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EV / NTM FCF Multiples

EV / NTM FCF Multiples
Chart by Clouded Judgement (Altimeter). Source: cloudedjudgement.substack.com

This line chart tracks the median Enterprise Value to Next Twelve Months Free Cash Flow (EV / NTM FCF) multiples from 2015 to 2026 for FCF-positive companies with multiples under 100x. The median valuation multiple drops significantly from a long-term average of 40.1x down to 16.7x.

LabelValue shown on the chart
LT Average40.1x
FCF Positive & <100x Multiple Median (Latest)16.7x

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