Public Multiples

What the public market pays for growth.

Pick a sector. Each dot is a listed company, placed by how fast its revenue is expected to grow and what the market pays for that revenue today.

Revenue Multiple as a Function of Expected Revenue Growth Public company data as of September 25, 2026

8%10%12%14%16%2×3×4×5×6×7×EXPECTED REVENUE GROWTH(Consensus Next Twelve Months Revenue Growth)FORWARD REVENUE MULTIPLE(Equity Value / Next Twelve Months Revenue)
  • Above the line
  • Within 10% of the line
  • Below the line

Software: NCNO, QTWO, INTU, BL, VERX, WDAY, BILL, INTA, WK, GWRE, BLND.

Public company data as of September 25, 2026 from filings, analyst estimates and stock prices. For illustration and discussion only; not a valuation.

Method

Each dot is a listed company in the sector. Growth is analysts' consensus revenue for the next twelve months against the same period a year earlier. The multiple is current equity value divided by that next twelve months of revenue. Market data and consensus estimates as of September 25, 2026. The line is a straight least squares fit across the sector.

What this is, and what it isn't

A starting point, not a valuation.

This chart shows how the stock market values public companies based on how fast their revenue is expected to grow. It is not a valuation of your company, and it shouldn't be relied on as one. It's for illustration and discussion only.

  • Every company is different

    Growth is only one of the things the market pays for. Margins, retention, how long growth lasts, scale, customer concentration, competitive position and the mood of the market all matter too, and how far a company sits from the line reflects all of them. The companies shown are a broad sector group, not a set of comparables for any one business.

  • Public prices aren't private prices

    Private shares are harder to sell and usually valued at a discount, which isn't reflected here. Private companies, especially smaller ones, often trade well below these levels.

  • The market moves

    These are one day's prices and one day's estimates. Both change, and the line moves with them. Check the date at the top before you read too much into any single point.

Public company data as of September 25, 2026 from filings, analyst estimates and stock prices. For illustration and discussion only. This is not a valuation, investment advice or a recommendation.

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