EduTech Valuation Multiples and Public Comps

Company	EV	EV/LTM Revenue	EV/LTM EBITDA
Constellation Software	$79.4B	7.1x	26.0x
Tyler Technologies	$24.8B	11.1x	39.7x
Duolingo	$16.8B	19.1x	70.4x
Topicus	$11.0B	6.6x	22.7x
Pearson	$10.6B	2.2x	9.6x
Stride	$5.8B	2.4x	10.2x
Blackbaud	$4.4B	3.9x	11.2x
Graham Holdings	$4.3B	0.9x	12.2x
John Wiley & Sons	$3.1B	1.9x	7.7x
COL Group	$2.9B	16.5x	-272.2x
Alef Education	$1.7B	n/a	n/a
Grupo PROEDUCA	$1.7B	n/a	n/a
Youdao	$1.3B	1.6x	34.2x
East Buy	$1.1B	1.8x	95.8x
Scholastic	$877M	0.5x	6.0x
Docebo	$790M	3.4x	20.4x
Udemy	$692M	0.9x	10.8x
Coursera	$680M	1.0x	14.5x
Duolun Technology	$667M	8.5x	40.2x
Gaotu Techedu	$631M	0.9x	-7.6x
Fenbi	$627M	1.6x	19.1x
Skillsoft	$583M	1.1x	5.2x
D2L	$513M	2.4x	16.6x
MegaStudyEdu	$382M	0.6x	2.5x
Jiangsu Chuanzhiboke	$292M	n/a	n/a
ReadyTech	$220M	2.7x	8.4x
RM plc	$198M	0.8x	9.7x
Sylogist	$159M	3.2x	14.3x
Nerdy	$147M	0.8x	-8.6x
51 Talk	$143M	n/a	n/a
Chegg	$138M	0.3x	1.3x
I-Scream Media	$135M	n/a	n/a
Tribal Group	$133M	1.1x	5.8x
3P Learning	$116M	1.6x	12.0x
Skolon	$93.7M	5.0x	159.2x
MedPeer	$84.2M	0.8x	6.3x
zSpace	$80.5M	2.1x	-8.7x
Shape Robotics	$65.3M	n/a	n/a
Jinxin Technology Holding Co.	$61.8M	n/a	n/a
FLOWSPARKS	$56.1M	n/a	n/a
Thinkific Labs	$56.1M	0.8x	17.4x
Reskill	$46.7M	3.4x	n/a
Skillcast	$45.4M	2.3x	32.8x
DAY1	$41.0M	n/a	n/a
YXT.com	$39.4M	n/a	n/a
Globee	$34.7M	n/a	n/a
Color Star Tech	$29.0M	n/a	n/a
NetClass Technology	$25.3M	n/a	n/a
Yeb Net	$22.2M	n/a	n/a
Flier	$21.9M	3.3x	n/a
RareJob	$20.4M	0.3x	3.9x
Janison	$17.7M	n/a	n/a
eEducation Albert	$3.3M	0.2x	-1.3x
Rapid Line	$1.2M	n/a	n/a
iHuman	-$33.0M	n/a	n/a

Public Comps and Valuation Multiples
for EduTech