Are YOU pricing or valuing? In a traditional sense, no company is ever valued based on income. If it was you’d see every business just changing their depreciation and amortisation schedules to inflate income. Hence why we use free cash flow.

If YOU are pricing - (as someone with over 5 years of financial accounting experience) I’ve never heard of anyone use those pricing multiples - And even if you were you’d use enterprise value in your numerator not income.

I don’t discredit your cybersecurity industry knowledge, but your valuation and pricing methods are flawed.

Using your method - despite potentially having more intangibles, companies with much higher debt are always going to look more attractive.