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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

$6.2T

cumulative
enterprise value

1.7x

median EV/NTM revenue multiple

12%

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.

+21.6%

Multiples AdTech Index

Data as of 16 August 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 August 16, 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 August 16, 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	$1.5T	$161B
EV/Revenue (NTM)	7.2x	5.3x	3.9x
EV/Gross Profit (NTM)	11.3x	6.6x	4.9x
EV/EBITDA (NTM)	15.2x	9.3x	9.5x
EV/FCF (NTM)	-176.0x	-64.2x	12.1x
Revenue Growth	23%	23%	10%
Gross Margin (NTM)	64%	80%	81%
EBITDA Margin (NTM)	48%	57%	41%
FCF Margin (NTM)	-4%	-8%	33%
Rule of 40	70%	85%	52%
Rule of X	105%	126%	68%

Data as of August 16, 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	7.5%	$345	+62%	$4.2T	7.2x	23%	64%	48%	-4%	70%	$2M
Meta	7.5%	$590	-20%	$1.5T	5.3x	23%	80%	57%	-8%	85%	$3M
Salesforce	6.7%	$196	-24%	$161B	3.9x	10%	81%	41%	33%	52%	$543K
AppLovin	4.4%	$315	-34%	$106B	11.0x	35%	88%	84%	66%	133%	$6M
Adobe	4.4%	$264	-27%	$105B	3.8x	10%	90%	46%	39%	58%	$758K
Baidu	9.4%	$13	+12%	$35B	1.6x	4%	41%	20%	6%	18%	$533K
HubSpot	5.0%	$224	-54%	$11B	2.5x	15%	84%	26%	21%	43%	$353K
Snap	4.1%	$5	-24%	$9.1B	1.5x	12%	60%	21%	15%	34%	$1M
Zeta Global	3.2%	$29	+48%	$7.3B	3.6x	23%	60%	23%	15%	62%	$395K
theTradeDesk	2.9%	$14	-74%	$6.6B	2.1x	-4%	73%	27%	22%	25%	$822K
Amdocs	2.7%	$58	-32%	$6.2B	1.5x	3%	39%	26%	15%	29%	$168K
Open Text	2.6%	$24	-26%	$5.9B	2.1x	0%	76%	33%	14%	34%	$245K
Pegasystems	2.4%	$32	-40%	$5.3B	2.5x	9%	78%	28%	29%	35%	$312K
Klaviyo	2.3%	$18	-43%	$5.3B	2.6x	21%	73%	16%	17%	40%	$521K
WillScot	1.9%	$24	-2%	$4.3B	3.4x	2%	51%	41%	12%	41%	$485K
CyberAgent	1.8%	$8	-35%	$4B	0.5x	5%	30%	10%	5%	18%	$471K
Magnite	1.6%	$25	-5%	$3.5B	4.5x	12%	68%	38%	26%	44%	$735K
Freshworks	1.6%	$13	-6%	$3.5B	2.7x	14%	86%	26%	28%	41%	$191K
Easy Click Worldwide	1.5%	$5	+54%	$3.3B	3.0x	75%	15%	5%	-	48%	-
SoundHound	1.5%	$7	-43%	$3.3B	10.8x	36%	51%	-16%	-31%	12%	$201K
Braze	1.4%	$29	+12%	$3.3B	3.0x	19%	68%	11%	11%	30%	$434K
Wix.com	1.4%	$74	-47%	$3.1B	1.7x	12%	68%	15%	18%	25%	$377K
Five9	1.1%	$33	+23%	$2.5B	2.0x	10%	61%	26%	15%	34%	$395K
Affle 3i	1.1%	$17	-19%	$2.5B	6.2x	20%	38%	23%	13%	44%	$459K
Mobvista	1.1%	$1	-20%	$2.4B	0.7x	28%	21%	9%	-	34%	$3M
LiveRamp	1.0%	$38	+36%	$2.3B	2.1x	10%	73%	26%	17%	31%	$625K
DoubleVerify	0.9%	$13	-18%	$2B	2.3x	8%	83%	34%	22%	42%	$625K
Marketingforce Management	0.8%	$7	-2%	$1.9B	2.2x	50%	47%	15%	-	70%	$267K
GigaCloud Technology	0.8%	$52	+96%	$1.9B	1.2x	12%	25%	13%	9%	33%	$826K
SEMrush	0.8%	-	-	$1.8B	-	-	-	-	-	-	-
Justsystems	0.7%	$26	-18%	$1.7B	-	-	-	-	-	53%	$712K
Sansan	0.7%	$13	+1%	$1.7B	3.6x	21%	89%	24%	19%	43%	$309K
Sprinklr	0.7%	$7	-20%	$1.6B	1.4x	3%	68%	19%	18%	19%	$239K
Digital Turbine	0.7%	$12	+196%	$1.5B	2.6x	14%	50%	24%	7%	39%	$874K
Amagi Media Labs	0.6%	$6	-	$1.4B	5.6x	24%	-	11%	14%	37%	$160K
Yelp	0.6%	$25	-22%	$1.3B	0.9x	2%	89%	22%	16%	22%	$286K
Deluxe	0.5%	$24	+22%	$1.1B	1.2x	3%	53%	22%	10%	20%	$467K
Taboola	0.5%	$4	+21%	$1.1B	0.6x	4%	33%	12%	9%	14%	$956K
Rezolve AI	0.5%	$3	-23%	$1.1B	2.3x	96%	76%	-2%	5%	661%	$918K
Infomart	0.5%	$4	+52%	$1B	6.2x	13%	76%	32%	15%	46%	$260K
MNTN	0.4%	$13	-39%	$937M	2.3x	19%	81%	30%	30%	50%	$543K
Criteo	0.4%	$19	-23%	$931M	0.7x	-2%	78%	31%	14%	-15%	$555K
Ibotta	0.4%	$45	+66%	$902M	2.1x	7%	78%	16%	12%	17%	$386K
Riskified	0.4%	$7	+37%	$875M	1.6x	13%	50%	11%	12%	27%	$497K
Vobile	0.4%	$0	-62%	$820M	1.9x	17%	49%	16%	-9%	36%	$684K
MediaAlpha	0.4%	$13	+25%	$807M	0.7x	12%	16%	10%	-	28%	$8M
PubMatic	0.4%	$18	+103%	$801M	2.2x	9%	67%	24%	10%	32%	$270K
Auction Technology Group	0.3%	$6	+32%	$728M	3.4x	8%	62%	36%	22%	58%	$405K
Septeni Holdings	0.3%	$3	+13%	$653M	2.4x	6%	76%	20%	9%	27%	$160K
Weimob	0.3%	$0	-54%	$645M	2.3x	16%	-	-	-	-	$66K
Vtex	0.3%	$4	-8%	$618M	1.6x	9%	81%	19%	10%	29%	$176K
Sprout Social	0.3%	$10	-37%	$599M	1.0x	7%	79%	19%	16%	24%	$346K
Yext	0.3%	$6	-34%	$594M	1.6x	0%	74%	27%	-	26%	$388K
Nexxen	0.3%	$10	+4%	$583M	1.2x	10%	84%	33%	23%	41%	$427K
Beijing Quanshi World	0.2%	$3	-	$470M	-	-	-	-	-	-	$290K
Perion Network	0.2%	$10	+5%	$382M	0.3x	9%	89%	12%	12%	17%	$833K
Lime Technologies	0.1%	$25	-30%	$338M	3.8x	7%	100%	32%	19%	41%	$156K
Sidetrade	0.1%	$231	-12%	$330M	3.9x	15%	80%	18%	13%	28%	$184K
A2Z Cust2Mate	0.1%	$7	-17%	$326M	3.5x	230%	60%	27%	107%	309%	$81K
Verve Group	0.1%	$2	-36%	$325M	0.9x	14%	40%	22%	8%	47%	$930K
Echo Marketing	0.1%	$10	+13%	$324M	0.8x	-	69%	13%	6%	-	-
Shoper	0.1%	$11	-15%	$318M	4.5x	12%	-	39%	24%	51%	-
Cafe24	0.1%	$13	-54%	$305M	0.8x	7%	100%	18%	13%	22%	-
TechTarget	0.1%	$4	-35%	$278M	0.7x	2%	61%	20%	9%	20%	$232K
Viant	0.1%	$13	+25%	$275M	0.4x	21%	23%	30%	21%	3%	$915K
RTB Digital (Roundtable)	0.1%	$17	-	$237M	-	-	-	-	-	-	$530K
Squirrel Media	0.1%	$2	+1%	$235M	0.7x	15%	25%	13%	1%	41%	$6M
AnyMind Group	0.1%	$4	-25%	$232M	0.5x	30%	-	7%	0%	48%	-
dotDigital Group	0.1%	$1	-25%	$212M	1.2x	14%	80%	31%	16%	44%	$251K
BASE	0.1%	$2	-28%	$210M	0.4x	34%	-	9%	22%	43%	$428K
Brightcom Group	0.1%	$0	-44%	$210M	-	-	-	-	-	32%	$2M
eGain	0.1%	$7	+18%	$206M	1.4x	3%	74%	14%	-	17%	$198K
Awfis Space Solutions	0.1%	$3	-57%	$200M	1.6x	19%	90%	37%	19%	59%	$212K
Fabasoft	0.1%	$18	-1%	$193M	1.3x	9%	94%	25%	4%	32%	$211K
Plaid	0.1%	$4	-44%	$176M	1.2x	1%	75%	-	-	-	$144K
i-mobile Co.	0.1%	$3	-27%	$175M	-	-	-	-	-	-	$377K
Fan Communications	0.1%	$3	-30%	$164M	-	-	-	-	-	-	$86K
cBrain	0.1%	$8	-72%	$160M	3.3x	13%	84%	36%	16%	46%	$192K
Azerion Group	0.1%	$1	-24%	$149M	-	-	-	-	-	-	$604K
TON Strategy	0.1%	$3	-81%	$148M	-	-	-	-	-	-	$639K
NeoJapan	0.1%	$10	-26%	$141M	-	-	-	-	-	37%	$417K
Team Internet	0.1%	$1	-30%	$139M	0.5x	38%	36%	12%	4%	-5%	$612K
Brave Bison Group	0.1%	$1	+45%	$136M	2.0x	13%	-	21%	-2%	12%	$383K
Fluent	0.1%	$4	+108%	$129M	0.7x	10%	27%	2%	-	1%	$994K
UNITED	0.1%	$3	-24%	$123M	-	-	-	-	-	-20%	$94K
eBASE	0.1%	$3	-20%	$118M	-	-	-	-	-	28%	$75K
Dekuple	0.1%	$29	-10%	$116M	0.5x	7%	-	11%	7%	17%	$689K
Easou	0.1%	$0	-62%	$113M	-	-	-	-	-	-	$840K
Cloud Technologies S.A.	0.0%	$25	+88%	$111M	-	-	-	-	-	-	$235K
MicroAd	0.0%	$4	-2%	$108M	-	-	-	-	-	-	$225K
Cheetah Mobile	0.0%	$3	-45%	$103M	(0.6x)	26%	-	-	-	-	$183K
AudioEye	0.0%	$8	-38%	$100M	2.3x	10%	81%	31%	26%	37%	$345K
Thryv	0.0%	$2	-83%	$96M	0.6x	-13%	65%	12%	5%	-9%	$260K
KT Nasmedia	0.0%	$9	-19%	$95M	(0.1x)	17%	100%	19%	17%	40%	-
comScore	0.0%	$6	-7%	$94M	0.6x	-9%	38%	4%	-	-10%	$298K
Adways	0.0%	$2	+19%	$92M	-	-	-	-	-	-	$87K
Geniee	0.0%	$7	-23%	$85M	-	-	-	-	-	25%	$115K
Marchex	0.0%	$2	-6%	$82M	1.2x	26%	-	14%	-	29%	$279K
TTEC	0.0%	$2	-58%	$78M	0.5x	-3%	22%	11%	4%	2%	$41K
ad pepper media	0.0%	$3	-29%	$75M	0.5x	20%	52%	10%	7%	-13%	$566K