Validity of the equation K_eq = ratio of rate constants of forward and reverse reactions

If we have a multi-step reaction (which involves more than one step to reach the products; a complex reaction, one may say), then is the following equation valid?


$$K\_\mathrm{eq} = \frac{K\_\mathrm{fwd}}{K\_\mathrm{rev}}$$
$K\_\mathrm{eq}$ – equilibrium constant of the reaction; $K\_\mathrm{fwd}$ – rate constant of the forward reaction; $K\_\mathrm{rev}$ – rate constant of the reverse reaction.


I know that it is valid for an elementary or single step reaction, where the expression for the rate involves raising the concentrations of the reactants to their coefficients in the balanced equation.


But is it so for a multi step reaction too? (Where the law of mass action is no longer valid?)


