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Everyone has their own calculations / way of evaluating a company, because different people/brands value different things.
Total company history
Recent-ish performance - profitability, scale of the company, market share, and a lot of other things
Projected Growth
Company leadership
If you’re looking to buy the company, you may value certain company assets and patents more than other companies because you may be better positioned to unlock additional value. As a result you may be willing to purchase at a higher premium than others.
The 2x to 4x multiple on previous years revenue might be a quick way to project a company’s valuation (I actually always heard 5x of projected future earnings as the quick calculation), but it’s not nuanced enough to be actionable or accurate.