Multiples · Public companies

Multiples for public companies

The public-market comparison for the same tech themes — median EV / Revenue (next-twelve-month) across ~7,000 publicly traded companies.

As of today · Dealroom analysis with multiples.vc data

Public multiples by theme

Monthly median EV / Revenue (NTM) across the public-comp baskets for each tech theme. Click pills to add or remove themes — the Non-tech pill overlays a broader-market reference line.

Median EV / Revenue (NTM) by tech theme — last 3 years

Click a theme to add or remove it from the chart. Each line is the monthly median EV / Revenue (next-twelve-month) for the public-market basket in that theme.

Source: multiples.vc · underlying data from FactSet (analyst consensus) and Morningstar (historicals)

Public multiples by region

Same metric, sliced by HQ geography. Bay Area is a curated set of SF Bay Area HQ tickers (the API has no city filter). The toggle switches between tech-themed companies only and all listed companies in each region.

Median EV / Revenue (NTM) by region — last 3 years

Same metric, sliced by HQ geography. Click a region to add or remove it. The toggle switches between tech-themed companies only (default) and all listed companies in that region. Bay Area is a curated SF Bay Area HQ set (the API has no city filter); the Non-tech line aggregates banks, energy, utilities, real estate, industrials and other non-tech sectors.

Each line is a basket of public tickers, monthly median EV / NTM revenue. "Tech only" (default) keeps companies that carry at least one tech theme tag on multiples.vc — SaaS, fintech, semiconductors, cybersecurity, AI, and so on. "All companies" takes the top tickers by enterprise value in that country with no theme filter, so banks, energy, industrials and real estate flow in. Bay Area and Non-tech are curated baskets and ignore the toggle. Each basket below shows the inclusion rule and a few representative tickers; live counts sit in the pills.

USA — top 150 USA-HQ tickers by EV. e.g. Apple, Microsoft, Alphabet, Nvidia, Meta, Amazon, Oracle, Tesla.

Bay Area — hand-curated ~40 SF Bay Area HQ tickers (API has no city filter). e.g. Apple, Alphabet, Meta, Nvidia, Salesforce, Adobe, Cisco, Intel.

Europe — top 150 Western / Northern / Southern / Eastern Europe-HQ tickers by EV. e.g. SAP, ASML, Adyen, Spotify, Dassault Systèmes, Capgemini, Infineon, STMicro.

UK — top 80 GBR-HQ tickers by EV. e.g. ARM, Sage, Experian, Rightmove, RELX, Auto Trader, Wise, Darktrace.

China — top 80 CHN-HQ tickers by EV (incl. HKG listings). e.g. Tencent, Alibaba, Meituan, JD.com, PDD, Baidu, NetEase, Xiaomi.

Japan — top 80 JPN-HQ tickers by EV. e.g. Sony, Nintendo, SoftBank, Keyence, Fujitsu, NEC, Hitachi, Mercari.

India — top 80 IND-HQ tickers by EV. e.g. TCS, Infosys, Wipro, HCL Tech, Tech Mahindra, Zomato, Paytm, Nykaa.

Israel — top 60 ISR-HQ tickers by EV. e.g. Check Point, CyberArk, Monday.com, Wix, NICE, Nova, Camtek, Tower Semi.

Non-tech (S&P-style) — top 150 by EV across banks, oil & gas, utilities, real estate, biopharma, food & beverages, telecom and other non-tech industries. e.g. JPMorgan, ExxonMobil, J&J, Coca-Cola, Walmart, Chevron, P&G, Bank of America.

Source: multiples.vc · medians computed across top tickers by enterprise value per region (Bay Area is a hand-curated list).

Rule of X

The Rule of 40 — popularised by Bessemer Venture Partners — sums revenue growth + EBITDA margin to flag healthy software companies (40% is the bar). Rule of X generalises it: X · growth + margin. At X = 3 growth is worth 3× margin — the premium public markets pay for durable top-line expansion. Plotting it against EV / Revenue surfaces who's pricing above and below the trend.

Tech revenue multiples — Rule of X (with X = 3)

Each bubble is one publicly traded tech company. Larger bubbles = larger enterprise value. The dashed trend line is the OLS regression across the visible basket.

Rule of X = 3 × revenue 2-yr CAGR (forward, FY2026→FY2028 consensus) + EBITDA margin (LTM). Y-axis: EV / Revenue (NTM). Bubble size: enterprise value. Dealroom analysis with multiples.vc data · refreshed today

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Live data licensed from multiples.vc, which sources analyst consensus from FactSet and historicals from Morningstar. Figures refresh on each build of this page.