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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

1.3x

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.

+0.5%

Multiples EduTech Index

Data as of 04 October 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 October 4, 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 October 4, 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	$44B	$13B	$9.7B
EV/Revenue (NTM)	3.1x	5.0x	2.3x
EV/Gross Profit (NTM)	-	9.8x	-
EV/EBITDA (NTM)	11.2x	16.9x	9.9x
EV/FCF (NTM)	14.3x	18.1x	20.1x
Revenue Growth	17%	10%	4%
Gross Margin (NTM)	-	51%	-
EBITDA Margin (NTM)	28%	30%	23%
FCF Margin (NTM)	22%	28%	11%
Rule of 40	46%	38%	27%
Rule of X	75%	52%	33%

Data as of October 4, 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	12.7%	$2,096	-21%	$44B	3.1x	17%	-	28%	22%	46%	$182K
Tyler Technologies	7.8%	$323	-32%	$13B	5.0x	10%	51%	30%	28%	38%	$299K
Pearson	5.7%	$16	+16%	$9.7B	2.3x	4%	-	23%	11%	27%	$278K
Duolingo	4.0%	$144	-46%	$6.7B	4.2x	14%	71%	27%	32%	43%	$1M
TAL Education	3.9%	$12	-2%	$6.7B	1.0x	20%	57%	20%	24%	41%	$131K
Topicus	3.1%	$63	-36%	$5.3B	2.6x	14%	-	29%	21%	44%	-
Graham Holdings	2.9%	$1,150	+14%	$4.9B	0.9x	8%	-	8%	6%	14%	$247K
IPE Universal	5.5%	$14	-	$3.6B	-	-	-	-	-	-	$733K
East Buy	5.2%	$3	+17%	$3.5B	2.3x	26%	34%	12%	8%	41%	$416K
Stride	5.0%	$79	+16%	$3.3B	1.1x	2%	37%	25%	15%	24%	$277K
Exponent	4.8%	$67	-6%	$3.2B	5.2x	8%	26%	32%	31%	32%	$498K
COL Global	3.8%	$3	-16%	$2.5B	6.3x	29%	46%	12%	-	45%	-
McGraw Hill	3.7%	$13	+15%	$2.5B	2.2x	4%	82%	36%	12%	36%	$501K
John Wiley & Sons	3.7%	$48	+27%	$2.4B	2.1x	4%	75%	27%	13%	29%	$322K
Blackbaud	2.9%	$42	-36%	$1.9B	2.5x	5%	61%	37%	25%	41%	$403K
Alef Education	2.9%	$0	+2%	$1.9B	7.7x	2%	-	70%	-	77%	$519K
Youdao	2.8%	$15	+44%	$1.8B	1.8x	14%	42%	8%	-	15%	$235K
Cengage	2.2%	-	-	$1.5B	-	-	-	-	-	-	-
Coursera	2.0%	$5	-40%	$1.3B	0.2x	29%	63%	16%	11%	77%	$580K
Afya	1.6%	$12	-14%	$1.1B	1.9x	7%	64%	42%	28%	50%	$73K
Vitec Software	1.6%	$27	-23%	$1.1B	3.6x	2%	89%	41%	17%	43%	$310K
American Public Education	1.2%	$44	+31%	$800M	1.0x	6%	55%	15%	9%	21%	$106K
Duolun Technology	1.0%	$1	-23%	$667M	-	-	-	-	-	-	-
Scholastic	1.0%	$36	+26%	$666M	0.6x	3%	57%	9%	2%	11%	$223K
Gaotu Techedu	0.9%	$3	-12%	$599M	0.2x	14%	71%	3%	13%	16%	$64K
Docebo	0.9%	$23	-7%	$584M	2.2x	10%	80%	22%	17%	31%	$245K
Jiangsu Chuanzhiboke	0.8%	$1	+37%	$518M	3.9x	52%	57%	-	-	-	-
Shenzhen Fangzhi Science	0.7%	$2	-31%	$436M	-	-	-	-	-	-	-
D2L	0.6%	$7	-42%	$380M	1.2x	8%	72%	17%	17%	20%	$217K
MegaStudyEdu	0.4%	$28	-5%	$286M	0.4x	3%	56%	22%	17%	24%	-
Tribal Group	0.4%	$1	+57%	$285M	2.2x	1%	-	17%	9%	22%	$139K
Qibu	0.4%	$0	+46%	$284M	-	-	-	-	-	-	$110K
NIIT Learning Systems	0.4%	$2	-46%	$273M	0.9x	12%	-	20%	11%	36%	$113K
OranjeBTC	0.3%	$2	-	$220M	-	-	-	-	-	-	-
TIANLI Education	0.3%	$0	-69%	$192M	0.8x	14%	33%	33%	15%	72%	$88K
I-Scream Media	0.3%	$14	+10%	$173M	0.6x	28%	74%	-	-	-	-
Goodheart-Willcox	0.2%	$357	-14%	$159M	-	-	-	-	-	-	$117K
Weight Watchers	0.2%	$15	-	$147M	0.7x	-2%	71%	17%	9%	6%	$212K
RM plc	0.2%	$1	-8%	$132M	2.0x	-8%	-	12%	-8%	-39%	-
ReadyTech	0.2%	$1	-35%	$115M	1.5x	2%	-	30%	8%	26%	-
Fenbi	0.1%	$0	-88%	$91M	-	17%	56%	15%	-	23%	$56K
Thinkific Labs	0.1%	$1	-19%	$88M	0.5x	1%	73%	18%	17%	8%	$266K
Chegg	0.1%	$1	-30%	$82M	0.4x	-34%	50%	17%	-	-32%	$297K
Nerdy	0.1%	$8	+683%	$65M	0.3x	2%	66%	1%	-	-6%	$298K
51 Talk	0.1%	$11	-78%	$64M	-	-	-	-	-	-	$177K
3P Learning	0.1%	$0	-44%	$61M	-	-	-	-	-	19%	$207K
iHuman	0.1%	$1	-60%	$58M	-	-	-	-	-	-	$167K
Skolon	0.1%	$2	-29%	$56M	1.7x	31%	28%	8%	9%	30%	-
FLOWSPARKS	0.1%	$26	-12%	$55M	-	-	-	-	-	-	$179K
Skillsoft	0.1%	$6	-56%	$52M	1.4x	-10%	84%	31%	5%	5%	$227K
WOONGJIN THINKBIG	0.1%	$1	-56%	$48M	-	-	-	-	-	-	-
Sylogist	0.1%	$2	-63%	$41M	1.3x	1%	-	13%	7%	2%	$219K
Globee	0.1%	$8	+55%	$39M	-	-	-	-	-	-	$332K
Sunlands Technology	0.1%	$3	-58%	$36M	-	-	-	-	-	-	$192K
17 Education & Technology	0.1%	$4	-34%	$34M	-	-	66%	13%	-	275%	$47K
DAY1	0.0%	$2	-31%	$33M	0.2x	32%	-	-	-	-	-
Ruanyun Edai Technology	0.0%	$1	-30%	$32M	-	-	-	-	-	-90%	$85K
Genius Group	0.0%	$0	-	$29M	1.9x	47%	64%	-24%	-	89%	$63K
Reskill	0.0%	$13	-43%	$26M	0.7x	14%	70%	-	-	50%	-
CHieru Co	0.0%	$3	-17%	$25M	-	-	-	-	-	24%	$578K
Yeb Net	0.0%	$2	-28%	$25M	-	-	-	-	-	-	-
Schoo	0.0%	$2	-58%	$23M	-	-	-	-	-	-	-
Janison	0.0%	$0	-42%	$22M	0.4x	7%	55%	7%	1%	5%	$202K
Mynd.ai	0.0%	$0	-	$17M	-	-	-	-	-	-	$333K
123Fahrschule	0.0%	$3	-32%	$15M	0.6x	17%	99%	8%	1%	23%	$104K
YXT.com	0.0%	$2	+127%	$14M	0.5x	8%	-	-2%	-	0%	$74K
SuRaLa Net Co	0.0%	$2	-25%	$11M	-	-	-	-	-	-	$118K
eEducation Albert	0.0%	$0	+4%	$11M	0.4x	0%	100%	6%	5%	-9%	$156K
Jinxin Technology Holding Co.	0.0%	$3	+181%	$9M	-	-	-	-	-	-	$598K
One-On-One Educational	0.0%	$0	-20%	$9M	-	-	-	-	-	-	-
Flier Inc	0.0%	$2	-29%	$8M	-	-	-	-	-	6%	$123K
Manabi-aid	0.0%	$2	-41%	$7M	-	-	-	-	-	-39%	-
OpenLearning	0.0%	$0	-66%	$7M	-	-	-	-	-	-	$49K
NetClass Technology	0.0%	$2	-97%	$5M	-	-	-	-	-	-	$213K
zSpace	0.0%	$0	-99%	$5M	0.5x	-8%	-	-35%	-	-62%	$357K
DTCOM - Direct to Company	0.0%	$0	-23%	$4M	-	-	-	-	-	-	-
Cluey	0.0%	$0	-	$4M	-	-	-	-	-	-	$180K
Kvix	0.0%	$0	+80%	$3M	-	-	-	-	-	-	$116K
KIDZ AI	0.0%	$2	+262%	$2M	-	-	-	-	-	-	$281K
Rapid Line	0.0%	$0	+130%	$690K	-	-	-	-	-	-	-