What are the current EBITDA multiples for Swiss industries?

Swiss SME EBITDA multiples in 2026 range from 3.5× for commodity sectors to 15× for high-growth tech, with the median around 5.5-6.5×. These multiples reflect both the statutory (tax-book) valuation and the market (deal) reality, with significant sector variation. ### Technical Explanation #### 2026 Multiple Ranges by Sector | Sector | Statutory Multiple | Deal Multiple | Trend | |---|---|---|---| | Traditional Manufacturing | 3.5 - 5.0× | 4.5 - 7.0× | Stable | | Food & Beverage | 4.0 - 5.5× | 5.5 - 8.0× | Rising | | Construction & Building | 3.5 - 5.0× | 4.5 - 6.5× | Stable | | Healthcare Services | 5.0 - 7.0× | 7.0 - 10.0× | Rising | | IT Services | 5.5 - 7.5× | 7.5 - 11.0× | Rising | | Software / SaaS | 6.0 - 9.0× | 8.0 - 15.0× | Strong | | Pharma & MedTech | 6.5 - 9.0× | 9.0 - 15.0× | Rising | | Financial Services | 5.0 - 7.0× | 7.0 - 10.0× | Stable | | Logistics & Transport | 3.5 - 5.0× | 5.0 - 7.0× | Consolidating | | Retail & Consumer | 3.0 - 4.5× | 4.0 - 6.0× | Mixed | #### Key Drivers of Multiple Variation 1. Size: Companies with EBITDA > CHF 5M command 1-2 turns higher multiples 2. Growth Rate: Above-market growth adds 0.5-2.0× to the multiple 3. Recurring Revenue: Subscription/contract-based models add 1-3× premium 4. Customer Concentration: Top client > 25% of revenue reduces multiple by 0.5-1.0× 5. Owner Dependency: High key-person risk reduces multiple by 0.5-1.5× #### The Arbitrage Gap The difference between statutory and deal multiples represents the arbitrage opportunity. For most Swiss SMEs, the gap is 25-80%, meaning the statutory valuation systematically understates true market value. This gap is widest in tech/healthcare (60-80%) and narrowest in commodity sectors (25-35%).