Valuation Index
Infrastructure Software Valuation Index
We track what public investors pay for infrastructure software companies and what buyers have paid to acquire them. The index covers US-listed companies in IT operations and observability, data and information management, and developer and infrastructure platforms, and we update it monthly.
How valuations have moved since 2019
How each company compares with its own valuation history
Valuation against growth and profitability
Selected transactions with disclosed multiples
How we calculate the index
Members. US-listed companies that file with the SEC and earn most of their revenue from the software this index covers. Each is listed in the company table above. A company leaves the index in the month its acquisition is announced, because from then on its share price mostly reflects the offer; the deal moves to the transactions table at the price paid, marked as pending until it closes.
Multiples. Enterprise value at each month-end over trailing twelve-month revenue and adjusted EBITDA. Each quarter’s figures count from 45 days after it ends.
Enterprise value. Share price times basic shares outstanding, plus debt, less cash and short-term investments. Basic rather than fully diluted shares understate values slightly.
Adjusted EBITDA. Operating income plus depreciation, amortization, and stock-based compensation, shown only where the adjusted margin is 10% or more. For the growth and profitability chart, revenue growth over the trailing twelve months (as reported, so including acquisitions) is added to the adjusted EBITDA margin, with a switch to count stock-based compensation as a cost. Companies scoring 40 or more meet the Rule of 40; the chart splits members at 40 and at the index’s median EV / revenue.
Sources and timing. Financial statements from SEC EDGAR filings and month-end market prices, updated monthly. For information only; not investment advice.
