Public Comps and Valuation Multiples for Real Estate Development

Benchmark revenue and EBITDA valuation multiples for public comps like
Vingroup, Sun Hung Kai Properties, D.R. Horton, Goodman Group and Samsung C&T.

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Real Estate Development

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$63B$74B$15B4.9x29.3x
$45B$56B$11B4.9x13.9x
$42B$47B$34B1.4x10.5x
$42B$43B$2.2B19.8x22.9x
$38B$37B$29B1.3x11.8x
$31B$55B$38B1.5x8.0x
$30B$44B$11B3.9x15.5x
$28B$118B$307B0.4x8.1x
$27B$20B$14B1.4x3.0x
$25B$53B$17B3.1x15.2x
$24B$24B$17B1.4x8.1x
$22B$27B---
$21B$23B$7.3B3.1x9.8x
$20B$24B$33B0.7x9.3x
$19B$40B$24B1.7x13.6x
$18B$17B$9.8B1.7x11.1x
$17B$35B$36B1.0x7.7x
$17B$40B$2.6B15.5x15.9x
$17B$17B$912M18.3x84.8x
$17B$24B$3.4B7.1x25.0x
$16B$21B$2.3B9.4x18.9x
$16B$19B$9.9B1.9x6.2x
$16B$24B$5B4.7x22.6x
$15B$19B$1B18.7x16.7x
$14B$1.5B$8.1B0.2x0.4x
$14B$27B
$14B$11B
$13B$618M
$13B-
$12B$1.9B
$11B$19B
$10B$13B
$9B$960M
$8.9B-
$8.9B$22B
$8.6B$42B
$8.4B-
$8.4B$5.1B
$8.4B$447M
$7.6B-
$7.5B$1.4B
$7.4B$719M
$7.1B-
$7.1B$850M
$6.8B$1.8B
$6.8B-
$6.7B$677M
$6.6B$7.3B
$6.5B$593M
$6.5B$13B
$6.4B$800M
$6.4B$740M
$6.2B-
$6.1B$1B
$6.1B$1.5B
$6B$623M
$5.8B$13B
$5.6B$1.1B
$5.5B$8.1B
$5.2B$30B
$5.1B-
$5B$2.9B
$5B$3.7B
$4.9B$5.6B
$4.8B$633M
$4.8B$574M
$4.8B$5.1B
$4.7B$458M
$4.7B$295M
$4.7B-
$4.6B$1.1B
$4.5B-
$4.5B$399M
$4.5B$459M
$4.4B$2.3B
$4.3B-
$4.3B$587M
$4.2B$3.1B
$4.2B$1.6B
$4.2B-
$4.1B-
$4B-
$3.9B$5.1B
$3.8B$263M
$3.8B$4.2B
$3.6B$210M
$3.5B-
$3.5B-
$3.5B-
$3.4B$5.5B
$3.4B$819M
$3.3B$308M
$3.1B$2B
$3B$4.1B
$3B$1.2B
$2.9B-
$2.9B$3.4B
$2.8B$423M
$2.7B$332M
$2.7B$462M
$2.7B$306M
$2.7B-
$2.6B$449M
$2.6B-
$2.6B-
$2.5B-
$2.5B$1.8B
$2.5B$259M
$2.5B-
$2.5B$498M
$2.5B$890M
$2.5B$3.9B
$2.5B$146M
$2.4B$262M
$2.4B$378M
$2.3B-
$2.3B$551M
$2.2B$233M
$2.2B$551M
$2.1B$391M
$2.1B$299M
$2.1B$253M
$2.1B$181M
$2B$326M
$2B-
$2B$255M
$2B$253M
$2B-
$1.9B$482M
$1.9B-
$1.9B$835M
$1.9B$639M
$1.9B$182M
$1.9B$3.9B
$1.9B$1.2B
$1.9B$116M
$1.8B$573M
$1.8B$655M
$1.8B$1.5B
$1.8B-
$1.7B$1B
$1.7B-
$1.7B$328M
$1.7B$5.9B
$1.7B$1.2B
$1.7B$277M
$1.7B-
$1.6B-
$1.6B$317M
$1.6B$1.9B
$1.5B-
$1.5B$1.7B
$1.5B$501M
$1.5B$209M
$1.5B-
$1.5B$539M
$1.4B$4.3B
$1.4B-
$1.4B$603M
$1.4B-
$1.4B$377M
$1.4B$355M
$1.4B$1.1B
$1.4B$344M
$1.4B$43M
$1.4B$115M
$1.4B$232M
$1.4B$1.8B
$1.3B-
$1.3B$6.1B
$1.3B-
$1.3B-
$1.3B$651M
$1.3B-
$1.3B$995M
$1.2B-
$1.2B$802M
$1.2B-
$1.2B-
$1.2B$5.6B
$1.2B$88M
$1.2B-
$1.2B-
$1.2B$234M
$1.2B$170M
$1.2B-
$1.2B-
$1.1B$172M
$1.1B$1.3B
$1.1B-
$1.1B-
$1.1B$51M
$1.1B-
$1.1B$16B
$1.1B-
$1B-
$1B-
$1B$162M
$1B-
$1B-
$984M-
$957M$287M
$924M-
$923M-
$918M$189M
$918M$547M
$917M-
$916M$115M
$913M-
$908M-
$902M-
$881M$495M
$879M-
$877M-
$862M-
$846M-
$840M$997M
$835M$205M
$828M$241M
$820M-
$808M$564M
$805M$315M
$787M-
$787M$100M
$779M-
$778M$914M
$773M-
$773M-
$755M-
$755M$2.9B
$750M$78M
$748M$112M
$740M$81M
$738M$324M
$730M$37M
$725M-
$715M-
$697M$127M
$695M$108M
$676M-
$667M$126M
$659M-
$656M$478M
$654M$313M
$648M-
$631M-
$623M$274M
$609M$357M
$609M$122M
$607M$170M
$599M-
$599M-
$595M$330M
$589M-
$587M-
$585M-
$582M-
$579M-
$579M-
$575M$123M
$564M$79M
$563M$255M
$533M$2.2B
$531M-
$529M$594M
$512M-
$509M-
$501M$53M
$499M$3.1B
$498M$1B
$492M-
$491M$49M
$488M-
$486M$120M
$481M-
$478M-
$461M$140M
$461M-
$456M$145M
$450M$75M
$426M$111M
$425M$154M
$425M$68M
$423M$339M
$404M$34M
$404M$80M
$400M-
$394M-
$389M$49M
$386M$67M
$380M-
$378M-
$363M-
$358M-
$358M$84M
$357M-
$354M$583M
$353M-
$348M$237M
$346M$88M
$344M-
$344M$482M
$340M$222M
$339M$345M
$335M-
$318M$322M
$315M$702M
$311M$137M
$305M-
$302M$22M
$296M-
$287M$946M
$287M-
$286M-
$285M-
$281M-
$278M-
$277M-
$277M-
$276M-
$274M-
$265M-
$263M-
$261M$102M
$258M$511M
$256M-
$256M-
$252M-
$252M-
$248M-
$242M-
$240M$39M
$238M-
$237M-
$232M-
$230M$39M
$227M-
$226M-
$218M-
$215M-
$214M-
$213M-
$212M-
$211M$105M
$210M-
$209M$64M
$202M-
$201M$154M
$196M$389M
$191M-
$191M$46M
$190M-
$189M$45M
$188M-
$187M-
$185M-
$183M-
$181M$58M
$179M-
$177M-
$173M-
$165M-
$162M-
$162M$94M
$159M-
$158M$326M
$156M-
$154M-
$149M-
$148M-
$148M-
$145M$207M
$145M$193M
$145M$81M
$144M$18M
$138M-
$138M-
$137M-
$137M$60M
$136M$53M
$135M$33M
$133M-
$133M-
$129M-
$129M$1B
$127M-
$127M$81M
$127M$33M
$126M$206M
$124M$295M
$124M-
$124M-
$122M$40M
$122M-
$121M-
$121M-
$117M-
$115M-
$114M-
$114M-
$112M-
$111M-
$110M$4M
$109M$138M
$109M-
$109M-
$108M-
$108M-
$108M-
$106M-
$105M-
$104M-
$103M-
$101M-
$99M-
$98M-
$97M-
$97M-
$97M-
$95M-
$94M-
$93M-
$87M-
$87M-
$86M-
$83M$4.1B
$83M$22M
$82M$122M
$82M-
$80M-
$80M-
$79M-
$77M-
$76M-
$76M-
$74M$26M
$73M-
$72M-
$67M-
$63M$79M
$62M-
$62M$218M
$62M-
$62M$90M
$61M-
$60M-
$58M-
$56M-
$56M-
$55M-
$55M-
$52M-
$51M-
$51M-
$50M-
$49M-
$48M-
$48M-
$48M-
$48M-
$47M-
$47M-
$47M-
$47M-
$46M$56M
$45M-
$44M-
$43M-
$43M-
$42M-
$40M-
$40M-
$39M-
$39M-
$39M-
$39M-
$39M-
$38M-
$38M$33M
$38M$26M
$37M-
$37M-
$35M-
$35M-
$34M-
$34M-
$33M$11M
$33M-
$31M-
$31M-
$31M-
$30M$25M
$30M-
$29M-
$28M-
$28M-
$27M-
$27M-
$26M$10M
$26M-
$26M-
$25M$119M
$25M-
$25M$8M
$24M-
$24M-
$24M-
$23M-
$23M-
$23M-
$23M$56M
$22M-
$22M-
$22M-
$22M-
$20M$52M
$20M-
$20M-
$20M-
$19M-
$19M-
$18M-
$18M-
$17M-
$17M-
$17M-
$17M-
$16M-
$15M-
$15M-
$14M-
$14M-
$14M-
$14M-
$14M-
$13M-
$13M-
$12M-
$11M-
$11M-
$11M-
$11M-
$11M$24M
$11M-
$10M-
$10M-
$9M-
$9M$11M
$9M-
$9M-
$8M-
$8M-
$8M-
$8M-
$8M-
$8M$24M
$7M-
$7M-
$7M-
$7M-
$6M-
$6M-
$6M-
$5M-
$5M-
$5M-
$5M-
$4M-
$4M-
$4M-
$4M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$1M-
$1M-
$1M-
$1M-
$1M-
$871K-
$733K-
$521K-
$443K-
$195K-
$172K-
$94K-
$27K-
$22K-
$8K-
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