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Multiples Saudi Top 100 Index

Curated by Multiples, this index tracks the 100 largest listed companies in Saudi Arabia.

Explore the Multiples Saudi Top 100 Index

100

public companies
tracked

$2.7T

cumulative
enterprise value

2.8x

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 Saudi Top 100 Index constituents, indexed to 0% at the beginning of the period.

-5.3%

Multiples Saudi Top 100 Index

Data as of 01 July 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 Saudi Top 100 Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Saudi Top 100 Index.

x-axis:

y-axis:

Data as of July 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 Saudi Top 100 Index.

Metric:

Data as of July 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 Saudi Top 100 Index.

Metric	Aramco	Al Rajhi Bank	Maaden
Market Cap	$1.7T	$105B	$61B
EV/Revenue (NTM)	3.4x	10.4x	6.0x
EV/Gross Profit (NTM)	6.6x	-	11.8x
EV/EBITDA (NTM)	6.3x	-	13.6x
EV/FCF (NTM)	16.4x	-	47.7x
Revenue Growth	4%	11%	6%
Gross Margin (NTM)	51%	-	51%
EBITDA Margin (NTM)	54%	-	44%
FCF Margin (NTM)	21%	-	13%
Rule of 40	70%	-	50%
Rule of X	96%	-	59%

Data as of July 1, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Saudi Top 100 Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Saudi Top 100 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 Saudi Top 100 Index

This index tracks the top 100 publicly listed companies in Saudi Arabia by market cap, spanning energy, financials, telecom, and technology sectors.


Aramco	12.9%	$7	+7%	$1.7T	3.4x	4%	51%	54%	21%	70%	$6M
Al Rajhi Bank	7.1%	$18	-31%	$105B	10.4x	11%	-	-	-	-	$443K
Maaden	4.1%	$16	+14%	$61B	6.0x	6%	51%	44%	13%	50%	$1M
Saudi National Bank	4.1%	$10	+3%	$61B	8.8x	6%	-	-	-	-	$709K
stc Group	3.8%	$12	+3%	$57B	2.6x	5%	48%	32%	13%	36%	$84K
SABIC	4.1%	$14	-6%	$41B	1.3x	3%	-	18%	10%	15%	$1M
ACWA Power	3.9%	$52	-12%	$40B	16.8x	28%	77%	57%	-31%	72%	$476K
Riyad Bank	3.1%	$5	-29%	$21B	6.6x	6%	-	-	-	-	$687K
Dr. Sulaiman Al Habib	2.9%	$56	-19%	$20B	5.0x	12%	30%	24%	7%	36%	-
Saudi Energy	2.9%	$5	+20%	$20B	2.5x	7%	-	41%	-20%	50%	$1M
Alinma Bank	2.9%	$7	-5%	$20B	15.5x	8%	-	-	-	-	$749K
Saudi Awwal Bank	2.6%	$9	0%	$18B	4.8x	5%	-	-	-	-	$756K
SABIC Agri-Nutrient	2.3%	$33	+4%	$16B	3.6x	1%	41%	44%	37%	41%	$124K
Elm	2.1%	$183	-25%	$14B	4.4x	16%	40%	25%	17%	43%	$976K
Banque Saudi Fransi	1.9%	$5	+13%	$13B	7.5x	6%	-	-	-	-	$896K
Mobily	1.8%	$16	-1%	$12B	2.4x	6%	53%	38%	17%	45%	$2M
Almarai	1.8%	$12	-5%	$12B	2.4x	6%	32%	23%	3%	29%	$125K
Kingdom Holding	1.7%	$3	+44%	$11B	20.8x	1%	-	40%	18%	30%	$38M
Arab National	1.6%	$6	-5%	$11B	3.9x	5%	-	-	-	-	$597K
Bank Albilad	1.4%	$6	-6%	$10B	5.7x	8%	-	-	-	-	$369K
Bahri	1.2%	$8	+43%	$8B	2.8x	-1%	42%	50%	31%	110%	$2M
Petro Rabigh	1.1%	$3	+71%	$7B	0.9x	18%	-	10%	7%	75%	$3M
Bupa Arabia	1.0%	$47	+4%	$7B	1.1x	16%	-	-	-	-	$2M
Umm Al Qura	1.0%	$5	-23%	$7B	-	-	-	-	-	-	$6M
solutions by stc	1.0%	$54	-14%	$6B	1.6x	8%	21%	15%	10%	22%	$2M
Company for Cooperative Insurance	0.9%	$39	+9%	$6B	0.7x	12%	-	-	-	-	$3M
Luberef	0.8%	$33	+19%	$6B	2.0x	10%	-	20%	-	53%	$3M
ADES Holding	0.8%	$5	+48%	$5B	3.8x	24%	38%	48%	22%	92%	$222K
Jarir	0.8%	$4	+30%	$5B	1.6x	7%	10%	11%	9%	18%	$522K
Dar Alarkan Real Estate	0.8%	$5	-6%	$5B	6.2x	9%	-	42%	-	50%	$4M
Riyadh Cables	0.7%	$32	-9%	$5B	1.5x	10%	14%	12%	5%	28%	$954K
Jabal Omar Devlopment	0.7%	$4	-25%	$5B	-	-	-	-	-	-	-
Saudi Investment Bank	0.7%	$4	-7%	$4B	3.6x	-2%	-	-	-	-	$862K
Makkah Construction	0.7%	$22	0%	$4B	14.9x	6%	-	-	18%	-	$248K
Yansab	0.6%	$8	-4%	$4B	2.1x	11%	-	23%	-	38%	-
Electrical Industries	0.6%	$4	+61%	$4B	-	-	-	-	-	-	$400K
Tadawul Group	0.6%	$35	-19%	$4B	9.5x	11%	-	37%	-	42%	$643K
Bank AlJazira	0.6%	$3	-8%	$4B	3.3x	10%	-	-	-	-	$348K
SAL Logistics	0.6%	$48	+4%	$4B	7.2x	11%	55%	49%	11%	59%	$485K
Mouwasat	0.5%	$17	-16%	$3B	3.5x	11%	41%	33%	14%	44%	$210K
Nahdi Medical	0.5%	$25	-25%	$3B	1.1x	7%	37%	16%	-	24%	-
Rasan	0.5%	$41	+72%	$3B	10.0x	35%	70%	44%	44%	100%	$558K
ALDREES Petroleum	0.4%	$30	-5%	$3B	0.5x	13%	5%	5%	2%	20%	$1M
Dallah Healthcare	0.4%	$29	-19%	$3B	3.1x	11%	33%	19%	6%	32%	-
Jamjoom Pharma	0.4%	$41	-5%	$3B	6.1x	11%	62%	34%	-	44%	$371K
Astra Industrial Group	0.4%	$35	-6%	$3B	3.3x	2%	47%	28%	-	27%	$215K
Sipchem	0.4%	$4	-20%	$3B	1.8x	5%	-	19%	-	3%	$1M
Al Rajhi Takaful	0.4%	$14	-56%	$3B	-	-	-	-	-	-	$1M
Flynas	0.4%	$15	-22%	$3B	1.4x	13%	19%	27%	13%	34%	-
Zain Saudi Arabia	0.4%	$3	+2%	$3B	1.6x	4%	60%	32%	3%	35%	$370K
Marafiq	0.4%	$10	-5%	$3B	2.6x	11%	19%	39%	20%	46%	$1M
Taiba Investments	0.4%	$5	-54%	$2B	-	-	-	-	-	-	$210K
Saudi Industrial Investment Group	0.4%	$4	-26%	$2B	-	-	-	-	-	-	-
Emaar the Economic City	0.3%	$3	-21%	$2B	-	-	-	-	-	-	-
Savola Group	0.3%	$8	+15%	$2B	0.5x	5%	20%	9%	2%	13%	$454K
Dr. Soliman Abdul Kader	0.3%	$10	-5%	$2B	2.5x	15%	28%	17%	-1%	27%	$308K
Arabian Centres	0.3%	$5	-18%	$2B	8.7x	18%	84%	67%	-	74%	$1M
Arabian Drilling	0.3%	$24	+20%	$2B	2.8x	7%	35%	38%	13%	36%	$177K
Saudi Kayan	0.3%	$1	+14%	$2B	1.8x	8%	-	18%	-	21%	$2M
MBC Group	0.3%	$6	-27%	$2B	1.3x	1%	-	8%	-	-5%	$205M
SADAFCO	0.3%	$58	-17%	$2B	2.1x	5%	30%	16%	11%	20%	$262K
Al Moammar Information	0.3%	$62	+79%	$2B	-	-	-	-	-	-	$471K
East Pipes Integrated	0.3%	$59	+103%	$2B	2.1x	14%	28%	27%	-	52%	-
Saudi Chemical	0.3%	$2	+7%	$2B	-	-	-	-	-	-	-
Almasane Alkobra Mining	0.3%	$19	+7%	$2B	-	-	-	-	-	-	$343K
Catrion	0.2%	$20	-34%	$2B	2.3x	15%	30%	23%	5%	36%	$180K
Advanced Petrochemical	0.2%	$6	-24%	$2B	3.0x	22%	41%	25%	23%	63%	$2M
National Industralization	0.2%	$2	-6%	$2B	3.5x	10%	-	19%	-	19%	$206K
Retal	0.2%	$3	-19%	$2B	-	-	-	-	-	-	$282K
Saudi Real Estate	0.2%	$4	-15%	$2B	3.0x	17%	-	22%	-	48%	$3M
Saudi Ground Services	0.2%	$8	-36%	$2B	1.8x	5%	22%	19%	13%	18%	-
SRMG	0.2%	$19	-61%	$2B	1.9x	13%	18%	8%	3%	26%	$356K
United Electronics	0.2%	$19	-20%	$1B	0.8x	6%	24%	11%	5%	16%	$758K
Bin Dawood	0.2%	$1	-18%	$1B	1.2x	5%	37%	14%	7%	20%	$169K
National Company for Learning & Education	0.2%	$34	-23%	$1B	7.3x	14%	45%	38%	10%	51%	$41K
Derayah Financial	0.2%	$6	-10%	$1B	4.8x	11%	-	60%	-	59%	$1M
Seera Group	0.2%	$6	-19%	$1B	1.3x	4%	43%	20%	7%	18%	$306K
Othaim Markets	0.2%	$2	-20%	$1B	0.7x	3%	21%	7%	4%	8%	$154K
Almoosa Health	0.2%	$32	-33%	$1B	3.4x	19%	31%	20%	-33%	33%	-
National Gas	0.2%	$19	-8%	$1B	-	-	-	-	-	-	$439K
Yamama Cement	0.2%	$7	-23%	$1B	4.6x	-	43%	48%	-	47%	$47K
Arabian Contracting Services	0.2%	$24	-7%	$1B	4.5x	11%	-	64%	11%	82%	$2M
Qassim Cement	0.2%	$12	-3%	$1B	3.9x	-	29%	39%	-	42%	$453K
NADEC	0.2%	$4	-23%	$1B	1.0x	4%	33%	19%	5%	21%	-
Saudi Cement	0.2%	$8	-21%	$1B	2.8x	3%	39%	39%	19%	34%	-
National Medical Care	0.2%	$28	-36%	$1B	2.7x	7%	36%	27%	-13%	34%	$128K
Al Hammadi Holding	0.2%	$7	-26%	$1B	3.2x	11%	29%	24%	-18%	33%	$117K
Saudi Re	0.2%	$7	-18%	$1B	-	-	-	-	-	-	($365K)
Dr. Sulaiman Al Habib Medical Services	0.2%	$4	-16%	$1B	2.9x	-	27%	23%	-11%	31%	$122K
Riyadh Development Company	0.2%	$5	-44%	$1B	-	-	-	-	-	-	-
Al-Babtain Power & Telecom	0.2%	$17	+15%	$1B	1.7x	2%	-	23%	12%	21%	$507K
Knowledge Economic City	0.2%	$3	-3%	$1B	-	-	-	-	-	-	$1M
Leejam Sports	0.2%	$21	-45%	$1B	3.4x	7%	38%	45%	10%	50%	$174K
Alkhorayef Water & Power	0.2%	$29	-15%	$1B	1.7x	13%	18%	20%	-26%	21%	$78K
Almunajem Foods	0.1%	$16	-7%	$988M	-	-	-	-	-	-	$414K
Aldawaa Medical Services	0.1%	$12	-41%	$985M	0.8x	3%	36%	12%	-	13%	$276K
SPIMACO - ADDWAEIH	0.1%	$8	+17%	$898M	2.4x	6%	54%	23%	15%	23%	-
Al Majed Oud	0.1%	$35	+3%	$871M	-	-	-	-	-	-	$112K
United International	0.1%	$8	-57%	$841M	1.8x	6%	26%	48%	12%	50%	$586K
Saudi Automotive Services	0.1%	$12	-14%	$823M	0.5x	12%	4%	5%	2%	17%	$730K