A valuation multiple: a company's enterprise value (roughly its price tag, including debt) divided by its revenue. It answers the question 'how many dollars does an investor pay for each dollar of sales?'
企业价值／销售额倍数 —— 用公司的企业价值
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $50bn | The AI trade meets a $20 billion reality check 企业价值／销售额倍数 —— 用公司的企业价值 · 第 4 张术语卡 | Change the revenue definition and the multiple moves without a single customer changing behaviour — which is why the $50bn/$70bn debate rattled valuations. 大多数行业这个倍数在一到三倍之间；高增长软件公司可以到十倍以上，前提是市场相信它未来能赚更多。这类倍数的敏感度极高：分母（营收）口径一变，倍数就变。所以严肃的估值讨论一定先对齐口径，再谈倍数 —— 顺序反了，结论就不可比。 |