EduTech Valuation Multiples and Public Comps

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
Constellation Software	$56.6B	4.9x	17.7x
Tyler Technologies	$20.0B	8.6x	30.7x
Duolingo	$11.0B	11.3x	39.5x
Pearson	$10.3B	2.2x	9.7x
Topicus	$8.5B	4.9x	16.8x
Graham Holdings	$4.5B	0.9x	12.2x
Blackbaud	$4.0B	3.5x	9.9x
COL Group	$3.0B	13.4x	-64.8x
Stride	$3.0B	1.2x	5.2x
John Wiley & Sons	$2.8B	1.7x	6.8x
East Buy	$2.2B	3.3x	78.3x
Alef Education	$1.7B	n/a	n/a
Youdao	$1.4B	1.7x	37.7x
Scholastic	$1.1B	0.6x	6.9x
Duolun Technology	$726M	9.9x	91.7x
Fenbi	$688M	1.8x	18.1x
Docebo	$644M	2.7x	15.9x
Coursera	$598M	0.8x	10.3x
Skillsoft	$586M	1.1x	5.2x
D2L	$569M	2.6x	17.7x
Udemy	$421M	0.5x	5.0x
Jiangsu Chuanzhiboke	$322M	n/a	n/a
MegaStudyEdu	$316M	0.5x	2.2x
Gaotu Techedu	$272M	0.3x	-5.2x
51 Talk	$243M	n/a	n/a
RM plc	$241M	1.1x	12.1x
ReadyTech	$196M	2.4x	7.4x
Tribal Group	$187M	1.6x	9.1x
Sylogist	$115M	2.5x	13.7x
3P Learning	$105M	1.5x	9.3x
Chegg	$101M	0.2x	1.3x
I-Scream Media	$95.0M	n/a	n/a
Skolon	$73.4M	3.7x	140.6x
Shape Robotics	$67.3M	n/a	n/a
Nerdy	$65.4M	0.3x	-3.9x
Thinkific Labs	$63.6M	0.9x	18.3x
FLOWSPARKS	$59.2M	n/a	n/a
Skillcast	$57.0M	2.9x	30.3x
Jinxin Technology Holding Co.	$51.9M	n/a	n/a
YXT.com	$49.7M	n/a	n/a
Reskill	$41.1M	3.2x	n/a
zSpace	$37.8M	1.2x	-2.5x
Janison	$31.5M	1.0x	17.4x
DAY1	$28.3M	n/a	n/a
NetClass Technology	$21.1M	n/a	n/a
RareJob	$19.7M	0.3x	4.1x
Globee	$18.3M	1.7x	n/a
Yeb Net	$17.2M	n/a	n/a
eEducation Albert	$9.0M	0.5x	-10.2x
Flier Inc	$9.0M	1.5x	n/a
Rapid Line	$0.4M	n/a	n/a
iHuman	-$16.6M	n/a	n/a

Public Comps and Valuation Multiples
for EduTech