E-Commerce Valuations ($1m rev)

Quick question on value in an e-commerce business with about $1m of revenue. Everything online seems to talk about using a Sellers Discretionary Earnings method and applying a multiple of 2-4x to arrive at a valuation, but that seems way too simplistic. What if the company had a cash balance or inventory, that method would ignore that? Does anyone have any experience doing this or is this really how it’s done? Given how high growth these companies typically are and the cyclical it’s of the earnings a DCF likely doesn’t make sense. 

Thanks