Vertical Applications — multiples
Median EV / LTM Revenue across the cohort at each month end, with the 25th–75th percentile band. Membership follows the same tagging as the company counts, so a company tagged into several subsectors is included in each.
Historical median multiple
Vertical Applications · Median EV / LTM Revenue
Cross-sectional median multiple over time, with the 25th–75th percentile range shaded.
Current
4.6x
Median
6.7x
Min
3.7x
Max
9.5x
Latest point 2026-08-04: median 4.6x across 26 companies.
Other subsectors in Application Software
Customer & Revenue Applications
CRM & sales engagement; customer success; customer service & contact center; CPQ & revenue operations.
13
Marketing & Advertising Software
Marketing automation; adtech; customer data platforms; e-commerce enablement; loyalty & promotion.
11
Finance, ERP & Procurement Applications
ERP; accounting & close; FP&A; procurement & spend management; tax & compliance software.
7
HR, Payroll & Workforce Applications
HCM; payroll; talent acquisition; benefits; workforce management & learning.
3
Collaboration, Productivity & Work Management
Communications & video; collaboration; project & portfolio management; document/knowledge management; workflow automation.
5
Analytics & Decision Software
BI & visualization; planning; decision intelligence; enterprise search; process mining.
3
Design, Creative & Content Software
Creative suites; digital experience; content creation; publishing & DAM; architecture/engineering design software.
3
Legal, Risk & Governance Applications
Legal practice management; contract lifecycle management; e-discovery; GRC applications; compliance workflow.
0
Supply Chain & Operations Applications
Supply-chain planning; transportation management; field service; manufacturing execution; quality & asset management.
0