How to Find (or Estimate) a Private Company's Revenue

Private companies don't have to publish their revenue, and most don't. Yet investors, acquirers, competitors, salespeople and job seekers all want to know roughly how big a company is. The good news: you can usually get a reasonable estimate by combining several clues. The trick is to use more than one method and see where they agree.

This guide covers twelve methods, from finding actual reported figures to building estimates from headcount and pricing. Always treat estimates as estimates, and present them as ranges.

Part 1: Find reported numbers

Before estimating, check whether real numbers exist somewhere.

1. Company registry filings

In some countries, private companies must file accounts publicly. The UK is the best-known example: Companies House publishes accounts for UK companies, though small companies may file abbreviated accounts without full revenue figures. Many EU countries have similar requirements. In the US and Canada, private companies generally don't file public financial statements.

2. Securities filings

US Form D filings include a revenue range field, but issuers can choose "decline to disclose", and many do. Some companies raising through Regulation Crowdfunding or Regulation A must file financial statements, which can be very informative. See our Form D search guide.

3. Lists and rankings

Fast-growth rankings, such as Inc. 5000 in the US, the Deloitte Technology Fast 50 programs and regional "fastest-growing companies" lists, often require companies to submit revenue figures. Some publish revenue bands or growth rates. Combining a published growth rate with a known starting point can reveal current revenue.

4. Public company disclosures

If the private company is a significant customer, supplier or acquisition target of a public company, that company's filings may disclose revenue or contract values. Acquisition announcements frequently mention the target's revenue.

5. Government contracts and grants

Public procurement databases show contract values awarded to private companies. For businesses that depend on government work, this can account for a large share of revenue.

6. Statements by the company

Founders often mention revenue milestones in interviews, podcasts, conference talks, blog posts and funding announcements. "We passed $10 million in ARR" is common in startup press releases. Search for the company name plus terms like "ARR", "revenue", "run rate" and "million in sales".

7. Court and insolvency records

Lawsuits, insolvency proceedings and some regulatory actions can reveal financial information. Not common, but valuable when available.

Part 2: Estimate from operating clues

If you can't find reported numbers, build estimates. Use at least two of these methods.

8. Headcount × revenue per employee

This is the most widely used method. Count employees (LinkedIn is the usual source, though it undercounts some industries) and multiply by a typical revenue per employee for the industry.

Revenue per employee varies enormously by industry: software and wholesale distribution tend to be high; labour-intensive services such as cleaning, staffing or hospitality tend to be lower. Use public company data for the industry as a rough reference, adjusted for size and stage. Public company annual reports give you revenue and headcount, so you can calculate the ratio yourself.

9. Customers × average price

If you can estimate the number of customers and the average price, multiply. Customer counts are often mentioned on websites ("trusted by 2,000 businesses"), in case studies or in press releases. Prices may be on the pricing page or discoverable through review sites and procurement records.

10. Physical capacity

For physical businesses, capacity can be a strong clue: number of locations, square footage, number of trucks or machines, seats in a restaurant, beds in a care home. Combine with industry benchmarks for revenue per location or per unit.

11. Web traffic and app data

For e-commerce and consumer businesses, website traffic estimates and app download or usage estimates can be combined with conversion rates and average order values. These tools have large error margins, so use them as a sense check rather than a primary estimate.

12. Funding and valuation clues

If a company raised a round at a known valuation, you can sometimes infer revenue from typical valuation multiples in its sector at that time. This is very rough, because multiples vary widely, but it can confirm whether other estimates are in the right range. Similarly, the size of a round often relates to the company's current scale.

Part 3: Ask people

The most accurate estimates often come from conversations:

• Former employees often know approximate revenue and growth.
• Customers and suppliers can give clues about volume and pricing.
• Industry experts often know the rough size of each player in a niche.
• Expert network calls are a paid way to speak with knowledgeable people.

Be careful to ask only for information people are free to share. Don't ask anyone to breach confidentiality obligations.

Triangulating: putting estimates together

Combine your estimates into a table and look for convergence:

Here, the estimates converge around $20M to $26M, with the founder's own statement suggesting the upper middle. A reasonable conclusion: "approximately $22M to $26M in annual revenue, as of the latest information." The figures above are illustrative.

Common mistakes

• Relying on one method. Each has large error margins.
• Trusting database revenue figures blindly. Many are modelled estimates, not reported numbers.
• Using the wrong revenue per employee benchmark, such as applying software ratios to a services firm.
• Confusing ARR, run rate and recognised revenue. They can differ significantly.
• Ignoring timing. A two-year-old interview quote may be badly out of date for a fast-growing company.

When precision matters

For sales prospecting, a rough size band is usually enough. For acquisitions or investments, you'll eventually get actual financials under a non-disclosure agreement, but estimates help you decide whether to pursue a company in the first place. For competitive analysis, trends often matter more than precise figures.

If you need sourced revenue estimates for a list of companies, we can do the research. Get in touch.

Industry-specific clues

Some industries have their own reliable revenue proxies. A few examples:

• Restaurants: seats, table turns and average check size; or location count multiplied by typical sales per location for the format.
• Trucking and logistics: number of trucks or tractors, often visible in regulatory registrations, multiplied by typical revenue per truck.
• Healthcare practices: number of practitioners and typical revenue per practitioner.
• Manufacturing: facility size, number of shifts and equipment, compared with industry benchmarks.
• Software: customer counts and pricing, or headcount with revenue per employee.
• Construction and trades: licence classes and bonding limits, which can indicate the size of projects a firm is allowed to take on.
• E-commerce: traffic estimates, conversion rates and average order values; marketplace seller ratings counts can also indicate volume.

Talking to one or two people who know the industry will usually tell you which proxies are most reliable, and what typical ratios look like.

Documenting your estimate

Whoever uses your estimate later will want to know how you got there. Write down each method, the inputs and their sources, the result, and your confidence. A short note like "$22M to $26M; triangulated from headcount, customer count and a founder interview from March; medium-high confidence" is far more useful than a single number with no context. It also makes updating the estimate easy when new information appears.