EduTech Valuation Multiples and Public Comps

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
Constellation Software	$52.8B	n/a	n/a
Tyler Technologies	$18.4B	n/a	n/a
Pearson	$10.3B	n/a	n/a
Topicus	$8.3B	n/a	n/a
Duolingo	$7.1B	6.9x	23.7x
Graham Holdings	$4.7B	n/a	n/a
Blackbaud	$3.9B	3.4x	9.6x
Stride	$2.7B	n/a	n/a
COL Group	$2.6B	10.8x	-51.3x
John Wiley & Sons	$2.5B	n/a	n/a
East Buy	$1.7B	2.6x	44.9x
Alef Education	$1.7B	n/a	n/a
Youdao	$1.5B	1.8x	41.7x
Scholastic	$1.0B	0.6x	7.0x
Duolun Technology	$829M	n/a	n/a
Docebo	$583M	2.4x	13.1x
Skillsoft	$577M	1.1x	5.2x
Udemy	$445M	n/a	n/a
Coursera	$444M	0.6x	7.2x
D2L	$442M	n/a	n/a
Fenbi	$438M	n/a	n/a
Gaotu Techedu	$322M	0.4x	-5.4x
MegaStudyEdu	$302M	0.5x	2.1x
Jiangsu Chuanzhiboke	$301M	n/a	n/a
RM plc	$247M	1.1x	10.9x
ReadyTech	$231M	2.7x	8.4x
Tribal Group	$201M	n/a	n/a
51 Talk	$150M	1.6x	n/a
3P Learning	$108M	1.5x	10.4x
Sylogist	$101M	2.2x	13.2x
I-Scream Media	$98.0M	n/a	n/a
Chegg	$93.8M	n/a	n/a
Skolon	$77.1M	3.7x	244.5x
Nerdy	$73.8M	0.4x	-3.6x
Skillcast	$67.4M	n/a	n/a
FLOWSPARKS	$66.1M	n/a	n/a
Thinkific Labs	$44.7M	n/a	n/a
Janison	$44.0M	n/a	n/a
Reskill	$40.5M	n/a	n/a
YXT.com	$40.4M	n/a	n/a
Jinxin Technology Holding Co.	$40.1M	n/a	n/a
Shape Robotics	$36.6M	n/a	n/a
zSpace	$29.6M	1.0x	-2.1x
DAY1	$26.7M	n/a	n/a
RareJob	$17.0M	0.3x	3.5x
Yeb Net	$15.6M	n/a	n/a
Globee	$13.2M	1.3x	n/a
NetClass Technology	$10.2M	n/a	n/a
eEducation Albert	$9.6M	n/a	n/a
Flier Inc	$7.8M	n/a	n/a
Rapid Line	$0.7M	n/a	n/a
iHuman	-$57.4M	n/a	n/a

Public Comps and Valuation Multiples
for EduTech