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
$340B$461B$77B6.0x-
$320B$758B$65B11.7x-
$161B$163B$27B6.1x14.1x
$152B$166B$14B12.0x20.0x
$104B$352B$7.9B44.8x50.2x
$87B$13B$10B1.3x2.1x
$75B$77B$5.8B13.3x24.7x
$68B$241B$14B17.3x-
$68B($169B)$27B(6.2x)(25.0x)
$50B$75B$15B5.0x-
$47B$45B$19B2.3x7.5x
$45B$46B$8.3B5.6x11.2x
$44B$84B$22B3.8x29.4x
$41B$68B$58B1.2x8.1x
$41B$53B$14B3.7x-
$38B$34B$3.3B10.2x17.1x
$38B$51B$7.4B7.0x-
$37B$52B$488M107.1x(7.7x)
$34B$48B$8.8B5.4x-
$34B$36B$7.1B5.0x5.5x
$33B$37B$15B2.4x-
$33B$38B$26B1.4x-
$30B$31B$3.5B8.8x-
$29B$30B$14B2.2x6.0x
$27B$41B$5.3B7.8x19.7x
$25B$4.6B
$25B$7.6B
$24B$6.3B
$24B$16B
$23B$915M
$23B$4.6B
$22B$2.6B
$22B$21B
$22B$3B
$21B$4.7B
$20B$4B
$20B-
$19B-
$18B$5.2B
$17B$2.1B
$17B$7B
$17B$16B
$17B$2.2B
$16B$7.3B
$16B$643M
$16B$3.7B
$16B$3.8B
$16B$5B
$16B$2.4B
$16B$3.7B
$15B-
$15B$1B
$15B-
$15B-
$14B$3.2B
$14B$345M
$14B$20B
$14B-
$14B$2.9B
$14B$3.1B
$13B-
$13B$5.1B
$13B$15B
$13B$8.1B
$13B$3B
$13B$2.9B
$13B-
$12B-
$12B$1.5B
$12B$3.5B
$12B$633M
$12B-
$12B-
$12B$4.5B
$12B$2.5B
$12B$4.8B
$12B$974M
$11B$675M
$11B$11B
$11B$1.5B
$11B$3.5B
$11B$3B
$11B$595M
$11B$7.2B
$10B$2.6B
$9.7B$2.8B
$9.4B-
$9.3B$2B
$9.3B-
$9B$2B
$9B$2.2B
$8.9B$8B
$8.9B-
$8.7B$3.2B
$8.6B$1.7B
$8.5B$4.7B
$8.5B$5.1B
$8.5B-
$8B$3.1B
$8B-
$7.9B$1.9B
$7.8B$747M
$7.7B-
$7.6B$607M
$7.5B-
$7.4B$1.1B
$7.3B-
$7.3B$998M
$7.2B$1.3B
$7.2B$1.4B
$7B$1.7B
$6.9B$2.4B
$6.7B$1.8B
$6.7B$808M
$6.7B$609M
$6.6B$1.8B
$6.6B-
$6.6B-
$6.5B$1.4B
$6.5B$802M
$6.4B$827M
$6.4B-
$6.3B$2.8B
$6.3B$744M
$6.2B$5.8B
$6.1B$1.5B
$6.1B-
$6.1B-
$6.1B$549M
$6B$6.4B
$6B$871M
$5.9B$1.7B
$5.9B-
$5.9B$1.1B
$5.9B$1.3B
$5.8B-
$5.8B-
$5.7B$1.7B
$5.6B$1.8B
$5.5B-
$5.5B-
$5.4B$2B
$5.4B$14B
$5.2B$3.1B
$5.2B$2.5B
$5.1B$5.4B
$5.1B$694M
$5B$576M
$4.9B$435M
$4.8B-
$4.8B-
$4.8B$1.3B
$4.8B$955M
$4.8B-
$4.8B$12B
$4.7B-
$4.7B$347M
$4.7B-
$4.7B-
$4.5B-
$4.4B-
$4.4B$1.6B
$4.4B$1.9B
$4.3B$27B
$4.3B$3.2B
$4.2B-
$4.2B$588M
$4B$502M
$4B-
$3.8B$263M
$3.8B$475M
$3.8B$984M
$3.7B$757M
$3.7B$988M
$3.7B$798M
$3.7B$846M
$3.6B$406M
$3.5B-
$3.5B$3.6B
$3.5B$1.4B
$3.5B$826M
$3.5B$9B
$3.5B-
$3.4B-
$3.4B-
$3.4B$794M
$3.2B$1.7B
$3.2B$439M
$3.2B$388M
$3.2B$3.2B
$3.2B$604M
$3.1B$204M
$3.1B$1.3B
$3.1B-
$3B$346M
$3B-
$3B$675M
$2.9B$70M
$2.8B-
$2.8B$788M
$2.8B$917M
$2.8B$346M
$2.8B$775M
$2.8B$1.2B
$2.7B$3.1B
$2.7B-
$2.6B$596M
$2.6B$449M
$2.6B-
$2.6B-
$2.4B-
$2.4B-
$2.3B-
$2.3B-
$2.2B$233M
$2.2B$488M
$2.2B-
$2.2B-
$2.1B$145M
$2.1B-
$2.1B$299M
$2B-
$2B-
$2B-
$2B-
$2B$102M
$2B$154M
$2B-
$1.9B$324M
$1.9B$253M
$1.9B$116M
$1.9B$251M
$1.9B-
$1.9B-
$1.9B-
$1.8B$188M
$1.8B$18B
$1.8B$174M
$1.8B-
$1.8B$339M
$1.8B$400M
$1.7B-
$1.7B$3M
$1.7B$231M
$1.7B-
$1.7B-
$1.7B$268M
$1.7B-
$1.6B$383M
$1.6B-
$1.6B$3.6B
$1.6B$303M
$1.6B$169M
$1.6B$967M
$1.6B-
$1.5B-
$1.5B$237M
$1.5B$240M
$1.5B$218M
$1.5B$254M
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.3B$233M
$1.3B-
$1.3B$599M
$1.3B$294M
$1.2B$217M
$1.2B-
$1.2B-
$1.2B-
$1.2B-
$1.2B-
$1.2B$378M
$1.2B-
$1.2B-
$1.2B$166M
$1.2B-
$1.1B-
$1.1B-
$1.1B-
$1.1B-
$1.1B-
$1.1B-
$1.1B$795M
$1.1B$630M
$1.1B-
$1.1B$646M
$1.1B$290M
$1B-
$1B$243M
$1B$27M
$1B$254M
$1B-
$1B$219M
$1B-
$998M-
$996M$257M
$975M$53M
$962M$124M
$958M-
$952M-
$949M-
$944M$121M
$922M-
$912M-
$898M($532M)
$893M$260M
$883M-
$878M-
$874M$35M
$863M-
$861M$376M
$858M$65M
$855M-
$847M$303M
$828M-
$823M$202M
$813M-
$792M$292M
$786M-
$782M-
$776M-
$775M-
$774M-
$772M-
$769M-
$768M$106M
$765M$549M
$762M-
$757M-
$751M$168M
$744M-
$732M-
$732M$150M
$728M-
$727M$252M
$725M-
$714M$197M
$713M-
$713M-
$712M-
$708M-
$707M-
$703M-
$699M-
$689M-
$689M$62M
$688M-
$686M$365M
$685M-
$684M$86M
$677M$95M
$668M$8.4B
$662M$289M
$658M$101M
$654M-
$651M-
$636M-
$635M-
$635M$210M
$625M-
$624M-
$617M-
$610M$90M
$609M$391M
$608M-
$603M-
$603M-
$602M$67M
$601M$193M
$594M-
$588M-
$582M-
$574M-
$570M$50M
$568M-
$554M-
$553M-
$551M$125M
$551M-
$551M-
$551M-
$540M$79M
$540M-
$532M-
$530M-
$527M$124M
$522M$150M
$513M-
$505M-
$504M$53M
$499M$203M
$489M$175M
$489M$9M
$489M-
$487M-
$484M-
$482M-
$475M$283M
$473M-
$470M-
$470M-
$469M-
$465M-
$460M-
$455M$323M
$454M$73M
$448M-
$444M$105M
$442M$44M
$441M$99M
$438M-
$426M$114M
$424M$155M
$418M-
$413M$56M
$412M-
$408M$157M
$406M$64M
$403M-
$402M$34M
$401M-
$400M-
$395M-
$394M-
$394M-
$393M-
$391M-
$391M$483M
$389M-
$387M-
$385M-
$379M-
$378M-
$375M-
$372M-
$371M$75M
$371M$266M
$370M-
$369M-
$368M-
$363M$89M
$362M-
$356M-
$352M$82M
$352M$20M
$349M-
$348M-
$348M$637M
$347M$75M
$347M-
$346M-
$346M$169M
$340M-
$324M-
$320M$76M
$314M-
$313M-
$311M$101M
$307M-
$303M-
$299M$19M
$298M$2M
$298M-
$298M-
$296M-
$293M-
$293M$68M
$293M-
$287M-
$286M-
$284M-
$282M-
$280M-
$277M$61M
$277M-
$276M-
$275M-
$264M$270M
$259M-
$257M-
$255M-
$252M-
$252M-
$251M-
$251M-
$251M-
$247M-
$246M-
$242M-
$242M-
$241M-
$238M-
$236M-
$235M$72M
$224M-
$224M-
$222M-
$221M$61M
$220M$151M
$219M-
$218M-
$215M-
$214M-
$212M$186M
$209M-
$207M-
$204M$52M
$203M-
$203M-
$201M$154M
$199M-
$199M$102M
$197M-
$197M-
$194M-
$192M-
$191M-
$189M-
$189M-
$187M-
$187M-
$186M-
$184M-
$184M-
$183M-
$183M-
$182M-
$180M-
$179M$183M
$177M-
$176M-
$169M$26M
$166M-
$164M-
$164M$43M
$157M$29M
$157M-
$155M$37M
$154M-
$154M-
$149M-
$149M$21M
$149M-
$148M-
$147M-
$146M-
$143M-
$143M-
$143M-
$140M-
$139M-
$139M-
$139M-
$138M-
$137M$68M
$136M-
$135M-
$134M-
$132M-
$132M-
$131M-
$130M-
$129M-
$129M-
$125M-
$124M$18M
$123M-
$122M-
$121M-
$119M$52M
$119M-
$119M-
$118M-
$117M-
$117M-
$113M-
$112M-
$111M$52M
$110M-
$110M-
$109M-
$109M-
$109M-
$108M-
$108M-
$108M-
$107M-
$106M-
$103M-
$102M$11M
$102M-
$101M-
$100M-
$100M-
$99M-
$98M-
$97M-
$96M-
$95M-
$95M-
$94M-
$93M-
$91M-
$91M-
$91M-
$89M-
$85M-
$84M$177M
$84M$24M
$84M-
$83M-
$82M$9M
$82M-
$81M-
$79M-
$77M-
$76M-
$76M-
$76M-
$75M$125M
$74M-
$74M-
$73M$45M
$73M-
$73M-
$73M$24M
$72M-
$71M-
$70M$41M
$70M$32M
$68M-
$67M$23M
$67M-
$66M-
$66M-
$66M-
$66M-
$64M-
$64M-
$64M-
$64M-
$63M-
$62M-
$61M-
$61M-
$59M$107M
$58M-
$57M-
$56M-
$56M-
$56M-
$56M-
$53M-
$52M-
$52M-
$51M-
$50M-
$48M-
$47M-
$47M$7M
$47M-
$46M$36M
$46M-
$46M-
$46M-
$46M-
$46M-
$45M$4M
$44M-
$44M-
$44M-
$43M-
$42M-
$42M$54M
$42M-
$41M-
$41M-
$40M-
$40M-
$40M-
$40M-
$39M-
$38M-
$38M-
$38M-
$38M-
$37M-
$37M-
$37M-
$37M-
$37M-
$36M-
$36M-
$35M$18M
$35M-
$34M-
$31M-
$30M-
$30M-
$29M-
$29M-
$28M-
$28M-
$28M-
$28M-
$27M-
$26M-
$26M-
$26M-
$26M-
$26M-
$26M-
$24M-
$24M-
$24M-
$23M-
$23M-
$23M-
$23M-
$23M-
$23M-
$22M-
$22M-
$22M-
$22M-
$22M-
$22M-
$22M-
$21M-
$20M-
$20M-
$20M-
$20M-
$19M$136M
$19M-
$19M-
$18M-
$18M-
$18M-
$18M-
$18M-
$18M-
$17M-
$17M-
$17M-
$16M-
$16M-
$16M-
$16M-
$16M-
$16M-
$15M-
$14M-
$14M-
$14M-
$13M-
$13M-
$13M-
$13M$199M
$13M-
$13M-
$12M-
$12M-
$12M-
$12M-
$12M-
$12M-
$11M$17M
$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$3M
$7M-
$7M-
$7M-
$7M-
$6M$20M
$6M-
$6M-
$6M-
$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-
$1M-
$755K-
$729K-
$711K-
$700K-
$699K-
$681K-
$668K-
$661K-
$648K-
$314K-
$267K-
$48K-
$32K-
$21K-
$8K-
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