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

3.0x

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.

+2.8%

Multiples Saudi Top 100 Index

Data as of 18 May 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 May 18, 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 May 18, 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	$106B	$66B
EV/Revenue (NTM)	3.5x	10.5x	6.5x
EV/Gross Profit (NTM)	6.9x	—	12.9x
EV/EBITDA (NTM)	6.6x	—	14.5x
EV/FCF (NTM)	17.0x	—	55.4x
Revenue Growth	8%	11%	6%
Gross Margin (NTM)	51%	—	51%
EBITDA Margin (NTM)	53%	—	45%
FCF Margin (NTM)	21%	—	12%
Rule of 40	71%	—	51%
Rule of X	100%	—	59%

Data as of May 18, 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	14.7%	$7	+11%	$1.8T	3.5x	8%	51%	53%	21%	71%	$6M
Al Rajhi Bank	7.9%	$18	-27%	$106B	10.5x	11%	—	—	—	—	$443K
Maaden	4.9%	$17	+26%	$66B	6.5x	6%	51%	45%	12%	51%	$1M
Saudi National Bank	4.5%	$10	+11%	$61B	8.7x	7%	—	—	—	—	$710K
stc Group	4.3%	$12	+3%	$57B	2.6x	4%	48%	32%	14%	36%	$84K
SABIC	3.6%	$16	+9%	$49B	1.4x	8%	—	17%	9%	27%	$1M
ACWA Power	4.8%	$47	-31%	$36B	16.9x	20%	83%	64%	41%	79%	$473K
Riyad Bank	2.9%	$5	-30%	$22B	6.7x	6%	—	—	—	—	$687K
Dr. Sulaiman Al Habib	2.7%	$59	-16%	$21B	5.2x	13%	30%	25%	10%	38%	—
Saudi Energy	2.5%	$5	+21%	$19B	2.5x	6%	29%	43%	-19%	48%	$1M
Alinma Bank	2.5%	$6	-9%	$19B	15.4x	8%	—	—	—	—	$749K
Saudi Awwal Bank	2.5%	$9	+1%	$19B	4.9x	6%	—	—	—	—	$757K
SABIC Agri-Nutrient	2.4%	$38	+49%	$18B	4.3x	1%	40%	45%	38%	48%	$124K
Elm	1.9%	$183	-33%	$14B	4.5x	16%	39%	25%	17%	43%	$976K
Mobily	1.7%	$17	+7%	$13B	2.5x	6%	53%	38%	17%	45%	$2M
Banque Saudi Fransi	1.7%	$5	+12%	$13B	7.6x	6%	—	—	—	—	$896K
Almarai	1.5%	$12	-16%	$11B	2.3x	6%	31%	23%	3%	28%	$125K
Arab National	1.5%	$6	-2%	$11B	4.0x	6%	—	—	—	—	$598K
Kingdom Holding	1.4%	$3	+18%	$10B	19.1x	-1%	—	39%	17%	30%	$38M
Bank Albilad	1.3%	$7	-5%	$10B	5.9x	7%	—	—	—	—	$369K
Petro Rabigh	1.2%	$4	+134%	$9B	1.1x	28%	—	11%	7%	77%	$3M
Bahri	1.1%	$9	+41%	$8B	3.2x	6%	40%	48%	32%	87%	$2M
solutions by stc	0.9%	$59	-16%	$7B	1.7x	8%	22%	15%	10%	22%	$2M
Bupa Arabia	0.9%	$46	+4%	$7B	1.1x	11%	—	—	—	—	$2M
Umm Al Qura	0.8%	$4	-35%	$6B	—	—	—	—	—	—	$6M
Luberef	0.8%	$34	+28%	$6B	2.0x	14%	—	19%	—	54%	$3M
ADES Holding	0.8%	$5	+38%	$6B	3.8x	29%	38%	47%	20%	96%	$222K
Company for Cooperative Insurance	0.7%	$36	-1%	$5B	—	—	—	—	—	—	$2M
Yansab	0.7%	$9	+17%	$5B	2.8x	8%	41%	23%	12%	32%	—
Dar Alarkan Real Estate	0.7%	$5	-14%	$5B	6.5x	5%	—	39%	—	44%	$4M
Jarir	0.6%	$4	+16%	$5B	1.5x	5%	11%	11%	9%	15%	$523K
Electrical Industries	0.6%	$4	+123%	$5B	—	—	—	—	—	—	$400K
Riyadh Cables	0.6%	$31	-16%	$5B	—	—	—	—	—	—	$805K
Jabal Omar Devlopment	0.6%	$4	-32%	$5B	—	—	—	—	—	—	—
Saudi Investment Bank	0.6%	$4	-11%	$4B	3.6x	-5%	—	—	—	—	$862K
Tadawul Group	0.6%	$36	-23%	$4B	9.8x	10%	—	37%	—	44%	$643K
Makkah Construction	0.6%	$21	-18%	$4B	13.7x	6%	—	—	20%	—	$248K
Bank AlJazira	0.5%	$3	-11%	$4B	3.2x	11%	—	—	—	—	$348K
SAL Logistics	0.5%	$44	-8%	$3B	7.0x	7%	56%	53%	—	58%	$485K
Mouwasat	0.5%	$17	-10%	$3B	3.6x	12%	42%	33%	13%	45%	$210K
Nahdi Medical	0.5%	$26	-19%	$3B	1.2x	8%	38%	16%	—	25%	—
ALDREES Petroleum	0.4%	$31	-6%	$3B	0.5x	14%	4%	5%	2%	20%	$1M
Rasan	0.4%	$39	+79%	$3B	10.6x	33%	72%	46%	51%	91%	$558K
Dallah Healthcare	0.4%	$30	-5%	$3B	3.1x	11%	33%	21%	3%	33%	—
Sipchem	0.4%	$4	-19%	$3B	1.9x	1%	—	17%	—	5%	$1M
Jamjoom Pharma	0.4%	$41	-11%	$3B	6.2x	11%	62%	35%	—	44%	$326K
Astra Industrial Group	0.4%	$36	-16%	$3B	3.2x	5%	46%	29%	—	34%	$215K
Al Rajhi Takaful	0.4%	$28	-9%	$3B	—	—	—	—	—	—	$1M
Marafiq	0.4%	$11	-2%	$3B	2.8x	8%	—	41%	—	47%	$1M
Zain Saudi Arabia	0.3%	$3	+0%	$3B	1.6x	4%	61%	31%	3%	36%	$370K
Saudi Industrial Investment Group	0.3%	$4	-13%	$3B	—	—	—	—	—	—	—
Taiba Investments	0.3%	$5	-46%	$3B	—	—	—	—	—	—	$210K
Emaar the Economic City	0.3%	$3	-17%	$2B	—	—	—	—	—	—	—
Saudi Kayan	0.3%	$2	+18%	$2B	2.0x	5%	10%	19%	5%	19%	$2M
Flynas	0.3%	$14	—	$2B	1.3x	12%	—	28%	12%	38%	—
MBC Group	0.3%	$7	-43%	$2B	—	—	—	—	—	—	$205M
Arabian Centres	0.3%	$5	-14%	$2B	9.0x	16%	84%	67%	—	74%	$1M
Dr. Soliman Abdul Kader	0.3%	$9	-17%	$2B	2.4x	13%	24%	18%	—	28%	$278K
Savola Group	0.3%	$7	0%	$2B	0.4x	5%	20%	9%	2%	14%	$458K
Arabian Drilling	0.3%	$23	+4%	$2B	2.7x	7%	21%	39%	10%	43%	$177K
Almasane Alkobra Mining	0.3%	$21	+36%	$2B	—	—	—	—	—	—	$343K
Saudi Chemical	0.2%	$2	+6%	$2B	—	—	—	—	—	—	—
Advanced Petrochemical	0.2%	$7	-10%	$2B	3.1x	28%	32%	24%	22%	70%	$2M
SADAFCO	0.2%	$57	-24%	$2B	2.1x	4%	31%	16%	12%	20%	$262K
National Industralization	0.2%	$3	+9%	$2B	3.3x	17%	—	19%	—	41%	$206K
Retal	0.2%	$3	-12%	$2B	2.1x	—	21%	15%	—	58%	$282K
United Electronics	0.2%	$21	-8%	$2B	0.8x	7%	24%	11%	6%	17%	$758K
Saudi Real Estate	0.2%	$4	-21%	$2B	3.1x	19%	—	22%	—	48%	$3M
Catrion	0.2%	$20	-37%	$2B	2.4x	9%	28%	19%	—	24%	$180K
SRMG	0.2%	$20	-48%	$2B	2.0x	14%	18%	8%	3%	26%	$356K
East Pipes Integrated	0.2%	$50	+52%	$2B	—	—	—	—	—	—	—
Saudi Ground Services	0.2%	$8	-33%	$2B	1.9x	3%	22%	20%	12%	17%	—
Seera Group	0.2%	$6	-17%	$2B	1.5x	4%	—	19%	6%	18%	$306K
National Gas	0.2%	$21	-1%	$2B	—	—	—	—	—	—	$439K
Al Moammar Information	0.2%	$51	+42%	$2B	—	—	—	—	—	—	$472K
Bin Dawood	0.2%	$1	-22%	$2B	1.2x	6%	36%	14%	7%	20%	$169K
Derayah Financial	0.2%	$6	-14%	$1B	5.2x	10%	—	61%	—	69%	—
Almoosa Health	0.2%	$32	-22%	$1B	3.3x	21%	34%	-23%	—	-6%	—
Othaim Markets	0.2%	$2	-27%	$1B	0.7x	5%	20%	7%	5%	11%	$154K
Arabian Contracting Services	0.2%	$25	-13%	$1B	4.0x	17%	—	70%	—	106%	$2M
National Company for Learning & Education	0.2%	$32	-26%	$1B	6.8x	13%	45%	38%	9%	52%	$41K
Yamama Cement	0.2%	$7	-30%	$1B	—	—	—	—	—	—	$47K
Saudi Cement	0.2%	$9	-20%	$1B	3.1x	1%	—	35%	20%	28%	—
Qassim Cement	0.2%	$12	-11%	$1B	—	—	—	—	—	—	$453K
NADEC	0.2%	$4	-24%	$1B	1.0x	5%	35%	20%	4%	25%	—
National Medical Care	0.2%	$26	-41%	$1B	2.6x	7%	35%	28%	12%	35%	$128K
Saudi Re	0.2%	$7	-26%	$1B	—	—	—	—	—	—	($366K)
Al-Babtain Power & Telecom	0.2%	$18	+37%	$1B	1.9x	-3%	—	21%	13%	10%	$507K
Dr. Sulaiman Al Habib Medical Services	0.2%	$5	—	$1B	—	—	—	—	—	—	$122K
Riyadh Development Company	0.2%	$5	-44%	$1B	—	—	—	—	—	—	—
Leejam Sports	0.1%	$21	-37%	$1B	3.4x	8%	38%	44%	12%	52%	$174K
Alkhorayef Water & Power	0.1%	$31	-14%	$1B	—	—	—	—	—	—	$78K
Al Hammadi Holding	0.1%	$7	-32%	$1B	3.0x	11%	30%	29%	—	39%	$117K
Aldawaa Medical Services	0.1%	$13	-38%	$1B	0.9x	2%	—	13%	—	13%	$264K
Knowledge Economic City	0.1%	$3	-14%	$1B	—	—	—	—	—	—	$705K
Almunajem Foods	0.1%	$16	-10%	$963M	1.1x	4%	15%	7%	7%	9%	$415K
SPIMACO - ADDWAEIH	0.1%	$8	+19%	$945M	2.3x	10%	—	21%	—	31%	—
United International	0.1%	$9	-54%	$918M	1.9x	7%	28%	52%	10%	57%	$586K
Etihad GO Telecom	0.1%	$26	+1%	$888M	—	—	—	—	—	—	$4M
Al Majed Oud	0.1%	$35	-2%	$882M	—	—	—	—	—	—	$112K