Multiples EV Index

Curated by Multiples, this index tracks publicly listed electric vehicle companies globally.

Explore the Multiples EV Index

public companies
tracked

$2.4T

cumulative
enterprise value

1.6x

median EV/NTM revenue multiple

24%

median NTM/LTM revenue growth

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Index Performance

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

+0.0%

Multiples EV Index

Data as of 01 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 EV Index constituents.

Valuation Benchmarks

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

x-axis:

y-axis:

Data as of April 1, 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 EV Index.

Metric:

Data as of April 1, 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 EV Index.

Metric	Tesla	CATL	BYD
Market Cap	$1.5T	$227B	$122B
EV/Revenue (NTM)	13.8x	2.2x	0.8x
EV/Gross Profit (NTM)	75.7x	9.2x	4.1x
EV/EBITDA (NTM)	90.6x	9.4x	5.8x
EV/FCF (NTM)	-609.6x	12.7x	10.9x
Revenue Growth	12%	30%	16%
Gross Margin (NTM)	18%	24%	19%
EBITDA Margin (NTM)	15%	24%	14%
FCF Margin (NTM)	-2%	18%	7%
Rule of 40	25%	57%	30%
Rule of X	40%	107%	55%

Data as of April 1, 2026.

Cumulative Metrics

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

Index Methodology

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

This index tracks electric vehicle manufacturers and pure-play EV companies worldwide.


Tesla		10.6%	$406	+44%	$1.5T	13.8x	12%	18%	15%	-2%	25%	$704K
CATL		12.5%	$50	+48%	$227B	2.2x	30%	24%	24%	18%	57%	$464K
BYD		6.7%	$13	-21%	$122B	0.8x	16%	19%	14%	7%	30%	$120K
Volvo		4.0%	$36	+27%	$73B	1.8x	-3%	24%	16%	7%	17%	$533K
LG Energy Solution		3.4%	$265	+21%	$62B	3.9x	11%	19%	22%	-3%	27%	$1M
Ford		2.7%	$12	+23%	$49B	0.9x	1%	22%	7%	1%	8%	$1M
Tata Motors		4.8%	$5	—	$19B	2.1x	11%	30%	13%	8%	-37%	$2M
Hyundai Motors India		4.8%	$23	+27%	$19B	2.2x	12%	25%	13%	4%	23%	$2M
Rivian		4.7%	$15	+10%	$19B	2.3x	41%	8%	-21%	-41%	3%	$354K
Li Auto		4.3%	$8	-31%	$17B	0.3x	19%	18%	4%	4%	22%	$648K
XPENG		4.1%	$9	-8%	$16B	1.1x	28%	19%	2%	4%	30%	$385K
Ecopro BM Co.		3.5%	$141	+106%	$14B	7.1x	19%	10%	8%	-11%	26%	$1M
Tata Motors Passenger Vehicles		3.4%	$4	-46%	$14B	0.3x	17%	38%	10%	2%	14%	$2M
NIO		3.1%	$5	+22%	$12B	0.7x	38%	16%	3%	3%	50%	$208K
Joby Aviation		2.5%	$10	+63%	$10B	60.9x	105%	30%	-457%	-500%	-467%	$26K
Leapmotor Technology		2.0%	$6	-21%	$8B	0.4x	47%	17%	5%	15%	59%	$299K
BAIC BluePark New Energy		1.9%	$1	+11%	$8B	0.9x	76%	9%	1%	—	96%	$470K
VinFast		1.9%	$3	-6%	$8B	1.6x	53%	-10%	-26%	—	30%	$94K
Volvo Cars		1.8%	$2	+39%	$7B	0.1x	-3%	16%	10%	1%	10%	$891K
Zeekr Global	—	1.7%	—	—	$7B	—	—	—	—	—	—	—
Pony AI		1.4%	$13	+45%	$6B	31.5x	69%	22%	-152%	-145%	-158%	$51K
Archer Aviation		1.4%	$8	-10%	$6B	99.9x	906%	25%	-1801%	-1617%	51%	—
Ninebot		1.4%	$8	-17%	$5B	0.9x	26%	30%	12%	13%	40%	—
BETA Technologies		1.1%	$19	—	$4B	49.2x	241%	28%	-299%	-385%	-910%	$42K
Aima Technology Group		0.9%	$4	-32%	$4B	0.7x	12%	17%	13%	19%	25%	—
QuantumScape	—	0.9%	$6	—	$4B	432.2x	2199%	100%	-2945%	-3444%	—	—
Mitsubishi Motors		0.9%	$3	+4%	$3B	0.2x	5%	17%	6%	1%	10%	$528K
Lucid		0.8%	$10	-60%	$3B	1.7x	80%	-18%	-73%	-111%	-26%	$150K
Ather Energy		0.7%	$7	—	$3B	5.0x	40%	23%	-3%	-14%	35%	$115K
Eos Energy Enterprises		0.6%	$7	+29%	$2B	6.2x	145%	-5%	-21%	-40%	143%	$266K
WeRide		0.6%	$7	+2%	$2B	8.1x	66%	35%	-121%	-180%	-100%	$17K
Polestar		0.5%	$21	-32%	$2B	1.6x	36%	7%	—	—	—	$799K
T1 Energy		0.4%	$8	+573%	$2B	2.1x	41%	21%	13%	-20%	54%	$14K
Amprius		0.4%	$11	+397%	$1B	9.4x	68%	25%	7%	-3%	79%	$676K
Uniconn		0.3%	$14	+26%	$1B	1.2x	24%	17%	—	—	—	—
Ola Electric		0.3%	$0	-49%	$1B	3.9x	11%	—	-24%	-69%	-37%	$47K
Eve Air Mobility		0.3%	$3	-16%	$1B	33.4x	17259%	16%	-924%	-736%	—	—
Ehang		0.2%	$12	-27%	$880M	7.6x	33%	63%	-4%	13%	5%	$137K
Kempower		0.2%	$15	+15%	$808M	2.0x	23%	28%	9%	-2%	33%	$379K
Solid Power		0.2%	$4	+225%	$781M	36.8x	-12%	-14%	-591%	-600%	-697%	$69K
Lotus Technology		0.2%	$1	-31%	$760M	1.1x	124%	—	-3%	—	148%	$463K
Microvast		0.2%	$2	+13%	$715M	2.1x	13%	29%	—	—	—	$190K
Saean Group		0.2%	$2	—	$714M	—	—	—	—	—	—	—
Phoenix Bicycle		0.2%	$1	+4%	$698M	—	—	—	—	—	—	$200K
ADS-TEC Energy		0.2%	$11	-18%	$673M	—	—	—	—	—	—	$417K
EV Motors		0.1%	$12	+57%	$583M	0.8x	79%	—	7%	-3%	92%	$282K
Fastned		0.1%	$25	+9%	$481M	3.0x	39%	82%	18%	-61%	55%	$479K
Vertical Aerospace		0.1%	$4	+16%	$423M	—	—	—	—	—	—	—
EVgo		0.1%	$3	+3%	$383M	1.0x	18%	27%	4%	-31%	15%	$1M
LiveWire		0.1%	$2	-15%	$311M	—	—	—	—	—	—	$170K
Niu Technologies		0.1%	$4	+12%	$292M	0.2x	16%	5%	3%	—	19%	$741K
Zaptec		0.1%	$3	+77%	$268M	1.2x	14%	41%	12%	7%	28%	$836K
Alfen		0.1%	$10	-43%	$222M	0.5x	2%	29%	6%	0%	10%	$544K
WLM		0.0%	$5	-23%	$164M	—	—	—	—	—	—	$694K
ChargePoint		0.0%	$6	-48%	$152M	0.7x	5%	36%	-12%	-3%	-12%	$299K
MIC Electronics		0.0%	$0	-31%	$102M	—	—	—	—	—	—	$66K
Blink Charging		0.0%	$1	-6%	$97M	0.7x	8%	35%	-24%	-39%	-24%	$210K
Automob		0.0%	$3	-2%	$96M	0.3x	9%	—	6%	0%	24%	$531K
Kandi Technologies Group		0.0%	$1	-14%	$80M	—	—	—	—	—	—	$173K
XCHG		0.0%	$1	-4%	$75M	1.4x	42%	53%	—	—	—	$229K
Wallbox		0.0%	$3	-55%	$55M	—	—	—	—	—	—	$208K
GreenMobility		0.0%	$9	+98%	$52M	—	—	—	—	—	—	$241K
Gogoro		0.0%	$3	-38%	$46M	1.2x	5%	17%	21%	—	25%	$164K
Ebusco Holding		0.0%	$0	+17%	$33M	—	—	—	—	—	—	$22K
Stardust Power		0.0%	$3	-34%	$32M	—	—	—	—	—	—	—
Workhorse		0.0%	$3	-73%	$31M	8.0x	-50%	-36%	-204%	—	-262%	$46K
Beam Global		0.0%	$2	+8%	$29M	0.6x	67%	38%	-4%	-13%	36%	$179K
Xos Trucks		0.0%	$2	-44%	$24M	0.7x	14%	37%	-22%	—	-3%	$354K
APR Technologies		0.0%	$1	—	$24M	—	—	—	—	—	—	—
Hopium		0.0%	$0	-78%	$7M	—	—	—	—	—	—	—
Lobo Technologies		0.0%	$1	-19%	$7M	—	—	—	—	—	—	$228K
Delta Autocorp		0.0%	$0	-49%	$6M	—	—	—	—	—	—	$70K
ChargePanel		0.0%	$0	+22%	$6M	—	—	—	—	—	—	—
Canoo		0.0%	$0	0%	$5M	—	—	—	—	—	—	$1K
Fly-E Group		0.0%	$2	-95%	$3M	—	—	—	—	—	—	$397K
Nexity Global		0.0%	$0	-32%	$3M	—	—	—	—	—	—	—
Lion Electric		0.0%	$0	-80%	$3M	—	—	—	—	—	—	$188K
Triggo		0.0%	$0	+132%	$2M	—	—	—	—	—	—	—
Lilium		0.0%	$0	-98%	$633K	—	—	—	—	—	—	—
Allego		0.0%	$0	-89%	$301K	—	—	—	—	—	—	$816K
e.GO Mobile		0.0%	—	—	$9K	—	—	—	—	—	—	—