterogeneous sector where human capital is the primary asset and key-person dependency is the primary risk. Typical ranges are 5x to 8x EBITDA. Businesses with multi-year contracts, low client churn and a management team that can operate independently of the founder command the upper end of the range. Businesses where client relationships are held by the owner personally rarely exceed 5x.
Industrials and manufacturing
Spanish manufacturers remain attractive to European and Latin American strategic buyers, though multiples are more moderate than in technology or healthcare. The typical range is 4x to 7x EBITDA. Key value drivers include asset intensity, position in the supply chain and degree of product specialisation.
Specialised manufacturers — automotive components, capital goods, premium agri-food, defence supply chain — typically achieve the upper end of the range. Commodity manufacturers or those exposed to volatile raw material costs tend towards 4x–5x.
Distribution and logistics
Tight margins but predictable cash flows and tangible asset backing make this sector consistently fundable. Multiples have ranged between 4x and 6x EBITDA. Specialist logistics operators (cold chain, pharmaceutical, last-mile urban) justify the upper end. High customer concentration or short-duration contracts are the most common multiple-compressors in this sector.
Retail and consumer
A sector under structural pressure from e-commerce and shifting consumer behaviour. Traditional bricks-and-mortar retail trades between 3x and 5x EBITDA, with limited exceptions. Brands with a meaningful direct-to-consumer digital presence and strong customer loyalty can reach 6x–7x. Proprietary brand identity and community are the key differentiators that break through the sector ceiling.
Construction and real estate (operating businesses)
A cyclical sector sensitive to interest rate movements. After the multiple compression of 2022–2024 driven by rising rates, the market has started to recover in 2025–2026. Generalist housebuilders and contractors sit at 3x to 5x EBITDA. Related service businesses — energy retrofitting, facilities management, maintenance contracts — trade slightly higher, at 4x–6x, reflecting greater revenue recurrence.
What factors move your company's multiple within the sector range?
The sector range is the starting point, not the answer. Where your business sits within that range depends on seven key drivers:
- Revenue recurrence: Multi-year contracts, subscription fees and high customer retention push the multiple up. Project-based or seasonal revenue compresses it.
- Growth vs. sector: A business growing at 20% per year in a mature sector can command a multiple well above the median. Buyers pay for trajectory, not just current earnings.
- Founder dependency: If the business works because you are there, the buyer will apply a discount. A consolidated management team and documented processes translate directly into a higher multiple.
- Customer concentration: A single customer representing more than 30% of revenue is a red flag. It either reduces the multiple or triggers earn-out and price adjustment clauses.
- Margin vs. sector peers: An EBITDA margin above sector average is the most defensible argument for the upper end of the range.
- EBITDA quality: Buyers normalise EBITDA by removing one-offs, adjusting owner compensation to market rates and stripping out extraordinary items. An inflated headline EBITDA will not survive due diligence.
- Off-balance sheet value: Customer portfolios, exclusive contracts, patents and registered trademarks absent from the balance sheet can justify a premium above the pure multiple.
How to position your business within the sector range
Once you know the sector range, the practical question is where your business sits within it. A rigorous answer requires comparing three dimensions against your sector peers:
- Relative growth: Is your business growing faster or slower than sector average over the last three years?
- EBITDA margin: Is your profitability above or below your closest competitors?
- Concentration risk: What percentage of revenue does your largest client represent? And your top five?
A practical exercise: identify the last three or four published transactions in your sector and benchmark their characteristics against your business. If you outperform on two of the three dimensions above, you have a grounded argument for the upper half of the range. If there are meaningful risk factors — concentration, founder dependency, declining revenues — the starting multiple will lean towards the lower end.
The multiple is the headline, not the final price
EBITDA multiples by sector anchor the valuation conversation, but the net proceeds received by the seller depend on the deal structure as well. A poorly negotiated earn-out can significantly reduce the effective value received even when the headline multiple looks attractive. Working capital adjustments and price mechanism clauses can move the final price by hundreds of thousands of euros after signing.
Understanding sector multiples is necessary but not sufficient. The M&A adviser's job is to maximise net proceeds — not just the headline — and to protect the seller from adjustment mechanisms that buyers routinely attempt to include in the transaction documents.
At Fundenza, we combine sector multiple analysis with company-specific valuation modelling to ensure you enter negotiations with evidence, not assumptions. If you want to understand where your business would sit in the current market, start with a no-obligation conversation with our team.
Frequently asked questions about EBITDA multiples by sector
Is EBITDA always the right basis for valuing a business?
It is the standard in industrials, services and technology because it normalises differences in financing structure and depreciation policy. Real estate uses asset values or NOI (Net Operating Income). Low-margin retail sometimes works on revenue or EBIT multiples. High-growth loss-making businesses use ARR multiples or active user metrics.
How do interest rates affect EBITDA multiples?
Higher rates increase the cost of acquisition debt, particularly for private equity buyers, reducing the price they can pay. Between 2022 and 2024, multiples compressed by 0.5x–1.5x across most sectors. The rate normalisation of 2025–2026 has driven a gradual recovery, though ranges have not returned to 2021 peak levels.
Can I use these figures to value my own business?
Sector ranges are a useful orientation, but a rigorous valuation requires adjusting EBITDA for non-recurring items, normalising owner compensation and identifying genuine transaction comparables. A 0.5x multiple error on €1m EBITDA represents €500k of difference in the deal price — a material figure in any mid-market transaction.
Do multiples vary between Spanish regions?
Yes, though the effect is smaller than sector differences. Businesses in Madrid, Catalonia or the Basque Country have access to a larger buyer pool, which can produce more competitive processes and marginally higher prices. Businesses in smaller regional markets may require more targeted buyer sourcing, though the final multiple depends primarily on sector and company characteristics.
When should I hire an M&A adviser for a business sale?
Ideally, one to two years before you intend to sell. Preparing the business to maximise the multiple — EBITDA normalisation, reducing key dependencies, document organisation, customer diversification — takes time and directly affects the price. Waiting until a buyer appears before engaging an adviser is one of the most costly and most common mistakes in a business sale process.
