T-Ray Inc.
How we got $93K
Based on its 5 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Estimated value over time
▲ 26% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| T-RAY INC. this business | $383K | — |
| Two Sisters Bar Newalla | $760K | 5.4 mi |
| JQ’s Outback Oklahoma City | $760K | 9.6 mi |
| A-Wee-Bit-of-Ireland.com Norman | $760K | 9.9 mi |
| Grandstand Sports Grille Shawnee | $760K | 11.3 mi |
| Tribbey Barr Macomb | $760K | 11.5 mi |
| Carter's Tavern Macomb | $760K | 11.5 mi |
The full calculation
| Employees reported to the SBA | 5 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $435K |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $259K |
| Estimate: the two combined (geometric mean) | $383K |
| EBITDA margin (industry, adjusted for size) | 13% |
| EBITDA = revenue × margin | $49K |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $93K |
| Multiple for this size and industry | 1.9× |
| Value range | $49K – $127K |
| Revenue range | $252K – $437K |
| EBITDA range | $32K – $56K |
| Industry (NAICS) | Drinking Places (Alcoholic Beverages) (722410) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Advisors
- BankingFirst United Bank and Trust CompanyPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| First United Bank and Trust Company PPP 2020, PPP 2021 | All 2,229 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 6/1/2020 | first | $9K | 5 |
| 2/7/2021 | second | $12K | 4 |
About T-Ray Inc.
T-Ray Inc. is a bars company in Norman, Oklahoma. Its estimated annual revenue is about $383K, with roughly $49K of EBITDA. It has about 5 employees. Its estimated business value is $93K (likely range $49K–$127K).
Common questions
- Who owns T-Ray Inc.?
- The owner of T-Ray Inc. isn't in public records we've found yet. If you own or run the business, you can add or correct its details on SeeBITDA.
- How much revenue does T-Ray Inc. make?
- SeeBITDA estimates T-Ray Inc.'s annual revenue at about $383K (likely between $252K and $437K), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is T-Ray Inc. worth?
- About $93K, roughly 1.9× its estimated EBITDA of $49K, typical for a bars company its size. Likely range: $49K–$127K.
- How many employees does T-Ray Inc. have?
- About 5, as reported on its PPP loan.