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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
$317B$438B$73B6.0x
$294B$357B$60B5.9x
$167B$168B$26B6.5x15.5x
$145B$159B$14B11.6x19.6x
$102B$350B$8B43.8x51.6x
$84B$10B$9B1.1x1.7x
$77B$80B$6B14.0x25.7x
$74B($163B)$29B(5.7x)(24.2x)
$65B$241B$14B17.2x
$56B$71B$487M146.3x1857.0x
$43B$84B$21B4.0x29.8x
$43B$19B$14B1.3x
$41B$38B$19B2.0x6.5x
$41B$42B$7B6.2x10.2x
$39B$35B$3B10.8x18.3x
$38B$51B$7B7.2x
$37B$49B$14B3.4x
$36B$63B$58B1.1x7.5x
$31B$44B$8B5.3x
$31B$32B$7B4.5x5.1x
$31B$36B$27B1.4x
$30B$34B$15B2.2x
$29B$30B$4B8.6x
$28B$31B$3B9.5x14.7x
$28B$42B$5B8.1x20.4x
$24B$24B$14B1.8x5.2x
$23B$17B$4B4.3x
$23B$23B$968M24.0x6.4x
$22B$22B$16B1.4x8.3x
$22B$19B$7B2.6x6.4x
$22B$24B
$21B$51B$5B11.0x22.4x
$21B$58B$6B9.1x28.9x
$20B$18B$4B4.5x9.0x
$20B$3B$21B0.2x
$20B$12B
$19B($4B)$4B(0.9x)(2.1x)
$19B$22B$2B8.9x
$18B$18B
$17B$17B$618M26.8x35.6x
$17B$22B$5B4.2x
$16B$31B$4B7.9x19.0x
$16B$16B
$16B$10B$3B3.2x
$16B$28B$7B4.1x13.2x
$16B$17B$2B8.4x13.5x
$16B$52B$2B23.4x7.4x
$16B$23B$7B3.1x11.8x
$15B$23B$5B4.7x22.4x
$15B$15B
$15B$4B
$14B
$14B
$14B$1B
$14B$4B
$14B$3B
$13B$5B
$13B$3B
$13B$22B
$13B$3B
$13B
$13B$20B
$12B$12B
$12B$682M
$12B$3B
$12B
$12B$5B
$12B$13B
$12B$3B
$12B$2B
$12B
$12B$2B
$12B$435M
$11B$3B
$11B
$11B$7B
$11B
$11B$5B
$11B$3B
$11B$2B
$11B$5B
$11B$565M
$11B$8B
$10B$1B
$10B
$10B$3B
$10B$925M
$10B
$9B$2B
$9B
$9B$2B
$9B
$9B$2B
$8B
$8B$5B
$8B$1B
$8B
$8B$3B
$8B$2B
$7B$8B
$7B$775M
$7B$2B
$7B$1B
$7B$1B
$7B
$7B$2B
$7B$378M
$7B$429M
$7B
$7B$821M
$7B$6B
$7B$3B
$7B$2B
$7B$2B
$7B
$7B
$7B$607M
$6B$8B
$6B$3B
$6B$2B
$6B
$6B$1B
$6B$1B
$6B$839M
$6B$549M
$6B
$6B
$6B$2B
$6B$3B
$6B
$6B
$6B$2B
$6B$1B
$6B$2B
$5B$3B
$5B$1B
$5B
$5B$1B
$5B$907M
$5B$11B
$5B$425M
$5B
$5B$13B
$5B$771M
$5B$2B
$5B
$5B
$5B
$5B$1B
$5B
$5B$3B
$5B$341M
$5B$698M
$5B
$5B$573M
$5B$942M
$5B
$4B
$4B$722M
$4B$1B
$4B
$4B$2B
$4B$265M
$4B$2B
$4B
$4B
$4B$9B
$4B
$4B$477M
$4B$774M
$4B$494M
$4B$416M
$4B$571M
$4B$2B
$4B$792M
$4B$4B
$4B
$4B$972M
$3B
$3B$353M
$3B$1B
$3B$315M
$3B$810M
$3B$802M
$3B
$3B$335M
$3B
$3B$4B
$3B
$3B$743M
$3B$811M
$3B$1B
$3B$3B
$3B$569M
$3B$227M
$3B
$3B
$3B$878M
$3B$881M
$3B$1B
$3B
$3B$596M
$3B$65M
$3B$495M
$3B$623M
$3B$447M
$3B
$2B
$2B
$2B
$2B
$2B$103M
$2B
$2B
$2B
$2B$346M
$2B$298M
$2B
$2B$304M
$2B$145M
$2B
$2B
$2B
$2B
$2B$303M
$2B$190M
$2B
$2B$252M
$2B$18B
$2B$174M
$2B$275M
$2B
$2B$249M
$2B$393M
$2B$390M
$2B$110M
$2B$4B
$2B$172M
$2B$199M
$2B
$2B
$2B
$2B
$2B
$2B$3M
$2B
$2B
$2B
$2B
$2B
$2B$253M
$2B
$2B$226M
$2B
$1B$218M
$1B
$1B
$1B
$1B
$1B$236M
$1B
$1B$238M
$1B
$1B$975M
$1B
$1B
$1B$217M
$1B
$1B
$1B$615M
$1B$288M
$1B
$1B
$1B$169M
$1B
$1B
$1B
$1B
$1B$118M
$1B$599M
$1B$317M
$1B$167M
$1B$642M
$1B
$1B
$1B
$1B$220M
$1B
$1B$27M
$1B
$1B$297M
$1B
$1B
$1B$322M
$999M
$993M
$992M($253M)
$992M$53M
$989M
$986M
$969M
$960M
$960M$806M
$956M$22M
$955M$270M
$941M
$940M
$915M
$909M
$903M
$902M$295M
$899M
$897M
$892M
$881M
$874M$211M
$873M$109M
$873M$302M
$867M$250M
$861M
$858M
$853M$206M
$817M$199M
$815M
$813M
$798M$186M
$791M
$780M$106M
$779M
$778M
$770M
$766M
$765M
$755M
$750M$299M
$744M
$742M$253M
$741M
$740M
$739M
$737M
$733M
$711M$62M
$710M
$708M
$708M
$707M$164M
$702M
$699M
$694M$85M
$692M$70M
$685M$8B
$682M
$681M
$679M
$669M
$662M$281M
$656M$386M
$656M$205M
$647M$89M
$646M
$646M
$645M
$638M$540M
$637M
$633M$100M
$629M$93M
$625M
$619M
$618M
$616M
$614M
$612M$228M
$602M$64M
$599M$40M
$594M
$585M
$584M
$583M
$579M
$564M$155M
$563M
$560M
$558M$14M
$556M$54M
$555M
$554M$80M
$543M$175M
$540M$139M
$540M
$536M$125M
$534M$194M
$532M
$525M$106M
$524M
$523M
$518M$9M
$510M
$500M
$494M
$477M
$473M
$470M
$468M
$466M
$462M
$458M
$457M$198M
$456M
$453M$154M
$450M$72M
$447M
$446M$309M
$438M
$438M$42M
$428M$97M
$422M
$419M$161M
$418M
$418M$263M
$416M
$415M
$413M$488M
$412M
$403M
$400M
$399M$73M
$397M
$396M
$395M
$394M
$392M
$392M
$385M
$385M
$383M$62M
$381M$114M
$380M
$378M
$377M
$374M
$372M
$371M$33M
$371M
$366M
$365M
$365M$2M
$364M
$361M
$361M
$360M$80M
$359M$72M
$358M
$357M
$355M
$345M$666M
$327M
$323M
$322M
$317M$89M
$312M
$309M
$308M
$304M
$303M
$301M
$297M
$293M
$292M
$292M
$292M
$290M
$290M
$288M$75M
$286M
$282M
$279M$62M
$274M$97M
$269M
$268M
$266M
$265M
$257M
$253M
$251M
$251M$73M
$251M
$250M
$249M$107M
$247M
$247M$69M
$243M
$243M
$238M
$238M
$234M
$232M
$227M
$226M
$225M$59M
$223M
$222M$52M
$220M
$218M$15M
$217M
$216M
$216M
$213M$193M
$210M$155M
$208M
$207M
$206M
$205M
$202M
$201M
$200M
$199M
$198M
$196M
$194M$195M
$192M
$192M
$191M
$191M
$191M
$190M
$189M
$185M$101M
$184M
$183M
$181M$43M
$181M
$180M
$173M
$170M
$167M
$166M$26M
$164M
$163M
$163M$29M
$159M$170M
$157M
$157M
$156M
$155M
$153M
$153M
$152M
$151M
$148M
$146M
$145M
$143M
$143M
$143M$69M
$143M$65M
$143M
$141M
$141M$17M
$141M
$140M
$139M
$137M
$137M
$137M
$136M
$135M
$134M$9M
$133M
$132M
$130M
$130M$62M
$129M
$126M
$123M
$123M
$123M
$121M$38M
$121M$49M
$121M
$119M
$119M
$118M
$115M
$112M
$112M
$110M
$110M
$110M
$110M
$109M
$109M
$109M
$108M
$107M
$105M
$104M
$104M
$102M
$102M
$102M$170M
$101M
$100M
$100M
$99M
$99M
$98M
$96M
$95M$45M
$93M
$92M
$92M
$92M
$90M
$90M
$89M$127M
$89M
$88M
$87M
$86M$24M
$84M
$83M
$82M$8M
$81M
$81M
$80M
$79M$47M
$78M
$77M$23M
$76M
$76M
$76M
$75M$24M
$74M$28M
$74M
$73M
$72M
$71M
$71M
$71M
$69M
$69M$14M
$68M
$66M
$65M
$65M
$64M
$63M
$62M
$60M
$60M
$60M
$60M
$58M
$57M
$57M
$55M
$54M
$53M
$52M
$52M$7M
$51M
$51M
$49M
$48M
$47M
$47M
$46M
$46M
$46M$37M
$45M$136M
$44M
$44M
$43M
$43M
$43M
$43M
$42M
$42M
$42M
$42M$53M
$42M
$41M
$41M
$41M
$40M
$40M$105M
$40M
$40M
$39M
$39M
$39M
$38M
$38M
$38M
$37M
$37M
$37M
$35M
$34M
$34M
$32M
$32M
$32M
$31M$19M
$30M
$30M
$30M
$30M
$29M
$28M
$28M
$28M
$27M
$27M
$26M
$26M
$26M
$26M
$25M
$25M
$25M
$25M
$24M
$24M
$23M
$23M
$23M
$22M
$22M
$22M
$22M
$22M
$21M
$21M
$21M
$21M
$20M
$20M$17M
$20M
$19M
$19M
$18M
$18M
$18M
$18M
$17M
$17M
$16M
$16M
$16M
$16M
$16M
$16M
$15M
$15M
$15M
$15M$201M
$14M
$14M
$14M
$14M
$14M
$13M
$13M
$13M
$13M
$12M
$12M
$12M
$12M
$12M
$12M
$12M
$11M
$10M
$10M
$10M
$10M
$10M
$10M
$10M
$9M
$9M
$9M
$9M
$9M
$9M
$9M$20M
$9M
$8M
$8M
$8M
$8M
$8M
$8M
$7M
$7M
$7M
$7M
$7M
$7M
$6M
$6M
$6M
$6M
$6M
$5M
$5M
$5M
$5M
$5M
$5M
$4M
$4M
$4M
$4M
$4M
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$1M
$1M
$1M
$1M
$1M
$983K
$979K
$876K
$783K
$693K
$648K
$558K
$332K
$320K
$293K
$66K
$33K
$8K
$1K

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