[msfd]

I think the OP is missing the point here, because there is much more than just profits when we talk about valuation. There is sales obviously, but assets too like more materials things (chair, buildings, etc) but also immaterial assets (employee, IP, so on).

On top of that, the whole situation (the when/how/where thing) is also important, like someone said, a glass of water worth much more if Zuckerberg is in the desert, than instagram at that moment...

Valuating a company just with profits (or users) is in my opinion, too simplistic and so undermine a little bit the argument here.