How revenue estimates work
When a company doesn't report its revenue, we estimate it by looking at companies that closely resemble it.
Our logic has three steps:
1. Find lookalike companies
We identify a set of companies that are similar to the target in size, industry, growth, and business model, and that do have reported revenue.
2. Adjust their revenue to fit the target
We start from each comparable's own reported revenue, adjusted for differences between its home market and the target's using a GDP-based adjustment. We then refine that figure by scaling for differences in size, using revenue per employee as the primary adjustment. For businesses where web traffic is a meaningful revenue driver, we add a secondary check based on revenue per website visit. Comparables that are more similar, and whose revenue sits closer to the group's median, carry more weight.
3. Blend with the company's own trajectory
If the target has revenue history of its own, we project it forward and combine it with the comparable-based estimate. The more history we have, the more we lean on the company's own trend.