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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

1.7x

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.

+63.7%

Multiples AdTech Index

Data as of 02 July 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 July 2, 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 July 2, 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	AppLovin
Market Cap	$4.4T	$1.6T	$190B
EV/Revenue (NTM)	8.2x	5.7x	20.1x
EV/Gross Profit (NTM)	12.8x	7.2x	22.6x
EV/EBITDA (NTM)	17.2x	10.1x	23.6x
EV/FCF (NTM)	194.5x	-585.4x	30.0x
Revenue Growth	20%	21%	38%
Gross Margin (NTM)	64%	80%	89%
EBITDA Margin (NTM)	47%	57%	85%
FCF Margin (NTM)	4%	-1%	67%
Rule of 40	67%	81%	135%
Rule of X	98%	116%	209%

Data as of July 2, 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%	$360	+87%	$4.4T	8.2x	20%	64%	47%	4%	67%	$2M
Meta	7.7%	$613	-21%	$1.6T	5.7x	21%	80%	57%	-1%	81%	$3M
AppLovin	7.7%	$565	+45%	$190B	20.1x	38%	89%	85%	67%	135%	$6M
Salesforce	5.5%	$163	-37%	$134B	3.4x	10%	81%	41%	33%	51%	$543K
Adobe	5.1%	$211	-41%	$84B	3.1x	10%	90%	47%	39%	58%	$758K
Baidu	11.3%	$14	+29%	$38B	1.7x	5%	42%	20%	7%	21%	$529K
HubSpot	4.3%	$188	-64%	$10B	2.0x	17%	85%	25%	21%	42%	$353K
theTradeDesk	4.0%	$19	-78%	$9B	2.4x	10%	78%	40%	24%	50%	$822K
Snap	3.5%	$5	-50%	$8B	1.3x	11%	60%	20%	14%	32%	$1M
Amdocs	2.4%	$51	-40%	$5B	1.3x	4%	39%	26%	15%	29%	$168K
Open Text	2.4%	$22	-25%	$5B	2.1x	1%	77%	36%	19%	35%	$242K
Pegasystems	2.3%	$31	-47%	$5B	2.3x	13%	78%	32%	28%	45%	$312K
Zeta Global	2.3%	$21	+33%	$5B	2.6x	25%	61%	23%	14%	59%	$395K
WillScot	2.2%	$27	-7%	$5B	3.8x	1%	52%	41%	17%	40%	$485K
Klaviyo	2.2%	$16	-47%	$5B	2.4x	21%	74%	17%	16%	40%	$521K
CyberAgent	1.9%	$8	-13%	$4B	0.6x	4%	31%	10%	5%	17%	$483K
Easy Click Worldwide	1.4%	$5	+3%	$3B	3.1x	32%	16%	6%	-	40%	-
Magnite	1.3%	$20	-12%	$3B	4.0x	11%	65%	36%	24%	40%	$735K
SoundHound	1.3%	$7	-35%	$3B	9.8x	36%	51%	-17%	-30%	10%	$201K
Freshworks	1.3%	$10	-20%	$3B	2.1x	15%	86%	25%	28%	39%	$191K
Braze	1.1%	$23	-8%	$3B	2.4x	19%	68%	11%	11%	30%	$434K
LiveRamp	1.0%	$38	+15%	$2B	2.1x	10%	74%	26%	17%	31%	$625K
Mobvista	0.9%	$1	+13%	$2B	0.7x	26%	22%	9%	-	34%	$3M
Affle 3i	0.9%	$15	-29%	$2B	5.4x	20%	38%	23%	13%	43%	$462K
Wix.com	0.9%	$49	-64%	$2B	0.7x	13%	66%	14%	19%	26%	$377K
SEMrush	0.8%	$12	+34%	$2B	-	-	-	-	-	-	-
Five9	0.8%	$23	-10%	$2B	1.4x	10%	61%	25%	15%	34%	$395K
Soho House	0.8%	$9	-	$2B	-	-	-	-	-	-	-
DoubleVerify	0.8%	$11	-26%	$2B	1.9x	10%	82%	34%	21%	44%	$625K
Digital Turbine	0.7%	$13	+144%	$2B	2.9x	13%	50%	23%	-	36%	$874K
Justsystems	0.6%	$23	-7%	$1B	-	-	-	-	-	-	$603K
Yelp	0.6%	$26	-24%	$1B	1.0x	2%	90%	22%	15%	22%	$286K
Taboola	0.6%	$5	+59%	$1B	0.7x	7%	31%	11%	9%	18%	$956K
Sprinklr	0.6%	$5	-41%	$1B	1.0x	2%	68%	19%	18%	19%	$239K
Amagi Media Labs	0.5%	$6	-	$1B	5.1x	24%	72%	11%	13%	34%	$161K
Rezolve AI	0.5%	$3	+5%	$1B	2.8x	125%	72%	0%	6%	645%	$918K
Sansan	0.5%	$10	-20%	$1B	2.6x	19%	89%	23%	19%	42%	$331K
GigaCloud Technology	0.5%	$33	+49%	$1B	0.8x	12%	24%	13%	10%	29%	$826K
Deluxe	0.5%	$25	+53%	$1B	1.3x	-2%	53%	22%	11%	16%	$467K
Marketingforce Management	0.5%	$4	-46%	$1B	1.4x	45%	45%	8%	-	51%	$265K
Criteo	0.4%	$18	-24%	$929M	0.6x	1%	89%	33%	14%	-9%	$555K
Ibotta	0.4%	$36	-1%	$836M	1.9x	5%	77%	14%	11%	14%	$386K
MNTN	0.4%	$11	-62%	$802M	2.0x	20%	81%	30%	27%	49%	$543K
Vobile	0.3%	$0	-34%	$745M	1.7x	21%	47%	21%	-10%	43%	$685K
Riskified	0.3%	$5	-2%	$723M	1.2x	10%	52%	10%	12%	19%	$497K
Vtex	0.3%	$4	-30%	$713M	1.8x	11%	81%	20%	10%	30%	$176K
MediaAlpha	0.3%	$13	+28%	$692M	0.6x	11%	17%	10%	8%	24%	$8M
Auction Technology Group	0.3%	$5	-17%	$658M	3.1x	11%	62%	36%	22%	58%	$405K
PubMatic	0.3%	$14	+15%	$642M	1.8x	6%	64%	20%	11%	23%	$270K
Infomart	0.3%	$2	-11%	$623M	3.6x	11%	76%	30%	16%	43%	$269K
Weimob	0.3%	$0	-48%	$595M	2.2x	12%	76%	23%	-	42%	$66K
Septeni Holdings	0.2%	$3	-4%	$560M	2.0x	4%	76%	20%	9%	27%	$166K
Nexxen	0.2%	$10	-7%	$532M	1.1x	10%	85%	33%	21%	40%	$427K
Yext	0.2%	$5	-40%	$489M	1.4x	0%	74%	27%	-	26%	$388K
Sprout Social	0.2%	$8	-53%	$480M	0.8x	8%	79%	15%	11%	21%	$346K
Perion Network	0.2%	$10	-11%	$382M	0.2x	8%	89%	11%	8%	16%	$833K
Verve Group	0.1%	$2	-50%	$326M	0.9x	14%	39%	23%	8%	45%	$954K
Echo Marketing	0.1%	$10	+33%	$320M	-	-	-	-	-	-	-
Shoper	0.1%	$11	-18%	$303M	4.4x	14%	-	39%	25%	50%	-
TechTarget	0.1%	$4	-44%	$294M	0.8x	2%	62%	19%	11%	21%	$232K
Sidetrade	0.1%	$199	-23%	$284M	3.0x	14%	-	16%	16%	31%	$161K
Lime Technologies	0.1%	$21	-49%	$281M	3.4x	5%	100%	32%	19%	40%	$167K
A2Z Cust2Mate	0.1%	$6	-37%	$280M	4.0x	218%	56%	6%	0%	188%	$81K
Cafe24	0.1%	$12	-60%	$279M	0.8x	2%	100%	18%	12%	21%	-
Viant	0.1%	$13	-8%	$267M	0.4x	22%	23%	30%	14%	3%	$915K
Squirrel Media	0.1%	$3	+11%	$246M	0.7x	21%	30%	13%	-2%	49%	$7M
Awfis Space Solutions	0.1%	$3	-49%	$234M	1.8x	18%	89%	36%	26%	57%	$215K
Brightcom Group	0.1%	$0	-30%	$209M	-	-	-	-	-	32%	$2M
BASE	0.1%	$2	-33%	$195M	-	-	-	-	-	-	$445K
Thryv	0.1%	$4	-69%	$183M	0.7x	-13%	67%	17%	7%	-4%	$260K
eGain	0.1%	$7	+6%	$181M	1.1x	4%	74%	14%	-	17%	$198K
i-mobile Co.	0.1%	$3	-19%	$177M	-	-	-	-	-	-	$409K
dotDigital Group	0.1%	$1	-42%	$170M	0.9x	15%	-	31%	15%	44%	$246K
Fabasoft	0.1%	$16	-17%	$168M	1.1x	7%	93%	25%	2%	31%	$211K
AnyMind Group	0.1%	$3	-23%	$167M	0.4x	30%	-	7%	-1%	48%	-
TON Strategy	0.1%	$3	-70%	$164M	-	-	-	-	-	-	$639K
Fan Communications	0.1%	$2	-20%	$161M	-	-	-	-	-	-	$89K
cBrain	0.1%	$7	-78%	$145M	-	-	-	-	-	-	$195K
Azerion Group	0.1%	$1	-19%	$141M	-	-	-	-	-	-	$596K
Brave Bison Group	0.1%	$1	+36%	$139M	2.1x	17%	100%	21%	1%	12%	$375K
NeoJapan	0.1%	$10	-13%	$136M	-	-	-	-	-	37%	$418K
Plaid	0.1%	$3	-58%	$126M	0.8x	6%	75%	-	-	-	-
Dekuple	0.1%	$32	-9%	$126M	0.5x	6%	-	11%	7%	16%	$611K
Cloud Technologies S.A.	0.1%	$28	+112%	$122M	-	-	-	-	-	-	$232K
Team Internet	0.1%	$0	-39%	$119M	0.3x	56%	40%	11%	3%	228%	$1M
Fluent	0.1%	$4	+73%	$118M	0.6x	8%	25%	1%	-	-1%	$994K
UNITED	0.1%	$3	-13%	$116M	-	-	-	-	-	-20%	$95K
Easou	0.0%	$0	-64%	$110M	-	-	-	-	-	-	$834K
comScore	0.0%	$7	+41%	$110M	0.4x	-7%	44%	11%	-	1%	$298K
eBASE	0.0%	$2	-23%	$109M	-	-	-	-	-	28%	$76K
Cheetah Mobile	0.0%	$3	-38%	$103M	-	-	-	-	-	-	$181K
TTEC	0.0%	$2	-58%	$103M	0.5x	-3%	22%	11%	5%	6%	$41K
Eva Live	0.0%	$3	-40%	$93M	-	-	-	-	-	-	$6M
MicroAd	0.0%	$3	-3%	$90M	-	-	-	-	-	-	$231K
Bilendi	0.0%	$18	-28%	$85M	1.3x	4%	-	23%	7%	26%	$478K
Coheris	0.0%	$14	+51%	$82M	-	-	-	-	-	-	$154K
AudioEye	0.0%	$6	-51%	$79M	1.9x	10%	81%	29%	25%	36%	$345K
Teads Holding	0.0%	$1	-68%	$79M	0.5x	0%	92%	8%	-	4%	$722K
Marchex	0.0%	$2	-14%	$74M	1.5x	-1%	-	11%	-	10%	$279K
ad pepper media	0.0%	$3	-17%	$73M	0.4x	18%	51%	10%	7%	-13%	$558K