What buyers and investors pay for private companies
EV / Revenue across 4,500+ private-company exit and VC deals, 2015–2026.
Multiples by segment
Median EV / Revenue by revenue growth, deal size, geography and sector.
Baseline cut: founded 1990+, $5M+ peak revenue, EV/Revenue ≤ 300×, "Outside Tech"-tagged rows excluded. —
Multiples by year, 2015–2026
Bottom quartile, median and top quartile per year. The shaded band is the inter-quartile range.
By region
North America, Europe and Asia. Toggle median vs top quartile.
AI vs non-AI
AI-tagged companies vs everything else. The premium opened up post-2020.
Bay Area vs Rest of US
US-only universe, split by Bay Area HQ vs the rest of the US.
By round stage
Median pre-money EV / Revenue at funding, by stage.
Where the data comes from
One row per deal, from the Dealroom Multiples sheet.
Key facts
- 4,581 private-company deals in the current public cut
- 1,589 exit rounds and 2,992 VC rounds
- Coverage spans 2015-2026 globally
- Primary metric: EV / Revenue at exit or funding
- Segment cuts include growth, deal size, geography, sector, AI, Bay Area and funding stage
The multiple
Exit rounds use EV / Revenue at exit. VC rounds default to post-money EV / Revenue, with a toggle for pre-money. Quartiles are computed nearest-rank on the sorted list of multiples — no interpolation, so each quartile sits on a real deal.
Baseline filters
- Founded 1990 or later
- $5M+ peak revenue in the sheet's revenue history
- EV / Revenue ≤ 300×
- Tagged "Outside Tech" rows excluded
Track multiples across your portfolio
Dealroom's platform tracks EV / Revenue, ARR and revenue trajectories across 4M+ private companies. Use it to benchmark portfolio companies, pre-empt valuation conversations, and find the right comps.