How To Value A Company By Analyzing Its Customers

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SKIP TO CONTENTHarvard Business Review LogoCustomer experienceHow to Value a Company by Analyzing Its Customers

A step-by-step guide to customer-based corporate valuation by Daniel McCarthy and Peter Fader

From the Magazine (January–February 2020)doble-d/Getty ImagesSpotlight Series  /  The Loyalty Economy01Are You Undervaluing Your Customers?02How to Value a Company by Analyzing Its Customers03“Over Time, the Market Will Demand This Information”

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In the weeks leading up to the initial public offering of apparel retailer Revolve Group, in June 2019, investors struggled to come up with a fair valuation. Several recent IPOs—most notably those of the ride-hailing firms Uber and Lyft—had been disappointing. Revolve had delayed its IPO for months because of a downturn in the stock market. Despite the headwinds, its IPO was priced at $1.2 billion—and it exploded by an additional 89% on its first day of trading, making it one of the best first-day IPO performances of 2019. The spike brought the company’s valuation to roughly 4.5 times its revenue over the previous 12 months—five times the multiple of its apparel-retailing peers and more akin to that of a technology company. What happened, and why did investors originally fail to see just how strong a firm Revolve was?

Read more on Customer experience or related topics Marketing, Strategy, Business management, Sales and marketing, Marketing industry and Business services sectorA version of this article appeared in the January–February 2020 issue of Harvard Business Review.DMDaniel McCarthy is an assistant professor of marketing at Emory University’s Goizueta Business School and a cofounder of Theta Equity Partners, a customer-based corporate valuation solutions provider.PFPeter Fader is the Frances and Pei-Yuan Chia Professor of Marketing at the Wharton School of the University of Pennsylvania, a coauthor of The Customer Centricity Playbook, and a cofounder of Theta Equity Partners.
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Spotlight Series  /  The Loyalty Economy01Are You Undervaluing Your Customers?02How to Value a Company by Analyzing Its Customers03“Over Time, the Market Will Demand This Information”Read more on Customer experience or related topics Marketing, Strategy, Business management, Sales and marketing, Marketing industry and Business services sector

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