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
$342B$652B$78B8.3x-
$302B$552B$67B8.2x-
$174B$182B$28B6.6x15.1x
$109B$134B$14B9.5x15.7x
$97B$69B$9.7B7.1x10.9x
$90B$470B$7.8B60.3x66.1x
$81B$89B$6B15.0x27.1x
$79B-$26B--
$69B$247B$14B17.6x-
$57B$75B$493M153.1x(13.7x)
$53B-$15B--
$50B$80B$19B4.1x13.0x
$45B$47B$6.6B7.1x11.3x
$43B$94B$15B6.4x-
$42B$74B$59B1.3x8.6x
$41B$75B$22B3.4x23.9x
$39B$34B$3.4B10.1x16.9x
$38B$39B$7.2B5.5x5.7x
$38B$51B$7.6B6.8x-
$34B$28B$16B1.8x-
$34B-$9B--
$32B$49B$27B1.8x-
$32B$51B$5.2B9.8x23.7x
$31B$114B$14B7.9x22.0x
$31B$33B$3.6B9.0x-
$31B$5.3B
$25B$16B
$24B$890M
$24B$6.9B
$23B$7.6B
$23B$2.7B
$23B$6.1B
$23B$4.1B
$22B$21B
$22B$3B
$21B-
$20B$5.1B
$20B$3.1B
$19B-
$18B$3.8B
$18B$2.1B
$17B$10B
$17B$2.5B
$17B$15B
$17B$3.8B
$16B$3.1B
$16B$5.4B
$16B$3.3B
$16B-
$16B$3.7B
$16B$308M
$16B$658M
$15B-
$15B$20B
$15B-
$15B$3B
$15B$5.2B
$14B$15B
$14B$3.1B
$14B$670M
$14B$1B
$14B$11B
$14B$3B
$14B$30B
$14B-
$13B$4.9B
$13B-
$13B$2.5B
$13B-
$13B$8.3B
$13B$1.5B
$13B-
$12B$3.6B
$12B$4.9B
$12B$499M
$12B$421M
$12B$1B
$12B$1.4B
$11B$2.9B
$11B$2.8B
$11B$3B
$11B$3.5B
$10B-
$10B$7.3B
$10B-
$9.6B$2.3B
$9.5B$633M
$9.4B$7.9B
$9.3B-
$9.2B$4.8B
$9.2B$2B
$8.8B$2.5B
$8.8B-
$8.7B$2B
$8.6B$788M
$8.6B$5.4B
$8.5B$378M
$8.5B$1.8B
$8.3B-
$8B$2.8B
$8B$3.1B
$7.8B$2.9B
$7.8B-
$7.7B$2B
$7.6B$1.8B
$7.6B$1.4B
$7.4B-
$7.3B$4B
$7.3B-
$7.2B$850M
$7.2B$1.4B
$7B$7.6B
$7B$1.5B
$7B-
$6.8B-
$6.7B$1.9B
$6.7B-
$6.7B$1.8B
$6.6B$934M
$6.6B$993M
$6.5B$674M
$6.5B$599M
$6.5B$1.8B
$6.4B$1.5B
$6.3B-
$6.3B$804M
$6.3B-
$6.3B$2B
$6.3B$1.4B
$6.2B$2.1B
$6.2B$1.6B
$6.1B$14B
$6.1B$1.8B
$6.1B$1.2B
$5.9B$5.8B
$5.9B-
$5.9B$831M
$5.7B-
$5.7B$3.1B
$5.7B$2.6B
$5.6B$5.4B
$5.5B-
$5.5B$27B
$5.4B$581M
$5.4B-
$5.2B$2.3B
$5.2B$875M
$5B$1.1B
$5B-
$4.9B$447M
$4.9B$355M
$4.9B$704M
$4.9B-
$4.9B-
$4.8B$1.4B
$4.8B-
$4.7B-
$4.7B$1.9B
$4.6B-
$4.6B$777M
$4.6B$1.7B
$4.6B$10B
$4.5B$840M
$4.4B-
$4.4B-
$4.4B$3.3B
$4.2B$1.4B
$4.2B$264M
$4.1B$597M
$4.1B$521M
$3.9B$270M
$3.9B$480M
$3.8B$9B
$3.8B$634M
$3.7B$351M
$3.7B$869M
$3.6B$441M
$3.6B$246M
$3.6B$414M
$3.6B-
$3.5B$779M
$3.5B$1.8B
$3.5B$3.6B
$3.4B$1.3B
$3.4B-
$3.4B$1B
$3.4B-
$3.4B$778M
$3.4B$783M
$3.3B$347M
$3.3B$934M
$3.3B$706M
$3.3B$206M
$3.2B$423M
$3.2B$2.9B
$3.1B-
$3B-
$3B$94M
$3B-
$3B$1.2B
$2.9B$467M
$2.8B$932M
$2.7B-
$2.7B$717M
$2.7B$565M
$2.6B-
$2.6B$626M
$2.6B$779M
$2.6B$2.7B
$2.6B-
$2.6B-
$2.5B-
$2.5B-
$2.5B$77M
$2.4B-
$2.4B$489M
$2.3B-
$2.3B-
$2.3B-
$2.2B-
$2.2B$263M
$2.2B$265M
$2.2B-
$2.1B-
$2.1B-
$2.1B$150M
$2.1B$300M
$2B$315M
$2B$102M
$2B-
$2B$3.6B
$1.9B$194M
$1.9B-
$1.9B-
$1.9B-
$1.8B$3M
$1.8B$215M
$1.8B-
$1.8B-
$1.8B$114M
$1.8B$413M
$1.8B$270M
$1.8B$176M
$1.8B$342M
$1.7B-
$1.7B$237M
$1.7B-
$1.7B-
$1.7B-
$1.7B$16B
$1.6B$264M
$1.6B$303M
$1.6B-
$1.6B$242M
$1.6B-
$1.6B$166M
$1.6B$828M
$1.6B$599M
$1.6B$367M
$1.6B$247M
$1.5B-
$1.5B$222M
$1.4B$249M
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.4B-
$1.3B$313M
$1.3B-
$1.3B-
$1.3B-
$1.3B$268M
$1.3B$255M
$1.2B-
$1.2B-
$1.2B$873M
$1.2B$218M
$1.2B-
$1.2B$168M
$1.2B-
$1.2B-
$1.2B$286M
$1.1B$333M
$1.1B$636M
$1.1B-
$1.1B-
$1.1B$389M
$1.1B-
$1.1B$27M
$1.1B-
$1.1B-
$1.1B-
$1.1B$778M
$1.1B-
$1.1B-
$1B$223M
$1B-
$1B-
$1B$217M
$1B$175M
$1B-
$997M$218M
$994M-
$988M$53M
$979M-
$975M-
$969M-
$956M$97M
$955M($749M)
$942M$268M
$942M-
$940M$269M
$938M$367M
$936M-
$932M-
$911M$133M
$908M-
$906M-
$897M-
$893M$224M
$884M$65M
$876M-
$874M-
$841M-
$832M-
$829M-
$829M-
$827M$97M
$826M-
$813M-
$809M-
$804M$252M
$794M-
$792M$284M
$787M-
$785M-
$770M-
$762M-
$760M$316M
$758M-
$754M$151M
$752M$8.8B
$752M-
$751M-
$745M$173M
$743M-
$734M-
$732M-
$720M-
$717M-
$715M$206M
$715M-
$711M-
$707M$276M
$693M$64M
$691M$298M
$680M-
$679M$195M
$676M$379M
$676M-
$673M$88M
$671M-
$669M-
$668M$125M
$657M-
$657M-
$653M$103M
$648M-
$642M-
$638M-
$638M-
$637M-
$634M-
$624M$214M
$620M$92M
$611M$381M
$596M$196M
$586M-
$581M$97M
$581M$41M
$574M-
$571M$70M
$569M-
$568M-
$564M-
$563M$175M
$556M-
$555M-
$554M-
$552M-
$550M$114M
$541M$81M
$539M$208M
$532M-
$526M-
$522M-
$514M$9M
$509M$153M
$507M-
$506M-
$496M-
$496M-
$495M$79M
$490M-
$483M-
$477M-
$474M-
$473M-
$473M-
$473M-
$471M-
$469M-
$461M-
$454M$100M
$441M$154M
$440M$46M
$435M$75M
$432M-
$429M$62M
$428M$65M
$427M-
$422M$59M
$415M$114M
$413M-
$411M-
$410M-
$409M-
$405M-
$405M-
$405M-
$405M-
$404M-
$403M-
$403M-
$401M$35M
$400M-
$397M-
$394M-
$390M-
$386M-
$384M$77M
$383M-
$382M-
$382M$153M
$382M-
$375M-
$373M$269M
$372M$82M
$370M$77M
$370M-
$369M-
$368M$292M
$357M-
$356M-
$354M-
$352M$17M
$350M-
$347M-
$345M$94M
$338M$480M
$337M$167M
$334M$639M
$333M-
$333M-
$329M-
$324M$99M
$319M-
$316M$73M
$314M$76M
$310M-
$306M-
$303M-
$295M-
$291M-
$288M-
$282M-
$281M$54M
$281M-
$281M-
$280M-
$280M-
$278M-
$273M-
$270M-
$269M-
$267M$2M
$265M-
$258M$197M
$255M-
$254M-
$253M-
$251M-
$246M-
$245M-
$245M-
$244M-
$243M-
$243M-
$237M-
$237M-
$236M$70M
$236M$59M
$225M$108K
$222M$11M
$221M$301M
$221M-
$219M-
$218M$54M
$213M-
$212M-
$211M-
$210M-
$209M-
$205M$156M
$203M-
$202M-
$199M-
$199M-
$198M-
$196M-
$194M-
$193M-
$192M-
$190M$65M
$189M-
$187M-
$185M$105M
$184M-
$182M-
$181M-
$180M-
$180M-
$177M$24M
$177M-
$175M-
$173M-
$172M$174M
$172M$55M
$168M-
$165M$41M
$164M-
$163M-
$158M$8M
$157M-
$156M-
$156M-
$156M$29M
$154M$18M
$152M$65M
$152M-
$151M-
$151M$21M
$147M-
$147M-
$145M$38M
$144M-
$143M-
$140M-
$140M-
$139M-
$139M-
$139M-
$139M-
$138M-
$137M-
$137M-
$136M-
$136M-
$135M$10M
$135M-
$135M-
$134M-
$132M$55M
$132M-
$131M-
$129M-
$127M$51M
$127M-
$126M-
$123M-
$122M-
$121M-
$120M-
$119M-
$118M-
$118M-
$117M-
$116M-
$115M-
$114M-
$113M-
$110M$38M
$110M-
$110M-
$108M-
$108M$30M
$106M-
$105M-
$104M-
$102M-
$100M-
$100M-
$99M-
$98M-
$97M-
$96M-
$96M-
$95M-
$95M-
$94M$4M
$93M-
$92M-
$90M-
$89M$9M
$89M$24M
$89M-
$86M-
$85M-
$83M$43M
$83M$8M
$83M-
$81M-
$81M-
$81M-
$80M$127M
$79M$44M
$79M-
$77M-
$76M-
$76M-
$75M-
$75M-
$75M-
$75M-
$75M-
$74M-
$74M-
$74M$40M
$73M$23M
$73M-
$69M$13M
$69M-
$68M-
$68M$23M
$68M-
$68M-
$68M-
$67M-
$67M$2M
$66M-
$65M-
$63M-
$62M-
$62M-
$61M-
$61M$62M
$59M-
$57M-
$57M-
$57M-
$56M$109M
$55M-
$55M$7M
$55M-
$54M-
$54M-
$53M-
$52M$33M
$51M-
$49M-
$49M($7M)
$49M-
$48M-
$48M-
$47M-
$47M$52M
$47M$4M
$47M-
$44M-
$44M-
$43M-
$43M-
$43M-
$43M-
$42M-
$41M-
$41M-
$41M-
$41M-
$40M$18M
$40M-
$40M-
$40M-
$40M-
$40M-
$40M-
$39M-
$38M-
$38M-
$37M-
$37M-
$37M-
$36M-
$35M-
$35M$136M
$34M-
$34M-
$34M-
$33M-
$33M-
$32M-
$32M-
$31M-
$31M-
$30M-
$29M-
$29M-
$29M-
$29M-
$27M-
$26M-
$26M-
$26M-
$26M-
$25M-
$25M-
$25M-
$25M-
$24M-
$24M-
$23M-
$23M-
$23M-
$23M-
$23M$202M
$23M-
$22M-
$22M$4M
$22M-
$22M-
$22M-
$22M-
$21M-
$21M-
$21M-
$21M-
$20M-
$20M-
$20M-
$20M-
$19M-
$19M-
$19M-
$19M-
$19M-
$18M-
$18M-
$18M-
$18M-
$18M-
$17M-
$17M-
$17M$3M
$17M-
$17M-
$17M-
$16M-
$16M-
$16M-
$15M-
$15M-
$15M-
$14M-
$14M-
$13M-
$13M-
$13M-
$13M$17M
$13M-
$12M-
$12M-
$12M-
$12M-
$12M-
$12M-
$12M-
$11M-
$11M-
$11M-
$11M-
$10M-
$10M-
$10M-
$10M-
$10M-
$9M-
$9M-
$9M-
$9M-
$9M-
$9M-
$9M-
$9M-
$8M-
$8M-
$8M-
$8M-
$8M-
$8M-
$7M$2M
$7M-
$7M-
$7M-
$7M-
$7M-
$7M-
$6M-
$6M-
$5M-
$5M$18M
$5M-
$5M$20M
$5M-
$5M-
$5M-
$5M-
$5M$4M
$4M-
$4M-
$4M-
$4M-
$4M-
$3M$6M
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$2M-
$1M-
$1M-
$1M-
$1M-
$963K-
$835K-
$781K-
$734K-
$720K-
$690K-
$661K-
$648K-
$640K-
$373K-
$318K-
$310K-
$33K-
$22K$13M
$16K-
$8K-
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