Multiples EduTech Index

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

Explore the Multiples EduTech Index

public companies
tracked

$128B

cumulative
enterprise value

1.5x

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.

-14.0%

Multiples EduTech Index

Data as of 23 April 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 April 23, 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 April 23, 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	$41B	$15B	$9B
EV/Revenue (NTM)	3.1x	5.5x	2.1x
EV/Gross Profit (NTM)	—	10.9x	—
EV/EBITDA (NTM)	10.8x	18.5x	9.0x
EV/FCF (NTM)	13.6x	20.1x	18.4x
Revenue Growth	16%	9%	5%
Gross Margin (NTM)	—	50%	—
EBITDA Margin (NTM)	29%	30%	23%
FCF Margin (NTM)	23%	27%	11%
Rule of 40	45%	38%	27%
Rule of X	71%	50%	33%

Data as of April 23, 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		10.2%	$1,941	-47%	$41B	3.1x	16%	—	29%	23%	45%	$182K
Tyler Technologies		7.5%	$346	-36%	$15B	5.5x	9%	50%	30%	27%	38%	$299K
Pearson		4.6%	$15	-8%	$9B	2.1x	5%	—	23%	11%	27%	$284K
Topicus		5.3%	$76	-37%	$6B	3.1x	15%	—	28%	21%	44%	—
Graham Holdings		4.2%	$1,154	+25%	$5B	0.9x	6%	—	8%	6%	16%	$247K
Duolingo		4.1%	$106	-73%	$5B	3.1x	16%	70%	25%	30%	41%	$1M
Stride		5.0%	$102	-28%	$4B	1.6x	5%	38%	24%	15%	29%	$264K
IPE Universal		4.7%	$16	—	$4B	—	—	—	—	—	—	—
East Buy		4.4%	$4	+130%	$4B	3.5x	14%	38%	12%	6%	27%	$315K
COL Group		3.7%	$4	+41%	$3B	—	—	—	—	—	—	—
McGraw Hill		5.2%	$14	—	$3B	2.3x	4%	81%	35%	16%	38%	$500K
John Wiley & Sons		4.1%	$42	-3%	$2B	1.7x	2%	75%	27%	—	28%	$323K
Alef Education		3.7%	$0	+10%	$2B	7.9x	6%	88%	70%	60%	78%	$519K
Blackbaud		3.4%	$39	-35%	$2B	2.4x	4%	62%	37%	24%	41%	$403K
Cengage		2.8%	$24	—	$1B	—	—	—	—	—	—	$356K
Afya		2.7%	$16	-18%	$1B	2.2x	12%	63%	43%	28%	52%	$76K
Youdao		2.5%	$11	+20%	$1B	1.4x	14%	44%	6%	—	17%	$231K
Vitec Software		2.2%	$30	-37%	$1B	3.3x	7%	74%	38%	13%	47%	$345K
American Public Education		2.1%	$60	+157%	$1B	1.6x	7%	54%	14%	8%	20%	$106K
Coursera		2.0%	$6	-27%	$1B	0.4x	7%	57%	9%	10%	16%	$580K
Duolun Technology		1.6%	$1	+6%	$839M	—	—	—	—	—	—	—
Scholastic		1.6%	$39	+118%	$835M	0.6x	3%	57%	9%	5%	12%	$229K
Udemy		1.4%	$5	-28%	$719M	0.5x	3%	68%	13%	11%	15%	$572K
Shenzhen Fangzhi Science		1.0%	$2	+41%	$530M	—	—	—	—	—	—	—
Docebo		0.9%	$19	-38%	$497M	1.5x	11%	81%	21%	17%	31%	$245K
NIIT Learning Systems		0.9%	$3	-15%	$478M	1.5x	17%	100%	20%	8%	38%	$108K
Gaotu Techedu		0.9%	$2	-37%	$473M	0.1x	15%	71%	1%	0%	15%	$63K
Vasta Platform	—	0.7%	$5	—	$394M	—	—	—	—	—	—	—
D2L		0.7%	$7	-24%	$387M	1.2x	8%	70%	16%	16%	22%	$205K
Jiangsu Chuanzhiboke		0.7%	$1	+22%	$378M	—	—	—	—	—	—	—
MegaStudyEdu		0.6%	$30	-9%	$310M	0.4x	0%	57%	23%	18%	26%	—
Fenbi		0.5%	$0	-56%	$273M	0.2x	9%	54%	14%	—	22%	$57K
Goodheart-Willcox		0.4%	$425	-7%	$198M	—	—	—	—	—	—	—
Tribal Group		0.3%	$1	+26%	$151M	1.1x	2%	—	18%	7%	19%	$142K
I-Scream Media		0.3%	$11	+3%	$139M	—	—	—	—	—	—	—
51 Talk		0.3%	$23	+27%	$136M	—	—	—	—	—	—	$94K
RM plc		0.2%	$1	-4%	$128M	1.0x	2%	—	12%	0%	12%	—
ReadyTech		0.2%	$1	-33%	$123M	1.7x	8%	—	29%	9%	34%	—
Chegg		0.2%	$1	+42%	$115M	0.5x	-34%	57%	15%	17%	-28%	$297K
Nerdy		0.2%	$1	-42%	$115M	0.5x	4%	66%	1%	-1%	2%	$298K
iHuman		0.2%	$2	-17%	$91M	—	—	—	—	—	—	$187K
Thinkific Labs		0.1%	$1	-35%	$74M	0.3x	5%	73%	2%	5%	4%	$266K
Sylogist		0.1%	$3	-50%	$72M	1.7x	2%	—	16%	13%	14%	$228K
Skillsoft		0.1%	$7	-63%	$62M	1.1x	-1%	74%	22%	4%	19%	$227K
Skolon		0.1%	$2	-34%	$60M	1.8x	33%	29%	9%	12%	44%	—
3P Learning		0.1%	$0	-57%	$55M	—	—	—	—	—	—	$223K
FLOWSPARKS		0.1%	$25	+19%	$53M	—	—	—	—	—	—	$179K
Sunlands Technology		0.1%	$4	-30%	$47M	—	—	—	—	—	—	$141K
DAY1		0.1%	$3	-28%	$46M	—	—	—	—	—	—	—
Ruanyun Edai Technology		0.1%	$1	-85%	$44M	—	—	—	—	—	—	$76K
Jinxin Technology Holding Co.		0.1%	$1	-84%	$41M	—	—	—	—	—	—	$578K
YXT.com		0.1%	$1	+17%	$36M	—	—	—	—	—	—	$71K
Reskill		0.1%	$17	-18%	$35M	—	—	—	—	—	—	—
Schoo		0.1%	$3	-72%	$32M	—	—	—	—	—	—	—
Yeb Net		0.1%	$2	-30%	$32M	—	—	—	—	—	—	—
Globee		0.1%	$5	+2%	$27M	—	—	—	—	—	—	$282K
Janison		0.0%	$0	-24%	$23M	0.4x	12%	55%	7%	1%	11%	$203K
NetClass Technology		0.0%	$0	-97%	$23M	—	—	—	—	—	—	$213K
17 Education & Technology		0.0%	$2	+33%	$21M	—	—	—	—	—	—	$82K
RareJob		0.0%	$2	-29%	$18M	—	—	—	—	—	—	$100K
123Fahrschule		0.0%	$3	-28%	$17M	0.6x	16%	—	7%	1%	23%	$110K
Shape Robotics		0.0%	$1	-60%	$15M	—	—	—	—	—	—	$949K
eEducation Albert		0.0%	$0	+27%	$12M	0.4x	-2%	100%	5%	4%	0%	$173K
One-On-One Educational		0.0%	$0	—	$11M	—	—	—	—	—	—	—
Flier Inc		0.0%	$3	-47%	$10M	—	—	—	—	—	6%	$108K
DTCOM - Direct to Company		0.0%	$1	—	$6M	—	—	—	—	—	—	—
zSpace		0.0%	$1	-86%	$4M	0.8x	-5%	54%	-3%	-21%	-10%	$357K
Classover Holdings		0.0%	$1	-1%	$1M	—	—	—	—	—	—	$306K
Rapid Line		0.0%	$0	-83%	$400K	—	—	—	—	—	—	—