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Multiples EduTech Index

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

Explore the Multiples EduTech Index

public companies
tracked

$139B

cumulative
enterprise value

1.2x

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 EduTech Index constituents, indexed to 0% at the beginning of the period.

-3.8%

Multiples EduTech 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 EduTech Index constituents.

Valuation Benchmarks

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

Metric	Constellation Software	Tyler Technologies	Pearson
Market Cap	$47B	$13B	$9.7B
EV/Revenue (NTM)	3.3x	5.2x	2.2x
EV/Gross Profit (NTM)	-	10.5x	-
EV/EBITDA (NTM)	11.9x	17.5x	9.6x
EV/FCF (NTM)	15.2x	18.7x	19.2x
Revenue Growth	18%	9%	5%
Gross Margin (NTM)	-	50%	-
EBITDA Margin (NTM)	28%	30%	23%
FCF Margin (NTM)	22%	28%	12%
Rule of 40	46%	37%	27%
Rule of X	75%	48%	34%

Data as of August 16, 2026.

Cumulative Metrics

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

Index Methodology

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

This index tracks publicly listed education technology companies across learning platforms and education software.


Constellation Software	12.5%	$2,227	-33%	$47B	3.3x	18%	-	28%	22%	46%	$182K
Tyler Technologies	7.9%	$329	-42%	$13B	5.2x	9%	50%	30%	28%	37%	$299K
Pearson	5.7%	$16	+12%	$9.7B	2.2x	5%	-	23%	12%	27%	$284K
TAL Education	3.8%	$12	+10%	$6.5B	1.0x	21%	57%	20%	24%	45%	$131K
Duolingo	3.6%	$133	-55%	$6.2B	3.8x	14%	71%	27%	32%	43%	$1M
Topicus	3.5%	$73	-41%	$6.1B	2.8x	14%	-	29%	21%	44%	-
Graham Holdings	3.0%	$1,191	+10%	$5B	1.0x	5%	-	8%	6%	14%	$247K
IPE Universal	5.7%	$14	-	$3.6B	-	-	-	-	-	-	-
Stride	5.4%	$83	-49%	$3.5B	1.2x	1%	37%	25%	15%	27%	$277K
Exponent	5.0%	$67	-6%	$3.2B	5.2x	8%	27%	32%	32%	32%	$498K
East Buy	4.4%	$3	-22%	$2.8B	1.9x	23%	36%	12%	-	38%	$319K
John Wiley & Sons	4.1%	$51	+26%	$2.6B	1.9x	4%	75%	28%	12%	29%	$322K
McGraw Hill	3.9%	$13	-10%	$2.5B	2.3x	3%	81%	36%	12%	37%	$501K
Youdao	3.4%	$18	+100%	$2.2B	2.2x	14%	43%	7%	-	17%	$234K
Blackbaud	3.2%	$45	-32%	$2.1B	2.6x	5%	59%	37%	25%	41%	$403K
Alef Education	2.9%	$0	-3%	$1.9B	7.7x	3%	-	70%	-	77%	$519K
Coursera	2.4%	$6	-50%	$1.5B	0.6x	32%	63%	16%	10%	80%	$580K
Cengage	2.3%	-	-	$1.5B	-	-	-	-	-	-	-
Afya	2.0%	$14	-9%	$1.3B	2.1x	8%	64%	43%	26%	50%	$73K
Vitec Software	1.6%	$26	-32%	$1B	3.4x	2%	89%	41%	16%	43%	$326K
American Public Education	1.3%	$45	+50%	$828M	1.1x	6%	55%	15%	9%	21%	$106K
Scholastic	1.2%	$41	+62%	$781M	0.6x	3%	57%	9%	2%	10%	$223K
Jiangsu Chuanzhiboke	1.1%	$2	+94%	$732M	5.9x	53%	56%	-	-	-	-
Udemy	1.1%	-	-	$677M	-	-	-	-	-	-	-
Duolun Technology	1.0%	$1	-29%	$668M	-	-	-	-	-	-	-
Docebo	0.9%	$23	-27%	$581M	2.1x	11%	80%	21%	17%	34%	$245K
Shenzhen Fangzhi Science	0.7%	$2	0%	$427M	-	-	-	-	-	-	-
Gaotu Techedu	0.6%	$2	-57%	$401M	0.1x	15%	70%	2%	7%	16%	$63K
Qibu	0.5%	$1	+63%	$354M	-	-	-	-	-	-	$109K
NIIT Learning Systems	0.5%	$3	-32%	$348M	0.9x	13%	-	20%	9%	36%	$114K
D2L	0.5%	$7	-43%	$346M	1.1x	8%	71%	17%	17%	22%	$217K
TIANLI Education	0.4%	$0	-71%	$282M	1.0x	29%	29%	35%	15%	47%	$87K
MegaStudyEdu	0.4%	$26	-21%	$271M	0.3x	2%	56%	22%	17%	24%	-
Tribal Group	0.3%	$1	+7%	$180M	1.3x	1%	-	18%	-	19%	$142K
I-Scream Media	0.3%	$13	-13%	$163M	-	-	-	-	-	-	-
Goodheart-Willcox	0.2%	$361	-12%	$161M	-	-	-	-	-	-	-
ReadyTech	0.2%	$1	-22%	$147M	1.9x	7%	-	29%	9%	34%	-
Weight Watchers	0.2%	$14	-	$141M	0.7x	-3%	72%	17%	8%	6%	$212K
RM plc	0.2%	$1	+1%	$135M	1.1x	1%	-	12%	-1%	9%	-
51 Talk	0.2%	$20	-45%	$118M	-	-	-	-	-	-	$177K
Fenbi	0.1%	$0	-89%	$96M	(0.2x)	17%	56%	15%	-	24%	$55K
Nerdy	0.1%	$1	-48%	$90M	0.4x	0%	66%	0%	-	-6%	$298K
Chegg	0.1%	$1	-46%	$88M	0.4x	-38%	51%	17%	-	-32%	$297K
Skillsoft	0.1%	$8	-46%	$74M	1.3x	-12%	83%	28%	5%	5%	$227K
iHuman	0.1%	$1	-51%	$70M	-	-	-	-	-	-	$166K
Thinkific Labs	0.1%	$1	-31%	$63M	0.2x	4%	73%	5%	6%	5%	$266K
FLOWSPARKS	0.1%	$29	+8%	$62M	-	-	-	-	-	-	$184K
Skolon	0.1%	$2	-35%	$59M	1.8x	29%	28%	7%	9%	26%	-
3P Learning	0.1%	$0	-49%	$56M	-	-	-	-	-	-	$220K
Sylogist	0.1%	$2	-59%	$55M	1.6x	0%	-	13%	5%	2%	$224K
WOONGJIN THINKBIG	0.1%	$1	-65%	$48M	-	-	-	-	-	-	-
Sunlands Technology	0.1%	$3	-67%	$42M	-	-	-	-	-	-	$145K
Ruanyun Edai Technology	0.1%	$1	-25%	$39M	-	-	-	-	-	-90%	$85K
Globee	0.1%	$8	+25%	$38M	-	-	-	-	-	-	$264K
Genius Group	0.0%	$0	-	$31M	2.3x	187%	69%	-25%	-	120%	$63K
DAY1	0.0%	$2	-53%	$30M	-	-	-	-	-	-	-
Reskill	0.0%	$13	-47%	$26M	1.1x	13%	70%	-	-	49%	-
Yeb Net	0.0%	$2	-34%	$25M	-	-	-	-	-	-	-
Schoo	0.0%	$2	-64%	$25M	-	-	-	-	-	-	-
CHieru Co	0.0%	$3	-32%	$24M	-	-	-	-	-	24%	$573K
RareJob	0.0%	$2	+8%	$23M	-	-	-	-	-	4%	$91K
17 Education & Technology	0.0%	$2	+19%	$23M	-	-	-	-	-	-	$46K
YXT.com	0.0%	$4	+320%	$22M	0.6x	8%	-	-4%	-	-2%	$74K
Mynd.ai	0.0%	$0	-	$18M	-	-	-	-	-	-	$333K
Janison	0.0%	$0	-54%	$17M	0.2x	-	55%	7%	1%	12%	$201K
123Fahrschule	0.0%	$3	-33%	$15M	0.6x	17%	99%	8%	1%	24%	$107K
Shape Robotics	0.0%	$1	-66%	$15M	-	-	-	-	-	-	$935K
eEducation Albert	0.0%	$0	+58%	$13M	0.5x	-2%	100%	5%	4%	-9%	$164K
SuRaLa Net Co	0.0%	$2	-23%	$12M	-	-	-	-	-	-	$117K
Jinxin Technology Holding Co.	0.0%	$3	+158%	$10M	-	-	-	-	-	-	$595K
OpenLearning	0.0%	$0	+32%	$9M	-	-	-	-	-	-	$50K
One-On-One Educational	0.0%	$0	-23%	$8M	-	-	-	-	-	-	-
Flier Inc	0.0%	$2	-53%	$8M	-	-	-	-	-	6%	$122K
Manabi-aid	0.0%	$2	-55%	$7M	-	-	-	-	-	-39%	-
DTCOM - Direct to Company	0.0%	$0	-17%	$5M	-	-	-	-	-	-	-
Kvix	0.0%	$0	+16%	$4M	-	-	-	-	-	-	$122K
NetClass Technology	0.0%	$3	-97%	$3M	-	-	-	-	-	-	$213K
zSpace	0.0%	$0	-100%	$960K	0.7x	0%	-	-6%	-	-7%	$357K
Rapid Line	0.0%	$0	+241%	$622K	-	-	-	-	-	-	-