On a value note, Watch confusing market cap with value. The numbers you calculate are market capitalization and not value. You were on the right track with mentioning earnings though, but from there we have a few variables to work with. Let's say it's still a startup so Price to earnings is high. The hard part here is with startups p/e isn't the greatest valuator since it may take a period, hopefully short, to actually post net income by which to even calculate p/e. Let's say they can achieve p/e of 75 in year one. There is such a range it could be the first year so please understand I am just picking a somewhat reasonable first year number to base some calculations on. If the stock goes to 15 in year one and p/e is 75 we have earnings per share of 15/75 or .20 per share. That would put earnings at 36 million (180 million shares times .20). Now the question is what percent of sales is net income? If they can achieve 10% then that puts us at 360 million in sales to get to that earnings number. (36 million divided by 10%). Again keep in mind that is at a $15 stock price, which we would all love, but i am also picking numbers that are part of a range so these figures could fluctuate quote bit depending on what you use. This is all based on the p/e model though which again is tough to use in start ups, but at least gives some people reading it and understanding of value calculations. There are others but I don't want to go into many because a lot of value in the beginning is based on projections, which are just speculation that varies quite a bit as well. In summary, it's tough to value a company using standard ratios until it's up and running for a while. Thanks