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

$2.8T

cumulative
enterprise value

3.2x

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.

+0.0%

Multiples Saudi Top 100 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 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 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 Saudi Top 100 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 Saudi Top 100 Index.

Metric	Aramco	Al Rajhi Bank	Saudi National Bank
Market Cap	$1.7T	$111B	$67B
EV/Revenue (NTM)	4.1x	11.2x	9.0x
EV/Gross Profit (NTM)	8.1x	—	—
EV/EBITDA (NTM)	7.5x	—	—
EV/FCF (NTM)	19.9x	—	—
Revenue Growth	-2%	11%	7%
Gross Margin (NTM)	50%	—	—
EBITDA Margin (NTM)	54%	—	—
FCF Margin (NTM)	20%	—	—
Rule of 40	50%	—	—
Rule of X	45%	—	—

Data as of April 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	14.5%	$7	+7%	$1.7T	4.1x	-2%	50%	54%	20%	50%	$6M
Al Rajhi Bank	8.1%	$28	+7%	$111B	11.2x	11%	—	—	—	—	$444K
Saudi National Bank	4.9%	$11	+19%	$67B	9.0x	7%	—	—	—	—	$710K
Maaden	4.9%	$17	+26%	$67B	6.7x	5%	46%	45%	15%	50%	$1M
stc Group	4.1%	$11	-11%	$56B	2.6x	5%	48%	32%	14%	36%	$84K
SABIC	3.4%	$16	-3%	$47B	1.4x	7%	26%	17%	7%	26%	$1M
ACWA Power	4.6%	$45	-48%	$34B	15.3x	26%	85%	59%	41%	82%	$474K
Dr. Sulaiman Al Habib	3.1%	$66	-13%	$23B	5.8x	15%	32%	25%	9%	40%	—
Riyad Bank	3.1%	$8	-6%	$23B	6.8x	7%	—	—	—	—	$687K
Saudi Awwal Bank	2.7%	$10	+3%	$20B	5.2x	7%	—	—	—	—	$758K
Alinma Bank	2.6%	$8	-1%	$19B	15.0x	8%	—	—	—	—	$752K
SABIC Agri-Nutrient	2.4%	$38	+43%	$18B	4.4x	-4%	—	43%	—	40%	$125K
Saudi Energy	2.4%	$4	+7%	$18B	2.4x	7%	29%	43%	-22%	48%	$1M
Mobily	1.8%	$18	+6%	$14B	2.7x	6%	53%	38%	17%	45%	$2M
Banque Saudi Fransi	1.8%	$5	+8%	$13B	7.8x	6%	—	—	—	—	$897K
Almarai	1.5%	$11	-19%	$11B	2.3x	6%	31%	24%	4%	30%	$125K
Elm	1.5%	$145	-48%	$11B	3.5x	16%	40%	25%	18%	42%	$978K
Arab National	1.5%	$6	-1%	$11B	4.1x	6%	—	—	—	—	$599K
Bank Albilad	1.4%	$7	-7%	$11B	6.5x	8%	—	—	—	—	$368K
Kingdom Holding	1.3%	$3	+12%	$10B	18.0x	1%	—	44%	24%	42%	$38M
Bahri	1.1%	$9	+32%	$8B	3.6x	2%	33%	46%	26%	54%	$2M
Bupa Arabia	0.9%	$46	+4%	$7B	1.1x	13%	—	—	—	—	$2M
Umm Al Qura	0.9%	$4	-34%	$6B	—	—	—	—	—	—	—
solutions by stc	0.8%	$51	-33%	$6B	1.6x	7%	23%	15%	10%	23%	$2M
Petro Rabigh	0.8%	$3	+37%	$6B	1.0x	22%	—	6%	7%	33%	$3M
Dar Alarkan Real Estate	0.7%	$5	-16%	$5B	6.5x	9%	—	39%	-37%	48%	$4M
Yansab	0.7%	$9	+8%	$5B	3.0x	1%	23%	23%	12%	21%	—
Company for Cooperative Insurance	0.7%	$34	-7%	$5B	—	—	—	—	—	—	$2M
Jabal Omar Devlopment	0.7%	$4	-38%	$5B	—	—	—	—	—	—	—
Electrical Industries	0.7%	$4	+131%	$5B	—	—	—	—	—	—	$401K
ADES Holding	0.6%	$4	+7%	$5B	2.8x	44%	25%	44%	16%	108%	$206K
Riyadh Cables	0.6%	$31	-8%	$5B	1.6x	2%	15%	13%	10%	15%	$806K
Luberef	0.6%	$27	+3%	$5B	1.8x	12%	—	16%	—	32%	$3M
Makkah Construction	0.6%	$22	-23%	$4B	13.0x	9%	—	—	-38%	—	$253K
Tadawul Group	0.6%	$37	-23%	$4B	10.2x	12%	—	39%	—	49%	$643K
Jarir	0.6%	$4	+10%	$4B	1.4x	4%	13%	11%	—	16%	$499K
Saudi Investment Bank	0.6%	$4	-12%	$4B	4.0x	1%	—	—	—	—	$860K
Bank AlJazira	0.5%	$3	-14%	$4B	3.4x	10%	—	—	—	—	$348K
Mouwasat	0.5%	$19	-2%	$4B	3.9x	13%	43%	33%	12%	46%	$211K
Nahdi Medical	0.5%	$28	-7%	$4B	1.3x	8%	37%	16%	7%	25%	—
ALDREES Petroleum	0.5%	$35	-5%	$3B	0.6x	15%	3%	5%	3%	22%	$1M
SAL Logistics	0.5%	$43	-12%	$3B	6.7x	8%	57%	56%	—	64%	$464K
Dallah Healthcare	0.5%	$33	+2%	$3B	3.5x	8%	—	20%	3%	28%	—
Astra Industrial Group	0.4%	$41	+2%	$3B	3.8x	5%	46%	29%	—	34%	$216K
Sipchem	0.4%	$4	-20%	$3B	1.8x	0%	18%	19%	5%	15%	$1M
Rasan	0.4%	$36	+57%	$3B	10.0x	35%	—	43%	—	87%	$306K
Zain Saudi Arabia	0.4%	$3	-11%	$3B	1.7x	4%	61%	31%	3%	35%	$371K
Al Rajhi Takaful	0.4%	$27	-22%	$3B	—	—	—	—	—	—	$1M
Jamjoom Pharma	0.4%	$38	-18%	$3B	5.4x	16%	62%	32%	—	48%	$326K
Taiba Investments	0.3%	$10	-17%	$3B	—	—	—	—	—	—	$211K
MBC Group	0.3%	$7	-34%	$2B	1.4x	12%	—	13%	—	26%	$160M
Saudi Industrial Investment Group	0.3%	$4	-22%	$2B	—	—	—	—	—	—	—
Flynas	0.3%	$14	—	$2B	1.3x	14%	19%	30%	-6%	44%	—
Emaar the Economic City	0.3%	$3	-36%	$2B	—	—	—	—	—	—	—
Arabian Centres	0.3%	$5	-13%	$2B	8.7x	15%	84%	63%	23%	71%	$1M
Almasane Alkobra Mining	0.3%	$23	+45%	$2B	—	—	—	—	—	—	$343K
Savola Group	0.3%	$7	-17%	$2B	0.4x	5%	20%	9%	1%	15%	$463K
Saudi Kayan	0.3%	$1	-11%	$2B	1.9x	3%	4%	19%	5%	20%	$2M
Marafiq	0.3%	$8	-30%	$2B	2.5x	8%	—	40%	—	47%	$1M
Dr. Soliman Abdul Kader	0.3%	$9	-30%	$2B	2.2x	16%	—	18%	—	33%	$279K
SRMG	0.3%	$23	-49%	$2B	2.5x	8%	23%	13%	6%	21%	$435K
Arabian Drilling	0.2%	$21	-10%	$2B	2.5x	8%	21%	39%	29%	47%	$177K
Retal	0.2%	$4	-19%	$2B	2.4x	29%	21%	17%	16%	48%	$285K
SADAFCO	0.2%	$55	-33%	$2B	1.8x	7%	31%	17%	10%	24%	$263K
Arabian Contracting Services	0.2%	$31	-12%	$2B	3.7x	18%	—	70%	—	89%	$2M
Saudi Chemical	0.2%	$2	-12%	$2B	—	—	—	—	—	—	—
United Electronics	0.2%	$21	-15%	$2B	0.8x	6%	—	12%	—	18%	$758K
Almoosa Health	0.2%	$37	-19%	$2B	3.6x	23%	—	-22%	—	-2%	—
National Gas	0.2%	$22	-9%	$2B	—	—	—	—	—	—	$439K
Advanced Petrochemical	0.2%	$6	-23%	$2B	3.0x	32%	22%	27%	14%	72%	$2M
Saudi Ground Services	0.2%	$9	-35%	$2B	—	—	—	—	—	—	—
National Industralization	0.2%	$2	-4%	$2B	2.9x	1%	9%	13%	11%	46%	$277K
National Medical Care	0.2%	$35	-12%	$2B	3.2x	10%	37%	28%	12%	39%	$128K
Catrion	0.2%	$19	-41%	$2B	2.2x	12%	32%	20%	—	30%	$180K
Othaim Markets	0.2%	$2	-32%	$1B	0.7x	4%	22%	7%	5%	11%	$149K
Seera Group	0.2%	$5	-19%	$1B	1.3x	8%	43%	21%	6%	31%	$313K
Derayah Financial	0.2%	$6	-27%	$1B	4.8x	16%	—	62%	—	76%	—
Bin Dawood	0.2%	$1	-26%	$1B	1.2x	3%	37%	14%	7%	15%	$169K
Saudi Cement	0.2%	$9	-25%	$1B	3.1x	4%	36%	36%	23%	40%	—
Saudi Real Estate	0.2%	$4	-39%	$1B	3.5x	5%	37%	27%	—	25%	$4M
Yamama Cement	0.2%	$7	-29%	$1B	4.3x	—	39%	47%	34%	56%	$47K
NADEC	0.2%	$5	-23%	$1B	1.1x	5%	35%	20%	3%	24%	—
National Company for Learning & Education	0.2%	$30	-29%	$1B	6.5x	11%	—	36%	—	48%	$41K
Al Moammar Information	0.2%	$43	+22%	$1B	—	—	—	—	—	—	$450K
Qassim Cement	0.2%	$12	-17%	$1B	3.8x	6%	20%	26%	-28%	34%	$460K
East Pipes Integrated	0.2%	$40	+12%	$1B	—	—	—	—	—	—	—
Dr. Sulaiman Al Habib Medical Services	0.2%	$5	—	$1B	—	—	—	—	—	—	$122K
United International	0.2%	$11	-43%	$1B	2.3x	7%	30%	50%	—	57%	$587K
Aldawaa Medical Services	0.2%	$14	-39%	$1B	0.9x	5%	36%	13%	5%	18%	$265K
Leejam Sports	0.2%	$22	-40%	$1B	3.4x	11%	42%	47%	10%	58%	$173K
Riyadh Development Company	0.2%	$5	-46%	$1B	—	—	—	—	—	—	—
Al Majed Oud	0.2%	$45	+36%	$1B	3.5x	7%	—	—	—	—	$112K
Al-Babtain Power & Telecom	0.1%	$17	+37%	$1B	—	—	—	—	—	—	$508K
Alkhorayef Water & Power	0.1%	$31	-28%	$1B	—	—	—	—	—	—	$61K
Saudi Re	0.1%	$6	-29%	$1B	—	—	—	—	—	—	($366K)
Knowledge Economic City	0.1%	$3	-26%	$1B	—	—	—	—	—	—	$706K
Saudi Automotive Services	0.1%	$14	-19%	$1B	—	—	—	—	—	—	$631K
SPIMACO - ADDWAEIH	0.1%	$8	+17%	$953M	—	—	—	—	—	—	—
Southern Province Cement	0.1%	$6	-25%	$869M	4.6x	9%	18%	34%	9%	43%	$155K
Saudi German Health	0.1%	$9	-50%	$858M	1.6x	11%	37%	19%	5%	30%	—