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companies tracked
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cumulative enterprise value
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median EV/NTM revenue multiple
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median NTM/LTM revenue growth
This chart shows the weighted market cap evolution over time, indexed to 0% at the beginning of the period
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Data as of November 21, 2025. Index data powered by FactSet and Morningstar, S&P 500 data sourced from Yahoo Finance.
This chart shows the weighted median evolution over time of key valuation metrics
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This chart shows the regression relationship between valuation metrics across companies in the index
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Data as of November 21, 2025. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.
This chart shows company rankings by selected metric within the index
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Data as of November 21, 2025. Companies with EV multiples above 50x are considered non-meaningful and excluded from calculation.
Compare key metrics between companies in the index
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Data as of November 21, 2025.
This chart shows the cumulative sum of selected metrics across all companies in the index over time
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Similar to NASDAQ 100 Index, 🚗 Multiples Electric Vehicles Index employs a modified market capitalization weighting scheme.
The weight process uses company-level weightss, which are derived using company enterprise value.
Company weights are evaluated based on two rules:
No company’s weight may exceed 24%.
The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.
If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.
If no company’s initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company’s weight may exceed 20% of the Index.
If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:
If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.
| Company | HQ | Stock Price | 1Y Perf. | Market Cap | EV/Revenue (LTM) | EV/Revenue (NTM) | Revenue Growth NTM/LTM | Gross Margin (NTM) | EBITDA Margin (NTM) | FCF Margin (NTM) | Rule of 40 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tesla | United States of America | USD 395 | +82.7% | $1314463.509373M | 13.5x | 12.0x | 12% | 16% | 14% | 3% | 26% |
| CATL | China | CNY 381 | +59.7% | $244517.88788529855M | 3.6x | 2.9x | 23% | 26% | 24% | 20% | 46% |
| Ford | United States of America | USD 12 | +27.6% | $49447.627203M | 0.9x | 0.9x | 1% | 19% | 7% | 1% | 8% |
| BYD | China | CNY 91 | +4.3% | $116413.9258418573M | 0.9x | 0.8x | 14% | 17% | 13% | 5% | 27% |
| LG Energy Solution | South Korea | KRW 441000 | +16.1% | $71173.18042379999M | 5.1x | 4.5x | 14% | 22% | 25% | -9% | 36% |
| Volvo Group | Sweden | SEK 268 | -5.5% | $57169.69209305744M | 1.5x | 1.5x | 1% | 23% | 15% | 7% | 15% |
| Hyundai Motors India | India | INR 2337 | +33.8% | $21417.38463658866M | 2.6x | 2.3x | 11% | 27% | 14% | 4% | 25% |
| XPeng | Hong Kong | HKD 82 | +93.1% | $20063.723805872156M | 1.9x | 1.3x | 47% | 17% | 3% | 4% | 47% |
| Rivian | United States of America | USD 15 | +34.4% | $17971.886265M | 3.3x | 2.6x | 28% | 3% | -26% | -53% | -12% |
| NIO | Hong Kong | HKD 45 | +31.1% | $14305.190271771038M | 1.3x | 0.9x | 45% | 15% | -1% | 0% | 33% |
| Ecopro BM Co. | South Korea | KRW 145200 | -6.2% | $9787.102259811707M | 5.9x | 4.7x | 24% | 11% | 8% | -11% | 33% |
| Joby Aviation | United States of America | USD 13 | +261.3% | $11889.652575M | 307.4x | 97.6x | 215% | 34% | -447% | -507% | -1110% |
| VinFast | United States of America | USD 4 | -15.8% | $8363.757816M | 3.6x | 2.5x | 42% | -3% | -22% | NaN% | -6% |
| Zeekr Global | United States of America | USD 27 | +13.6% | $6908.980472M | 0.6x | 0.4x | 36% | NaN% | 4% | NaN% | 36% |
| Volvo Cars | Sweden | SEK 33 | +43.8% | $10118.3269687044M | 0.2x | 0.2x | 2% | 18% | 12% | 1% | 11% |
| Leapmotor Technology | Hong Kong | HKD 49 | +89.9% | $8956.156191775955M | 0.8x | 0.5x | 61% | 15% | 4% | 14% | 63% |
| BAIC BluePark New Energy | China | CNY 8 | +1.3% | $6011.784150395858M | 1.7x | 1.0x | 80% | -9% | 2% | -10% | 77% |
| QuantumScape | United States of America | USD 12 | +258.1% | $7047.355461M | n/a | 1272.6x | n/a | NaN% | -5456% | -5853% | n/a |
| Li Auto | Hong Kong | HKD 70 | -25.7% | $18257.02187314719M | 0.3x | 0.2x | 27% | 20% | 7% | 7% | 33% |
| Polestar | United States of America | USD 0 | -23.9% | $492.73538M | 1.9x | 1.3x | 45% | -2% | -14% | NaN% | 21% |
| Pony AI | United States of America | USD 12 | NaN% | $5221.412681M | 56.2x | 43.7x | 29% | 22% | -210% | -242% | -257% |
| Lucid | United States of America | USD 12 | -19.7% | $3799.254316M | 3.5x | 1.9x | 87% | -22% | -86% | -148% | -109% |
| Eos Energy Enterprises | United States of America | USD 13 | +415.4% | $3708.240174M | 30.4x | 8.8x | 246% | 12% | -12% | -32% | 118% |
| Ninebot | China | CNY 54 | +37.0% | $5447.408384427557M | 1.3x | 1.0x | 29% | 31% | 13% | 14% | 41% |
| Mitsubishi Motors | Japan | JPY 357 | -18.0% | $3110.5636419415105M | 0.2x | 0.2x | 2% | 17% | 6% | 0% | 8% |
| Archer Aviation | United States of America | USD 7 | +289.3% | $4474.7164M | n/a | 53.2x | n/a | 61% | -820% | -997% | n/a |
| Aima Technology Group | China | CNY 31 | -5.8% | $3768.202693239135M | 0.8x | 0.7x | 15% | 18% | 13% | 19% | 27% |
| Lotus Technology | United States of America | USD 1 | -63.6% | $834.807565M | 2.4x | 1.2x | 96% | NaN% | -9% | NaN% | 60% |
| Ola Electric | India | INR 42 | -38.0% | $1981.7052920371584M | 4.7x | 4.1x | 15% | 55% | -11% | -33% | -11% |
| WeRide | United States of America | USD 7 | -27.8% | $2513.72103M | 20.7x | 9.5x | 118% | 37% | -100% | -275% | -139% |
| Microvast | United States of America | USD 3 | +2762.4% | $1119.103463M | 3.2x | 2.8x | 14% | 32% | NaN% | NaN% | n/a |
| Amprius | United States of America | USD 10 | +900.4% | $1343.983531M | 19.5x | 11.1x | 76% | 13% | 4% | 1% | 57% |
| T1 Energy | United States of America | USD 3 | +283.5% | $577.635016M | 1.7x | 1.2x | 41% | 16% | 8% | NaN% | 44% |
| Sigma Lithium Canada | Canada | CAD 13 | -53.0% | $1051.7792648875327M | 8.0x | 4.8x | 69% | 53% | 38% | 5% | 75% |
| Uniconn | China | CNY 104 | NaN% | $1336.1491184497222M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Eve Air Mobility | United States of America | USD 4 | +41.6% | $1274.794777M | n/a | 264.4x | n/a | -414% | -5253% | -5993% | n/a |
| Kempower | Finland | EUR 15 | +51.7% | $946.358044224M | 3.2x | 2.3x | 39% | 32% | 10% | -1% | 42% |
| Ehang | United States of America | USD 14 | +8.1% | $1018.585733M | 12.8x | 7.4x | 72% | 63% | -6% | -4% | 31% |
| Automob Participacoes | Brazil | BRL 11 | NaN% | $80.76224382277137M | 0.3x | 0.3x | 13% | NaN% | 5% | -2% | 18% |
| LiveWire | United States of America | USD 4 | -7.3% | $773.117309M | 28.5x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Solid Power | United States of America | USD 5 | +409.1% | $958.938321M | 34.8x | 31.9x | 9% | 18% | -343% | -398% | -372% |
| Phoenix Bicycle | China | CNY 10 | +16.4% | $726.2429696298911M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Fastned | Netherlands | EUR 20 | +0.7% | $458.49117300000006M | 4.2x | 2.8x | 47% | 76% | 18% | -49% | 60% |
| ADS-TEC Energy | United States of America | USD 10 | -20.4% | $576.116136M | 5.0x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| EV Motors | Spain | EUR 8 | -2.7% | $472.9892826192M | NaNx | 0.8x | NaN% | 24% | 4% | -10% | NaN% |
| Allego | United States of America | USD 0 | -100.0% | $0.027334M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Vertical Aerospace | United States of America | USD 4 | -10.2% | $385.17895M | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| EVgo | United States of America | USD 3 | -47.6% | $378.511652M | 1.3x | 1.0x | 31% | 23% | 7% | -18% | 28% |
| Gogoro | United States of America | USD 4 | -57.2% | $58.207444M | 1.4x | 1.3x | 4% | 8% | 24% | NaN% | 26% |
| Lion Electric | United States of America | USD 0 | -99.6% | $0.791761M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Chijet Motors | United States of America | USD 2 | -97.7% | $1.415045M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| ChargePoint | United States of America | USD 8 | -55.0% | $184.724286M | 0.8x | 0.7x | 10% | 37% | -12% | -14% | -15% |
| Alfen | Netherlands | EUR 10 | -21.5% | $248.403921024M | 0.6x | 0.5x | 2% | 27% | 6% | 2% | 8% |
| Wallbox | United States of America | USD 3 | -72.3% | $53.31881M | 1.6x | 1.3x | 16% | NaN% | -9% | NaN% | -4% |
| Lazydays Holdings | United States of America | USD 1 | -93.7% | $3.623585M | 0.3x | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| WLM Participacoes | Brazil | BRL 21 | -33.0% | $142.44334649383742M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Zaptec | Germany | EUR 2 | +187.0% | $195.60350402880002M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Blink Charging | United States of America | USD 1 | -14.1% | $150.655957M | 1.2x | 1.1x | 14% | 36% | -26% | -25% | -38% |
| MIC Electronics | India | INR 47 | -42.6% | $127.79890656910715M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Ebusco Holding | Netherlands | EUR 0 | -49.5% | $40.3941164256M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Canoo | United States of America | USD 0 | -99.4% | $5.359834M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Niu Techs | United States of America | USD 3 | +82.6% | $249.48471M | 0.1x | 0.1x | 25% | 13% | 4% | -2% | 28% |
| Workhorse | United States of America | USD 1 | -89.3% | $22.40526M | 6.0x | 6.9x | -14% | -56% | -208% | NaN% | -242% |
| XCHG | United States of America | USD 1 | -92.3% | $69.558299M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Xos Trucks | United States of America | USD 2 | -39.3% | $24.708538M | 0.7x | 0.5x | 27% | 12% | -23% | NaN% | -3% |
| Stardust Power | United States of America | USD 4 | -94.2% | $34.755043M | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Beam Global | United States of America | USD 2 | -48.3% | $32.635328M | 1.0x | 0.8x | 30% | 19% | -24% | -15% | -19% |
| Fly-E Group | United States of America | USD 4 | -85.4% | $6.49676M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Lobo Technologies | United States of America | USD 1 | -53.2% | $6.029621M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Hopium | France | EUR 0 | -98.7% | $1.0744427808M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Nexity Global | Poland | PLN 2 | -12.5% | $6.336235215282812M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| ChargePanel | Sweden | SEK 2 | +21.0% | $6.0964045226921995M | 3.6x | 1.9x | 92% | 68% | -1% | NaN% | 46% |
| Delta Autocorp | India | INR 52 | NaN% | $8.974831017599298M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Triggo | Poland | PLN 1 | -64.2% | $1.6249895177434959M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Next e GO | United States of America | USD 0 | -80.0% | $0.009438M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Kandi Technologies Group | United States of America | USD 1 | -11.2% | $79.56656M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
| Lilium | United States of America | USD 0 | -90.3% | $5.061126M | NaNx | NaNx | NaN% | NaN% | NaN% | NaN% | n/a |
Stock prices as of November 21, 2025. Rule of 40 and revenue per FTE data is based on the last fiscal year. Financial data powered by Morningstar and FactSet.
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Explore indexGet access to always up-to-date, precisely categorized 70K+ public and private valuation multiples, across tech and beyond.
