What a revenue multiple assumes
A revenue multiple implicitly assumes something about future gross margin, operating leverage, churn, acquisition efficiency and the cost required to support that revenue. Two businesses with the same revenue can have radically different value.
What a profit multiple assumes
A profit multiple starts closer to current owner economics, but even profit needs normalization. Buyers will test whether expenses are complete and whether the earnings can survive after the owner leaves.
When revenue is more informative
Revenue can be more useful for high-growth SaaS or other businesses where current reinvestment suppresses profit but revenue quality is strong and predictable.
When profit is more informative
Profit is often more useful for smaller established online businesses where the buyer is underwriting existing cash flow rather than a venture-scale growth story.
Do not mix frameworks casually
If comparable transactions use a different denominator or accounting basis, translate them carefully before drawing conclusions.