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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

$4.0T

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.

+8.3%

Multiples Automakers 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 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 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 Automakers 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 Automakers Index.

Metric	Tesla	Toyota	BYD
Market Cap	$1.4T	$224B	$113B
EV/Revenue (NTM)	11.5x	1.2x	0.8x
EV/Gross Profit (NTM)	62.2x	6.9x	4.1x
EV/EBITDA (NTM)	76.9x	10.5x	5.3x
EV/FCF (NTM)	-154.2x	32.8x	18.7x
Revenue Growth	13%	4%	14%
Gross Margin (NTM)	19%	18%	19%
EBITDA Margin (NTM)	15%	12%	15%
FCF Margin (NTM)	-7%	4%	4%
Rule of 40	26%	17%	28%
Rule of X	44%	25%	49%

Data as of August 16, 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%	$342	+3%	$1.4T	11.5x	13%	19%	15%	-7%	26%	$704K
Toyota		10.4%	$19	-3%	$224B	1.2x	4%	18%	12%	4%	17%	$829K
BYD		5.2%	$12	-22%	$113B	0.8x	14%	19%	15%	4%	28%	$123K
General Motors		3.5%	$87	+48%	$76B	0.9x	2%	18%	12%	6%	13%	$1M
Hyundai		3.4%	$281	+78%	$74B	1.0x	5%	19%	9%	-1%	13%	$2M
Volvo		3.4%	$36	+16%	$73B	1.7x	4%	27%	16%	7%	20%	$495K
Ferrari		3.3%	$412	-14%	$72B	8.0x	7%	52%	39%	20%	46%	$1M
PACCAR		3.2%	$131	+31%	$69B	2.4x	10%	16%	14%	10%	14%	$1M
Ford		2.6%	$14	+22%	$57B	1.0x	1%	16%	8%	2%	6%	$1M
Mercedes-Benz		2.3%	$53	-14%	$51B	0.8x	0%	24%	12%	4%	10%	$873K
Porsche		2.2%	$51	-3%	$47B	1.3x	-2%	18%	19%	5%	15%	$985K
Maruti Suzuki India		2.1%	$145	-14%	$45B	1.9x	14%	26%	11%	5%	32%	$918K
Mahindra & Mahindra		2.0%	$36	-1%	$43B	2.8x	13%	22%	14%	6%	10%	$256K
Volkswagen		2.0%	$85	-27%	$43B	0.5x	1%	23%	14%	2%	14%	$545K
BMW		1.9%	$69	-34%	$41B	0.8x	1%	17%	13%	3%	9%	$970K
Honda		1.9%	$10	-9%	$41B	0.3x	5%	20%	6%	-1%	11%	$705K
Daimler Truck		1.8%	$52	+11%	$40B	1.0x	8%	22%	11%	5%	18%	$512K
Kia		1.8%	$100	+32%	$39B	0.3x	7%	20%	11%	6%	20%	$2M
Weichai Power		1.8%	$4	+108%	$38B	0.8x	11%	24%	14%	10%	24%	$353K
Bajaj Auto		1.6%	$122	+25%	$34B	4.5x	16%	30%	21%	14%	40%	$848K
Suzuki		1.2%	$13	-2%	$25B	0.5x	7%	25%	13%	3%	22%	$318K
Geely Auto		1.1%	$2	-9%	$24B	0.3x	19%	13%	8%	7%	32%	$800K
Eicher Motors		1.1%	$84	+22%	$23B	7.3x	18%	40%	25%	17%	49%	$455K
Rivian		1.0%	$15	+13%	$22B	2.2x	52%	9%	-13%	-33%	13%	$354K
TVS Motor		1.0%	$45	+21%	$21B	3.9x	18%	27%	13%	6%	36%	$764K
Traton		1.0%	$43	+16%	$21B	0.9x	7%	21%	14%	5%	19%	$483K
Stellantis		0.9%	$5	-44%	$20B	0.2x	3%	8%	7%	0%	11%	$715K
Chery Automobile		0.9%	$3	-	$19B	0.1x	16%	12%	8%	1%	26%	$794K
Hyundai Motors India		0.9%	$23	-18%	$19B	2.0x	12%	27%	12%	2%	22%	$2M
Tata Motors		0.8%	$5	-	$18B	1.8x	12%	31%	12%	8%	-37%	$419K
SAIC Motor		0.8%	$1	-43%	$17B	0.0x	5%	11%	5%	4%	7%	$518K
Great Wall Motor		0.8%	$2	-46%	$17B	0.4x	14%	15%	8%	4%	19%	$384K
Kawasaki Heavy Industries		0.7%	$18	+46%	$16B	0.9x	9%	31%	11%	1%	21%	$357K
Seres Group		0.6%	$8	-60%	$13B	0.2x	13%	17%	6%	2%	2%	$1M
Tata Motors Passenger Vehicles		0.6%	$3	-54%	$13B	0.4x	17%	35%	10%	1%	16%	$2M
Hero MotoCorp		0.6%	$61	+5%	$12B	1.9x	12%	30%	14%	9%	29%	$516K
Yamaha Motor		0.5%	$12	+67%	$12B	0.9x	4%	32%	11%	1%	20%	$239K
Li Auto		0.5%	$6	-49%	$12B	0.0x	20%	13%	4%	3%	8%	$517K
Subaru		0.5%	$16	-19%	$11B	0.1x	6%	16%	7%	2%	13%	$642K
XPENG		0.5%	$6	-46%	$11B	0.8x	27%	17%	2%	6%	21%	$741K
Ashok Leyland		0.5%	$2	+25%	$11B	3.0x	9%	27%	13%	8%	7%	$605K
Dongfeng Motor Group Co		0.5%	-	-	$10B	0.3x	-	-	8%	-	-	$171K
Porsche SE		0.5%	$32	-25%	$9.8B	1.5x	59%	-	-1%	13%	223%	$66M
Isuzu		0.5%	$14	+7%	$9.8B	0.6x	6%	19%	9%	2%	17%	$403K
Renault		0.4%	$33	-15%	$9.6B	0.9x	3%	16%	10%	2%	16%	$679K
Changan Automobile		0.4%	$1	-46%	$9.5B	0.1x	7%	7%	6%	2%	11%	$441K
VinFast		0.3%	$3	-7%	$7.4B	1.6x	43%	-8%	-25%	-	17%	$194K
Leapmotor Technology		0.3%	$5	-38%	$7.3B	0.2x	41%	15%	5%	15%	65%	$617K
Nissan		0.3%	$2	-8%	$7.2B	0.6x	4%	14%	5%	-1%	7%	$507K
Guangzhou Automobile Group		0.3%	$1	-43%	$6.4B	0.3x	16%	18%	2%	-10%	15%	$166K
Volvo Cars		0.3%	$2	-1%	$6.1B	0.2x	-1%	16%	10%	1%	3%	$845K
Ford Otosan		0.3%	$2	-39%	$5.8B	0.3x	19%	9%	7%	3%	27%	$2M
BAIC BluePark New Energy		0.2%	$1	-37%	$5B	0.5x	49%	-22%	3%	-1%	58%	$928K
Mazda		0.2%	$7	+9%	$4.6B	0.1x	6%	28%	5%	1%	11%	$633K
Iveco Group		0.2%	$16	-25%	$4.3B	0.5x	7%	-	10%	5%	19%	$431K
Thor Industries		0.2%	$79	-28%	$4.1B	0.5x	3%	15%	6%	3%	7%	$458K
Polaris		0.2%	$69	+23%	$4B	0.8x	4%	22%	8%	1%	12%	$493K
REV Group	-	0.1%	-	-	$3.1B	-	-	-	-	-	-	-
Harley-Davidson		0.1%	$28	-5%	$2.9B	0.8x	5%	27%	8%	-3%	-9%	$758K
Mitsubishi Motors		0.1%	$2	-22%	$2.9B	0.2x	4%	16%	6%	0%	11%	$499K
Tofaş		0.1%	$6	-8%	$2.8B	0.3x	40%	-	5%	-1%	54%	$1M
Lucid		0.1%	$6	-69%	$2.5B	1.9x	76%	-14%	-77%	-110%	-131%	$150K
PIERER Mobility		0.1%	-	-	$2.1B	-	-	-	-	-	-	-
NFI Group		0.1%	$18	+31%	$2.1B	0.8x	9%	15%	10%	2%	22%	$402K
Polestar		0.1%	$14	-65%	$2.1B	1.8x	20%	-	-15%	-	1%	$1M
Blue Bird Corp.		0.1%	$65	+11%	$2.1B	1.0x	16%	16%	13%	6%	31%	$736K
WeRide		0.1%	$6	-38%	$1.9B	4.7x	90%	38%	-70%	-97%	-76%	$33K
Sanlorenzo		0.1%	$46	+21%	$1.6B	1.3x	4%	75%	18%	9%	11%	$776K
Hino Motors		0.1%	-	-	$1.5B	0.3x	-	-	9%	-	10%	$216K
Bajaj Mobility		0.1%	$43	+128%	$1.5B	-	-	-	-	-	-	$220K
Voyah		0.1%	$0	-	$1.3B	0.1x	37%	16%	6%	-	54%	$631K
Ferretti		0.1%	$3	+11%	$1.2B	0.7x	1%	41%	16%	7%	13%	$677K
New Gonow Recreational		0.1%	$1	+665%	$1.1B	-	-	-	-	-	-	$176K
Marcopolo		0.0%	$1	-50%	$964M	0.7x	5%	31%	18%	9%	19%	$124K
Einride		0.0%	$6	-	$854M	-	-	-	-	-	-	-
IDOM		0.0%	$8	+19%	$818M	0.3x	9%	18%	5%	0%	17%	$701K
Piaggio		0.0%	$2	-2%	$803M	0.7x	4%	32%	17%	6%	21%	$304K
Otokar		0.0%	$7	-53%	$781M	0.8x	66%	-	5%	8%	56%	$297K
GB Corp		0.0%	$1	+23%	$686M	0.7x	9%	-	9%	-1%	18%	$2M
Lotus Technology		0.0%	$1	-50%	$681M	3.3x	43%	13%	-	-	-	$260K
Amotiv		0.0%	$5	-25%	$637M	1.3x	2%	43%	22%	12%	22%	$354K
Aston Martin Lagonda		0.0%	$0	-52%	$479M	1.2x	10%	39%	21%	-7%	40%	$566K
Delek Automotive Systems		0.0%	$5	-37%	$474M	-	-	-	-	-	-	$5M
KG Mobility		0.0%	$2	-14%	$417M	0.2x	-	12%	-	-	-	-
Toyota Caetano Portugal		0.0%	$8	+15%	$287M	-	-	-	-	-	-	$473K
Anadolu Isuzu		0.0%	$1	-37%	$248M	-	-	-	-	-	-	$695K
Immsi		0.0%	$1	+3%	$211M	-	-	-	-	-	-	$308K
Auto Italia Holdings		0.0%	$0	+79%	$200M	-	-	-	-	-	-	$408K
KABE Group		0.0%	$22	-8%	$199M	-	-	-	-	-	-	$512K
Colonial Motor		0.0%	$4	-6%	$137M	-	-	-	-	-	-	$2M
Carlo Gavazzi Holding		0.0%	$192	-9%	$137M	0.3x	4%	55%	11%	4%	14%	$174K
Novamarine		0.0%	$10	+59%	$128M	3.3x	6%	-	26%	6%	17%	-
Peter Warren Automotive		0.0%	$1	-44%	$120M	0.3x	12%	11%	4%	1%	11%	-
Saean Group		0.0%	$0	-85%	$109M	-	-	-	-	-	-	-
Pininfarina		0.0%	$1	-9%	$75M	-	-	-	-	-	-	$244K
Nimbus Group		0.0%	$1	-16%	$54M	-	-	-	-	-	-	-
Ebusco Holding		0.0%	$0	-30%	$52M	-	-	-	-	-	-	$156K
Workhorse		0.0%	$3	-81%	$33M	1.5x	66%	-16%	-71%	-	-75%	$148K
Vmoto		0.0%	$0	+56%	$30M	-	-	-	-	-	-	$2M
Xos Trucks		0.0%	$2	-26%	$30M	0.7x	16%	25%	-31%	-	-52%	$354K