Cupid Valuation Multiples

AbbVie is a pharmaceutical firm with a strong exposure to immunology (with Humira, Skyrizi, and Rinvoq) and oncology (with Imbruvica and Venclexta). The company was spun off from Abbott in early 2013. The 2020 acquisition of Allergan added several new products and drugs in aesthetics, including Botox. The 2024 acquisitions of Cerevel (neuroscience) and ImmunoGen (oncology) help supplement AbbVie's portfolio.

Since its founding in 1837, Procter & Gamble has become one of the world's largest consumer product manufacturers, with annual sales of nearly $85 billion. It operates with a lineup of leading brands, including more than 20 that generate annual global sales of more than $1 billion each, such as Tide laundry detergent, Charmin toilet paper, Pantene shampoo, and Pampers diapers. Sales outside its home turf represent just more than half of the firm's consolidated total.

Thermo Fisher Scientific sells scientific instruments and laboratory equipment, diagnostics consumables, and life science reagents. The firm operates through four segments as of year-end 2025 (revenue figures include some cross-segment revenue): analytical technologies (17% of sales); specialty diagnostic products (11%); life science solutions (23%); and lab products and services, which includes CRO services (the remainder).

L’Oréal is the largest beauty product maker in the world, with consumer products (37% of sales) and luxury beauty (35%) the major segments, followed by derma skin care (16%) and professional products (12%). The firm also has a diversified geographic footprint, generating 34% of sales in Europe, 27% from North America, 23% in North Asia, and the rest from various emerging markets across South Asia, Latin America, and Africa. L’Oréal owns a mix of premium and mass beauty brands sold through a wide range of channels such as mass retail, drugstores, department stores, travel retail, e-commerce, hair salons, and medi-spas. Leading brands include Lancôme, Yves Saint Laurent, Maybelline, Kiehl’s, L’Oréal Paris, Kerastase, CeraVe, Garnier, and Armani.

With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the world's leading provider of diabetes care products. Based in Denmark, the company manufactures and markets a variety of human and modern insulins for patients with diabetes, as well as injectable and oral GLP-1 therapies, across its obesity and diabetes care segment. Novo also has a rare disease segment (contributing less than 10% of revenue) that specializes in protein therapies for hemophilia and other disorders.

In 1984, Danaher's founders transformed a real estate organization into an industrial-focused manufacturing company. Then, through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life sciences and diagnostic industries after the late 2023 divestiture of its environmental and applied solutions group, Veralto.

Unilever is a diversified beauty, wellbeing, and personal care (44% of 2024 sales by value), homecare (20%), and packaged food (36%) company. Its brands include Dove personal-care products, Knorr soups and sauces, Hellmann's mayonnaise, Axe and Rexona deodorants, and TRESemme haircare. The firm has been acquisitive in recent years; notable purchases include Paula's Choice, Liquid I.V., Horlicks, and Wild deodorants. The company derives 58% of its sales from emerging markets and 42% from developed markets. The US is its largest market, accounting for around 20% of sales, followed by India, which accounts for 11% of sales.

EssilorLuxottica is a combination of the leading manufacturer of premium frames and sunglasses and the leading manufacturer of optical lenses. Both companies are significantly larger than the next biggest competitor and command over 15% of the fragmented global eyewear market. The company has a broad geographical presence, with around 37% of sales in Europe, 45% in North America, and the rest in Asia and Latin America.

Since its founding in 1806, Colgate-Palmolive has grown into a leading player in the household and personal care industry. In addition to its namesake oral care line (which accounts for more than 40% of its total sales), the firm manufactures shampoos, shower gels, deodorants, and home care products sold in over 200 countries. International sales account for about 70% of its total business, including approximately 45% from emerging regions. It also owns specialty pet food maker Hill's (around one-fifth of sales), which sells a majority of its products through veterinarians and specialty pet retailers.

Founded in 1941 in Tokyo as an optical glass production plant, Hoya is one of the largest eyeglass lens manufacturers in the world. Leveraging its technology know-how in glass manufacturing, Hoya entered the mask blanks business in 1974. Now although its life care business accounts for more than 60% of its total revenue, majority of its profit before tax comes from its higher-margin IT business.

Following the separation of the life science segment, Becton Dickinson operates in four business units. Medical essentials (35% of total sales) includes the legacy medical surgical unit, which sells catheters, syringes, and infection prevention products. Connected care (24%) core products include the Alaris infusion pump, Pyxis dispensing system, and pharmacy automation platforms. Biopharma systems (13%) produces prefillable syringes and autoinjectors. Interventional (29%) is composed of the surgery, peripheral vascular, and urology segments. More than 60% of revenue comes from the United States.

Galderma was formed in 1981 as a joint venture between Nestle and L’Oreal. It subsequently became a subsidiary of Nestle, called Nestle Skin Health, before being carved out and launched as a stand-alone company in 2019, acquired by a consortium led by Sweden-based EQT fund. The company went public in March 2024 and is listed on the SIX Swiss exchange. Galderma’s science-based portfolio spans multiple dermatology categories, including injectable aesthetics, dermatological skincare, and therapeutic dermatology. It derives around 40% of net sales from the US and employs around 7,00 people.

Bayer AG is a German life-sciences group founded in 1863 and headquartered in Leverkusen. It is publicly listed and operates pharmaceuticals, consumer-health and crop-science businesses. Its healthcare operations develop, manufacture and commercialise prescription medicines and consumer products globally. Bayer announced an agreement in December 2024 to acquire HiDoc Technologies and its Cara Care digital application for irritable bowel syndrome. The transaction supported Bayer Consumer Health’s precision-health strategy and expanded its digital care offering. Cara Care was expected to remain available through Germany’s reimbursed digital-health system following completion. Bayer earns revenue principally from product sales and related healthcare businesses.

Reckitt Benckiser was formed in 1999 through the merger of the British firm Reckitt & Colman and Dutch-based Benckiser. Recently rebranded under the corporate name Reckitt, it sells a portfolio that includes a variety of household and consumer health brands, such as Lysol, Finish, Durex, and Mucinex, many of which hold a number-one or number-two position in their categories globally. Reckitt has repositioned its portfolio and has entered the infant formula market through the acquisition of Mead Johnson in 2017, expanded its consumer health presence by acquiring Schiff Nutrition, K-Y, and Biofreeze, and has exited the food industry. The firm operates in 60 countries and sells products in more than 200, generating over 40% of core sales from emerging markets.

Hindustan Unilever Ltd is an Indian consumer goods company. The firm offers different brands from distinct categories, from cosmetics and hygienic items, including detergents, soaps, shampoos, skincare, toothpaste, and deodorants, to food and beverages (tea, coffee, packaged foods). Its product portfolio contains household brands such as Lux, Lifebuoy, Pepsodent, Closeup, Pureit, Axe, Brooke Bond, Bru, Knorr, Kissan, Pond's, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Kwality Wall's, Surf Excel, Rin, Wheel, and Fair and Lovely. The company's segments include Home Care, Beauty & Wellbeing, Personal Care, Foods, and others. Geographically, it generates a majority of its revenue from India.

Haleon is one of the largest consumer health companies in the world. Formed by a combination of consumer health divisions of GSK, Pfizer, and Novartis, Haleon separated from GSK and went public in July 2022. The firm generates 60% of sales from global power brands including Sensodyne, Advil, Centrum, and Poligrip, that play in many geographies and are often leaders in their respective categories. It also has a number of local brands, including Emergen-C, Eno, Tums, and Caltrate, that are more tailored to regional needs and have strong local brand equity. Overall, Haleon’s brands tackle a variety of silos within consumer health including oral care, digestive health, pain relief, and nutrition.

Since its founding in 1946, Estée Lauder has become a leading global manufacturer and marketer of prestige skincare (nearly half of sales), makeup (28%), fragrance (19%), and haircare products (4%). Beyond its namesake brand, the firm's portfolio of offerings includes Clinique, M.A.C., La Mer, Jo Malone London, and Tom Ford, among others. The US and China each account for about one-quarter of its consolidated sales. The firm sells its products through physical and e-commerce platforms at company-owned outlets alongside department stores, specialty retailers, and salons globally.

Kenvue is the world’s largest pure-play consumer health company by sales, generating over $15 billion in annual revenue. Formerly known as Johnson & Johnson’s consumer segment, Kenvue spun off and went public in May 2023. It operates in a variety of categories within consumer health, such as cough, cold and allergy care, pain management, face and body care, and oral care, as well as women’s health. Its portfolio has some of the most well-known brands in the space, including Tylenol, Listerine, Johnson’s, Aveeno, and Neutrogena. Kenvue announced November 2025 that it signed a deal to be fully acquired by Kimberly-Clark with the deal expected to close during the second half of 2026.

Two distinct customer groups constitute Henkel. The consumer segment (around 47% of consolidated 2025 sales) is laundry and home-care, including the Persil and Purex laundry detergent brands; haircare, including the Schwarzkopf brand; and other brands, including Dial hand soap. The adhesive technologies segment makes up the remaining 53% of sales. Sales in Europe accounted for 38% of the firm's consolidated total in 2025, while Asia-Pacific and North America accounted for 17% and 26%, respectively.

Medline is the largest provider of medical-surgical products and supply chain solutions in the US. The company generates over 90% of its revenue domestically and serves some of the largest US health systems. Medline offers approximately 190,000 Medline-branded products across more than 250 product families—including front-line care, surgical solutions, and laboratory and diagnostics—as well as roughly 150,000 third-party products sourced from over 1,250 vendors. The company maintains prime vendor relationships with many customers, acting as the primary consolidated logistics partner for their medical-surgical needs. Medline has significant scale, supported by more than 30 manufacturing facilities and a fleet of over 2,000 owned delivery trucks. Medline went public in December 2025.

Shenzhen Mindray Bio-Medical Electronics Co Ltd is a developer, manufacturer, and supplier of medical devices. The company is focused on the medical industry in the fields of Patient Monitoring & Life Support, InVitro Diagnostics, and Medical Imaging.

Fresenius is a healthcare holding company based in Germany. The company owns a minority stake in dialysis service provider and equipment manufacturer Fresenius Medical Care. The Kabi segment manufactures intravenous drugs, nutrition products, infusion and transfusion therapies, and related pumps. The Helios segment operates private hospitals primarily in Germany and Spain.

West Pharmaceutical Services is based in Pennsylvania and is a key supplier to firms in the pharmaceutical, biotechnology, and generic drug industries. West sells elastomer-based packaging components (including stoppers, seals, and plungers), nonglass containment solutions, and auto-injectors for injectable drugs, which include large-molecule biologics, peptides such as GLP-1 receptor agonists, and small-molecule drugs. The company reports in two segments: proprietary products (about 80% of total revenue) and contract-manufactured products (about 20% of total revenue). It generates approximately 55% of its revenue from international markets and 45% from the United States.

Ulta Beauty is the largest specialized beauty retailer in the US with about 1,500 freestanding stores. The firm offers cosmetics (39% of 2024 sales), fragrances (13%), skin care (23%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for about 4% of its revenue and drive traffic. Outside of the US, Ulta acquired premium beauty retailer Space NK and its 83 stores in the UK and Ireland in 2025, is opening franchised stores in Mexico, and has formed a joint venture to expand into the Middle East. In addition, Ulta collects royalties through its Target partnership (set to end in 2026) and credit card revenue. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

Church & Dwight is the leading global producer of baking soda. Its portfolio extends beyond its legacy category to include laundry products, cat litter, oral care, deodorant, and nasal care, all sold under the Arm & Hammer brand. Its brands also include Batiste, OxiClean, Hero, and TheraBreath, which, together with Arm & Hammer, account for around 70% of its annual sales and profits. The firm also added Touchland and its hand sanitizer business to its fold in fiscal 2025. Even as it expands its product reach, Church & Dwight still derives around 80% of its sales from its home US market.

Started as a clinical thermometer producer in Japan in 1921, Terumo is a comprehensive medical device player with a diversified global revenue. Its product portfolio includes prefilled syringes, insulin patch pumps, neurovascular or cardiac vascular interventional devices, and blood processing systems. As of 2025, the cardiac and vascular business is the largest segment, contributing over 60% of its total revenue. Geographically, North America is the largest region, with 38% of Terumo’s revenue.

Steris is an Ireland-domiciled medical technology company focused on sterilization services and infection prevention. The company is the global leader in contract sterilization services, ensuring the safe delivery of single-use and implantable medical equipment to hospitals around the world. Steris also sells sterilizers, washer-disinfectors, and other decontamination equipment and supplies for use by care provider facilities and in biopharma manufacturing sites. Domiciled in the United States before its inversion to Ireland, the firm derives approximately 70% of its revenue from Healthcare Services, 19% from Applied Sterilization Technologies, or AST, and 11% from life sciences services after the divestment of its dental products business.

Kao is the largest household and personal care product manufacturer in Japan, with a footprint across Asia, Europe, and the Americas. Japan remains its largest market, contributing about 50% of sales and operating profits with several leading brands, including Attack and Bioré. Initially a soap producer established in the 1890s, Kao has expanded into cosmetics, disposable hygiene products, and chemicals, in addition to its homecare and toiletry products. Asia, the largest overseas market, contributes around 15% of group sales. Kao has also acquired several Western skin- and haircare brands, including Jergens, John Frieda, Curél, Molton Brown, and the latest, Oribe.

Beiersdorf is a Germany-based company that produces personal-care products, with a focus on manufacturing cosmetic products. The company operates through two business segments. The consumer segment provides skincare and beauty care products and operates portfolio brands such as Nivea, Eucerin, La Prairie, Labello, Hansaplast, Elastoplast, and Florena. The other business segment markets self-adhesive system and product solutions, primarily for industrial customers, under the Tesa brand. Beiersdorf is majority-owned by Maxingvest.

Essity is a health and hygiene company spun out of Svenska Cellulosa in June 2017. Essity's products span the feminine care, baby care, toilet paper, facial tissue, and wet wipes categories, as well as hand soap, hand sanitizers, and tissue dispensers for institutional customers. Essity also offers medical solutions in the form of wound care, orthopedics, and compression therapy, accounting for around 8% of net sales. Essity operates in 150 markets and generates 61% of its revenue in Europe.

Straumann is a global leader in dental implants and orthodontics solutions. Its portolio includes abutments, clear aligners, biomaterials, and computer-aided design/computer-aided manufacturing equipment. The firm's core products are dental implants, and it controls over one-third of the CHF 6 billion global market. Originally a pure premium implant player, Straumann entered the value market in 2012 with its acquisition of Neodent. Straumann now accounts for almost half of the global premium market and around 15% of the value market. While its premium product catalog is marketed under Straumann, its value brands include Neodent, Anthogyr, and Medentika as well as other local and regional brands.

Yunnan Baiyao Group Co Ltd is engaged in the manufacturing and marketing of medicines, which include herbal products, daily health products, raw medicine, drug classics, and others.

Baxter offers a variety of medical supplies and equipment to providers. From its legacy operations, Baxter sells injectable therapies for use in care settings, including IV pumps, administrative sets, and solutions; nutritional products; and surgical sealants and hemostatic agents. Baxter expanded its portfolio of hospital-focused offerings by acquiring Hillrom in late 2021, which added basic equipment like hospital beds, operating room equipment, and patient monitoring tools to the portfolio. Baxter also sold its kidney care tools in early 2025.

Puig Brands SA is engaged in the premium beauty industry, with brands in the Fragrance and Fashion, Makeup and Skincare business categories. Its portfolio of brands operating in the Makeup business segment includes Carolina Herrera, Charlotte Tilbury, Rabanne, Byredo, Christian Louboutin, and Dries Van Noten. Its business activities are organized into three segments: Fragrance and Fashion, Makeup, and Skincare, with Fragrance and Fashion generating maximum revenue. The Fragrance and Fashion business segment focuses on the creation, marketing, and sale of fragrances and, to a much lesser extent, clothing, accessories, and other fashion-related items. It operates in EMEA (Europe, Middle East and Africa), the Americas and Asia-Pacific, with EMEA generating maximum revenue.

Smith & Nephew designs, manufactures, and markets orthopedic devices, sports medicine and arthroscopic technologies, and wound care solutions. Roughly 41% of the UK-based firm's revenue comes from orthopedic products, and another 30% is sports medicine and ENT. The remaining 29% of revenue is from the advanced wound therapy segment. Over half of Smith & Nephew's total revenue comes from the United States, just over 30% is from other developed markets, and emerging markets account for the remainder.

Fresenius Medical Care is the largest dialysis company in the world, treating about 300,000 patients from nearly 3,700 clinics worldwide as of December 2024. In addition to providing dialysis services, the firm is a leading supplier of dialysis products, including machines, dialyzers, and concentrates. Fresenius accounts for about 35% of the global dialysis products market, creating the world's only fully integrated dialysis business. Services account for about three-fourths of sales, while the balance is generated from medical technology products that enable dialysis treatments.

Avantor Inc provides products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company operates through two segments: Laboratory Solutions and Bioscience Production. It offers materials & consumables, equipment & instrumentation, and services & specialty procurement. Product groups include Equipment & Instrumentation, Services & Specialty Procurement, Proprietary Materials & Consumables, and Third-Party Materials & Consumables. Materials & consumables include high-purity chemicals and reagents, lab supplies, customized excipients, single-use assemblies, chromatography products, sample preparation kits, and fluid handling solutions. It operates in the Americas, Europe, and AMEA.

Lenskart Solutions Ltd is a technology-driven eyewear company, with a belief that clear vision is fundamental to personal development and well-being. It sells a range of eyewear products including prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories.

CooperCompanies is one of the largest eyecare companies in the US. It operates in two segments: CooperVision and CooperSurgical. CooperVision is a pure-play contact lens business with a suite of spherical, multifocal, and toric contact lenses. The company also has one of the most comprehensive specialty lens portfolios in the world. With brands including Proclear, Biofinity, MyDay, and Clariti, Cooper controls roughly one fourth of the US contact lens market. CooperSurgical, founded in 1990, is made up of equipment related to reproductive care, fertility, and women’s care. Cooper has the broadest medical device coverage of the entire IVF cycle. It also has Paragard, the only hormone-free IUD in the US, and controls 17% of the US IUD market.

Focusing on personal hygiene products utilizing nonwoven fabric, Unicharm is the largest manufacturer of disposable baby diapers and feminine sanitary and adult incontinence products in Japan and Asia. Its personal care business accounted for around 80% of its sales as of 2024, with the balance mainly from pet care. Unicharm generates 66% sales from overseas, of which nearly three-fourths are from Asia, mostly China, Indonesia, and Thailand. India is the fastest-growing market, followed by Vietnam. Outside Asia, Unicharm operates in Saudi Arabia, the Americas, and Europe. Drugstores, supermarkets, baby product specialty stores, and e-commerce are the key sales channels.

Marico Ltd is an Indian consumer goods company. The company provides products across the health, beauty, and wellness category. It manufactures hair care, male grooming, skin care, edible oils, health foods, and fabric care products. Locally, Marico sells its products through brands such as Parachute, Parachute Advansed, Nihar, Nihar Naturals, Saffola, Hair & Care, Livon, Set Wet, Mediker, and Revive. Geographically, the company has two segments; India which derives key revenue; and International.

Mankind Pharma Ltd is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. It operates at the intersection of Indian pharmaceutical formulations and consumer healthcare sectors providing products at affordable prices and has an established track record of building and scaling brands in-house. The company's brands include Manforce, Prega News, Gas-O-Fast, AcneStar and HealthOK. Geographically, the company derives a majority of its revenue from the sale of pharmaceutical products in India and the rest from its customers located outside India.

Godrej Consumer Products Ltd is a company that produces household and personal care items. The company has three main product categories: home care, hair care, and personal care. Godrej Consumer Products serves different geographic regions: Asia (India, Indonesia, the Middle East, Myanmar, Nepal, Pakistan, Sri Lanka); Africa (South Africa, Nigeria, Mozambique, Kenya); Latin America (Argentina, Bolivia, Chile, Paraguay, and Uruguay); and Europe (the United Kingdom). The brand portfolio includes Roby, Renew, Darling, and Inecto in hair care; Hit, Ezee, Good Knight in-home care; and Mitu. The company has identified four reportable geographical segments: Segment-1 in India, Segment-2 in Indonesia, Segment-3 in Africa (including Strength of Nature), and Segment-4 encompassing other regions.

APR Co Ltd is a company engaged in the business of beauty and skin care devices, fashion, and entertainment.

Shiseido is a leading Japanese cosmetics manufacturer focused in the prestige and premium categories. Founded in 1872, it was the first Western-style pharmacy in Ginza, Tokyo, and is one of the oldest cosmetics companies globally. Shiseido’s suite of 31 brands, which include its namesake brand, Clé de Peau Beauté, and NARS, had a 10.2% share of Japan’s beauty and personal care market in 2024 according to Euromonitor. It is also ranked in the top 4-5 globally, with around 7% to 8% market share in premium and prestige color cosmetics and skincare. In terms of revenue, Japan and China, which include travel retail, are the two key markets making up 65% of group revenue in 2025.

Headquartered in Crystal Lake, Illinois, AptarGroup is a leading global supplier of dispensing systems such as aerosol valves, pumps, closures, and elastomer packaging components to the consumer goods and pharmaceutical markets. Its sales are primarily from Europe (49% of sales) and the United States (28%), with China contributing 5% and other countries contributing 17%. It operates three business segments, Pharma, Beauty, and Closures. Pharma generates over two thirds of group profits.

Dabur India Ltd is an Indian FMCG company. Dabur operates in various consumer product categories: hair care, oral care, healthcare, skin care, home and personal care foods. Its portfolio includes the following separate brand identities, promoting a product category: Dabur, for natural healthcare products; Real, for fruit juices and drinks; Vatika, for premium personal care; Hajmola, for digestives; and Fem for skin-care products. The operating segments of the company are; Consumer care, Food, Retail, and others. Maximum revenue is generated from its Consumer care business which represents the sales of home care, personal care, and health care products.

e.l.f. Beauty Inc is a multi-brand beauty company that offers inclusive, accessible, clean, vegan, and cruelty-free cosmetics and skin care products. The Company's mission is to make beauty accessible to every eye, lip, face, and skin concern. The company offers cosmetic accessories for women, which include eyeliner, mascara, false eyelashes, lipstick, foundation for the face, moisturizer, cleanser, and other tools through its stores and e-commerce channels.