EV to sales

Enterprise value divided by revenue. The multiple of last resort, used when a company has no profit to speak of.

A firm with a ₹13,020 crore enterprise value on ₹4,800 crore of revenue trades at 2.71 times.

For software the variant that matters is enterprise value to annual recurring revenue, which counts only the contracted, repeating base rather than everything invoiced. Marketplaces are valued on net revenue, never on gross merchandise value, because gross merchandise value is somebody else's sales.

The multiple is only interpretable alongside gross margin and growth. Twelve times revenue on 80% gross margins growing 40% is a different claim from twelve times on 30% margins growing 10%.

Quote the multiple with the margin, or do not quote it.