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Multiples Automakers Index

Curated by Multiples, this index tracks publicly listed automobile manufacturers globally.

Explore the Multiples Automakers Index

100

public companies
tracked

$4.3T

cumulative
enterprise value

0.8x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

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

+17.2%

Multiples Automakers Index

Data as of 14 September 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 Automakers Index constituents.

Valuation Benchmarks

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

x-axis:

y-axis:

Data as of September 14, 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 Automakers Index.

Metric:

Data as of September 14, 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 Automakers Index.

Metric	Tesla	Toyota	BYD
Market Cap	$1.4T	$233B	$106B
EV/Revenue (NTM)	12.2x	1.2x	0.7x
EV/Gross Profit (NTM)	65.4x	6.5x	3.9x
EV/EBITDA (NTM)	80.8x	10.6x	4.9x
EV/FCF (NTM)	-168.7x	26.5x	18.9x
Revenue Growth	13%	6%	15%
Gross Margin (NTM)	19%	19%	19%
EBITDA Margin (NTM)	15%	12%	15%
FCF Margin (NTM)	-7%	5%	4%
Rule of 40	26%	22%	27%
Rule of X	44%	37%	44%

Data as of September 14, 2026.

Cumulative Metrics

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

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Automakers 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 Automakers Index

This index tracks the world's largest publicly listed automakers.


Tesla		20.0%	$365	-18%	$1.4T	12.2x	13%	19%	15%	-7%	26%	$704K
Toyota		11.0%	$20	+2%	$233B	1.2x	6%	19%	12%	5%	22%	$857K
BYD		5.0%	$13	-18%	$106B	0.7x	15%	19%	15%	4%	27%	$124K
General Motors		3.5%	$86	+38%	$75B	1.0x	2%	19%	12%	6%	12%	$1M
Ferrari		3.4%	$414	-15%	$73B	7.9x	7%	52%	39%	20%	46%	$1M
Volvo		3.4%	$35	+23%	$72B	1.7x	5%	27%	16%	7%	20%	$488K
Hyundai		3.1%	$285	+86%	$66B	1.0x	6%	19%	9%	0%	13%	$2M
PACCAR		3.1%	$123	+25%	$65B	2.3x	10%	16%	14%	10%	13%	$1M
Ford		2.6%	$14	+17%	$56B	1.0x	1%	17%	8%	2%	6%	$1M
Mercedes-Benz		2.4%	$54	-14%	$51B	0.8x	1%	24%	12%	4%	10%	$876K
Porsche		2.2%	$52	+8%	$47B	1.3x	-2%	19%	19%	5%	15%	$988K
Volkswagen		2.2%	$94	-13%	$47B	0.6x	1%	22%	14%	2%	14%	$548K
BMW		2.1%	$73	-27%	$44B	1.0x	2%	17%	13%	3%	9%	$974K
Honda		2.0%	$11	+5%	$42B	0.7x	8%	20%	6%	-1%	16%	$729K
Maruti Suzuki India		1.9%	$130	-28%	$41B	1.7x	14%	26%	11%	5%	31%	$919K
Daimler Truck		1.8%	$51	+25%	$39B	1.0x	8%	23%	11%	5%	18%	$514K
Mahindra & Mahindra		1.8%	$33	-16%	$39B	2.7x	13%	21%	14%	6%	10%	$257K
Kia		1.7%	$94	+31%	$37B	0.2x	8%	20%	11%	6%	20%	$2M
Weichai Power		1.6%	$4	+99%	$34B	0.8x	13%	24%	14%	8%	24%	$355K
Bajaj Auto		1.6%	$122	+25%	$34B	4.5x	16%	30%	21%	14%	40%	$849K
Suzuki		1.2%	$13	-9%	$26B	0.6x	9%	25%	13%	3%	26%	$329K
Rivian		1.1%	$16	+10%	$23B	2.2x	53%	9%	-12%	-31%	13%	$354K
Geely Auto		1.0%	$2	-18%	$22B	0.3x	18%	17%	9%	6%	27%	$805K
Eicher Motors		1.0%	$79	0%	$22B	6.8x	17%	40%	25%	17%	48%	$456K
Traton		1.0%	$43	+33%	$21B	1.0x	7%	22%	14%	5%	19%	$485K
TVS Motor		1.0%	$43	+12%	$21B	3.7x	17%	27%	13%	6%	33%	$765K
Stellantis		1.0%	$5	-41%	$20B	0.2x	3%	7%	7%	0%	10%	$718K
SAIC Motor		0.9%	$2	-27%	$20B	0.1x	5%	8%	5%	3%	7%	$522K
Hyundai Motors India		0.9%	$23	-22%	$18B	2.0x	12%	27%	12%	2%	22%	$2M
Chery Automobile		0.9%	$3	-22%	$18B	0.1x	18%	15%	9%	1%	20%	$798K
Tata Motors		0.8%	$5	-	$17B	1.6x	13%	30%	12%	8%	26%	$419K
Great Wall Motor		0.7%	$1	-72%	$16B	0.4x	13%	19%	8%	3%	17%	$386K
Kawasaki Heavy Industries		0.6%	$15	+14%	$13B	1.1x	10%	32%	12%	1%	25%	$369K
Subaru		0.6%	$17	-17%	$12B	0.1x	7%	17%	7%	3%	17%	$664K
Seres Group		0.6%	$7	-71%	$12B	0.2x	9%	24%	5%	0%	-11%	$1M
Tata Motors Passenger Vehicles		0.5%	$3	-59%	$12B	0.4x	16%	35%	10%	2%	21%	$2M
Li Auto		0.5%	$6	-55%	$12B	0.1x	20%	14%	3%	3%	-2%	$520K
Hero MotoCorp		0.5%	$55	-11%	$11B	1.7x	12%	30%	14%	9%	29%	$517K
Yamaha Motor		0.5%	$11	+50%	$11B	0.8x	6%	31%	13%	2%	26%	$247K
Porsche SE		0.5%	$34	-14%	$10B	1.2x	41%	-	0%	10%	330%	$66M
Dongfeng Motor Group Co		0.5%	-	-	$10B	0.3x	-	-	8%	-	-	$172K
Ashok Leyland		0.5%	$2	+7%	$10B	2.9x	9%	27%	13%	8%	7%	$605K
XPENG		0.5%	$5	-56%	$10B	0.8x	26%	19%	1%	4%	12%	$745K
Renault		0.5%	$34	-16%	$9.9B	1.0x	3%	16%	10%	2%	16%	$669K
Isuzu		0.5%	$14	+12%	$9.8B	0.6x	8%	18%	10%	2%	21%	$416K
Changan Automobile		0.4%	$1	-39%	$9.4B	0.2x	5%	11%	6%	2%	5%	$444K
VinFast		0.4%	$3	0%	$7.5B	2.0x	42%	-7%	-23%	-	15%	$196K
Nissan		0.3%	$2	-17%	$7.1B	0.7x	6%	13%	5%	-2%	11%	$524K
Leapmotor Technology		0.3%	$4	-47%	$6.4B	0.2x	39%	16%	5%	18%	65%	$621K
Guangzhou Automobile Group		0.3%	$1	-29%	$6.4B	0.4x	12%	9%	0%	-7%	9%	$167K
Ford Otosan		0.3%	$2	-28%	$6B	0.3x	23%	7%	7%	2%	25%	$2M
Volvo Cars		0.3%	$2	-6%	$5.7B	0.2x	0%	16%	10%	1%	3%	$832K
Mazda		0.2%	$7	+2%	$4.7B	0.1x	9%	19%	5%	1%	16%	$654K
BAIC BluePark New Energy		0.2%	$1	-39%	$4.4B	0.5x	57%	-11%	2%	-1%	64%	$933K
Iveco Group		0.2%	$16	-24%	$4.3B	0.5x	7%	-	11%	5%	19%	$433K
Thor Industries		0.2%	$73	-30%	$3.8B	0.4x	3%	15%	6%	3%	7%	$458K
Polaris		0.2%	$59	+1%	$3.3B	0.7x	4%	22%	8%	1%	12%	$493K
Mitsubishi Motors		0.2%	$2	-12%	$3.2B	0.2x	6%	16%	6%	0%	15%	$516K
REV Group	-	0.1%	-	-	$3.1B	1.2x	10%	14%	11%	3%	18%	$432K
Tofaş		0.1%	$6	-1%	$3.1B	0.3x	40%	-	6%	-1%	54%	$1M
Harley-Davidson		0.1%	$28	+3%	$2.9B	0.8x	5%	27%	9%	-1%	-9%	$758K
PIERER Mobility		0.1%	-	-	$2.1B	-	-	-	-	-	-	-
NFI Group		0.1%	$17	+60%	$2B	0.7x	9%	12%	10%	3%	22%	$402K
WeRide		0.1%	$2	-35%	$2B	5.2x	80%	36%	-76%	-103%	-90%	$33K
Blue Bird Corp.		0.1%	$62	+8%	$2B	1.0x	16%	16%	13%	6%	31%	$736K
Lucid		0.1%	$4	-81%	$1.7B	2.6x	80%	-15%	-77%	-106%	-153%	$150K
Sanlorenzo		0.1%	$44	+8%	$1.6B	1.2x	5%	75%	18%	9%	12%	$779K
Polestar		0.1%	$9	-68%	$1.3B	1.7x	26%	-8%	-19%	-	-23%	$1M
Ferretti		0.1%	$3	+8%	$1.2B	0.7x	1%	41%	16%	7%	13%	$702K
Bajaj Mobility		0.1%	$33	+102%	$1.1B	-	-	-	-	-	-	$221K
Marcopolo		0.1%	$1	-45%	$1.1B	0.8x	6%	32%	17%	8%	17%	$126K
New Gonow Recreational		0.0%	$1	+598%	$998M	-	-	-	-	-	-	$177K
Voyah		0.0%	$0	-	$994M	0.1x	37%	15%	4%	-	49%	$635K
Otokar		0.0%	$7	-47%	$791M	0.8x	61%	-	5%	7%	56%	$292K
IDOM		0.0%	$8	+10%	$784M	0.3x	11%	18%	5%	0%	21%	$725K
Piaggio		0.0%	$2	-3%	$782M	0.7x	4%	32%	17%	5%	21%	$305K
Lotus Technology		0.0%	$1	-47%	$706M	2.9x	42%	18%	-32%	-	-26%	$260K
GB Corp		0.0%	$1	+27%	$641M	0.7x	11%	-	10%	-2%	28%	$1M
Delek Automotive Systems		0.0%	$6	-18%	$585M	-	-	-	-	-	-	$5M
Amotiv		0.0%	$4	-26%	$580M	1.2x	3%	43%	22%	12%	22%	$357K
Einride		0.0%	$4	-	$521M	-	-	-	-	-	-	-
Aston Martin Lagonda		0.0%	$0	-58%	$473M	1.2x	9%	39%	21%	-7%	40%	$566K
KG Mobility		0.0%	$2	-14%	$407M	0.3x	7%	12%	-	-	-	-
Toyota Caetano Portugal		0.0%	$8	+5%	$268M	-	-	-	-	-	-	$475K
Anadolu Isuzu		0.0%	$1	-28%	$250M	-	-	-	-	-	-	$685K
KABE Group		0.0%	$24	+1%	$219M	-	-	-	-	-	-	$504K
Auto Italia Holdings		0.0%	$0	+44%	$215M	-	-	-	-	-	-	$408K
Immsi		0.0%	$1	-13%	$205M	-	-	-	-	-	-	$309K
Carlo Gavazzi Holding		0.0%	$196	-2%	$139M	0.3x	4%	55%	11%	4%	13%	$174K
Colonial Motor		0.0%	$4	-10%	$136M	-	-	-	-	-	-	$2M
Novamarine		0.0%	$10	+40%	$125M	3.3x	4%	-	26%	6%	17%	-
Saean Group		0.0%	$0	-85%	$109M	-	-	-	-	-	-	-
Peter Warren Automotive		0.0%	$1	-54%	$93M	0.3x	5%	9%	4%	2%	6%	-
Pininfarina		0.0%	$1	-5%	$76M	-	-	-	-	-	-	$245K
Ebusco Holding		0.0%	$0	-47%	$55M	-	-	-	-	-	-	$157K
Nimbus Group		0.0%	$1	-23%	$51M	-	-	-	-	-	-	-
Xos Trucks		0.0%	$3	+8%	$39M	0.9x	20%	25%	-31%	-	-52%	$354K
Bellini Nautica		0.0%	$5	+42%	$34M	0.7x	37%	27%	16%	5%	97%	$1M
Workhorse		0.0%	$3	-68%	$33M	2.0x	130%	-17%	-71%	-	-75%	$148K
Vmoto		0.0%	$0	+74%	$28M	-	-	-	-	-	-	$2M