VENIONAIRE DEALMATRIX MULTIPLES
Methodology
Explore private market valuation multiples across 140+ sectors with benchmarks structured by stage and region. Updated quarterly. Built for practitioners.
Comparables
EV/Sales & EV/EBITDA
Macroeconomic Factors
Multiple
Multiple
Multiple
Why classical multiple approaches fall short
Traditional comparable company analysis relies on a limited number of reference companies and fails to adequately account for macroeconomic influences. In practice, valuation levels are subject to significant fluctuations that cannot be explained by company-specific factors alone.
External factors such as interest rate levels, capital availability, and investor sentiment play a decisive role. In low-interest-rate environments, significantly higher multiples are observed than in periods of rising capital costs — because the discount rate directly affects the valuation of future cash flows.
Against this background, a more data-driven approach to deriving multiples has developed. In contrast to classical comparable analyses — which are often based on a limited number of reference companies — this approach enables the use of large datasets, allowing robust patterns and market trends to be identified across different market environments and cycles.
Calibration, time series, and continuous recalibration
Following IPEV Guidelines 2025, multipliers are expressions of a dynamic, data-driven process that adapts to a changing market environment.
A key dimension of the DealMatrix approach is time series analysis — enabling valuation levels to be observed and interpreted in the context of market cycles. The historical trend data on each sector page reflects this: showing how multiples have evolved across cycles and giving users context that a single point-in-time estimate cannot provide.
In the context of IPEV Guidelines 2025, this data-driven approach represents a particularly consistent implementation of the fair value principle — grounded in observable market data while remaining continuously adaptive. Importantly, the role of professional judgment is not replaced but complemented: the interpretation of results remains a central responsibility of the appraiser.
International Private Equity and Venture Capital Valuation Guidelines, 2025 Edition. Available at privateequityvaluation.com.
Scope of the model
Each sector-stage-region combination is modelled independently — not derived from a single global average.