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Public Comps and Valuation Multiples for BNPL

Benchmark revenue and EBITDA valuation multiples for public comps like
PayPal, Block, Affirm, Kaspi.kz and Klarna.

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Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
PayPal	$44B	$43B	$33B	1.3x	6.1x
Block	$39B	$34B	$25B	1.4x	9.0x
Affirm	$16B	$22B	$4B	5.8x	21.4x
Kaspi.kz	$14B	$11B	$8B	1.3x	3.6x
Klarna	$5B	($299M)	$4B	(0.1x)	(7.2x)
Sezzle	$3B	$3B	$479M	5.4x	13.0x
Zip	$2B	$3B	$864M	3.7x	23.5x
Net Protections Holdings	$335M	$260M	$157M	1.7x	9.1x
Humm Group	$239M	$3B	$368M	8.8x	74.0x
Beforepay	$55M	$68M	$32M	2.1x	7.0x
Butn	$14M	$62M	—	—	—

Financial data powered by FactSet and Morningstar. Valuation multiples as of last 12 months. For more data, start your free trial here.

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