What private companies are actually worth
EV / Revenue across 4,500+ private-company exit and VC deals, 2015–2026.
Where the multiple lands
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. —
How the multiple moves with the cycle
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.
And on the public side
Private rounds and exits are only half the picture. Here's how the public-market comp set is pricing the same tech themes today — median EV / Revenue (next-twelve-month) across ~7,000 publicly traded companies.
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.
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.
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.
The SaaSpocalypse — and the slow road back
An equal-weighted basket of public SaaS stocks tripled from Jan 2020 to Oct 2021, then gave back ~60% by the December 2022 trough. The recovery has been long and uneven: another peak in October 2025, then a fresh leg lower into Q1 2026. Recent SaaS IPOs face their own correction inside the same regime — Figma debuted at $115.50 in August 2025 and trades around $18 today (−85%); Klaviyo is down 50% from IPO.
Dealroom plugs the public-comp universe directly into the private-company data we already track — one workspace for every benchmark you need. Live tickers, forward analyst estimates and 4M+ private companies.
Live data licensed from multiples.vc, which sources analyst consensus from FactSet and historicals from Morningstar. Figures refresh on each build of this page.
How the numbers come together
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
Bucketing
Revenue growth is computed as the latest non-null year over the previous non-null year in the revenue history. Deal size is the round_amount_usd at the time of the deal. Geography uses the company's HQ continent / country. Buckets with fewer than 3 deals are dropped from segment charts to keep medians honest.
Source
The Dealroom Multiples & Valuations source dataset has one row per deal and is refreshed regularly from the Dealroom database. Run node scripts/build-multiples-data.mjs to regenerate this page's data.
Outliers
Multiples above 2,500× are dropped at the parser stage — they're almost always pre-money valuations that leaked into the multiple column. The page-level 300× cap drops the remainder of the long tail so quartiles aren't skewed by a single blow-up.
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.