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

1.5x

median EV/NTM revenue multiple

27%

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.

+20.5%

Multiples EV 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 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 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 EV 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 EV Index.

Metric	Tesla	CATL	BYD
Market Cap	$1.5T	$296B	$131B
EV/Revenue (NTM)	13.3x	2.8x	0.9x
EV/Gross Profit (NTM)	73.7x	11.3x	4.7x
EV/EBITDA (NTM)	85.9x	11.8x	6.6x
EV/FCF (NTM)	-404.2x	15.7x	15.1x
Revenue Growth	11%	33%	16%
Gross Margin (NTM)	18%	25%	19%
EBITDA Margin (NTM)	15%	23%	14%
FCF Margin (NTM)	-3%	18%	6%
Rule of 40	23%	61%	30%
Rule of X	35%	118%	54%

Data as of April 23, 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		10.4%	$388	+37%	$1.5T	13.3x	11%	18%	15%	-3%	23%	$704K
CATL		14.0%	$65	+93%	$296B	2.8x	33%	25%	23%	18%	61%	$471K
BYD		6.2%	$14	-15%	$131B	0.9x	16%	19%	14%	6%	30%	$122K
LG Energy Solution		3.6%	$326	+49%	$76B	4.4x	18%	20%	21%	-4%	39%	$1M
Volvo		3.3%	$35	+22%	$70B	1.7x	1%	24%	16%	7%	18%	$533K
Ford		2.4%	$13	+26%	$51B	0.9x	1%	22%	7%	1%	8%	$1M
Rivian		5.3%	$18	+30%	$22B	2.6x	44%	8%	-19%	-39%	4%	$354K
Li Auto		4.6%	$9	-23%	$19B	0.3x	19%	18%	5%	4%	21%	$511K
Tata Motors		4.2%	$5	—	$18B	1.9x	10%	30%	13%	8%	-37%	$2M
NIO		4.0%	$7	+62%	$16B	0.9x	39%	16%	4%	3%	53%	$281K
XPENG		3.9%	$8	-9%	$16B	0.9x	26%	19%	2%	4%	27%	$732K
Hyundai Motors India		3.9%	$20	+7%	$16B	1.8x	11%	24%	13%	4%	22%	$2M
Ecopro BM Co.		3.5%	$147	+115%	$14B	6.9x	24%	11%	8%	-11%	28%	$1M
Tata Motors Passenger Vehicles		3.4%	$4	-43%	$14B	0.4x	17%	38%	10%	2%	15%	$2M
VinFast		2.7%	$5	+38%	$11B	2.2x	51%	-9%	-25%	—	30%	$94K
Leapmotor Technology		2.3%	$7	-6%	$10B	0.4x	48%	16%	5%	19%	63%	$303K
Joby Aviation		2.2%	$9	+45%	$9B	52.0x	104%	29%	-438%	-476%	-473%	$26K
Volvo Cars		1.8%	$2	+40%	$7B	0.1x	-1%	16%	10%	1%	8%	$891K
Zeekr Global	—	1.6%	—	—	$7B	—	—	—	—	—	—	—
BAIC BluePark New Energy		1.6%	$1	-1%	$7B	0.8x	73%	10%	2%	—	96%	$476K
Pony AI		1.2%	$11	+24%	$5B	20.7x	76%	22%	-140%	-135%	-148%	$62K
Ninebot		1.2%	$7	-27%	$5B	0.8x	27%	29%	11%	15%	38%	—
Archer Aviation		1.1%	$6	-27%	$5B	59.6x	873%	25%	-1575%	-1434%	-321%	—
QuantumScape	—	1.1%	$7	—	$4B	390.1x	52845%	100%	-2921%	-3179%	—	—
BETA Technologies		0.9%	$16	—	$4B	15.5x	287%	24%	-258%	-334%	-915%	$42K
Ather Energy		0.9%	$10	—	$4B	6.2x	42%	26%	-3%	-13%	38%	$116K
Aima Technology Group		0.9%	$4	-32%	$4B	0.6x	12%	17%	13%	—	28%	—
Amprius		0.7%	$23	+950%	$3B	20.5x	67%	25%	7%	-2%	79%	$676K
WeRide		0.7%	$8	+28%	$3B	8.9x	71%	36%	-113%	-167%	-91%	$17K
Mitsubishi Motors		0.6%	$2	-19%	$3B	0.2x	5%	18%	6%	1%	10%	$528K
Lucid		0.6%	$7	-72%	$3B	1.4x	76%	-22%	-76%	-113%	-53%	$150K
Eos Energy Enterprises		0.6%	$7	+41%	$2B	6.9x	131%	-7%	-21%	-41%	120%	$266K
Ola Electric		0.4%	$0	-22%	$2B	5.5x	15%	—	-20%	-64%	-29%	$47K
Polestar		0.4%	$18	-42%	$2B	1.5x	38%	7%	—	—	—	$1M
Uniconn		0.4%	$17	+49%	$2B	—	—	—	—	—	—	—
T1 Energy		0.4%	$5	+345%	$2B	1.9x	30%	22%	12%	-27%	28%	$4M
Fastned		0.3%	$70	+207%	$1B	6.7x	44%	74%	19%	-55%	53%	$491K
Kempower		0.2%	$18	+45%	$1B	2.5x	25%	28%	9%	-1%	32%	$379K
Eve Air Mobility		0.2%	$3	-19%	$1B	26.8x	17386%	17%	-727%	-704%	—	—
Lotus Technology		0.2%	$1	-17%	$922M	2.9x	59%	37%	-28%	—	-4%	$463K
Solid Power		0.2%	$4	+263%	$889M	43.1x	-9%	-10%	-575%	-581%	-697%	$69K
Ehang		0.2%	$11	-34%	$795M	6.1x	43%	65%	-3%	12%	15%	$138K
Saean Group		0.2%	$2	—	$714M	—	—	—	—	—	—	—
ADS-TEC Energy		0.2%	$12	-14%	$705M	—	—	—	—	—	—	$428K
Microvast		0.2%	$2	+7%	$687M	1.9x	13%	29%	—	—	—	$190K
Phoenix Bicycle		0.2%	$1	-6%	$628M	—	—	—	—	—	—	$203K
EV Motors		0.1%	$12	+62%	$603M	0.7x	87%	—	6%	-1%	116%	$289K
LiveWire		0.1%	$2	+13%	$414M	—	—	—	—	—	—	$170K
Vertical Aerospace		0.1%	$3	-27%	$343M	—	—	—	—	—	—	—
Zaptec		0.1%	$4	+118%	$329M	1.4x	17%	41%	12%	7%	29%	$851K
EVgo		0.1%	$2	-21%	$308M	1.0x	19%	30%	5%	-30%	15%	$1M
Alfen		0.1%	$13	-26%	$287M	0.6x	4%	29%	6%	0%	9%	$544K
Niu Technologies		0.1%	$3	-5%	$249M	0.2x	23%	8%	3%	-3%	27%	$984K
ChargePoint		0.0%	$7	-43%	$173M	0.7x	5%	36%	-12%	-3%	-14%	$295K
WLM		0.0%	$4	-24%	$161M	—	—	—	—	—	—	$729K
Blink Charging		0.0%	$1	+13%	$118M	0.8x	9%	36%	-23%	-38%	-24%	$174K
MIC Electronics		0.0%	$0	-27%	$108M	—	—	—	—	—	—	$66K
Automob		0.0%	$3	+5%	$104M	0.3x	12%	—	6%	0%	24%	$531K
Gogoro		0.0%	$4	-16%	$84M	1.3x	5%	17%	21%	—	25%	$149K
GreenMobility		0.0%	$12	+176%	$72M	—	—	—	—	—	—	$247K
XCHG		0.0%	$1	-21%	$62M	1.1x	40%	53%	—	—	—	$229K
Kandi Technologies Group		0.0%	$1	-34%	$61M	—	—	—	—	—	—	$173K
Wallbox		0.0%	$3	-57%	$51M	1.1x	44%	—	-3%	—	8%	$188K
APR Technologies		0.0%	$2	—	$42M	—	—	—	—	—	—	—
Beam Global		0.0%	$2	+37%	$41M	1.0x	36%	27%	-8%	-21%	26%	$102K
Ebusco Holding		0.0%	$0	+14%	$32M	—	—	—	—	—	—	$22K
Workhorse		0.0%	$3	-78%	$30M	1.3x	60%	-21%	-68%	—	2%	$148K
Stardust Power		0.0%	$3	-43%	$28M	—	—	—	—	—	—	—
Xos Trucks		0.0%	$2	-55%	$20M	0.6x	4%	23%	-34%	—	-33%	$354K
Lobo Technologies		0.0%	$1	-8%	$10M	—	—	—	—	—	—	$228K
Delta Autocorp		0.0%	$1	-34%	$8M	—	—	—	—	—	—	$71K
ChargePanel		0.0%	$0	+25%	$6M	—	—	—	—	—	—	—
Lion Electric		0.0%	$0	-63%	$5M	—	—	—	—	—	—	$188K
Canoo		0.0%	$0	0%	$5M	—	—	—	—	—	—	—
Hopium		0.0%	$0	-89%	$4M	—	—	—	—	—	—	—
Fly-E Group		0.0%	$2	-95%	$4M	—	—	—	—	—	—	$397K
Nexity Global		0.0%	$0	-34%	$3M	—	—	—	—	—	—	—
Triggo		0.0%	$0	+136%	$2M	—	—	—	—	—	—	—
Allego		0.0%	$0	-89%	$301K	—	—	—	—	—	—	$836K
Lilium		0.0%	$0	-99%	$190K	—	—	—	—	—	—	—
e.GO Mobile		0.0%	—	—	$9K	—	—	—	—	—	—	—