As adjectives the difference between operating and multinational
is that operating
is in operation while multinational
is of, or involving more than two countries.
As a verb operating
As a noun multinational is
a multinational company.
Other Comparisons: What's the difference?
involved in an operation
of, or involving more than two countries
(of a business organization) operating, or having subsidiary companies in multiple countries (especially more than two)
a multinational company