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 KKR.

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Asset Management

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$318B$318B$79B4.0x-
$274B$274B$68B4.0x-
$166B$174B$28B6.3x14.1x
$100B$125B$14B8.8x14.5x
$89B$61B$9.8B6.2x9.6x
$84B$459B$7.7B59.6x64.8x
$74B-$26B--
$74B$82B$5.9B13.8x24.9x
$65B$65B$14B4.7x-
$61B$80B$494M161.8x(13.7x)
$52B$52B$7.7B6.7x-
$50B$50B$15B3.3x-
$48B$78B$20B4.0x12.7x
$45B$47B$6.6B7.1x11.4x
$42B$92B$15B6.3x-
$41B$73B$59B1.2x8.5x
$41B$41B$22B1.9x13.0x
$38B$34B$3.4B10.0x16.6x
$36B$37B$7.1B5.2x5.4x
$33B-$9.1B--
$32B$26B$16B1.6x-
$31B$48B$26B1.8x-
$31B$33B$3.6B9.0x-
$30B$30B$5.6B5.4x-
$29B$29B$14B2.0x5.7x
$28B$5.2B
$25B$16B
$24B$2.7B
$24B$863M
$23B$7B
$22B$7.6B
$21B-
$21B$20B
$21B$4.1B
$21B$3.2B
$21B-
$20B$306M
$19B$2.9B
$19B$5.2B
$17B$10B
$17B$15B
$17B$3.8B
$17B$7.1B
$17B$657M
$16B$2.5B
$16B-
$16B$2.1B
$16B$20B
$16B$3.2B
$15B$5.4B
$15B$3.7B
$15B$3.1B
$15B$2.9B
$15B$15B
$15B-
$15B-
$14B$3.8B
$14B$1.1B
$14B$3.1B
$14B-
$14B$4.7B
$13B$11B
$13B$5.2B
$13B$31B
$13B$3B
$13B-
$13B-
$13B$668M
$13B$2.5B
$12B-
$12B$3.6B
$12B$409M
$12B$1.5B
$12B$498M
$11B$1B
$11B$4.9B
$11B$2.8B
$11B$8.4B
$11B$3B
$11B$4.6B
$11B$3B
$11B$2.7B
$10B-
$10B$7.3B
$10B-
$9.3B-
$9.2B$7.9B
$9.2B$2.4B
$8.9B$638M
$8.8B$4.8B
$8.8B$2B
$8.8B-
$8.4B$5.4B
$8.4B$1.8B
$8.3B$378M
$8B$2.1B
$7.9B$780M
$7.8B-
$7.7B$2.5B
$7.6B$2B
$7.6B$4B
$7.5B-
$7.5B-
$7.3B$3B
$7.3B-
$7.2B$1.4B
$7.1B$865M
$7B$1.8B
$7B$1.3B
$7B-
$6.9B-
$6.7B$2.8B
$6.6B$1.5B
$6.5B$1.8B
$6.5B$7.5B
$6.4B$1.9B
$6.4B$996M
$6.3B$934M
$6.3B$1.9B
$6.3B$1.8B
$6.3B-
$6.3B$680M
$6.2B$602M
$6.2B$1.4B
$6.1B$1.5B
$6B$798M
$6B-
$5.9B$2.1B
$5.9B$1.7B
$5.9B-
$5.8B$1.2B
$5.8B-
$5.7B$1.7B
$5.6B-
$5.6B$823M
$5.6B$5.8B
$5.5B-
$5.5B-
$5.4B$3.1B
$5.4B$13B
$5.4B$2.6B
$5.3B$581M
$5.2B$27B
$5.2B$5.5B
$5B$1.7B
$5B$2.3B
$4.9B$696M
$4.9B-
$4.9B$1.1B
$4.8B$848M
$4.8B-
$4.8B-
$4.7B$449M
$4.7B-
$4.7B-
$4.6B$832M
$4.6B$354M
$4.5B$1.4B
$4.5B$777M
$4.4B-
$4.4B-
$4.3B$10B
$4.3B$1.9B
$3.9B$537M
$3.9B$264M
$3.8B$1.4B
$3.8B$600M
$3.7B$270M
$3.7B$872M
$3.7B-
$3.7B$8.9B
$3.7B$475M
$3.6B$345M
$3.6B-
$3.5B$642M
$3.5B$3.3B
$3.5B$2.7B
$3.4B$1.8B
$3.4B$242M
$3.4B$452M
$3.4B$3.6B
$3.4B$781M
$3.3B$1B
$3.3B$350M
$3.3B$785M
$3.3B$775M
$3.2B$445M
$3.2B$715M
$3.2B$205M
$3.1B$1.2B
$3.1B$947M
$3.1B-
$3B$94M
$2.8B$461M
$2.7B-
$2.7B$930M
$2.7B$717M
$2.6B$621M
$2.6B-
$2.6B$1.2B
$2.6B-
$2.6B-
$2.6B-
$2.5B$490M
$2.5B-
$2.4B$2.7B
$2.4B$79M
$2.3B-
$2.3B-
$2.3B$777M
$2.2B-
$2.2B$262M
$2.1B-
$2.1B-
$2.1B-
$2B-
$2B$293M
$2B-
$2B$149M
$2B$102M
$2B$309M
$2B$263M
$2B-
$2B-
$1.9B-
$1.9B$194M
$1.9B-
$1.8B$3.5B
$1.8B-
$1.8B-
$1.8B-
$1.8B$229M
$1.7B-
$1.7B$16B
$1.7B$175M
$1.7B$275M
$1.7B$112M
$1.7B-
$1.6B$236M
$1.6B$165M
$1.6B-
$1.6B$599M
$1.6B$416M
$1.6B$827M
$1.6B$246M
$1.6B-
$1.6B$3M
$1.5B$270M
$1.5B-
$1.5B-
$1.5B$337M
$1.5B$248M
$1.5B$363M
$1.5B-
$1.4B$303M
$1.4B-
$1.4B-
$1.4B$249M
$1.4B-
$1.4B$221M
$1.3B-
$1.3B-
$1.3B-
$1.3B-
$1.3B$268M
$1.3B-
$1.3B$313M
$1.2B-
$1.2B-
$1.2B-
$1.2B-
$1.2B-
$1.2B$256M
$1.1B$872M
$1.1B$635M
$1.1B-
$1.1B$215M
$1.1B-
$1.1B$166M
$1.1B-
$1.1B$27M
$1.1B$285M
$1.1B-
$1.1B-
$1.1B-
$1.1B$183M
$1.1B-
$1.1B$390M
$1B-
$1B-
$1B-
$1B$217M
$1B-
$988M-
$988M$53M
$975M-
$960M$214M
$952M-
$948M$215M
$946M$263M
$938M$369M
$936M-
$932M-
$932M$53M
$925M-
$924M$223M
$921M-
$898M-
$887M-
$884M$65M
$872M($814M)
$868M$335M
$864M-
$860M-
$858M$271M
$854M-
$851M$134M
$838M-
$832M-
$829M-
$828M$774M
$826M$99M
$817M-
$816M-
$815M-
$810M-
$805M-
$803M$568M
$794M-
$789M-
$785M$252M
$770M$174M
$766M-
$764M$8.7B
$762M-
$761M-
$758M-
$754M-
$743M$282M
$743M$149M
$743M-
$734M-
$732M-
$724M-
$720M-
$717M-
$715M-
$714M-
$712M-
$698M$315M
$693M$64M
$689M-
$679M-
$677M-
$676M$379M
$674M$125M
$669M-
$660M$273M
$656M$87M
$654M$193M
$653M-
$653M$207M
$652M-
$642M-
$632M$297M
$632M$103M
$630M-
$628M-
$620M-
$614M-
$614M$72M
$613M-
$612M$214M
$602M$91M
$591M$381M
$576M-
$574M$41M
$564M-
$558M-
$555M-
$555M-
$554M-
$554M-
$553M$175M
$553M$197M
$552M$70M
$552M-
$541M$80M
$540M$205M
$536M$110M
$532M-
$521M-
$506M-
$497M-
$496M-
$493M$97M
$491M$51M
$490M-
$478M-
$473M-
$471M-
$469M-
$468M-
$466M-
$463M$154M
$461M-
$454M-
$436M$100M
$434M-
$432M$151M
$427M-
$417M$59M
$417M-
$417M$65M
$416M$75M
$414M-
$414M-
$411M-
$410M-
$409M-
$408M$46M
$407M$59M
$403M-
$401M-
$395M-
$394M-
$390M-
$390M-
$386M$292M
$386M-
$386M$114M
$383M-
$382M-
$379M-
$375M-
$375M-
$373M-
$373M-
$370M-
$368M$77M
$364M$264M
$362M$69M
$361M$81M
$360M$153M
$355M-
$355M-
$354M-
$352M-
$350M$17M
$350M-
$349M-
$347M-
$335M$94M
$334M$77M
$333M-
$324M$475M
$320M$637M
$319M-
$319M$167M
$318M-
$313M$99M
$311M$72M
$307M-
$306M-
$292M-
$291M-
$282M-
$281M$56M
$281M-
$280M-
$277M-
$276M-
$270M-
$270M-
$265M-
$263M-
$259M-
$254M-
$250M-
$250M-
$248M-
$246M-
$244M-
$243M-
$239M$208M
$235M$69M
$234M-
$233M-
$232M$59M
$230M$35M
$222M$11M
$220M$108K
$220M-
$217M$304M
$215M-
$215M-
$213M-
$210M-
$209M-
$209M$2M
$208M-
$207M$55M
$207M-
$204M-
$202M-
$201M-
$199M-
$199M-
$196M-
$190M$153M
$189M-
$188M-
$187M-
$187M-
$182M-
$182M-
$181M$24M
$180M$97M
$180M-
$179M-
$175M-
$170M-
$169M-
$168M$65M
$167M$10M
$166M-
$165M$38M
$164M-
$163M-
$162M-
$161M-
$160M$8M
$160M$169M
$158M$64M
$158M$55M
$157M-
$157M-
$156M-
$154M-
$152M$18M
$150M$29M
$149M-
$149M-
$147M$21M
$147M-
$146M-
$146M-
$144M-
$142M-
$139M-
$139M-
$138M-
$138M-
$137M-
$137M$38M
$136M-
$136M-
$136M-
$134M-
$132M-
$132M-
$131M-
$130M$58M
$129M-
$127M-
$126M-
$124M$55M
$124M-
$122M-
$120M-
$119M-
$117M-
$116M-
$116M-
$115M-
$114M-
$111M-
$109M-
$109M-
$108M-
$108M-
$108M$30M
$107M-
$106M-
$105M-
$102M-
$102M-
$101M-
$99M-
$99M-
$96M-
$96M-
$95M-
$94M-
$93M-
$92M-
$90M-
$90M-
$88M-
$87M$9M
$87M$24M
$83M-
$82M-
$82M-
$82M-
$81M$8M
$81M-
$79M-
$78M-
$78M$45M
$77M-
$76M-
$76M$43M
$75M-
$75M-
$74M-
$74M-
$74M$40M
$74M$127M
$72M-
$72M$23M
$71M-
$69M-
$69M-
$68M$23M
$68M-
$67M-
$66M$13M
$66M-
$65M-
$65M-
$65M-
$65M-
$64M-
$62M-
$61M-
$61M-
$61M$2M
$59M$60M
$58M$107M
$57M-
$56M-
$55M-
$54M-
$54M-
$53M$7M
$53M-
$53M-
$52M-
$51M$4M
$48M-
$48M$32M
$48M-
$47M-
$47M($8M)
$47M-
$47M-
$46M$4M
$46M$53M
$46M-
$44M-
$43M-
$43M-
$42M-
$42M-
$41M-
$41M-
$40M-
$40M-
$40M-
$40M-
$40M-
$40M-
$39M-
$39M-
$39M-
$38M-
$38M-
$38M-
$37M-
$37M-
$36M-
$34M$18M
$34M-
$34M-
$34M-
$34M-
$33M-
$33M-
$32M-
$32M-
$32M-
$31M$136M
$30M-
$29M-
$29M-
$29M-
$28M-
$28M-
$28M-
$26M-
$25M-
$25M-
$25M-
$25M-
$25M-
$24M-
$24M-
$23M-
$23M-
$23M-
$23M-
$22M-
$22M$200M
$22M-
$22M-
$22M-
$22M-
$22M-
$21M-
$21M-
$20M-
$20M-
$20M-
$20M-
$20M-
$19M$4M
$19M-
$19M-
$19M-
$18M-
$18M-
$18M-
$18M-
$18M-
$18M-
$18M$3M
$18M-
$17M-
$17M-
$17M-
$16M-
$16M-
$16M-
$16M-
$16M-
$16M-
$14M-
$13M-
$13M$17M
$13M-
$13M-
$12M-
$12M-
$12M-
$12M-
$12M-
$11M-
$11M-
$11M-
$11M-
$11M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$10M-
$9M-
$9M-
$9M-
$9M-
$9M-
$8M-
$8M-
$8M-
$8M-
$8M-
$7M-
$7M-
$7M-
$7M-
$7M$2M
$6M-
$6M-
$6M-
$6M-
$5M-
$5M-
$5M$20M
$5M-
$5M-
$5M-
$5M-
$4M-
$4M$4M
$4M-
$4M-
$4M-
$4M-
$3M$18M
$3M$6M
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$1M-
$1M-
$1M-
$1M-
$1M-
$1M-
$949K-
$934K-
$810K-
$780K-
$726K-
$646K-
$275K-
$251K-
$178K-
$40K-
$22K$13M
$8K-
$0K-
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