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Multiples AdTech Index

Curated by Multiples, this index tracks publicly listed advertising technology companies globally.

Explore the Multiples AdTech Index

100

public companies
tracked

$6.5T

cumulative
enterprise value

1.8x

median EV/NTM revenue multiple

11%

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples AdTech Index constituents, indexed to 0% at the beginning of the period.

+29.0%

Multiples AdTech Index

Data as of 04 October 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples AdTech Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples AdTech Index.

x-axis:

y-axis:

Data as of October 4, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples AdTech Index.

Metric:

Data as of October 4, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples AdTech Index.

Metric	Alphabet	Meta	Salesforce
Market Cap	$4.2T	$1.9T	$193B
EV/Revenue (NTM)	7.0x	6.4x	4.5x
EV/Gross Profit (NTM)	10.9x	8.1x	5.6x
EV/EBITDA (NTM)	14.4x	11.3x	11.0x
EV/FCF (NTM)	-149.8x	-76.0x	14.0x
Revenue Growth	23%	21%	10%
Gross Margin (NTM)	64%	79%	81%
EBITDA Margin (NTM)	48%	57%	41%
FCF Margin (NTM)	-5%	-8%	32%
Rule of 40	71%	83%	53%
Rule of X	106%	122%	70%

Data as of October 4, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples AdTech Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples AdTech Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

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.

Rule 1 adjustment

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.

Rule 2 adjustment

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:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

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.

Companies Included in the Multiples AdTech Index

This index tracks publicly listed AdTech and MarTech companies across digital advertising and marketing platforms.


Alphabet	7.7%	$344	+22%	$4.2T	7.0x	23%	64%	48%	-5%	71%	$2M
Meta	7.7%	$728	+12%	$1.9T	6.4x	21%	79%	57%	-8%	83%	$3M
Salesforce	8.3%	$235	-11%	$193B	4.5x	10%	81%	41%	32%	53%	$543K
Adobe	4.0%	$238	-30%	$93B	3.3x	10%	89%	45%	39%	59%	$758K
AppLovin	3.9%	$268	-58%	$90B	9.2x	30%	88%	83%	66%	132%	$6M
Baidu	8.5%	$11	-30%	$29B	1.2x	5%	40%	18%	2%	15%	$537K
HubSpot	4.9%	$215	-57%	$11B	2.4x	15%	84%	26%	22%	43%	$353K
Snap	4.3%	$6	-27%	$9.4B	1.5x	12%	60%	21%	16%	34%	$1M
Zeta Global	3.8%	$33	+84%	$8.2B	4.0x	20%	60%	23%	15%	62%	$395K
Amdocs	2.8%	$58	-32%	$6.1B	1.4x	3%	39%	26%	15%	29%	$168K
theTradeDesk	2.6%	$12	-77%	$5.6B	1.7x	-5%	74%	27%	18%	24%	$822K
Pegasystems	2.6%	$34	-47%	$5.6B	2.7x	8%	78%	28%	29%	34%	$312K
Open Text	2.5%	$22	-42%	$5.4B	2.0x	-2%	76%	33%	14%	32%	$245K
Klaviyo	2.1%	$16	-29%	$4.5B	2.1x	20%	73%	16%	17%	40%	$521K
CyberAgent	1.8%	$8	-22%	$4B	0.6x	5%	30%	10%	5%	18%	$475K
Magnite	1.6%	$25	+40%	$3.5B	4.4x	11%	68%	38%	26%	44%	$735K
Freshworks	1.5%	$13	+20%	$3.3B	2.5x	14%	86%	27%	28%	41%	$191K
WillScot	1.4%	$17	-21%	$3.1B	2.9x	2%	51%	40%	12%	41%	$485K
Wix.com	1.4%	$73	-50%	$3B	1.7x	11%	68%	16%	18%	25%	$377K
Easy Click Worldwide	1.4%	$5	+46%	$3B	2.8x	32%	16%	5%	-	35%	-
Braze	1.3%	$25	-9%	$2.9B	2.5x	19%	67%	12%	12%	32%	$434K
Mobvista	1.3%	$2	-28%	$2.8B	0.8x	28%	22%	7%	-	29%	$3M
SoundHound	1.2%	$6	-66%	$2.6B	7.6x	43%	53%	-17%	-28%	10%	$201K
Five9	1.2%	$34	+43%	$2.6B	2.0x	10%	61%	26%	15%	34%	$395K
Liftoff Mobile	1.2%	$15	-	$2.6B	3.7x	-	87%	60%	32%	87%	-
LiveRamp	1.1%	$38	+34%	$2.3B	2.1x	10%	73%	27%	17%	29%	$625K
Affle 3i	1.0%	$15	-31%	$2.1B	5.2x	19%	38%	23%	13%	42%	$456K
DoubleVerify	1.0%	$13	+17%	$2.1B	2.3x	8%	82%	34%	22%	42%	$625K
GigaCloud Technology	0.9%	$54	+88%	$1.9B	1.2x	11%	25%	14%	9%	35%	$785K
Marketingforce Management	0.8%	$7	+18%	$1.8B	1.8x	51%	45%	13%	47%	70%	$269K
Justsystems	0.8%	$28	-12%	$1.8B	-	-	-	-	-	53%	$766K
Sansan	0.8%	$13	+11%	$1.6B	3.3x	21%	89%	24%	20%	45%	$388K
Digital Turbine	0.6%	$11	+85%	$1.4B	2.4x	14%	49%	24%	7%	38%	$874K
Amagi Media Labs	0.6%	$6	-	$1.2B	4.8x	25%	69%	14%	11%	39%	$159K
Infomart	0.6%	$5	+120%	$1.2B	7.8x	11%	75%	27%	12%	39%	$262K
Sprinklr	0.6%	$5	-32%	$1.2B	0.9x	3%	68%	19%	17%	19%	$239K
Vobile	0.5%	$0	-39%	$1.1B	2.1x	29%	45%	19%	-8%	49%	$684K
Riskified	0.5%	$8	+63%	$1B	1.9x	13%	50%	11%	12%	27%	$497K
Deluxe	0.5%	$23	+25%	$1B	1.1x	3%	53%	22%	11%	20%	$467K
Yelp	0.5%	$18	-46%	$991M	0.7x	2%	89%	22%	15%	22%	$286K
Ibotta	0.4%	$42	+20%	$966M	2.2x	8%	78%	16%	12%	18%	$386K
Shiprocket	0.4%	$1	-	$908M	-	-	-	-	-	2%	$52K
Taboola	0.4%	$3	-12%	$873M	0.4x	4%	33%	12%	8%	14%	$956K
Rezolve AI	0.4%	$2	-52%	$859M	2.0x	76%	63%	-6%	26%	654%	$918K
PubMatic	0.4%	$18	+123%	$839M	2.3x	9%	67%	25%	12%	32%	$270K
MNTN	0.3%	$10	-40%	$740M	1.3x	19%	80%	30%	29%	50%	$543K
Auction Technology Group	0.3%	$6	+49%	$733M	3.4x	5%	58%	37%	23%	58%	$405K
Criteo	0.3%	$15	-36%	$722M	0.6x	-1%	78%	31%	12%	-17%	$555K
Yext	0.3%	$7	-23%	$644M	1.7x	0%	76%	31%	-	28%	$388K
Septeni Holdings	0.3%	$3	+18%	$638M	2.5x	7%	76%	21%	11%	27%	$161K
Sprout Social	0.3%	$10	-1%	$611M	1.0x	6%	79%	20%	16%	24%	$346K
Vtex	0.3%	$4	-22%	$603M	1.5x	7%	81%	19%	13%	27%	$176K
MediaAlpha	0.3%	$10	-25%	$589M	0.5x	11%	16%	10%	8%	28%	$8M
Nexxen	0.2%	$9	-4%	$502M	1.0x	10%	84%	33%	23%	41%	$427K
Capillary Techs India	0.2%	$6	-	$458M	3.8x	24%	67%	18%	14%	-	$104K
Beijing Quanshi World	0.2%	$3	-	$447M	-	-	-	-	-	-	$291K
Weimob	0.2%	$0	-65%	$421M	1.7x	12%	77%	11%	-	19%	$67K
Cafe24	0.2%	$15	-39%	$367M	1.1x	1%	100%	18%	12%	10%	-
Perion Network	0.2%	$9	-7%	$342M	0.2x	9%	89%	12%	12%	17%	$833K
Lime Technologies	0.1%	$24	-36%	$324M	3.8x	7%	100%	32%	19%	41%	$148K
Sidetrade	0.1%	$219	-18%	$312M	3.6x	13%	80%	19%	14%	28%	$535K
AnyMind Group	0.1%	$5	+13%	$303M	0.6x	30%	-	8%	1%	51%	-
A2Z Cust2Mate	0.1%	$6	-16%	$273M	2.5x	216%	61%	31%	111%	317%	$81K
BASE	0.1%	$2	+12%	$270M	0.7x	32%	-	9%	23%	40%	$432K
Viant	0.1%	$12	+41%	$259M	1.0x	21%	23%	30%	22%	3%	$915K
TechTarget	0.1%	$4	-34%	$258M	0.7x	2%	62%	20%	10%	20%	$232K
Verve Group	0.1%	$1	-50%	$241M	0.8x	11%	35%	22%	5%	42%	$908K
Squirrel Media	0.1%	$2	-25%	$222M	0.8x	11%	26%	13%	1%	44%	$6M
cBrain	0.1%	$11	-53%	$217M	4.5x	14%	85%	34%	19%	45%	$187K
dotDigital Group	0.1%	$1	-23%	$210M	1.2x	13%	80%	31%	16%	43%	$246K
Brightcom Group	0.1%	$0	-36%	$199M	-	-	-	-	-	32%	$2M
TON Strategy	0.1%	$4	-18%	$197M	-	-	-	-	-	-	$639K
Fabasoft	0.1%	$18	+4%	$191M	1.3x	8%	94%	25%	4%	29%	$206K
Plaid	0.1%	$4	-30%	$182M	1.2x	-4%	74%	-	-	-	$146K
Awfis Space Solutions	0.1%	$2	-64%	$175M	1.5x	20%	82%	37%	21%	58%	$211K
i-mobile Co.	0.1%	$3	-19%	$170M	-	-	-	-	-	-	$381K
Cegedim	0.1%	$12	-6%	$168M	0.3x	3%	-	22%	4%	23%	$113K
Fan Communications	0.1%	$2	-26%	$159M	-	-	-	-	-	-	$87K
eGain	0.1%	$6	-59%	$154M	1.0x	-5%	73%	1%	-	4%	$204K
NeoJapan	0.1%	$10	-15%	$142M	-	-	-	-	-	37%	$420K
Cloud Technologies S.A.	0.1%	$31	+99%	$141M	-	-	-	-	-	-	$225K
RTB Digital (Roundtable)	0.1%	$9	-	$134M	-	-	-	-	-	-	$530K
Team Internet	0.1%	$1	-14%	$125M	0.6x	24%	36%	12%	3%	-5%	$612K
Easou	0.1%	$0	-32%	$120M	-	-	-	-	-	-	$845K
eBASE	0.1%	$3	-8%	$118M	-	-	-	-	-	28%	$76K
UNITED	0.1%	$3	-5%	$117M	-	-	-	-	-	-20%	$95K
Brave Bison Group	0.1%	$1	-6%	$116M	1.7x	8%	-	21%	-2%	12%	$374K
Azerion Group	0.1%	$1	-39%	$110M	-	-	-	-	-	-	$589K
Dekuple	0.0%	$27	+7%	$108M	0.6x	7%	-	11%	7%	16%	$673K
MicroAd	0.0%	$4	+40%	$107M	-	-	-	-	-	-	$227K
KT Nasmedia	0.0%	$9	-4%	$99M	0.1x	15%	100%	22%	14%	38%	-
Adways	0.0%	$3	+42%	$97M	-	-	-	-	-	-	$88K
Fluent	0.0%	$3	+45%	$94M	0.5x	11%	27%	3%	-	1%	$994K
Quantum X Labs	0.0%	$4	+24%	$93M	-	-	-	-	-	-	$75K
AudioEye	0.0%	$7	-55%	$87M	2.0x	10%	81%	31%	27%	37%	$345K
Cheetah Mobile	0.0%	$3	-64%	$84M	-	29%	-	-	-	-	$184K
Geniee	0.0%	$6	-18%	$76M	-	-	-	-	-	25%	$116K
ad pepper media	0.0%	$3	-1%	$73M	0.6x	14%	52%	10%	7%	-13%	$552K
Eva Live	0.0%	$2	-55%	$72M	-	-	-	-	-	-	$6M
Netbay	0.0%	$0	-45%	$70M	2.9x	11%	67%	43%	32%	25%	$195K