Comparison
Adjusted NAV vs. EBITDA multiple
The choice between intrinsic asset value and earnings-driven market value.
What are you trying to decide?
Adjusted NAV and EBITDA multiple often give a very different lens on the same company. NAV looks at what the business owns. EBITDA multiple looks at what the business earns. For asset-heavy companies it is useful to view both: one as a floor, one as a market reference. That makes the discussion with lenders, buyers, and shareholders much stronger.
Adjusted NAV
Use adjusted NAV when assets, real estate, inventory, or other balance sheet items carry a large share of the value.
Read about this method →EBITDA multiple
Use EBITDA multiple when normalized earnings and transaction comparison provide the best basis for valuation.
Read about this method →The main differences
| Criterion | Adjusted NAV | EBITDA multiple |
|---|---|---|
| Best fit | Asset-heavy businesses | Profitable operating businesses |
| Primary lens | Assets and liabilities | Normalized earnings |
| Typical role | Floor value | Market reference |
How to make the choice
Upswitch places intrinsic value and earnings value side by side in one clear report. That lets you show whether the case is mainly balance-sheet driven, earnings driven, or somewhere in between.
- Use NAV as an anchor for asset-heavy cases.
- Use EBITDA multiple for the market view on earnings power.
- Use both when you want to support floor value and commercial value together.
Frequently asked questions
Turn this into a client report
Use Upswitch to test both methods, compare the outcome, and share one report with your client.
Free includes 3 valuations with 6 methods. Starter unlocks all 10 methods, branded reports, and client sharing.
Related comparisons
EBITDA multiple vs. DCF
Two strong methods for advisors. The right choice depends on stability, growth trajectory, and the story you need to defend.
EBITDA multiple vs. SDE
The difference between valuing a larger SME and valuing an owner-led micro business.
Fiscal reference value vs. EBITDA multiple
The fiscal reference alongside market value. Essential in Belgian transfer cases.