15x is modest for a virtual-product company net earnings, in cases where there are earnings after the accountants are done. A 5x multiple of revenue would value

15x is modest for a virtual-product company net earnings, in cases where there are earnings after the accountants are done. A 5x multiple of revenue would value Netflix around $60 billion. And if Walmart had the assumed 30% margins, they probably could be a $2.5 trillion company. Their revenue is more than 2.5 times their almost-$1 trillion competitor.