Free tool · Newsletter / Substack
Newsletter and Substack valuation calculator
Estimate what your paid newsletter is worth using EBITDA / SDE multiples and churn-adjusted per-subscriber value.
How to value a newsletter / substack
- 1
Pick your business type
Select newspaper, magazine, B2B publisher, newsletter, or YouTube channel. Each type uses a different primary method and different benchmark ranges.
- 2
Enter financials and audience
Revenue, adjusted EBITDA, subscriber or audience count, and ARPU. The tool won't invent numbers you don't provide.
- 3
Answer the seven value drivers
Recurring mix, audience ownership, IP depth, margin quality, key-person risk, advertiser concentration, and growth. Each nudges the multiple within its band.
- 4
Read your valuation range
You get a blended low-to-high range across three methods, plus a mid-point. Below that, the method-by-method breakdown shows exactly how each number was built.
Frequently asked questions
- How do I value a newsletter or Substack?
- Two methods. EBITDA / SDE multiples of 1.5–3.0x (Flippa's 30–45x monthly-profit benchmark equates to roughly 2.5–3.75x annual profit) plus per-subscriber value grounded in ARPU × churn-adjusted lifetime. For owner-operated newsletters, use SDE (add back owner comp) instead of EBITDA.
- How much is my Substack worth?
- A newsletter with 5,000 paid subscribers at $100/year ($500k ARR), 20% churn, and 60% margin often values at $450k–$900k on the SDE method and $1.0M–$1.8M on per-subscriber value — a working range where a buyer would probably land in the middle depending on the audience-ownership picture.
- Why does audience ownership matter for newsletters?
- An owned email list is portable. A Substack subscription is portable. Buyers pay a premium for portable audiences and discount for platform-dependent ones. A newsletter that runs on the founder's owned domain with owned email trades higher than the same newsletter hosted on a platform that controls the subscriber list.
- How accurate is this valuation calculator?
- Ranges are grounded in published industry benchmarks (gomerge, Fulcrum, and Poynter) and are meant as a preliminary estimate — not a formal appraisal. Real transactions depend on buyer strategy, deal structure, and comparable-sale timing. Treat this as a starting point for a conversation with an M&A advisor.
- What's the difference between EBITDA and adjusted EBITDA?
- Adjusted EBITDA adds back owner compensation above market rate, one-time expenses, and non-recurring items. For owner-operated media businesses, this is usually higher than reported EBITDA — sometimes materially. Use adjusted EBITDA in this calculator.
- Why two methods instead of one?
- Different buyers weight different methods. Strategic acquirers usually anchor on EBITDA. Financial buyers, roll-up players, and creator-market operators cross-check against the alternative — ARR for B2B, per-subscriber for newspapers and newsletters, revenue multiple for magazines and YouTube. Showing both is how buyers actually triangulate.
- Do I need to enter every field?
- No. Any field left at zero drops the corresponding method from the blend. At minimum, enter revenue and either EBITDA or subscriber count with ARPU. The tool won't invent numbers you didn't provide.
- Is my data saved or sent anywhere?
- Your inputs are stored in your browser's local storage so the calculator remembers them if you refresh. Nothing is sent to Pelcro or a third party unless you submit the email form to request the full breakdown.
This calculator is for educational purposes only and does not constitute investment, tax, or M&A advice. Ranges are based on published industry benchmarks (gomerge, Fulcrum, Poynter), not live comparable-sale data. Consult a qualified M&A advisor before making decisions.