Public Comps and Valuation Multiples for Real Estate Development

Benchmark revenue and EBITDA valuation multiples for public comps like
Vingroup, Goodman Group, Sun Hung Kai Properties, Samsung C&T and D.R. Horton.

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Real Estate Development

CompanyMarket CapEnterprise ValueLTM RevenueEV/LTM RevenueEV/LTM EBITDA
$57B$67B$16B4.3x25.1x
$44B$45B$2.2B20.2x23.4x
$43B$54B$11B4.9x13.6x
$43B$47B$31B1.5x14.1x
$41B$46B$33B1.4x10.6x
$31B$73B$37B2.0x11.3x
$27B$43B$12B3.7x15.0x
$27B$26B$14B1.8x3.8x
$27B$168B$314B0.5x11.8x
$24B$55B$17B3.2x15.7x
$24B$24B$17B1.5x8.3x
$22B$22B---
$20B$19B$7.6B2.6x8.5x
$20B$24B$33B0.7x9.8x
$19B$44B$24B1.8x15.4x
$18B$37B$36B1.0x8.4x
$18B$23B$2.3B10.2x19.9x
$17B$17B$925M18.2x82.3x
$17B$47B$2.6B18.0x18.4x
$17B$26B$3.4B7.7x26.9x
$17B$17B$9.7B1.7x11.0x
$16B$22B$9.9B2.2x7.1x
$16B$24B$5.3B4.5x23.8x
$14B$3.2B$8.2B0.4x0.8x
$14B$18B$1B17.5x15.8x
$14B$27B
$13B-
$13B$11B
$13B$1.9B
$12B$620M
$11B$19B
$10B$14B
$10B$22B
$9.3B$41B
$8.5B$2.4B
$8.3B$5.3B
$8B$988M
$8B$440M
$7.6B-
$7.2B$1.5B
$7.1B$730M
$7.1B$832M
$7B$2.9B
$6.9B-
$6.6B$7.2B
$6.6B$750M
$6.6B$13B
$6.6B$1.8B
$6.5B$684M
$6.5B$1.5B
$6.5B$596M
$6.3B$995M
$6.2B$628M
$6.1B$8.2B
$6.1B-
$5.9B$1.2B
$5.7B-
$5.7B$12B
$5.6B-
$5.2B$5.2B
$5.1B$29B
$5.1B$5.9B
$5.1B$3.7B
$5B$447M
$4.9B-
$4.9B$1.7B
$4.6B-
$4.6B$2.3B
$4.6B$5.6B
$4.6B$1.1B
$4.5B$3B
$4.5B$510M
$4.4B$581M
$4.4B$605M
$4.1B$401M
$4.1B$324M
$4B$5.1B
$4B-
$4B$3.2B
$3.9B-
$3.9B$1.6B
$3.9B$270M
$3.8B-
$3.8B$4.3B
$3.7B$258M
$3.7B$3.1B
$3.6B-
$3.5B$824M
$3.5B$226M
$3.3B$4.2B
$3.3B$5.4B
$3.1B$332M
$3.1B$1.2B
$3B$2B
$2.9B$423M
$2.9B$3.5B
$2.8B$334M
$2.8B$470M
$2.7B$311M
$2.7B$462M
$2.7B-
$2.6B-
$2.6B-
$2.6B$505M
$2.6B$1.8B
$2.5B$380M
$2.5B$260M
$2.5B$558M
$2.5B-
$2.5B-
$2.5B$245M
$2.4B$902M
$2.4B-
$2.3B$122M
$2.3B$3.9B
$2.3B-
$2.3B$233M
$2.3B$558M
$2.1B$259M
$2B$301M
$2B$331M
$2B$652M
$2B$700M
$2B$3.9B
$2B$114M
$1.9B$258M
$1.9B$397M
$1.9B-
$1.9B$184M
$1.9B$482M
$1.9B$1.2B
$1.9B$841M
$1.9B$1.2B
$1.9B$174M
$1.8B-
$1.8B$117M
$1.8B-
$1.8B$5.9B
$1.8B$1.6B
$1.7B$976M
$1.7B-
$1.7B$329M
$1.6B$321M
$1.6B$501M
$1.6B-
$1.6B$354M
$1.6B-
$1.5B-
$1.5B$276M
$1.5B$213M
$1.5B$501M
$1.5B$1.9B
$1.5B$1.2B
$1.5B$1.7B
$1.5B$539M
$1.5B-
$1.4B-
$1.4B$374M
$1.4B$46M
$1.4B$6B
$1.4B$368M
$1.4B$584M
$1.4B-
$1.4B-
$1.4B-
$1.4B$236M
$1.4B$1.8B
$1.3B$114M
$1.3B$676M
$1.3B-
$1.3B$709M
$1.3B$4.3B
$1.3B-
$1.3B-
$1.3B-
$1.3B-
$1.3B-
$1.2B$242M
$1.2B-
$1.2B$5.6B
$1.2B-
$1.2B$88M
$1.2B-
$1.2B-
$1.1B$223M
$1.1B$167M
$1.1B-
$1.1B$50M
$1.1B$1.3B
$1.1B$162M
$1.1B$16B
$1.1B-
$1.1B-
$1B-
$1B-
$968M$287M
$962M-
$959M-
$952M-
$951M-
$940M-
$929M-
$928M-
$922M-
$918M-
$918M-
$917M-
$910M$190M
$905M$239M
$881M$115M
$879M$199M
$878M-
$875M$553M
$873M$495M
$870M$103M
$864M$757M
$830M$319M
$826M-
$826M$540M
$817M-
$813M-
$809M-
$799M-
$793M$921M
$791M$230M
$761M$2.2B
$759M-
$756M-
$749M$327M
$744M-
$744M$114M
$743M-
$731M$76M
$721M$36M
$718M$130M
$704M$78M
$694M-
$690M$129M
$688M-
$684M$1B
$677M$111M
$657M$996M
$652M-
$652M$507M
$647M$172M
$644M$267M
$640M-
$635M-
$631M$2.8B
$617M-
$617M$359M
$616M$125M
$602M$336M
$593M-
$592M$79M
$591M-
$591M-
$586M$626M
$585M-
$575M$1B
$569M$317M
$567M-
$553M-
$545M-
$527M$124M
$526M-
$518M-
$515M$2.2B
$511M-
$502M-
$496M$65M
$495M-
$483M$53M
$483M-
$474M-
$470M$143M
$470M-
$464M$3.1B
$459M-
$457M$76M
$454M-
$443M$153M
$443M$49M
$426M$136M
$425M$70M
$423M$111M
$423M$349M
$421M-
$413M$35M
$407M$240M
$407M$82M
$403M-
$400M-
$392M$67M
$377M-
$367M$51M
$367M-
$365M-
$362M$86M
$357M-
$355M$595M
$354M$217M
$351M$498M
$342M$88M
$342M-
$339M$354M
$333M$127M
$322M$336M
$320M-
$320M-
$319M-
$318M$23M
$315M-
$315M-
$307M-
$294M-
$291M-
$290M$102M
$282M-
$279M-
$272M-
$269M-
$268M$946M
$268M-
$264M-
$263M$717M
$262M$38M
$258M-
$255M$32M
$253M-
$252M-
$245M$106M
$244M-
$244M$522M
$244M$38M
$241M-
$241M-
$240M-
$234M-
$234M$40M
$233M-
$232M-
$225M-
$225M$133M
$220M$67M
$216M-
$211M-
$210M-
$208M-
$205M$155M
$202M-
$201M-
$199M-
$195M-
$193M-
$189M$43M
$188M-
$187M-
$186M$46M
$185M$59M
$184M-
$183M$259M
$181M-
$180M-
$177M-
$175M$324M
$165M$96M
$163M$397M
$160M$207M
$160M-
$160M-
$159M-
$158M-
$154M-
$153M$18M
$152M-
$151M-
$150M$85M
$149M-
$146M$202M
$142M$33M
$141M-
$138M-
$138M$67M
$138M-
$137M-
$134M-
$133M$183M
$133M-
$130M-
$128M-
$127M-
$127M$307M
$127M$206M
$125M-
$125M$33M
$123M-
$122M$53M
$122M-
$119M-
$119M$41M
$118M-
$116M-
$116M-
$114M-
$113M-
$112M-
$111M-
$111M-
$110M-
$109M-
$106M-
$106M$82M
$106M-
$104M-
$104M$52M
$102M-
$101M-
$100M-
$98M-
$94M-
$93M-
$92M-
$89M$159M
$88M-
$88M-
$88M-
$87M-
$86M$22M
$85M-
$85M$4.1B
$83M$123M
$82M-
$82M-
$79M-
$78M-
$78M-
$76M-
$75M$27M
$75M-
$74M-
$74M-
$72M-
$72M-
$70M$104M
$69M-
$68M$4M
$64M$86M
$63M-
$62M-
$61M-
$59M-
$59M$218M
$57M-
$56M-
$55M-
$54M-
$53M-
$53M-
$50M-
$49M-
$49M-
$48M-
$48M-
$48M$56M
$48M-
$47M-
$47M-
$46M-
$46M-
$46M-
$43M-
$42M-
$42M-
$42M-
$42M-
$41M-
$41M-
$40M-
$40M$33M
$39M$9M
$39M-
$38M-
$38M-
$37M-
$37M-
$37M-
$36M-
$35M-
$35M-
$34M-
$33M-
$32M-
$31M$122M
$31M-
$31M-
$31M$24M
$29M-
$28M-
$28M-
$28M-
$27M$11M
$27M$11M
$27M-
$27M-
$25M$10M
$25M-
$25M-
$25M-
$24M-
$24M-
$24M-
$24M-
$23M$56M
$23M-
$23M$3M
$23M-
$22M-
$22M-
$22M-
$22M-
$22M-
$22M$52M
$21M-
$20M-
$20M-
$20M-
$20M-
$20M-
$18M-
$18M-
$18M-
$17M-
$17M-
$17M-
$16M-
$16M-
$15M-
$14M-
$14M-
$14M-
$14M$15M
$13M-
$12M-
$12M-
$12M$24M
$11M-
$11M-
$11M-
$10M-
$10M-
$10M-
$9M-
$9M-
$9M$23M
$9M-
$8M-
$8M-
$8M$11M
$8M-
$8M-
$7M-
$7M-
$7M$24M
$7M-
$6M-
$6M-
$6M-
$6M-
$6M-
$6M-
$5M-
$5M-
$5M$6M
$5M-
$5M-
$4M-
$4M-
$4M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$3M-
$2M-
$2M-
$2M-
$2M-
$1M-
$1M-
$1M-
$1M-
$1M-
$1M-
$1M-
$1M-
$871K-
$461K-
$172K-
$145K-
$113K-
$95K-
$22K-
$20K-
$8K-
-$1.1B
--

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