<p>Sharing economy is a business model in which individuals (providers) share underutilised resources with others (consumers) for a predefined period and price via an online platform. To this day, several metrics have been devised to quantify aspects of the sharing economy using composite indicators approach. A particularly interesting one is the Sharing Economy Index (SEI) 2023, published by Consumer Choice Center (CCC). The paper scrutinises the current SEI methodology, focusing on its structure and weighting scheme, which is based on a single pillar and equal weighting. Several different methodological approaches for assessing the index structure and weighting scheme have been applied. The findings of the Principal Component Analysis (PCA) and Ultrametric Factor Analysis (UFA) first indicate that the SEI structure may be more complex, with four first-order factors. Second, the defined factors and indicators are not equally important to the ranking system based on the Ivanović distance (I-distance). Finally, applying the proposed methodological changes does not yield a statistically different ranking but does improve the methodological rigour of the SEI. The research suggests that multivariate perspectives on composite indicators, especially in the sharing economy, are needed to assess and validate their credibility. The analysis provides insights into the SEI and evidence that the official SEI ranking system, even with equal weighting, produces broadly valid rankings. However, a restructured approach with data-driven weights offers enhanced discriminating power and methodological rigour.</p>