Public multiples
Comparable listed companies in the sector: key figures, group summary, full table and the method for moving from public to private. Data as of 31 August 2026.
LatAm versus global median. EV / revenue CY 26E: 0.4x LatAm · 3.3x global · Price / earningsCY 26E: 12.2x LatAm · 22.1x global
Aggregates and medians for each group of comparables; medians exclude non-meaningful values.
| Group | Companies | Market value (USD millions) | Enterprise value (USD millions) | EV / revenue CY 26E | Price / earnings CY 26E | Revenue CY 26E | % MTD |
|---|---|---|---|---|---|---|---|
| E-commerce and marketplaces | 8 | 3,060,175 | 3,196,086 | 3.4x | 22.1x | 21% | (1)% |
| Delivery and quick commerce | 3 | 125,045 | 125,215 | 2.6x | 26.1x | 14% | 13% |
| Listed retail in Mexico and Brazil | 5 | 59,396 | 68,955 | 0.4x | 12.2x | 3% | (4)% |
Aggregate market and enterprise value in USD millions; medians of EV/revenue, P/E and growth on consensus for the year shown; % MTD: median monthly price change.
Listed comparable companies in the sector: price, market value, multiples and expected growth.
| Company | Price 2026-08-31 | % MTD | % LTM high | Market value (USD millions) | Enterprise value (USD millions) | Multiples | Growth rates | P / E / G CY 26E | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price / earnings | EV / revenue | Revenue | EPS LT | ||||||||||
| CY 26E | CY 27E | CY 26E | CY 27E | CY 26E | CY 27E | LT | |||||||
| E-commerce and marketplaces | |||||||||||||
| MercadoLibre MELI | 1,936.20 | 3% | 76% | 98,165 | 105,625 | 49.6x | 34.1x | 2.5x | 2.0x | 44% | 28% | 28% | 1.8x |
| Amazon AMZN | 259.77 | (4)% | 90% | 2,802,918 | 2,931,568 | 20.7x | 25.0x | 3.5x | 3.1x | 16% | 14% | 23% | 0.9x |
| Sea Limited SE | 113.48 | 6% | 57% | 69,504 | 64,534 | 30.3x | 22.1x | 2.1x | 1.7x | 35% | 22% | 29% | 1.0x |
| Coupang CPNG | 16.06 | (2)% | 47% | 28,908 | 28,428 | na | 59.5x | 0.8x | 0.7x | 7% | 14% | 67% | na |
| Jumia Technologies JMIA | 6.89 | 16% | 47% | 858 | 824 | na | na | 3.5x | 2.8x | 26% | 24% | na | na |
| Etsy ETSY | 81.33 | 0% | 93% | 7,464 | 9,424 | 13.7x | 11.8x | 3.3x | 3.2x | (1)% | 4% | 33% | 0.4x |
| eBay EBAY | 103.56 | (9)% | 87% | 46,084 | 49,914 | 16.9x | 15.4x | 4.0x | 3.7x | 13% | 7% | 12% | 1.5x |
| Global-e Online GLBE | 37.35 | (5)% | 85% | 6,274 | 5,769 | 23.5x | 18.7x | 4.3x | 3.4x | 39% | 28% | 34% | 0.7x |
| Median | (1)% | 80% | 22.1x | 22.1x | 3.4x | 3.0x | 21% | 18% | 29% | 0.9x | |||
| Mean | 1% | 73% | 25.8x | 26.7x | 3.0x | 2.6x | 22% | 18% | 32% | 1.1x | |||
| Delivery and quick commerce | |||||||||||||
| DoorDash DASH | 231.74 | 18% | 81% | 100,413 | 98,373 | 40.0x | 28.5x | 5.5x | 4.6x | 30% | 21% | 26% | 1.6x |
| Maplebear (Instacart) CART | 50.52 | 13% | 96% | 11,695 | 10,879 | 12.2x | 10.3x | 2.6x | 2.3x | 14% | 11% | 18% | 0.7x |
| Delivery Hero DHER | EUR 36.73 | (2)% | 92% | 12,937 | 15,963 | na | 47.7x | 0.9x | 0.8x | 14% | 10% | na | na |
| Median | 13% | 92% | 26.1x | 28.5x | 2.6x | 2.3x | 14% | 11% | 22% | 1.1x | |||
| Mean | 10% | 90% | 26.1x | 28.8x | 3.0x | 2.6x | 19% | 14% | 22% | 1.1x | |||
| Listed retail in Mexico and Brazil | |||||||||||||
| BBB Foods (Tiendas 3B) TBBB | 48.57 | 18% | 94% | 5,886 | 6,448 | na | na | 1.0x | 0.8x | 35% | 29% | na | na |
| Walmart de México WALMEX | MXN 47.07 | (6)% | 74% | 47,656 | 50,771 | 15.5x | 14.7x | 0.8x | 0.8x | 4% | 6% | 6% | 2.6x |
| Grupo Comercial Chedraui CHDRAUIB | MXN 88.79 | (2)% | 59% | 5,008 | 7,719 | 12.2x | 10.7x | 0.4x | 0.4x | 0% | 7% | 6% | 2.1x |
| Magazine Luiza MGLU3 | BRL 4.81 | (4)% | 42% | 721 | 2,027 | 7.6x | 5.9x | 0.3x | 0.3x | 2% | 5% | 78% | 0.1x |
| Grupo Casas Bahia BHIA3 | BRL 0.66 | (15)% | 13% | 125 | 1,990 | na | na | 0.3x | 0.3x | 3% | 1% | na | na |
| Median | (4)% | 59% | 12.2x | 10.7x | 0.4x | 0.4x | 3% | 6% | 6% | 2.1x | |||
| Mean | (2)% | 56% | 11.8x | 10.4x | 0.6x | 0.5x | 9% | 10% | 30% | 1.6x | |||
Data as of 31 August 2026. Source: stockanalysis.com (closing prices, shares outstanding, debt, cash and published consensus estimates; 52-week highs as of September 8, 2026), cross-checked with Yahoo Finance; closes as of August 31, 2026. ECB reference exchange rates as of August 31, 2026: MXN 17.01, BRL 5.17 and EUR 0.862 per USD. Long-term EPS growth is the source’s 3-year forecast. The sources do not publish consensus EBITDA, so EV/EBITDA is not available. Closing prices at the stated date; market value and enterprise value in millions of US dollars; multiples and growth rates on consensus estimates for the stated calendar year. na: not available; nm: not meaningful (negative earnings or EBITDA).
A sector’s public median is not the price of a private round. It is the starting point that an investment committee adjusts, step by step, until it reaches a defensible reference.
We do not publish a conversion factor or a private multiple by sector: last-round marks are not market prices, they carry liquidation preferences and survivorship bias. What can be verified is the method: start from the listed median and document each adjustment with its direction and its reason.
A company growing well above the listed median, with a comparable gross margin, justifies a premium; the practical rule is to compare growth plus margin against the companies in the group.
The listed companies in the universe book tens or hundreds of millions of dollars in revenue. At a smaller scale, execution risk rises and the asset is less liquid: a discount.
The LatAm and global medians in each sector show the differential the market already charges for currency, rates and depth of capital. It is not always a discount: it depends on the sector and the moment.
From seed to growth the basis of comparison changes: at early stages team and market weigh more than any multiple; by Series B or C the revenue multiple becomes the reference.
A private stake cannot be sold in a day. The illiquidity discount is negotiated, not tabulated, and it widens when the exit window closes.
Liquidation preferences, participation, anti-dilution and convertibles change the economic value of the same headline valuation. Comparing valuations without comparing terms is comparing apples with oranges.
Each adjustment is documented within a mandate, with the comparables, the disclosed private transactions in the sector and the proposed terms. G2 does not issue valuation opinions outside a mandate.
Talk to a partnerUniverse defined by G2: comparable listed companies in the sector, with Latin American issuers flagged. Closing prices at the cut-off date; market and enterprise value in USD millions at the exchange rate of that date; multiples on consensus estimates for the calendar year shown; medians and means calculated by G2 excluding negative values or values above 99x.
Source: stockanalysis.com (closing prices, shares outstanding, debt, cash and published consensus estimates; 52-week highs as of September 8, 2026), cross-checked with Yahoo Finance; closes as of August 31, 2026. ECB reference exchange rates as of August 31, 2026: MXN 17.01, BRL 5.17 and EUR 0.862 per USD. Long-term EPS growth is the source’s 3-year forecast. The sources do not publish consensus EBITDA, so EV/EBITDA is not available.
Updated monthly, in the first business days of each month, with partner review before publication.
Retail tech · Public multiples by sector · Capital raising
For information only. It is not investment advice, a recommendation or a valuation opinion on any company.
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