Internet & Digital Platforms valuation multiples
Worldwide, the median listed internet and digital platform company was valued at 11.1x EBITDA and 2.3x revenue at 30 September 2026. By region, the median was 12.3x in the United States, 11.2x in Europe, 10.9x in Japan and 9.0x in Emerging Asia.
Global 132 listed internet and digital platform companies at 30 September 2026
median
median
median
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*Excludes companies with negative EBITDA. **Excludes companies with stale accounts or results driven mainly by revaluations of investment holdings, and EV/Sales above 50x, typically early-stage companies with little revenue. ***Excludes companies with negative normalised earnings. How the figures are built
| EV/EBITDA | EV/Sales | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 94 | 11.1x | 17.5x | 2.3x | 4.5x |
| United States | 34 | 12.3x | 18.4x | 1.9x | 5.6x |
| Europe | 17 | 11.2x | 13.2x | 2.7x | 1.4x |
| Japan | 19 | 10.9x | 9.2x | 2.5x | 2.3x |
| Emerging Asia | 17 | 9.0x | 12.0x | 2.5x | 1.4x |
Companies: those in the EV/EBITDA median. Median: the typical internet and digital platform company. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. Worldwide and in the United States and Emerging Asia the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. The key multiple for internet and digital platform companies. | 11.1x | 12.3x | 11.2x | 10.9x | 9.0x |
| EV/SalesEnterprise value to revenue. | 2.3x | 1.9x | 2.7x | 2.5x | 2.5x |
| P/ENormalised earnings: one-off items removed. | 18.0x | 19.4x | 14.2x | 20.1x | 14.2x |
| EV/Adj. EBITDAShare-based pay added back, as in company-reported adjusted EBITDA. | 10.1x | 10.2x | 10.1x | 10.9x | 8.0x |
| P/FCFMarket value to free cash flow. | 13.1x | 9.0x | 12.8x | 20.4x | 19.6x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Revenue growth | 10.9% | 10.4% | 13.9% | 13.0% | 9.7% |
| Gross margin | 55.3% | 71.4% | 55.3% | 71.0% | 47.7% |
| EBITDA margin | 17.6% | 14.0% | 19.1% | 21.4% | 10.2% |
| Free cash flow margin | 11.9% | 16.2% | 15.3% | 14.1% | 1.7% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- Alphabet IncUS
- Amazon.com IncUS
- Meta Platforms IncUS
- Tencent Holdings LtdChina
- Alibaba Group Holding LtdChina
of 132 companies
United States
- Alphabet IncUS
- Amazon.com IncUS
- Meta Platforms IncUS
- Uber Technologies IncUS
- Booking Holdings IncUS
of 46 companies
Europe
- Allegro eu SALuxembourg
- Delivery Hero SEGermany
- Zalando SEGermany
- Auto Trader Group plcUK
- Vend Marketplaces ASANorway
of 23 companies
Japan
- LY CorpJapan
- Rakuten Group IncJapan
- ZOZO IncJapan
- Kakaku.com IncJapan
- Mercari IncJapan
of 22 companies
Emerging Asia
- Tencent Holdings LtdChina
- Alibaba Group Holding LtdChina
- PDD Holdings IncChina
- MeituanChina
- JD.com IncChina
of 33 companies
Subscribers get the figures of all 132 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | EV/EBITDA | EV/Sales |
|---|---|---|---|
| Search, Social & Online Media | Search, social networks, online content and advertising-funded platforms | See plans | See plans |
| Marketplaces & Consumer Platforms | Online marketplaces and e-commerce platforms, online travel and accommodation, ride-hailing and delivery platforms | See plans | See plans |
Global medians, 30 Sep 2026
Global median EV/EBITDA, 12 quarters
Internet & Digital Platforms in the full data
The typical platform has de-rated; the largest have not
The global median EV/EBITDA fell from 16.6x in Q4 2023 to 11.1x (−33%), while the aggregate, which the largest platforms dominate, went from 18.2x to 17.5x. The industry as a whole now trades at 17.5x EBITDA, well above the typical company.
The difference is size. Large caps (above USD 10bn) trade at a median 15.2x EBITDA, mid caps at 12.6x, small caps at 10.1x and micro caps at 7.9x. In the United States the large-cap median is 19.5x.
By region
Europe has fallen furthest: its median was 18.7x in Q4 2023 and is 11.2x now. Emerging Asia has the lowest median, 9.0x, against 12.3x in the United States and 10.9x in Japan.
On revenue the order changes. US platforms have the lowest median EV/Sales of the four regions, 1.9x, despite the highest median gross margin, 71.4%. A revenue multiple across platforms mixes advertising, marketplace and subscription businesses with very different margins, which is why EBITDA is the key multiple here.
Using these figures in a valuation
A peer group for a platform business should match the revenue model as closely as the size: an online marketplace and a search or social media company are both platforms, and they are not valued alike.
What EV/EBITDA multiple do internet and digital platform companies trade at?
The median listed internet and digital platform company traded at 11.1x EBITDA (EV/EBITDA) at 30 September 2026, across 94 companies above USD 100m; the aggregate was 17.5x. United States 12.3x, Europe 11.2x, Japan 10.9x, Emerging Asia 9.0x.
What is the median EV/Sales of internet and digital platform companies?
2.3x at 30 September 2026, across 116 companies; the aggregate was 4.5x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private internet and digital platform companies?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is search, social media, online marketplaces, e-commerce platforms and other internet services, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
132 internet and digital platform companies at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Internet & Digital Platforms Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/internet-digital-platforms/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_internet_digital_platforms_multiples,
title = {Internet & Digital Platforms Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/internet-digital-platforms/}
}