Public Comps and Valuation Multiples for Learning Platforms

Benchmark revenue and EBITDA valuation multiples for public comps like
Duolingo, Graham Holdings, Stride, East Buy and McGraw Hill.

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Viewing 25 of 42 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Duolingo	$5.8B	$4.7B	$1.1B	4.1x	15.1x
Graham Holdings	$5B	$5.1B	$5.1B	1.0x	-
Stride	$3.9B	$3.6B	$2.5B	1.4x	5.9x
East Buy	$3B	$2.2B	$826M	2.7x	21.6x
McGraw Hill	$1.9B	$4.3B	$2.1B	2.0x	5.7x
Alef Education	$1.9B	$1.7B	$209M	8.1x	11.3x
Coursera	$1.6B	$890M	$1B	0.9x	7.8x
Youdao	$1.6B	$1.8B	$917M	2.0x	37.3x
Afya	$1.3B	$1.7B	$747M	2.2x	5.1x
American Public Education	$1.1B	$1B	$671M	1.5x	10.9x
Udemy	$677M	$329M	-	-	-
Docebo	$473M	$493M	$254M	1.9x	10.1x
Gaotu Techedu	$441M	$167M	$971M	0.2x	(11.0x)
Vasta Platform	$394M	$550M	-	-	-
Qibu	$394M	$414M	-	-	-
Jiangsu Chuanzhiboke	$308M	$258M	-	-	-
MegaStudyEdu	$274M	$205M	$604M	0.3x	1.6x
Goodheart-Willcox	$172M	$172M	-	-	-
I-Scream Media	$135M	$50M	-	-	-
Fenbi	$128M	($42M)	$414M	(0.1x)	(0.8x)
Nerdy	$117M	$92M	$181M	0.5x	(10.5x)
51 Talk	$101M	$68M	-	-	-
Chegg	$96M	$81M	$284M	0.3x	1.7x
iHuman	$73M	($88M)	-	-	-
Skillsoft	$64M	$524M	$461M	1.1x	4.7x
FLOWSPARKS	$62M		-
3P Learning	$57M		-
Skolon	$55M		$25M
Sunlands Technology	$53M		-
WOONGJIN THINKBIG	$44M		-
Ruanyun Edai Technology	$40M		-
Yeb Net	$24M		-
RareJob	$24M		$60M
17 Education & Technology	$23M		-
Globee	$21M		-
SuRaLa Net Co	$12M		$12M
eEducation Albert	$12M		$16M
OpenLearning	$9M		-
Flier Inc	$9M		$7M
Manabi-aid	$7M		-
Kvix	$4M		-
Rapid Line	$545K		-