What kind of industries or companies would have EBITDA close to Net Income?

Answer

Companies with: (1) Low D&A — asset-light businesses like consulting, software (excluding capitalized R&D), staffing, royalty companies; (2) Low interest expense — minimal debt or net cash positions; (3) Low effective tax rates — operations in low-tax jurisdictions or with significant deductions. Common examples: pure-play software (SaaS), consulting firms, financial advisors, royalty companies, and mature asset-light cash cows with low debt.