It might be under compensating for the market at large, but the market has companies where the revenue per employee is orders of magnitude larger than other companies.

I've worked at small companies that had revenue per employee of under $150,000.

The NYT has a revenue per employee of $470k ( https://www.wolframalpha.com/input?i=New+York+Times+revenue+... ) ... and a profit per employee of $50k ( https://www.wolframalpha.com/input?i=New+York+Times+profit+p... ).

https://www.levels.fyi/jobs/company/the-new-york-times-compa...

If an employee there got an offer in Big Tech, they're going to make more.

Until you hit Big Tech or companies trying to compete with them for talent, you can always find an employer that will pay more than your current one.