The Aphias team monitors valuation multiples across a broad set of sectors to identify sectors with long-term growth and attractive valuation dynamics.
The Aphias Index shows valuation multiple trends across a broad set of sectors.
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The Aphias Index is computed from publicly traded company data aggregated into curated industry peer groups. For each segment, we calculate median multiples across constituent firms to provide a representative benchmark that is less influenced by outliers than simple averages.
EV / EBITDA is calculated as Enterprise Value (market capitalization plus total debt, minus cash) divided by trailing twelve-month Earnings Before Interest, Taxes, Depreciation, and Amortization. This capital-structure-neutral metric allows comparison across firms with different leverage profiles.
P / E is calculated as the current share price divided by trailing twelve-month earnings per share. Companies with negative earnings are excluded from the median calculation.