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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

$2.9T

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.

-5.2%

Multiples Saudi Top 100 Index

Data as of 16 August 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 August 16, 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 August 16, 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	$1.8T	$105B	$69B
EV/Revenue (NTM)	3.7x	10.3x	6.7x
EV/Gross Profit (NTM)	-	-	11.9x
EV/EBITDA (NTM)	6.8x	-	15.5x
EV/FCF (NTM)	17.2x	-	62.7x
Revenue Growth	0%	10%	6%
Gross Margin (NTM)	-	-	56%
EBITDA Margin (NTM)	55%	-	43%
FCF Margin (NTM)	22%	-	11%
Rule of 40	62%	-	43%
Rule of X	75%	-	45%

Data as of August 16, 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	+15%	$1.8T	3.7x	0%	-	55%	22%	62%	$6M
Al Rajhi Bank	6.8%	$18	+5%	$105B	10.3x	10%	-	-	-	-	$456K
Maaden	4.4%	$18	+29%	$69B	6.7x	6%	56%	43%	11%	43%	$2M
Saudi National Bank	4.3%	$11	+21%	$67B	9.3x	6%	-	-	-	-	$731K
stc Group	3.8%	$12	+7%	$60B	2.7x	5%	48%	32%	14%	34%	$87K
SABIC	3.9%	$14	-17%	$41B	1.3x	4%	23%	18%	8%	6%	$1M
ACWA Power	3.7%	$51	-10%	$39B	15.8x	33%	77%	55%	-24%	67%	$487K
Riyad Bank	3.1%	$6	+5%	$22B	6.7x	5%	-	-	-	-	$707K
Dr. Sulaiman Al Habib	3.1%	$63	-2%	$22B	5.4x	12%	30%	24%	7%	32%	-
Alinma Bank	2.8%	$7	+20%	$20B	16.3x	9%	-	-	-	-	$771K
Saudi Energy	2.7%	$5	+18%	$19B	2.7x	7%	-	42%	-18%	47%	$1M
Saudi Awwal Bank	2.7%	$9	+11%	$19B	5.2x	6%	-	-	-	-	$779K
SABIC Agri-Nutrient	2.3%	$34	+10%	$16B	3.7x	4%	41%	43%	36%	31%	$128K
Banque Saudi Fransi	2.0%	$6	+27%	$14B	7.7x	7%	-	-	-	-	$922K
Kingdom Holding	1.9%	$4	+78%	$13B	23.7x	2%	-	40%	20%	27%	$39M
Mobily	1.9%	$17	+3%	$13B	2.5x	7%	53%	38%	17%	42%	$2M
Almarai	1.9%	$13	+4%	$13B	2.6x	7%	32%	23%	3%	28%	$129K
Elm	1.8%	$160	-30%	$12B	3.7x	15%	41%	25%	17%	40%	$1M
Arab National	1.7%	$6	-6%	$12B	4.3x	6%	-	-	-	-	$616K
Petro Rabigh	1.5%	$5	+160%	$11B	0.9x	11%	-	12%	16%	95%	$3M
Bank Albilad	1.5%	$7	-1%	$10B	5.5x	8%	-	-	-	-	$379K
Bahri	1.1%	$8	+45%	$7.8B	2.8x	-14%	43%	50%	31%	123%	$2M
Umm Al Qura	1.0%	$5	-16%	$7.2B	10.3x	-	-	37%	38%	45%	$6M
Bupa Arabia	1.0%	$47	+22%	$7B	1.0x	15%	-	-	-	-	$2M
solutions by stc	1.0%	$57	-11%	$6.8B	1.7x	8%	22%	16%	11%	20%	$2M
Company for Cooperative Insurance	0.8%	$39	+26%	$5.9B	0.7x	14%	-	-	-	-	$3M
Luberef	0.8%	$35	+52%	$5.8B	2.0x	6%	-	22%	-	56%	$3M
Jabal Omar Devlopment	0.8%	$5	-2%	$5.8B	-	-	-	-	-	-	-
Dar Alarkan Real Estate	0.8%	$5	+9%	$5.8B	6.2x	12%	-	42%	-	57%	$4M
Jarir	0.8%	$5	+40%	$5.7B	1.7x	6%	11%	11%	9%	16%	$538K
ADES Holding	0.8%	$5	+26%	$5.5B	4.0x	19%	38%	49%	24%	84%	$229K
Yansab	0.7%	$9	-2%	$4.8B	2.5x	5%	29%	23%	16%	35%	-
Saudi Investment Bank	0.7%	$4	+6%	$4.8B	4.1x	1%	-	-	-	-	$884K
Electrical Industries	0.7%	$4	+78%	$4.7B	5.8x	-	39%	34%	24%	54%	$412K
Riyadh Cables	0.6%	$29	-14%	$4.4B	1.4x	6%	14%	12%	7%	19%	$983K
Makkah Construction	0.6%	$22	+9%	$4.3B	12.7x	11%	-	-	18%	-	$256K
Bank AlJazira	0.6%	$3	+1%	$4.1B	3.4x	11%	-	-	-	-	$358K
Tadawul Group	0.5%	$32	-28%	$3.8B	8.7x	10%	-	33%	-	32%	$662K
SAL Logistics	0.5%	$47	+5%	$3.8B	7.0x	12%	55%	49%	14%	57%	$499K
Nahdi Medical	0.5%	$26	-16%	$3.4B	1.2x	7%	37%	16%	7%	20%	-
Mouwasat	0.5%	$17	-11%	$3.4B	3.4x	11%	41%	32%	13%	42%	$217K
ALDREES Petroleum	0.5%	$33	+4%	$3.3B	0.5x	12%	2%	4%	2%	17%	$1M
Astra Industrial Group	0.4%	$38	+1%	$3B	3.6x	4%	48%	27%	-	25%	$222K
Rasan	0.4%	$37	+40%	$2.9B	8.6x	29%	71%	43%	43%	98%	$575K
Al Rajhi Takaful	0.4%	$14	-9%	$2.8B	-	-	-	-	-	-	$1M
Marafiq	0.4%	$11	+5%	$2.7B	2.7x	11%	18%	40%	21%	41%	$1M
Jamjoom Pharma	0.4%	$39	-7%	$2.7B	5.7x	11%	64%	35%	-	41%	$382K
Dallah Healthcare	0.4%	$27	-23%	$2.7B	2.9x	11%	33%	20%	6%	29%	-
Sipchem	0.4%	$4	-31%	$2.6B	1.8x	9%	-	19%	-	-8%	$1M
Zain Saudi Arabia	0.4%	$3	+0%	$2.5B	1.6x	4%	60%	32%	3%	32%	$382K
Al Moammar Information	0.4%	$84	+139%	$2.5B	-	-	-	-	-	-	$486K
Taiba Investments	0.4%	$5	-7%	$2.5B	-	-	-	-	-	-	$217K
Emaar the Economic City	0.3%	$3	-22%	$2.3B	-	-	-	-	-	-	-
Flynas	0.3%	$13	-35%	$2.3B	1.3x	14%	19%	27%	11%	28%	-
Saudi Industrial Investment Group	0.3%	$3	-33%	$2.3B	-	-	-	-	-	-	-
Arabian Drilling	0.3%	$24	+24%	$2.2B	2.8x	10%	31%	38%	11%	33%	$182K
Dr. Soliman Abdul Kader	0.3%	$9	-11%	$2.2B	2.2x	19%	35%	17%	-1%	26%	$317K
Almasane Alkobra Mining	0.3%	$24	+46%	$2.1B	6.2x	-	55%	68%	-	91%	$353K
Saudi Kayan	0.3%	$1	+4%	$2.1B	1.8x	8%	11%	16%	7%	8%	$2M
Savola Group	0.3%	$7	+12%	$2.1B	0.4x	4%	21%	9%	2%	9%	$468K
Arabian Centres	0.3%	$4	-20%	$2.1B	8.5x	25%	85%	64%	7%	59%	$1M
Saudi Chemical	0.3%	$2	+26%	$1.9B	-	-	-	-	-	-	-
MBC Group	0.3%	$6	-29%	$1.8B	1.1x	4%	-	8%	-	-7%	$211M
SADAFCO	0.3%	$56	-21%	$1.8B	1.9x	6%	30%	16%	11%	17%	$270K
Advanced Petrochemical	0.2%	$7	-29%	$1.7B	3.2x	19%	35%	24%	17%	50%	$2M
Catrion	0.2%	$21	-22%	$1.7B	2.4x	15%	30%	23%	6%	32%	$185K
National Company for Learning & Education	0.2%	$39	-13%	$1.7B	8.0x	13%	-	38%	-	49%	$42K
East Pipes Integrated	0.2%	$53	+86%	$1.7B	2.0x	11%	26%	26%	17%	37%	-
Saudi Real Estate	0.2%	$4	-10%	$1.6B	3.1x	33%	-	22%	-	44%	$4M
National Industralization	0.2%	$2	-16%	$1.6B	3.3x	12%	-	20%	-	16%	$212K
Knowledge Economic City	0.2%	$5	+39%	$1.6B	-	-	-	-	-	-	$1M
National Medical Care	0.2%	$33	-28%	$1.5B	3.5x	7%	35%	27%	-3%	31%	$132K
Bin Dawood	0.2%	$1	-15%	$1.4B	1.2x	5%	35%	14%	7%	16%	$174K
Almoosa Health	0.2%	$32	-28%	$1.4B	3.6x	20%	30%	0%	-33%	9%	-
Seera Group	0.2%	$5	-33%	$1.4B	1.3x	5%	44%	20%	6%	14%	$315K
Derayah Financial	0.2%	$6	-24%	$1.4B	4.5x	12%	-	60%	-	56%	$1M
Saudi Ground Services	0.2%	$7	-39%	$1.4B	1.6x	6%	22%	20%	14%	16%	-
United Electronics	0.2%	$17	-29%	$1.3B	0.7x	6%	24%	11%	6%	13%	$780K
Qassim Cement	0.2%	$12	+5%	$1.3B	4.0x	-	29%	40%	-	39%	$466K
Yamama Cement	0.2%	$6	-28%	$1.3B	4.4x	-	43%	48%	-	44%	$49K
SRMG	0.2%	$16	-66%	$1.2B	1.7x	11%	19%	9%	4%	23%	$367K
National Gas	0.2%	$17	-17%	$1.2B	-	-	-	-	-	-	$452K
Retal	0.2%	$2	-25%	$1.2B	1.6x	-	21%	15%	-	53%	$291K
Othaim Markets	0.2%	$1	-33%	$1.2B	0.6x	3%	22%	7%	4%	3%	$159K
NADEC	0.2%	$4	-30%	$1.2B	0.9x	5%	32%	18%	3%	17%	-
Saudi Cement	0.2%	$8	-26%	$1.2B	2.7x	5%	39%	39%	18%	31%	-
Saudi Re	0.2%	$7	-18%	$1.1B	-	-	-	-	-	-	$5M
Leejam Sports	0.2%	$22	-45%	$1.1B	3.5x	6%	37%	44%	11%	45%	$178K
Al Hammadi Holding	0.2%	$7	-24%	$1.1B	3.0x	11%	30%	25%	-7%	31%	$121K
Dr. Sulaiman Al Habib Medical Services	0.2%	$4	-19%	$1.1B	2.8x	-	27%	23%	-15%	28%	$126K
Almunajem Foods	0.1%	$17	+18%	$1B	1.3x	-	15%	7%	7%	6%	$427K
Al-Babtain Power & Telecom	0.1%	$16	+8%	$1B	1.6x	3%	-	24%	13%	18%	$522K
SPIMACO - ADDWAEIH	0.1%	$8	+23%	$1B	2.8x	5%	51%	23%	15%	18%	-
Riyadh Development Company	0.1%	$4	-52%	$995M	4.0x	-	-	99%	102%	164%	-
Arabian Contracting Services	0.1%	$18	-22%	$980M	4.7x	11%	-	60%	13%	43%	$2M
Alkhorayef Water & Power	0.1%	$27	-19%	$951M	1.7x	14%	13%	21%	-27%	14%	$80K
Aldawaa Medical Services	0.1%	$10	-39%	$892M	0.8x	3%	34%	12%	4%	8%	$284K
Al Majed Oud	0.1%	$33	+4%	$823M	2.5x	-	-	-	-	-	$115K
United International	0.1%	$8	-43%	$811M	1.8x	7%	26%	46%	12%	46%	$604K
Etihad GO Telecom	0.1%	$24	-17%	$808M	-	-	-	-	-	25%	$6M