9つのビジネス評価方法の解説（DCF、EBITDA、EVなど）

9 Business Valuation Methods Explained (DCF, EBITDA, EV & More) 📅 Upcoming Event: Buyer-Led M&A™ Summit 2026 Join 1000+ M&A leaders → DealRoom Logo MAY 19th, 2022 It’s time for new M&A ideas to bloom, register for the M&A Science Spring Summit on May 19th! Register Now! The evolution of data rooms to virtual data rooms Text Link Text Link Table of contents Written by: Kison Patel — Last Modified: January 21, 2026 Whether you’re on the buy-side or sell-side , the ability to value a company accurately is critical. The most successful investors are those who consistently identify what an asset is truly worth . While integration can create additional value after a deal closes, paying the right price upfront lays the strongest foundation for long-term success. What is Business Valuation? Business Valuation, or Company Valuation, is the process by which the economic value of a business, whether a large or small business, is calculated. The purpose of knowing the business’s value is to find the intrinsic value of the entire company - its value from an objective perspective. Valuations are mostly used by investors, business owners, and intermediaries such as investment bankers who are seeking to accurately value the company’s equity for some form of investment. Although business valuations are mostly used to value a company’s equity for some form of investment, it isn’t the only reason to have an understanding of a company’s value. A company is not unlike most other long-term assets in that it’s useful to have a handle on how much it’s worth. Being in an informed position at all times enables the company’s owners to understand what their options are, how to react in different business situations, and how their company’s valuation fits into the bigger picture. The objectives for valuing a business can be divided into internal motives, external motives, and mixed motives (a combination of internal and external motives). The Business Valuation Process The process differs based on the business valuation methods being used. Whatever method you use, the ultimate goal is to determine the company’s intrinsic value. The appropriate approach often depends on the context, such as whether the company is public or private and who is conducting the valuation. Should a company be measured based on its assets, its future free cash flows, recent transactions for comparable companies, or the sum of its real options? In practice, most valuation professionals rely on a combination of methods to cross-check results and build a more reliable estimate. The table below summarizes common valuation methods. Typically, business valuation professionals use at least two methods when valuing companies, the most common being the DCF method and comparable transactions. These methods are popular because they’re widely understood, and the underlying numbers are easier to obtain. In the case of real options valuation, for example, the numbers that underpin the value of the business are far more difficult to objectively ascertain. Business Valuation Methods Discounted Cash Flow Analysis Capitalization of Earnings Method EBITDA Multiple Revenue Multiple Precedent Transactions Liquidation Value / Book Value Real Option Analysis Enterprise Value Present Value of a Growing Perpetuity 1. Discounted Cash Flow Analysis Discounted cash flow (DCF) analysis uses the inflation-adjusted future cash flows to project a value for the business. The idea is simple: free cash flow is the ultimate driver of shareholder value. The challenge lies in the execution. Forecasting free cash flows years into the future requires assumptions about growth rates, terminal value, and the Weighted Average Cost of Capital (WACC). Even small changes in these inputs can produce wide swings in valuation, which is why DCF is both widely used and frequently criticized. DCF = CF 1 / (1+r) 1 + CF 2 / (1+r) 2 + ....+ CF n / (1+r) n​ Where, CF1 = The cash flow for year one, CF2 = The cash flow for year two, n = Number of years, r = Discount rate For example, let's consider a company with a projected FCF of $1 million for the next 5 years. Assuming a discount rate of 10%, the company's future cash flows amount to approximately $3.79 million. 2. Capitalization of Earnings Method The capitalization of earnings method is a neat, back-of-the-envelope method for calculating the value of a business, which is actually used in DCF Analysis to calculate the perpetual earnings (i.e., all those earnings that occur after the terminal year of the DCF Analysis being performed). Sometimes called the Gordon Growth Model, this method requires that the business have a steady level of growth and cost of capital. The numerator, typically the free cash flow, is then divided by the difference between the discount rate and the growth rate, expressed as a fraction, to arrive at an approximate valuation. Market Capitalization = CF 1 / (r-g) Where, CF1 = Cash flow in the terminal year, r = Discount rate , g = Growth rate For example, consider a company with a projected FCF of $1 million in the terminal year, a discount rate of 10%, and a growth rate of 5%. Using the capitalization of earnings method, the company's value would be approximately $20 million. 3. EBITDA Multiple The EBITDA multiplier is an excellent solution to the arbitrary nature of most valuation methods. Even Aswath Damodaran, the father of modern valuation, says that any business valuation should follow the law of parsimony: the simplest of two (or more) competing theories should hold sway in an argument. On this basis, the EBITDA multiple - the multiplication of this year’s EBITDA figure by a multiplier agreeable to both the buyer and seller - is an elegant solution to the valuation dilemma. Even those who consider this method too simplistic tend to use it as a guide for their valuations, which underscores its strength. 4. Revenue Multiple This method can be used in those circumstances where EBITDA is either negative or isn’t available for some reason (usually because sales figures are the only ones available when researching firms to acquire through online search). Again, while you might say it’s just a benchmark, others would argue (with some justification) that the business’s total sales is the most important benchmark of all. 5. Precedent Transactions This method may incorporate the EBITA and revenue multipliers or any other multiple that the practitioner wishes to use. As its name suggests, here the valuation is derived from comparable transactions in the industry. So, for example, if widget makers have been trading at multiples of somewhere between 5 and 6 times EBITDA (or net income, or whatever indicator is chosen), Widget Co. would establish its value by performing the same iterative process. The challenge, however, is determining how truly comparable one company is to another, even within the same sector. For this reason, precedent transactions are often viewed less as a precise valuation tool and more as a barometer of current market sentiment. 6. Book Value/Liquidation Value Liquidation value, often referenced by Warren Buffett, represents the net cash a business would generate if all liabilities were settled and its assets sold off today. Strictly speaking, it’s not a full business valuation method, since it only captures part of the company’s worth. However, to paraphrase Buffett, it allows you to see the ‘margin of error’ associated with a valuation. Even if management falters or the company’s sales fall dramatically after the acquisition, investors know the company retains fallback value in its assets. 7. Real Option Analysis Proponents of real options analysis view businesses as nothing more than a nexus of real options: the option to invest in opportunities, utilize spare capacity, hire additional salespeople, etc. Valuation, in this sense, comes from quantifying the flexibility and strategic choices available to management. This is most effective for firms with uncertain futures, usually those that aren’t yet cash-flow positive, such as startups and mineral exploration firms. While it is one of the most complex methods on this list, it has strong academic backing and is taught by institutions like McKinsey and leading business schools. 8. Enterprise Value Enterprise Value (EV) measures the total value of a company’s operations by accounting not only for equity but also for debt obligations and cash reserves. By including debt, we can provide a more accurate picture of a company’s value (especially in the context of mergers or acquisitions), as it represents the total cost to acquire the company’s operations . EV = Market Capitalization + Total Debt - Cash and Cash Equivalents For example, if a company has a market capitalization of $50 million, total debt of $20 million, and cash reserves of $5 million, its enterprise value would be $65 million ($50M + $20M - $5M). 9. Present Value of a Growing Perpetuity The Present Value (PV) of a Growing Perpetuity is a valuation method that’s used to estimate the total value of cash flows that continue indefinitely and grow at a constant rate. It's often applied when a business is expected to generate recurring stable cash flows without a foreseeable end. We can calculate the present value of a growing perpetuity with: PV = C / (r-g) Where: C = Cash flow at the end of the first period r = Discount rate g = Growth rate For example, if a company generates a cash flow of $1 million at the end of the first period, and the discount rate is 8% with a growth rate of 3%, the present value of its growing perpetuity would be $20 million. Valuing Intangible Assets In today’s economy, intangible assets often drive more enterprise value than physical ones. In industries like technology, healthcare, and consumer goods, factors such as brand reputation, intellectual property, proprietary data, and customer relationships can often be worth many times more than tangible assets like factories and equipment. However