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Multiples AdTech Index

Curated by Multiples, this index tracks publicly listed advertising technology companies globally.

Explore the Multiples AdTech Index

100

public companies
tracked

$6.4T

cumulative
enterprise value

1.6x

median EV/NTM revenue multiple

10%

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples AdTech Index constituents, indexed to 0% at the beginning of the period.

+63.6%

Multiples AdTech Index

Data as of 18 July 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples AdTech Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples AdTech Index.

x-axis:

y-axis:

Data as of July 18, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples AdTech Index.

Metric:

Data as of July 18, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples AdTech Index.

Metric	Alphabet	Meta	AppLovin
Market Cap	$4.2T	$1.6T	$143B
EV/Revenue (NTM)	7.7x	6.0x	15.0x
EV/Gross Profit (NTM)	12.1x	7.5x	16.8x
EV/EBITDA (NTM)	15.9x	10.5x	17.6x
EV/FCF (NTM)	187.5x	-468.6x	22.3x
Revenue Growth	21%	21%	38%
Gross Margin (NTM)	64%	80%	89%
EBITDA Margin (NTM)	49%	57%	85%
FCF Margin (NTM)	4%	-1%	67%
Rule of 40	69%	81%	135%
Rule of X	101%	117%	209%

Data as of July 18, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples AdTech Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples AdTech Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples AdTech Index

This index tracks publicly listed AdTech and MarTech companies across digital advertising and marketing platforms.


Alphabet	7.3%	$346	+80%	$4.2T	7.7x	21%	64%	49%	4%	69%	$2M
Meta	7.3%	$646	-16%	$1.6T	6.0x	21%	80%	57%	-1%	81%	$3M
AppLovin	5.8%	$425	+9%	$143B	15.0x	38%	89%	85%	67%	135%	$6M
Salesforce	5.7%	$171	-34%	$140B	3.5x	10%	81%	41%	33%	51%	$543K
Adobe	3.8%	$237	-34%	$94B	3.4x	10%	90%	47%	39%	59%	$758K
Baidu	10.1%	$14	+26%	$37B	1.7x	5%	41%	19%	7%	19%	$531K
HubSpot	5.4%	$224	-57%	$11B	2.5x	17%	85%	25%	21%	42%	$353K
theTradeDesk	4.1%	$19	-79%	$8.7B	2.3x	10%	78%	40%	24%	50%	$822K
Snap	3.6%	$5	-52%	$7.6B	1.3x	11%	59%	20%	14%	32%	$1M
Amdocs	2.6%	$53	-38%	$5.6B	1.3x	4%	39%	26%	15%	29%	$168K
Open Text	2.6%	$23	-22%	$5.6B	2.1x	1%	77%	36%	19%	36%	$242K
Zeta Global	2.6%	$22	+39%	$5.4B	2.7x	24%	61%	23%	14%	59%	$395K
Pegasystems	2.5%	$32	-45%	$5.4B	2.4x	13%	78%	32%	28%	45%	$312K
Klaviyo	2.5%	$18	-43%	$5.3B	2.6x	21%	74%	17%	17%	40%	$521K
WillScot	2.3%	$27	-7%	$4.9B	3.8x	1%	52%	41%	17%	40%	$485K
CyberAgent	2.2%	$9	-5%	$4.6B	0.6x	4%	31%	10%	5%	17%	$483K
Freshworks	1.4%	$11	-16%	$3B	2.2x	15%	86%	26%	28%	39%	$191K
Braze	1.4%	$26	+7%	$3B	2.8x	19%	68%	11%	11%	30%	$434K
SoundHound	1.3%	$6	-39%	$2.7B	9.1x	36%	51%	-16%	-30%	10%	$201K
Magnite	1.3%	$19	-17%	$2.7B	3.8x	11%	65%	36%	24%	40%	$735K
Easy Click Worldwide	1.1%	$4	-19%	$2.4B	2.1x	39%	15%	5%	-	49%	-
LiveRamp	1.1%	$38	+15%	$2.3B	2.1x	10%	74%	26%	17%	31%	$625K
Affle 3i	1.1%	$16	-25%	$2.2B	5.7x	19%	38%	23%	13%	44%	$460K
Wix.com	1.0%	$51	-62%	$2.2B	0.7x	13%	66%	14%	18%	26%	$377K
Mobvista	1.0%	$1	+12%	$2.1B	0.6x	27%	22%	9%	-	35%	$3M
Five9	0.9%	$26	-1%	$2B	1.5x	10%	61%	25%	15%	34%	$395K
SEMrush	0.9%	$12	+34%	$1.8B	-	-	-	-	-	-	-
Soho House	0.8%	-	-	$1.8B	-	-	-	-	-	-	-
DoubleVerify	0.8%	$11	-25%	$1.8B	1.9x	10%	82%	34%	21%	44%	$625K
Justsystems	0.7%	$23	-3%	$1.5B	-	-	-	-	-	53%	$715K
Yelp	0.7%	$26	-24%	$1.4B	1.0x	2%	90%	22%	15%	22%	$286K
Taboola	0.7%	$5	+62%	$1.4B	0.7x	6%	31%	11%	9%	18%	$956K
GigaCloud Technology	0.7%	$38	+71%	$1.4B	1.0x	12%	24%	13%	9%	29%	$826K
Sansan	0.7%	$11	-7%	$1.4B	3.1x	19%	89%	23%	19%	42%	$304K
Sprinklr	0.6%	$6	-35%	$1.4B	1.1x	2%	68%	19%	18%	19%	$239K
Marketingforce Management	0.6%	$5	-31%	$1.3B	1.7x	47%	45%	9%	-	59%	$266K
Amagi Media Labs	0.6%	$6	-	$1.3B	5.2x	24%	72%	11%	14%	37%	$160K
Deluxe	0.6%	$26	+62%	$1.2B	1.3x	-2%	53%	22%	11%	16%	$467K
Criteo	0.5%	$22	-8%	$1.1B	0.8x	1%	80%	33%	14%	-9%	$555K
Digital Turbine	0.5%	$8	+53%	$1B	2.0x	13%	51%	23%	-	36%	$874K
Rezolve AI	0.4%	$2	-21%	$921M	2.1x	113%	75%	-3%	6%	659%	$918K
Infomart	0.4%	$3	+14%	$803M	4.9x	11%	76%	30%	16%	43%	$269K
MediaAlpha	0.4%	$14	+41%	$763M	0.7x	11%	16%	10%	8%	24%	$8M
Vobile	0.3%	$0	-35%	$736M	1.7x	20%	48%	17%	-10%	37%	$685K
Ibotta	0.3%	$32	-13%	$734M	1.6x	5%	77%	14%	11%	14%	$386K
Vtex	0.3%	$4	-30%	$716M	1.9x	10%	81%	19%	10%	29%	$176K
Riskified	0.3%	$5	+3%	$700M	1.1x	10%	52%	11%	13%	19%	$497K
Auction Technology Group	0.3%	$6	-12%	$700M	3.3x	10%	62%	36%	22%	58%	$405K
MNTN	0.3%	$9	-69%	$661M	1.6x	20%	81%	30%	27%	49%	$543K
Septeni Holdings	0.3%	$3	+8%	$626M	2.3x	5%	76%	20%	9%	27%	$166K
Weimob	0.3%	$0	-48%	$606M	2.2x	13%	76%	-	-	-	$66K
PubMatic	0.3%	$13	+6%	$591M	1.6x	6%	64%	21%	11%	23%	$270K
Nexxen	0.3%	$10	-1%	$566M	1.2x	10%	85%	33%	22%	40%	$427K
Yext	0.3%	$5	-34%	$535M	1.5x	0%	74%	27%	-	26%	$388K
Sprout Social	0.2%	$9	-50%	$518M	0.9x	8%	79%	15%	11%	21%	$346K
Perion Network	0.2%	$10	-10%	$387M	0.2x	8%	89%	11%	8%	16%	$833K
Echo Marketing	0.2%	$10	+35%	$324M	-	-	-	-	-	-	-
Verve Group	0.1%	$2	-52%	$309M	0.9x	14%	39%	23%	8%	46%	$954K
Shoper	0.1%	$11	-16%	$308M	4.4x	14%	-	40%	25%	50%	-
Lime Technologies	0.1%	$22	-45%	$299M	3.5x	6%	100%	32%	19%	40%	$167K
Sidetrade	0.1%	$197	-24%	$281M	3.0x	14%	80%	18%	14%	33%	$162K
TechTarget	0.1%	$4	-49%	$269M	0.7x	2%	62%	19%	11%	21%	$232K
Cafe24	0.1%	$11	-63%	$264M	0.6x	5%	100%	18%	12%	22%	-
A2Z Cust2Mate	0.1%	$6	-45%	$245M	3.3x	217%	56%	9%	2%	188%	$81K
Squirrel Media	0.1%	$2	+8%	$238M	0.7x	20%	30%	13%	1%	49%	$7M
Viant	0.1%	$11	-21%	$230M	0.2x	22%	23%	30%	14%	3%	$915K
BASE	0.1%	$2	-24%	$222M	-	-	-	-	-	-	$445K
Awfis Space Solutions	0.1%	$3	-54%	$213M	1.7x	18%	89%	36%	25%	58%	$215K
Brightcom Group	0.1%	$0	-32%	$202M	-	-	-	-	-	32%	$2M
AnyMind Group	0.1%	$3	-9%	$196M	0.4x	30%	-	7%	-1%	47%	-
dotDigital Group	0.1%	$1	-36%	$186M	1.0x	13%	-	31%	15%	43%	$251K
TON Strategy	0.1%	$3	-67%	$183M	-	-	-	-	-	-	$639K
eGain	0.1%	$7	+6%	$180M	1.1x	4%	74%	14%	-	17%	$198K
i-mobile Co.	0.1%	$3	-17%	$179M	-	-	-	-	-	-	$409K
Thryv	0.1%	$4	-71%	$171M	0.7x	-12%	67%	17%	7%	-4%	$260K
Fabasoft	0.1%	$16	-18%	$165M	1.1x	8%	93%	25%	2%	31%	$211K
Fan Communications	0.1%	$2	-19%	$163M	-	-	-	-	-	-	$89K
cBrain	0.1%	$8	-77%	$150M	-	-	-	-	-	-	$195K
Plaid	0.1%	$4	-51%	$147M	1.0x	4%	75%	-	-	-	-
Team Internet	0.1%	$1	-25%	$145M	0.5x	50%	40%	11%	4%	0%	$612K
Azerion Group	0.1%	$1	-19%	$142M	-	-	-	-	-	-	$599K
NeoJapan	0.1%	$10	-10%	$140M	-	-	-	-	-	37%	$418K
Brave Bison Group	0.1%	$1	+34%	$137M	2.0x	16%	100%	21%	-2%	12%	$383K
UNITED	0.1%	$3	-9%	$121M	-	-	-	-	-	-20%	$95K
Dekuple	0.1%	$30	-14%	$120M	0.5x	7%	-	11%	7%	16%	$614K
comScore	0.1%	$8	+48%	$115M	0.4x	-7%	44%	11%	-	1%	$298K
eBASE	0.1%	$3	-18%	$115M	-	-	-	-	-	28%	$76K
Easou	0.1%	$0	-63%	$113M	-	-	-	-	-	-	$837K
Fluent	0.1%	$4	+62%	$111M	0.6x	8%	25%	1%	-	-1%	$994K
Cloud Technologies S.A.	0.1%	$24	+86%	$107M	-	-	-	-	-	-	$232K
TTEC	0.0%	$2	-57%	$105M	0.5x	-2%	22%	11%	5%	6%	$41K
MicroAd	0.0%	$4	+7%	$100M	-	-	-	-	-	-	$231K
Cheetah Mobile	0.0%	$3	-41%	$97M	-	-	-	-	-	-	$182K
Netbay	0.0%	$0	-35%	$94M	4.0x	0%	66%	43%	32%	25%	$211K
Eva Live	0.0%	$2	-44%	$87M	-	-	-	-	-	-	$6M
AudioEye	0.0%	$7	-48%	$83M	2.0x	10%	81%	29%	25%	36%	$345K
Bilendi	0.0%	$17	-32%	$80M	1.2x	4%	-	23%	7%	26%	$478K
Marchex	0.0%	$2	-7%	$80M	1.6x	0%	-	11%	-	10%	$279K
Teads Holding	0.0%	$1	-69%	$77M	0.5x	0%	92%	8%	-	4%	$722K
KT Nasmedia	0.0%	$7	-36%	$75M	(0.2x)	15%	100%	16%	-	40%	-