Public Comps and Valuation Multiples for Asset Management

Benchmark revenue and EBITDA valuation multiples for public comps like
Morgan Stanley, Goldman Sachs, BlackRock, Blackstone and Brookfield.

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Asset Management

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$339B$459B$76B6.0x-
$314B$752B$65B11.7x-
$166B$168B$27B6.3x14.6x
$155B$169B$14B12.2x20.5x
$106B$354B$7.8B45.3x51.0x
$91B$16B$10B1.6x2.7x
$76B$79B$5.8B13.6x25.3x
$69B($168B)$27B(6.2x)(24.7x)
$69B$242B$14B17.3x-
$50B$75B$15B5.0x-
$47B$45B$19B2.3x7.5x
$45B$47B$8.3B5.6x11.3x
$42B$82B$22B3.8x28.7x
$41B$68B$58B1.2x8.1x
$41B$53B$14B3.7x-
$39B$34B$3.3B10.5x17.7x
$38B$51B$7.3B7.0x-
$36B$37B$7.1B5.3x5.8x
$34B$49B$488M101.3x(7.4x)
$34B$47B$8.8B5.4x-
$33B$39B$26B1.5x-
$33B$37B$15B2.4x-
$30B$31B$3.5B8.9x-
$28B$43B$5.3B8.0x20.0x
$27B$29B$14B2.1x5.7x
$27B$4.6B
$25B$7.6B
$25B$16B
$23B$921M
$23B$4.7B
$23B$6.3B
$22B$2.6B
$22B$3.1B
$22B$21B
$21B$4B
$20B-
$20B$4.7B
$20B-
$19B$5.2B
$18B$2.1B
$17B$7B
$17B$2.3B
$17B-
$17B$3.8B
$16B$642M
$16B$7.4B
$16B$3.7B
$16B$5B
$16B$2.4B
$15B$3.7B
$15B$1B
$14B-
$14B$20B
$14B$3.2B
$14B-
$14B-
$14B$2.9B
$14B$3.1B
$14B$353M
$13B-
$13B$15B
$13B$2.9B
$13B$3B
$13B$5B
$13B$8.1B
$13B-
$12B-
$12B$3.5B
$12B-
$12B$633M
$12B$1.5B
$12B$675M
$12B-
$12B$2.5B
$12B$4.8B
$11B-
$11B$4.5B
$11B$972M
$11B$1.5B
$11B$3.6B
$11B$11B
$11B$3B
$11B$594M
$11B$7.2B
$11B$2.6B
$9.8B$2.2B
$9.6B-
$9.6B-
$9.3B-
$9.2B-
$9.1B$2B
$9B$3.2B
$9B$8B
$8.9B$2.1B
$8.6B-
$8.5B$4.7B
$8.5B$1.7B
$8.4B$5.1B
$8B$3.1B
$8B$747M
$7.9B-
$7.8B$1.9B
$7.6B$1.1B
$7.5B-
$7.4B$1.4B
$7.4B$606M
$7.3B$998M
$7.3B-
$7.2B-
$7.1B$1.4B
$7B$2.4B
$6.8B$1.7B
$6.8B$1.8B
$6.7B$606M
$6.6B-
$6.6B$1.7B
$6.6B$810M
$6.5B-
$6.4B$1.4B
$6.4B$800M
$6.4B$2.7B
$6.4B-
$6.2B$829M
$6.2B-
$6.2B$550M
$6.2B$1.5B
$6.1B$1.7B
$6.1B$5.8B
$6.1B-
$6.1B-
$6B$869M
$6B-
$6B$1.7B
$5.9B$1.1B
$5.8B$1.3B
$5.8B-
$5.7B$7.3B
$5.7B$1.9B
$5.6B-
$5.6B-
$5.6B$1.8B
$5.5B-
$5.3B$3.1B
$5.1B$576M
$5.1B$694M
$5B$14B
$4.9B$434M
$4.9B$2.5B
$4.9B-
$4.8B-
$4.7B-
$4.7B-
$4.7B$954M
$4.7B$347M
$4.7B-
$4.6B$1.3B
$4.6B$11B
$4.6B$1.6B
$4.6B-
$4.5B-
$4.5B$1.9B
$4.4B-
$4.4B$587M
$4.3B$27B
$4.2B$3.2B
$4.2B-
$4B$502M
$3.9B-
$3.9B$476M
$3.8B$263M
$3.8B$759M
$3.8B$987M
$3.8B$992M
$3.8B$796M
$3.7B$830M
$3.6B$407M
$3.6B$1.4B
$3.6B$824M
$3.5B-
$3.5B$3.6B
$3.5B$9B
$3.5B-
$3.5B-
$3.5B-
$3.4B$205M
$3.4B$796M
$3.3B$3.3B
$3.3B$1.7B
$3.2B$384M
$3.2B$439M
$3.1B-
$3.1B$602M
$3.1B$1.3B
$3.1B$340M
$3B-
$3B$69M
$3B-
$2.9B$673M
$2.9B$788M
$2.9B$772M
$2.9B$916M
$2.8B$3.1B
$2.7B$1.2B
$2.7B-
$2.7B-
$2.6B$349M
$2.6B-
$2.6B$587M
$2.6B$449M
$2.4B-
$2.4B-
$2.4B-
$2.3B-
$2.3B$504M
$2.2B$233M
$2.2B-
$2.2B-
$2.2B$145M
$2.1B-
$2.1B-
$2.1B-
$2.1B$299M
$2B-
$2B$102M
$2B$318M
$2B$154M
$2B-
$2B$253M
$2B-
$1.9B-
$1.9B$190M
$1.9B$116M
$1.9B-
$1.9B$251M
$1.9B-
$1.8B$340M
$1.8B$174M
$1.8B$3M
$1.8B$400M
$1.8B$18B
$1.8B-
$1.7B-
$1.7B$232M
$1.7B-
$1.7B-
$1.7B$269M
$1.7B$3.6B
$1.7B-
$1.7B$384M
$1.6B-
$1.6B-
$1.6B$303M
$1.6B$170M
$1.6B$244M
$1.6B$967M
$1.5B-
$1.5B$254M
$1.5B$240M
$1.5B$218M
$1.4B-
$1.4B-
$1.4B-
$1.4B$233M
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.3B-
$1.3B$294M
$1.3B$599M
$1.3B-
$1.2B$218M
$1.2B$304M
$1.2B-
$1.2B-
$1.2B-
$1.2B-
$1.2B$167M
$1.2B-
$1.2B-
$1.1B-
$1.1B$378M
$1.1B-
$1.1B$631M
$1.1B-
$1.1B-
$1.1B-
$1.1B$796M
$1.1B-
$1.1B$643M
$1.1B$291M
$1.1B$238M
$1.1B-
$1B-
$1B-
$1B$251M
$1B$219M
$1B-
$1B$27M
$997M$120M
$994M$256M
$989M$53M
$966M-
$965M-
$956M$124M
$955M-
$926M-
$906M-
$905M$35M
$904M-
$892M-
$885M$259M
$881M-
$877M-
$877M$65M
$873M$302M
$862M-
$859M($509M)
$856M$375M
$837M-
$835M$205M
$813M-
$810M-
$804M$293M
$791M-
$783M-
$781M-
$779M$548M
$778M-
$773M$167M
$772M$106M
$767M-
$762M-
$755M-
$749M-
$743M-
$740M$150M
$739M-
$736M-
$731M-
$728M-
$727M$252M
$721M-
$715M-
$713M$197M
$713M-
$712M-
$708M-
$708M-
$691M$62M
$690M$95M
$690M-
$689M-
$688M$86M
$687M-
$683M-
$676M$8.4B
$672M$290M
$664M-
$659M$101M
$657M-
$650M-
$643M-
$636M$210M
$629M-
$625M$196M
$620M-
$617M-
$612M$90M
$610M$391M
$609M-
$601M-
$600M-
$599M-
$594M$67M
$591M-
$582M-
$577M-
$576M$50M
$574M-
$570M-
$555M-
$554M-
$554M-
$552M-
$550M-
$548M$80M
$545M$125M
$542M-
$535M-
$532M-
$527M$150M
$517M$9M
$517M-
$510M$125M
$504M$199M
$502M$324M
$501M$283M
$501M$53M
$492M$175M
$488M-
$488M-
$485M-
$481M-
$480M-
$478M-
$473M-
$471M-
$471M-
$461M-
$455M$73M
$451M-
$450M$98M
$442M$44M
$441M$107M
$435M-
$427M$114M
$425M$154M
$414M-
$413M-
$412M-
$411M-
$410M$64M
$407M$158M
$404M-
$400M-
$400M$34M
$397M-
$395M$485M
$393M-
$391M-
$389M-
$388M-
$388M-
$387M-
$386M-
$386M-
$385M$75M
$382M-
$381M$267M
$378M$89M
$374M-
$373M-
$371M-
$368M-
$363M-
$357M-
$355M$82M
$354M-
$354M-
$353M$638M
$352M$75M
$351M-
$351M-
$350M-
$348M-
$346M$169M
$340M-
$328M-
$322M$76M
$320M-
$318M$101M
$316M-
$311M-
$309M-
$298M$2M
$297M-
$296M-
$290M-
$290M$68M
$289M-
$287M-
$285M-
$283M$19M
$281M-
$278M-
$278M$61M
$277M-
$277M-
$276M-
$276M-
$276M-
$257M-
$257M-
$254M-
$253M-
$251M-
$251M-
$250M-
$249M-
$246M-
$242M-
$242M-
$241M-
$238M-
$237M-
$234M$72M
$232M-
$231M-
$226M-
$225M-
$225M-
$223M-
$222M$61M
$221M$148M
$218M-
$215M-
$215M-
$213M$186M
$210M-
$208M$52M
$207M-
$205M-
$202M-
$201M$154M
$199M-
$199M-
$195M$102M
$194M-
$192M-
$192M-
$191M-
$190M-
$189M-
$188M-
$188M-
$187M-
$185M-
$184M-
$183M-
$182M-
$182M$184M
$180M-
$178M-
$178M-
$177M-
$175M-
$167M$26M
$166M$43M
$162M-
$156M$29M
$156M$21M
$156M-
$154M-
$154M-
$152M$37M
$150M-
$149M-
$149M-
$149M-
$148M-
$146M-
$145M-
$143M-
$143M-
$139M-
$139M$68M
$138M-
$138M-
$136M-
$136M-
$136M-
$135M-
$135M-
$133M-
$131M-
$130M-
$130M-
$130M-
$127M-
$123M-
$123M-
$123M$18M
$121M-
$121M-
$121M$52M
$120M-
$119M-
$119M-
$117M-
$113M-
$112M-
$111M-
$110M-
$110M-
$110M$51M
$109M-
$108M-
$108M-
$107M-
$107M-
$106M-
$106M-
$105M-
$103M-
$100M-
$100M-
$99M-
$99M$10M
$98M-
$97M-
$97M-
$95M-
$95M-
$95M-
$95M-
$93M-
$93M-
$91M-
$89M-
$89M$24M
$87M-
$87M-
$87M-
$86M-
$86M$177M
$84M-
$83M$9M
$83M-
$79M-
$76M$125M
$76M-
$76M-
$75M-
$74M-
$74M-
$74M-
$74M-
$74M$45M
$73M-
$73M$24M
$72M-
$71M$32M
$71M$23M
$69M-
$69M-
$67M-
$67M-
$67M-
$67M$41M
$66M-
$65M-
$65M-
$65M-
$64M-
$64M-
$63M-
$63M-
$62M-
$61M-
$60M-
$60M-
$57M-
$56M-
$56M-
$55M-
$53M-
$53M$107M
$53M-
$52M-
$52M-
$51M-
$50M-
$50M-
$47M-
$47M$7M
$47M-
$47M$36M
$47M-
$46M-
$46M-
$45M-
$45M-
$45M-
$44M-
$43M$53M
$42M-
$42M-
$42M-
$42M-
$41M-
$41M-
$41M-
$40M-
$40M-
$40M-
$40M-
$39M-
$39M-
$39M-
$38M-
$38M-
$37M-
$37M-
$37M-
$36M-
$36M-
$36M-
$35M-
$35M$18M
$34M-
$32M-
$31M-
$30M-
$30M-
$29M-
$29M-
$29M-
$28M-
$28M-
$28M-
$27M-
$26M-
$26M-
$26M-
$26M-
$26M-
$25M-
$24M-
$23M-
$23M-
$23M-
$23M-
$23M-
$22M-
$22M-
$22M-
$22M-
$22M-
$21M-
$21M-
$21M-
$21M$136M
$21M-
$20M-
$20M-
$20M-
$19M-
$19M-
$19M-
$18M-
$18M-
$18M-
$18M-
$18M-
$17M-
$17M-
$17M-
$17M$199M
$17M-
$17M-
$16M-
$16M-
$16M-
$16M-
$16M-
$16M-
$15M-
$15M-
$14M-
$14M-
$14M-
$13M-
$13M-
$13M-
$13M-
$13M-
$12M-
$12M-
$12M$17M
$12M-
$12M-
$12M-
$12M-
$11M-
$11M-
$11M-
$11M-
$11M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$9M-
$9M-
$9M-
$9M-
$9M-
$8M-
$8M-
$8M-
$8M-
$8M-
$8M-
$7M-
$7M-
$7M-
$7M-
$7M-
$7M$20M
$7M-
$6M-
$6M-
$5M-
$5M-
$5M-
$5M-
$5M-
$5M-
$5M-
$5M-
$5M-
$4M-
$4M$4M
$4M-
$4M-
$4M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$1M-
$1M-
$1M-
$1M-
$733K-
$732K-
$714K-
$703K-
$683K-
$669K-
$661K-
$648K-
$614K-
$315K-
$258K-
$48K-
$32K-
$22K-
$8K-
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